GoMeat’s Next Steps: Exchange Listing and Business Expansion
GoMeat Token’s journey started on 24 June 2021 and what a marvelous journey it has been! As of today, we have successfully sold out the ICO and transferred the GOMT to their rightful owners. The post-ICO journey which just ended 6 weeks back only is looking equally exciting, as we are about to close the year soon. It is important to rope the community into all that has been happening behind the scenes at the GoMeat workspace.
In summary, the goals for the year are:
- · Launch and conclude a successful Initial Coin Offering (ICO) (Status: Completed)
- · List on Hydra DEX (Status: Completed)
- · List on CEX (Status: In progress)
- · Increase stores, drivers, customers, revenue and above take initiatives to increase the number of GOMT wallets. (Status: Started)
- · Initiate dedicated marketing efforts for GoMeat Services and Token (Status: Started)
- · Define and Setup Auto Burn Mechanism (Status: Started)
We all have high expectations from GoMeat Token. The team is fully committed to the vision and prosperity of GOMT Token, as is the Hydra Team to ensure our mutual success and our confidence level in the execution of our plan is ever-increasing every day. We are highly indebted to the support and enthusiasm that our community has shown throughout this process.
Some members have voiced concerns about the “silence” in the group, we would like to dispel any such notions and update the community about all that has been happening on our end transparently so we all can understand the quantum of work our team is undertaking in parallel in accordance with the priority. Furthermore, it is important that the community is on the same page in terms of the feasibility and timeline of our goals and can have some appreciation of the constraints our brilliant GoMeat team is working through.
Our biggest goal for the year, besides the on-boarding of stores and increasing the number of orders, is to list on a recognized crypto exchange. Recently this has been discussed widely by the community and has created some divide between broadly two schools of thought i.e. Short term immediate high returns on GOMT investments by listing on a Tier 1 Exchange vs long term holding of the token to create and realize the real sustainable value based on the foundation of core business fundamentals.
From GoMeat leadership perspective, we are fully cognizant and completely supportive of both schools of thought as both have valid arguments from their perspective and are truly respected by GoMeat leadership. Crypto investors of Utility tokens seek high immediate returns not linking the business fundamentals and associating the token price hikes based on hype during crypto bull market wild runs and would not want to miss that ride. On the other hand, long-term value holders believing in fundamentals are keen to see the business growth and smooth execution of the expansion plan to ensure their investments are not only protected but also offers sustainable gradual growth.
While the objectives of both are the same i.e. to make substantial returns on the investments but in the end, the conflict comes to the ‘timing’ of realization of that objective. As previously mentioned on our TG group and supporting both thought groups we reiterate our commitment to maintain a delicate balance and pursue the path which is in the best interest of GoMeat and our valued GOMT token owners. With this in mind and as always on our promise to keep our efforts transparent we have listed down all our significant measures being undertaken in specific details in this article, with a hope that our community may not only understand but also may develop an appreciation of the efforts and hard work being done in the background to realize the vision of GoMeat.
1- GOMT Listing on a CEX
As always, let's start with the most burning topic. Listing on a Tier 1 exchange is a priority and an integral part of our long-term plan and success. We understand that the community would want this sooner than later but as a genuine project already in operations and even with a real-life blockchain use-case, we still need to abide by the policies and dynamics dictating the current crypto exchange listing landscape. Ignoring numerous Tier 2 and 3 exchanges who reached out to us after successful completion of our ICO, we have been in communications with several Tier 1 big name Exchanges in fact, we of course started our Exchange listing debut process by reaching out to the very top of the list. We went deep in conversations with quite a few of them and after a due diligence process at the end we were informed — with no documented policy or written communication — that we must address two key aspects before they can consider listing us with them:
- Increase in number of current GOMT Wallets from 400+ to at least 2,000
- Show substantial daily volumes on any other exchanges
Now with these learnings, we clearly identified the lacking on our part and accordingly have put our best efforts to address both of these key constraints. Following are some concrete measures we have undertaken:
- Let's not forget that we have a base of 4,500 customers in the USA to start with and they must be the first and real beneficiaries of the GOMT Utility Token. We are reaching out to our customers in the US not only via email but with hard envelops postal mailing packages containing invitation letters for the creation of GOMT wallets on Hydra along with our beautiful GoMeat souvenirs proudly announcing our blockchain initiative. The letter outlines a simple and easy process on how to create a GOMT wallet on Hydra, what is the value proposition for them if they use GOMT to order their meat/groceries, and above all running a promotion that if they buy meat for orders up to $100 they will get up to 10 GOMT tokens transferred in their wallets which they can use to order in future or can trade on an exchange. This approach is way better than doing any free airdrops. We expect to get orders plus wallet creations as a result of this promotion. Now we must note that with current supply chain shortages even sourcing 5,000 cardboard envelopes takes more than a couple of weeks, getting them printed with the GoMeat logo takes additional time and so is printing of letters and finally sending them by USPS during the holiday season is a major task in itself. While we are ready to send these invitations, we expect some results coming in sometimes only in January of 2022 only.
- In the meanwhile we continue our conversations with Tier 1 Exchanges, our next concrete measure to address the above lacking is to list on a Tier 2 exchange. We have signed a contract with a Tier 2 exchange and the name will be announced shortly, however, the integration will only be completed by end of Feb of 2022 due to their listing backlog. There is no other way to expedite the listing despite our best negotiation efforts due to the constraint on the Exchange side. While we had many options for Tier 2 Exchanges, we kept our objectives clear for this listing and key considerations were an Exchange, besides having a decent reputation, trading volumes, a number of tokens and users, were an Exchange that offers better marketing and promotion options including staking of GOMT tokens and above all an Exchange which is friendly to US market and has substantial US user base. With this listing, we expect to increase the number of wallets and can show some decent trading volumes along with our volumes on Hydra DEX. Once Hydra DEX is integrated with CMC and CG, we plan to submit our applications immediately on these sites so the volumes can be measured as soon as our application is approved. We expect concrete results pouring in sometimes in February 2022 only.
- We have signed up with Digital Marketing and Public Relations companies and our criteria for shortlisting them have been that these companies not only cover the traditional digital marketing and PR but are also Crypto savvy and have experience in promotion in the crypto space as well. Each of them has three clear objectives which are an integral part of our digital marketing and public relations plan:
- US Nationwide GoMeat Brand Awareness as a blockchain-based business
- Increase our App downloads, customer base, and number of daily orders
- Increase number of GOMT wallets and GOMT Token hodlers
There have been substantial planning efforts being put in by these companies along with the GoMeat team to define a first 90-day marketing and promotion plan and once in execution. Although the execution will start in the first week of December we expect some concrete results coming in March of 2022 only.
4. Last but not least we are sponsoring and actively participating in two major events. One in Feb of 2022 (The Blockchain Event- Fort Lauderdale, FL USA) and the second in Apr of 2022 (Bitcoin 2022 — Miami FL USA). These events will be attended by thousands of people with an unofficial number of 3,500+ for The Blockchain Event and 35,000+ for Bitcoin 2022. Our objectives are very clear on what we want to achieve from these events:
- GoMeat Brand Awareness as a genuine blockchain-based business
- Increase our App downloads, customer base, and number of daily orders by offering raffle draws and promotions during the event.
- Increase number of GOMT wallets and GOMT Token hodlers
It must be appreciated that preparing for these events takes considerable time itself. We want to make sure that we are fully geared up not only with our booth setups, classy souvenirs, and giveaways but also a concrete pitch for GoMeat for wherever we have a speaking slot and also for in-person walk-ins in the booths. We welcome our community to actively participate in these events and have negotiated special discounted rates for our community. The codes will be shared shortly with all and we look forward to connecting with you in person as well.
Along with these measures, we will continue our focus to build a stronger GOMT community and build upon our existing strong foundation for our long-term value proposition. GoMeat is not a hype project but a genuine business offering fundamental growth. While there will be short-term wild swings in GOMT prices either on DEX or CEX but we are taking these initiatives which we believe will create a stable sustainable business to survive any wild crypto swings in long term. Building a community organically and gradually is the best way to ensure a token’s longevity. Listing on Tier 2, for now, will provide us with a platform to increase token awareness, increase the number of wallet holders and daily volumes. Thus, helping us build a stronger case for GoMeat listing on one of the best Tier 1 exchanges.
2- Listing on Hydra DEX (Status: Completed)
GOMT was listed on Hydra DEX on November 15, 2021. At the launching price of $1.16 with a liquidity pool of $20k. We are ecstatic about the future of Hydra DEX and are working closely with the Hydra team to leverage upon many exciting upcoming features on DEX and maximize this avenue to not only provide liquidity to our current token holders but expand the GOMT horizon in terms of wallets and daily volumes.
Auto buy/burn on Exchanges
Another repeated question from the community has been about the Auto burn process. We feel happy to fulfill another suggestion from the community. The first post-ICO burn is scheduled for the first week of January 2022. Following are the high-level details for the upcoming burn:
· In order to implement our deflationary tokenomincs, we will Burn 3% of Revenue equivalent GOMT in Q4–2021. The burn rate will be 4% from 2022 onwards.
· We will buy initial GOMT tokens to be burned for Q4 from Hydra DEX and they will be added to a “Reserve for Burn” GOMT Wallet.
· More GOMT will be added to the “Reserve for Burn” wallet as per the Burn ratio.
· A Daily Automated process will be developed to transfer GOMT Tokens from the “Reserve for Burn” Wallet to the “Interim Burn Wallet” based on daily orders.
· On the first working day of each month, tokens will be sent to a Hydra burn address from this “Interim Burn Wallet” and the community will be duly notified of the monthly and accumulative burn.
3- Expansion of GoMeat Services
GoMeat has been connecting specialty stores with consumers since 2019. While the new generation of specialty consumers is ready for the industry to get digitalized, most stores are still stuck in their old ways which have always made onboarding a challenge.
We see GoMeat creating a true disruption for the better!
We have a total of 400 stores on our platform so far and our target is to hit a number of 600 stores by the end of the year, 2021. To meet our onboarding needs, we need to expand the team and thus are currently in the process of hiring. Additionally, our stores are onboarded over a call by an onboarding specialist. Onboarding via call coupled with a lack of brand recognition and hesitation to adopt technology make it difficult to convince stores on the first try.
Thus, starting from December, GoMeat will be sending custom-made introductory gift packages to over 2000 stores in the US. These will serve as our first point of communication with the stores and will be followed by a detailed call from our onboarding specialist. Please keep in mind we have similar logistical challenges in terms sourcing of envelopes, printing, getting the right quality souvenirs, and finally the postal nightmare during Thanksgiving and Christmas break.
After Customers and Stores, the next key stakeholders of our eco-system are GoMeat Drivers. GoMeat has a well-established delivery network in New Jersey as we have been operating there since 2019 but onboarding drivers in new cities is a significant challenge especially if a constant order flow has not been established. This is a challenge across the industry for even large players such as DoorDash, UberEats, or Grubhub. Finding the right qualified drivers has become an even more difficult task since 2020 due to unemployment incentives provided by the US government.
Thus, we have revised our driver payout to make GoMeat a lucrative option compared to any other large players operating in this space. We have also launched several incentive plans to encourage drivers to continue working in areas with currently low order volumes. Finally, we will be sending out welcome packages to over 1000+ drivers who have been identified via several job posting websites to encourage their onboarding for GoMeat. Let's keep in mind the flow of our process which starts from the Store, followed by the customers, and finally must have a driver assigned in that area to complete the process. Our Marketing and Promotions follow the same flow and are essential that all of our efforts are properly orchestrated to get the best returns on our efforts.
Other Notable Initiatives:
Besides the above exciting initiatives where our teams are diligently spending time and efforts, we have the following other notable initiatives in works in parallel:
- Upgrade of our GoMeat Technology Platform, Apps, and backend, offering not only additional features for our customers, stores, and drivers but also integrated with crypto wallets facilitating the ordering via GOMT and other notable cryptocurrencies. The target completion of this project is Q2 of 2022.
- Hiring and expansion of our GoMeat Team:
- Digital Marketing Expert
- Blockchain Developer
- Store & Driver On-Boarding Specialist,
- Customer Services Reps
- Finance & Admin
With all the above measures transparently shared we want to reiterate our highest confidence in GoMeat and its bright future and look forward for your support and understanding. Our community is and will always be an integral and most valuable part of GoMeat!