You don't say?
Goddess Nature Token
To the surprise of no one with critical thinking skills, Forbes reported yesterday that WeWork founder and former CEO Adam Neumann's climate-focused cryptocurrency venture has been discreetly refunding investors after years of failing to do anything said it would do.
Launched about two years ago, Neumann's Flowcarbon venture was billed as a way to link carbon credits to the blockchain. In short, Neumann said Flowcarbon would launch a cryptocurrency called — we're definitely not laughing — "Goddess Nature Token," which would be backed 1:1 by real-world carbon credits.
Carbon credits are buyable, tradable certificates that represent a measurable reduction in fossil fuel emissions, often purchased in large quantities by corporations to offset the environmental harm they do. In theory, Flowcarbon's value was its promise to bring the sometimes controversial carbon market to the masses — and investors bit. It announced in 2022 that it had raked in $70 million, at least $38 million of which came from Goddess Nature Token presales, as Coindesk noted at the time. The venture capital firm Andreessen Horowitz was also a major investor by way of its a16z investment fund.
But fast forward almost two years later, and Goddess Nature Tokens have yet to materialize. And they might never: according to Forbes, over the last several weeks, Flowcarbon has been quietly paying back presale buyers.
Odds Were High
According to Forbes' sources, Flowcarbon blamed the ever-ubiquitous excuse of market conditions, as well as apparent friction with carbon registries, for the decision to return investors' cash.
But there was a catch. To get their investment back, as Forbes put it, "purchasers were asked to sign a release including a broad waiver of claims against Flowcarbon and its affiliates." The release also included confidentiality terms.
In response to questions, Flowcarbon told Forbes that "it's well known that since last year we have been offering refunds to retail GNT buyers due to the industry delays, with standard and customary terms, as we continue to grow Flowcarbon as a leader in carbon finance."
It was probably foreseeable that Neumann, an oft-shoeless, self-styled lifestyle guru whose formerly multibillion-dollar coworking empire rose and fell in spectacular fashion, would get involved in the cryptosphere. The barely-regulated crypto market, where values are driven mostly by vibes, is rife with personality cults and grifters. In a similar vein, Neumann's billions were made through inflated investments rooted largely in his messianic persona and zeal to reshape lives in his image.
So in the wake of WeWork's catastrophic failure, taking to the wild west of the crypto market was maybe the second-most predictable thing that the Nuemann has ever done — after failing at it, of course.
By the way, have we mentioned that he also has a new crypto-entangled real estate startup?
More on Neumann schemes businesses: WeWork Guy's Apartment Rental Company Plans to Launch Crypto That Can't Be Used to Pay Rent
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