An update on the Fungo Genesis auction: We are issuing a total of $84,150 in refunds. Today, we did not reach the level of participation we were aiming for, and rather than reduce the supply, we have decided not to complete the auction. This is not an easy message to write. For months, we have put everything into building the infrastructure needed to make encrypted NFTs possible on Ethereum. But the level of participation we saw today was not enough for us to move forward with the sale as planned. Throughout development, the Zama team provided technical support and helped us build the best system we could deliver today. This does not mean Zama stands behind or endorses our project. FungoLabs is an independent project building in the Zama ecosystem, and all decisions are our own. The numbers we shared throughout this journey were real. More than 3,000 projects applied to our launchpad, over 12,000 people joined our X campaign, and we received more than 30,000 whitelist applications. We will share a separate breakdown of these numbers soon. We also want to be transparent about one thing: projects like this cannot run on excitement alone. Infrastructure, servers, onchain activity, and the work of the team all come with real costs. Without enough support, carrying that load is simply not sustainable. Any payments made by whitelist minters, along with the full amount of every bid, will be refunded. Refunds will be sent directly from the project treasury to your wallets. You do not need to take any action. Thank you to everyone who gave us their time, believed in what we were building, and supported us throughout this journey. We are sorry we could not meet your expectations. This is not the end. We will keep building on Zama.

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