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#ASX Announcements
stale
Added 2 years ago

PlaySide has reported that following the sale of 7,777 BEANS, generating net revenue of $8.38 million, at around 6.00pm AEDT on Monday February 7th, 2022, PlaySide found a technical issue with the smart contract which allowed for the remaining (2,223) BEANS to be minted for minimal consideration.

As soon as PlaySide was made aware of what had occurred, the independent third-party was able to facilitate corrective action via the NFT marketplace (secondary market) to ensure the market stabilised and was fully informed. Normal trading was quickly restored and there is not expected to be any long-term impacts from this issue. The corrective action undertaken by the third party resulted in less than $500,000 in costs to PlaySide and will not materially affect the revenue earned from the original mint, given the strong secondary market volume which has ensued and the creator royalty this attracts.

Whilst PlaySide is understandingly disappointed with the technical error, it has strengthened its internal procedures, and will continue to look to further improve processes and to ensure strong integrity for the BEANS project in the future. PlaySide looks forward to revealing the identity of all BEANS to their owners on Thursday 10th February 2022 and will provide further information to the community regarding exciting new features being added to the roadmap ahead.

PlaySide shares have slid down 10.69% on the back of this announcement to $1.17