NFT evaluation company Scratch announced the official dissolution of its native token to comply with regulations

ChainCatcher news, NFT research and evaluation company Scratch has announced the official dissolution of its native token SCRATCH to adapt to the changing regulatory environment. The company previously launched a real-time data-driven NFT valuation tool called Scratch Engine.

Company founder Shawn Owens stated that from the beginning, the goal of Scratch Engine was to provide transparency and standardization in the NFT market; when we launched the SCRATCH token, it was also to advance this mission. But the NFT and crypto space is an evolving field, and we need to evolve with it, "we no longer believe that the current form of the SCRATCH token has a bright future."

Regarding future plans, the company expects to raise funds through equity sales while also providing early adopters of the project with the opportunity to own a stake in the company. SCRATCH token holders can convert their tokens into equity in the new company; users can also continue to hold the token, and the company will exchange those unredeemed SCRATCH tokens for the company's digital assets in the future. (Source link)