Reignlabs

Why it Was Started

It was around the time of the Sandbox discussion, when the community began to taper off, that I started to notice the project losing momentum. I saw the account numbers dwindle down to nothing, and it became clear that we needed to find a way to generate revenue if we were going to keep the project alive. That’s when an opportunity presented itself: a project approached us, asking if we could help them get their project off the ground.

That’s when the idea for Reignlabs was born. It was a company that would not only help us generate income, but also provide a way for the community to benefit from it. The idea was to create smart contracts, assist in launching NFT projects, and offer NFT creation services, while also getting contracts set up on Remix. It was a good idea, and one that could help sustain the project and provide a new avenue for the community to profit from.

Our first client was Cryted3d Punks. At the time, I was already working with them, so we decided to use their project as our first real test. We would complete their project, showcase that we could successfully launch an NFT project, and then market Reignlabs as a one-stop shop for creating and launching NFT projects. The goal was to establish credibility, build a portfolio, and use that as leverage to reach a wider audience.

It felt like a fresh direction for the project—something that could bring in revenue and reinvigorate the community. But, as with many things, challenges arose. Still, Reignlabs was an effort born out of necessity, and we hoped it would help us turn things around.

The Idea

The idea behind Reignlabs was to have the community drive the business forward, since they were all owners of it. The vision was to use the profits generated by the company to add liquidity to the TRAX token and share those profits with the community. This would not only support the project financially but also give the community a tangible stake in its success.

It was a solid plan at the time—helping the community profit from their involvement while also strengthening the project and the token. The goal was to create a self-sustaining ecosystem where the more the business grew, the more the community benefited. However, as you can see from everything that happened—especially the challenges we faced along the way—it became clear that Reignlabs wasn’t a viable option in the long term.

Things didn’t play out the way we had hoped, and despite our best efforts, the path forward became increasingly difficult. The vision was there, but various factors made it unsustainable. I hope reading through this helps you understand why we had to pivot and why that plan ultimately didn’t come to fruition.

This is when the shit hit the fan.