AMA Recap: GoMeat Founders
Date: 3rd November 2021 Time: 4:00 PM UTC
Hosted by: GoMeat Speakers: Waqas Siddiqi and Hamed Ullah
Kanwal Sultan: Hello everyone, Congratulations to everyone who has received their GOMT already and to those who are still waiting. I’m sure you’ll be delighted soon. Thank you to this amazing community for helping us sell out the ICO so fast and making it such a fun experience🤩 Let’s welcome the special guest. Our co-founder, CEO, and the brains behind this all. @Waqas_Siddiqi
Waqas Siddiqi: Thanks a lot. Kanwal for your kind words! It's an amazing team we have with each one of you being so phenomenal and I am so excited already to talk about GoMeat and our next steps! let's start with the questions! But let me say a few words!
Hamid Ullah: Hello Everyone
Waqas Siddiqi: First of all we would like to thank our wonderful GoMeat community for their outstanding support and more for their enthusiasm and excitement. Just to assure you all that your chats and discussions/debates and questions are always an important input for our strategic plan and future direction. Also, I would want to reiterate that we will be as transparent with our community as possible and put the facts straight on the table with no sugar coating at all. We truly value and honor your investments and commitment in GOMT and as the Co-Founder and CEO of GoMeat one of the prime duties on top of my list is not only to ensure the protection of your investments in GOMT but also to ensure to take appropriate measures to substantially enhance the GOMT value. Nothing is more important than a viable and sustainable GoMeat business in any economic environment. These are our fundamental considerations in all our decisions and actions and will be reflected in most of the answers as we discuss more about your questions during this AMA.
Kanwal Sultan: This is our 2nd AMA in this community. Considering how thrilling the first one was, it was only a matter of time before we had another. Just to remind everyone, we have selected questions from your Twitter and telegram submissions. A prize pool of $150 (worth of GOMT) will be divided amongst the participants!
Waqas Siddiqi: let's get started!
Kanwal Sultan: Absolutely, sending in the first question!
1-What is the plan for exchange listing? When can we expect an agreement? Are you considering exchanges that use Hydra chain at the moment, or there is a wider list of exchanges taken into consideration? Is this even possible, or Hydra chain needs to migrate first?
Waqas Siddiqi: Great first question and let's get started right away with the most burning question of all. As much as all token holders are excited to learn about our listing strategy same we are hyped up to get listed as soon as we can. However, in order to answer this question let's first understand the dynamics and current environment we are working with. After the fabulous success of our ICO, we have been approached by numerous exchanges. We need to understand that nowadays many exchanges are operating not with true exchanges function but more as a listing business with fake volumes. With as many as 40+ projects/ tokens launched globally every day and with the current bull market, it’s a lucrative business. Let's also keep in mind that Exchanges are categorized as Tier 1, 2, and 3, listing on the Tier 3 exchange is easiest with just payment of listing fees however, real good Tier 1 and 2 exchanges are now following a strict due diligence process which includes key factors such as thoroughly evaluating the project, existing volumes on smaller exchanges and of course number of existing wallets. With current bull runs, there are substantial wait times for listing as most of these better exchanges have a long queue already.
Great first question and let's get started right away with the most burning question of all. As much as all token holders are excited to learn about our listing strategy same we are hyped up to get listed as soon as we can. However, in order to answer this question let's first understand the dynamics and current environment we are working with. After the fabulous success of our ICO we have been approached by numerous exchanges.
Kanwal Sultan: I hope that answers this burning question, I don’t think that admins can count how many times we’ve been asked that 😅Sounds like a magnificent update for the community!! Coinbase🎯
2- What is a marketing plan, after ICO, and before listing on exchange? This is an important topic to create HYPE around the project, and then crypto investors will share the idea behind the GOMT project on its own to their friends/family/crypto groups. Another burning question!
Waqas Siddiqi: We are here to answer the best we can! So this is one of the most significant questions for me and I will take some time to share my thought process. With reference to our white paper, almost 50% of our funding raised is to be utilized towards Marketing and Promotions. However, as mentioned earlier that one of our prime considerations in all our decisions is to protect your investments. With the current ongoing crypto bull run, crypto marketing is expensive, and costs are out of the roof with no real assurances on ROI. I am in complete alignment with the thought that most of the crypto investors conveniently chose to ignore the real value in a project and are mostly driven by FOMO as a result of Hype.
Rest assured we are going to be aggressive in our marketing and have already devised a marketing strategy, some of its key points I will share in a while. However, let's keep in mind that we must strike a delicate balance between the creation of hype vs selling the real value of GoMeat in consideration our constraints such as almost 60% of our funding is locked in Hydra staking until next year and time running out for maximizing on a current crypto bull run. Just to clarify we are fully committed to keeping the Hydra staking ongoing until the committed date and even beyond no matter what and hence our execution plan and our marketing strategy revolve around these constraints.
So even with these constraints, our brilliant GoMeat team has come up with some innovative ideas. If you evaluate our current situation where we have to expand and grow the business on one side and at the same time create a “hype’ to increase our GOMT token holders, therefore, our marketing strategy has to be bi-fold. So just to share some ideas, let's not forget that we have about 4,500 customers who have not yet been exposed to GOMT as they were restricted to participating in ICO being US citizens. Post ICO, we do not have such restrictions once we are on an exchange. We have plans to reach out to our customers by this Thanksgiving encouraging them to get GOMT with additional incentives and discount on their meat orders if they are GOMT Token holders. We expect a substantial increase in our GOMT wallets as a result and hopefully some buying pressure on the exchanges too.
Besides our in-house marketing efforts and ideas, we are already in conversations with some of the best marketing companies in the USA with 2 clear objectives of any marketing plan: 1) To increase the number of orders on our platform 2) To increase the GOMT Token holders and a number of active wallets.
Lastly, being a bit aggressive and penetrating the US market, we are already a platinum sponsor of “The Blockchain Event” in Fort Lauderdale FL USA from Feb 9 to Feb 11 which will be attended by at least 5K people. I am also pleased to announce that we have also signed a sponsorship for Bitcoin 2022 event in Miami USA From April 6 to April 9. Most of you may know that this event is one of the biggest crypto events in the world and about 35K people are expected to attend this year. While we are thoroughly planning to make these events successful with clear objectives: people download our GoMeat app, use it for ordering their meat as we are present already in Miami and Fort Lauderdale and to realize the value of our app offerings and at the same time become a GOMT subscriber based on the value proposition we are bringing on the table.
I would request all our community members to continue to support us by promoting our social media announcements of all these great updates and sharing them with their friends and family circle.
Kanwal Sultan: I really hope we get to see and chat with some of our community members at these two events. Get your tickets ready guys!
Hamid: It will be a great help from GoMeat Community to spread the word in the family friends network.
Kanwal Sultan: Waqas_Siddiqi can we assist in any way? So our community can meet up there!
Waqas Siddiqi: Thats a great idea Kanwal! we can definitely look into if we can get some discounted rates for our GoMeat community members to participate in these events! let's take a note and organize this! it will be awesome if some of them are there as it will be our pleasure to meet them in person and besides we have some speaking slots too which they will appreciate!
Kanwal Sultan: I can’t wait to update the community about this sometime!
3- What is the number of GOMT holders, at the moment, as ICO is finished? What is the maximal number of allocated GOMTs to investors and what is the average amount of GOMTs per investor?
Waqas Siddiqi: Alright, time for some stats that we can share and would be of interest to many. We have about active 300+ wallets in which we are in process of transferring GOMT tokens right now. The GOMT per wallet hugely varies from 10 tokens to 40K approx. We have about 15+ private placements ranging from 25K to 40K which are vested for one year straight. We have sold 1.75 million tokens including bonuses and referrals. I think I will leave you all with this data with the rest for you to figure out your investment strategies but I will just give a hint that our token will have a very limited supply for trading even initially when we are listed on an exchange so please think carefully before anyone decides to trade 😊 And this is not considering our quarterly burn mechanism along with expected growth in revenues :)
Kanwal Sultan: Wow, the community has really not shied away from asking the important questions! Now the next one presents a very interesting case
4- If the price of GoMeat is cut in half (say BTC tanks and bring it down), is there any mechanism to help stabilize it, or is anyone that buys at the whim of the market? This is really more of an issue because so much of the crypto market follows BTC. I understand that it can also go way up meaning someone can now buy more of your product ‘at a discount’ but that’s not what’s going to have your customers yelling at you.
Waqas Siddiqi: Awesome question! We are yet to see that what will drive our price in the post bull economy. Of course, BTC is most of the time driving prices of all other crypto-assets and on top, we are going to be paired with Hydra as well. With that said in conjunction with the exchanges and according to their offerings, there are some plans in the work at the moment as part of our market-making activities and possibly GOMT staking with exchange offerings to ensure we keep the GOMT prices stabilize as much as possible. We are exploring all possible options :)
More to come on this subject but personally, I believe that this is NOT the first and definitely NOT the last crypto bull run, as long as an investor is not driven by FOMO and FUD and has appropriate investment strategies in place, the crypto investments will end up giving substantial returns in long term provided the investments are made based on value and fundamentals of a project.
5- I purchased in tier 2, a bit through hydra, but mostly through the GoMeat website with USD. Are we, as original investors going to be rewarded? Once it gets listed on a platform, what if the price is less than we paid?
Waqas Siddiqi: Initial exchange listing price will be higher than our last offering price of Tier 3. We truly believe in the value of our project and in our abilities to execute the expansion plan along with the necessary marketing efforts we are putting in to attract GoMeat customers as well as GOMT buyers.
As mentioned above, all our decisions and actions are driven by the primary consideration of the protection of investments. Our fundamental focus is on the expansion of our business and execution of our expansion plan — you all will be hearing great updates in the coming months in terms of on-boarding of stores, increase in our customer base, and definitely an increase in daily orders. We have already started on those lines and you all would start seeing a substantial increase in our daily GoMeat orders already.
Hamed Ullah: For us, its a long term project with a phenomenal value proposition — We must strike a balance where initial investors make some good returns but also need to ensure that we don't come up with a price that results in an immediate dump — price must reflect the value of the business!
6- Sorry, but if people are using GOMT tokens to purchase meat, and your supply is limited, and burning, at some point are you worried about GOMT supply shortages? Absolutely no more tokens will be minted? I believe so, just need reassurance!
Waqas Siddiqi: Interesting question! Yes! To confirm, our supply of GOMT tokens is limited to 5 Million tokens ever based on our smart contract and they have already been generated. NO FURTHER Tokens will ever be generated! As you mentioned, that’s the idea to have a shortage of GOMT tokens at some point in time which is in the interest of us all 😊
7- Any plan for ETH Bridge? There are many investors there that would invest in GOMT.
Waqas Siddiqi: Yes! This is absolutely in our consideration although we have not made any decisions yet as it brings its pros and cons like high transaction fee etc. Right now our immediate focus and priorities are smooth Token transfer in wallets, DEX listing, Exchange listing, and initiation of our expansion and marketing plan. We will work with our advisors to define a direction in this regard when the functionality is available.
Hamed Ullah: We will come back to the community for a vote on any such decision. We always need our GoMeat community support and take any decision on listing through Hydra ETH bridge.
Kanwal Sultan: I think there should be no doubt by now that we REALLY value our community’s feedback and opinions! Alright, now moving on to the 3rd last question and then we will open the chat!
8- What are the near and medium-term plans to boost food order volumes?
Waqas Siddiqi: We have already pumped up our GoMeat promotions from Nov 1 and you would see a gradual increase in orders even in the coming days! As mentioned above we have some interesting promotions in the making for upcoming Thanksgiving and Christmas which will not only boost up our daily order volumes but may also result in more GOMT token holders. Our real paid marketing is planned to start from Jan 1 onwards with an increased number of stores once they are onboarded by Dec.
9- Do you have plans in future to develop ecosystem around GOMT token that will cater for all crypto investors? This would create awareness about GoMeat as a company and the services you are offering. I’m thinking of GOMT Dex or GOMT Cex, staking and lending platform
Waqas Siddiqi: We do not have such plans — we are fully committed to Hydra and believe in leveraging on all the strengths HydraChain provides today and/or will provide in the future!
10- How many stores so far and how does it compare to the objectives set by ICO?
Waqas Siddiqi: This is an important question! Although almost half of this year was spent in running our ICO and activities around it we are still keeping the targets as provided in our white paper. We have 400 stores on our platform as of now and we target to onboard a total of 600 stores by end of Dec 2021 as mentioned in the white paper. However, the revenue generated from these stores may take some time as based on our experience once a store is onboarded it takes a good couple of months for marketing around the store locations to get the associated customers to start ordering. We will be providing frequent updates on our social media about our progress as we continue in our expansion.
POST AMA – LIVE COMMUNITY QUESTIONS
1- As GOMT is used as a reward token as well as used to book orders to have discounts, how much GOMT is needed to book these orders? Is there any specific value of GOMT that you guys plan to use?
As mentioned above GOMT will be used for ordering on our platform once we integrate our platform with crypto wallets — the value of GOMT will be determined by the value on an exchange — it can be 1 GOMT = $1 or maybe $100
2- What is meant by collaboration? Is it only getting listed on Coinbase? Or is there more in it?
Just that we are all clear opening a corporate account is the first basic step and there is a long way to go for listing but CoinBase is definitely one of our target exchanges as being present and legally operating as a revenue-generating business in the US already we think we have an edge
Hydra Chain Comrade (Halospace Foundation),
Coinbase acct != Listing. But it is a step toward it ;)
3- Almost every investor holds the token for the short-term without understanding the long-term value. So, how can you ensure for us that holding this token is more beneficial for long-term and what is your plan to increase the demand and scarcity of the token?
We are focused on developing our business and will be sharing time to time our achievements on that front be it the number of stores or orders or app downloads — we are working on multiple fronts on how to communicate the good work which is the key for any investor to understand the value proposition and witness the growth of the company to decide before they want to get out of it! So as mentioned absolute razor focus on developing the business and sharing the updates with the broader community
4- Are we going to be listed in coinbase?
In the future why not! As mentioned we want to be available on world's top exchanges! And taking all calculated measures to step in that direction step by step
5- When will the app be available for the EU? Already a plan to accelerate the EU business?
We plan to be in the EU by 2023 — this was the update in our expansion plan we made mid-ICO
6- If Coinbase listing becomes reality, easy 1000+ USD, be wise GoMeat community!! This is a one-time opportunity 🥳
Agreed which is why we are pursuing this as carefully as possible. Slow and steady shall win the race!
7- Reading the road map. How close are you guys to completing the phase 1 expansion and if a phase is completed before the allotted time do you guys go over to the next phase automatically or do you just wait until another appropriate time frame to begin the next phase?
Hey Micheal, phase 1 has a target of 600 stores and I can assure you that we are VERY close. May even go on overboard 😁 We would love to spearhead through all the phases as fast as possible but time/funding/feasibility may be barriers.
8- Okay, no worries! So I take it that all the other metrics for phase 1 have hit and the last one that you guys are focusing on is the 600+ stores?
We have been focusing on store onboarding mostly as the team has been preoccupied with the ICO. With the funds, we have recently started marketing for the services so we should see an increase on that side too.
9- Hey guys. Quick question. Have all the GoMeat tokens been distributed?
We have emailed several buyers to create new wallets because some have updated the erc20 wallet address and Bitcoin address. I think it was the address they send the fund that was updated as receiving wallets. We were validating each address on hydra explore. We have completed 65% to 70% of distribution and expecting by Friday 95% to 100% to be done. Just waiting for the wallet address updates in the portal.
Kanwal Sultan: Thank you, everyone, for participating, congratulations to the winners (the winner list will be shared shortly) and a huge thank you to our founders for answering these burning questions. I hope everyone is enjoying the meaty distribution. Have a great day!
Waqas Siddiqi: It is always a pleasure to connect with our community and rest assured we are available in this chat group for any more questions you will have and will answer them asap we can! Thank you all for having us!! All the best!