Community Take-Over Evidence

In a pinned “Community Update” posted to the project’s official Telegram, the owner announced they were stepping back from the token and handing full control to the community.

Transcript

“Community Update. We want to be honest with you.”

“Over the past few weeks it’s become apparent that supporting the chart while developing utility has been far more challenging than expected. Throughout the year, the NFT proceeds went into supporting the chart under continued sell pressure instead of being spent on building out the utility and NFT vision.”

“We’ve decided to step back from the token which we are now handing over to the community. This allows us to further improve on the Utility System and the NFT vision which will require a further delay on the mutations and utility launch, while giving full control of the token to the community.”

“We know that this may not be ideal, and we appreciate everyone’s understanding and support. We’d rather be upfront now than deliver something that doesn’t live up to our vision or yours.”

Around the time of the handover, funds from multiple developer-controlled wallets (including NFT wallets) were consolidated into a single collector wallet, the SEAL holdings were sold for XRP, and the proceeds were withdrawn to ChangeNOW. Every transaction below is recorded on the XRP Ledger and can be independently verified.

After the handover, active holders organized a formal community take-over. The community re-minted a community-controlled V2 of the NFT collections, opened a free V1-to-V2 migration so original holders could swap at no cost, and rebuilt the token’s liquidity, marketplace, and infrastructure. The project has since rebranded to Seal on XRP and continues to be run by the community.