Public Sale Extension
We have decided to extend our token sale given current market conditions. This will also give us more time to publicly position the project and also focus on customer deal flow.
We created an artificial deadline for the sale given that we had good momentum. It's increasingly hard to stand out from the crowd. We can and will do that, we just need to make sure we get it right.
We've tracked and analysed a lot of other token sales, and spoken with many other projects. We don't want to jeopardise DREAM by creating unnecessary time pressures with the sale.
Private sale funds and VC’s buy into DREAM. We focussed a lot on business and project fundamentals and need to take a step back to get the public positioning right.
This is what we'll do:
Redeploy the token sale smart contracts on the 9th of August and extend the sale to 120 days. This is worst case scenario and we anticipate the sale will end sooner as we get more traction. We'll contact all contributors so far to discuss a refund or bonus. The public sale website is currently closed and will open again later this week.
Spend more time developing our marketing strategy. Everything we do is data driven, and we want to run experiments over the next month. We’ve only recently found marketing partners who can deliver and who have the success and metrics to back up their claims. There is little point in spending $250k on marketing if we think we can get a 50% better conversion rate. We will publish a blog at the end of the sale and share what worked for us (by analysing data from other sales we know that some very popular and expensive channels don't perform).
Work with our legal team to review an updated proposal to our token economics which will make the DREAM Token Sale even more attractive, however that requires regulatory work.
Spend more time on the private sale and closing deals.
Develop our community (we’ve got some great people), however we need to make more people aware of the project.
Pause most components of the rewards campaign for at least four weeks. We’ve had about ten thousand claims submitted through bots that need to be reviewed, and we need to add preventative measures to stop misuse.
Start development of the ERC20 payment system so DREAM Token will be accepted on the marketplace at the end of the sale.
We have a lot of deal flow and want to grow our core business in parallel with the token sale.
Develop more partnerships. We have many conversations on-going with blockchain projects, accelerators, and funds to plug into our ecosystem. We were feeling pressure to push them forward, however need to work through the details.
We're Running a Marathon
This is a strategic decision that we've discussed extensively with our team, investors, partners, and suppliers, and we've done a lot of market analysis.
We've always been completely transparent and published everything (check our blog). We're running a marathon, we have a revenue generating business, and a successful sale is just the start.
We are 10x more confident that we can succeed now because we removed artificial pressure and de-risked our core business and the sale.
A lot of great things are going to happen, and we're building a product that people need and an ecosystem that is open and has the potential to change the world.
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