Recap: GoMeat x CryptoRoyals AMA
Date: 29th June 2021 at 12:00 P.M UTC
Hosted by: CryptoRoyals
Speaker: Waqas Siddiqi
- Introductory Questions:
1. Can you please introduce yourself as well as GoMeat?
Waqas Siddiqi: Sure! My name is Waqas Siddiqi and I am the co-founder of GoMeat! I have around 20+ years of experience of managing and implementing large scale tech projects and programs for some of the largest companies in the world — currently based in New Jersey in USA.
GoMeat is first of its kind business venture catering to $1.7 Trillion global (Halal+ Kosher) market, already in operations in United States with 200+ stores on-boarded on GoMeat platform with 6,000+ orders processed, generating a gross volume of $300K in 2020 — we have already proved the concept and have a valid business case for expansion globally.
GOMT is a utility token offering enormous value proposition to all our stakeholders, such as customers (convenience and reliability) stores (digitalisation + increase in revenues + operational efficiencies) + token holders (besides several utilities as mentioned in white paper, it’s a deflationary token with regular burn plan and a plan to enlist in recognised exchanges)
2. We are so curious about GOMT, could you please tell us about GOMT, its total supply, its features?
Waqas Siddiqi: Yes! We are running a pre-ICO event offering 500k GOMT tokens with 20% bonus priced at $2.5/token. We will run our main ICO event offering 2 million tokens. Our total supply of token will be 5 million only and at this ICO phase we will use only 2.5 million tokens- we plan to burn all unsold tokens out of this 2.5 million supply for this round and as mentioned earlier we have a comprehensive token burning plan based on our revenue generations as we push our scale and adoption plan. Respecting all our token holders, we are very considerate and focused to ensure stability of our token with consistent increase in its value and utility over time. More details are mentioned in our white paper in section 7
- Twitter Questions
1. I saw that many projects were unstable for a short period of time. At first they started with hard work & good attention, after a few months later they didn’t pay attention to this project. Then it ended there. So how do you plan to survive in the market? From @sareekiii
Waqas Siddiqi: Great question! The idea of GoMeat originated in 2018 and first version of white paper was written then — however, in order to prove the concept we actually started with a pilot store on our GoMeat in 2019 and since then we have just learned and refined our business and operating model. We are an actual revenue-generating company based in several states in USA, backed up by a professional and awesome team since last 3 years. We believe that we have sufficient learning and experience in all areas of operations (tech, marketing, customer services and delivery operations, finances etc) and enough data points to make this venture successful! As we have already proved the concept — our next biggest challenge is to go for scale and adoption which is the core objective. In short, we have been consistent since last 3 years, we believe in GoMeat, and are excited by the huge speciality market potential globally ($1.7 trillion market)
2. There is always competition in the blockchain technology. How does GoMeat plan to be at the forefront of its innovative technology? What if in the coming years, the whole market has falls due to little demand of the token or tough regulations, how will $GOMT ecosystem survive? From @naufalrf6
Waqas Siddiqi: What differentiate us is a very valid real life business case with an actual need of such services for our stakeholders (customers + stores + community) for whom we are trying to solve a problem! We believe that we will be able to constantly provide utility and value out of our blockchain business case and so from the token. We are very respectful to all regulations around the world and have planned to allocate enough funding for compliance and legal costs to operate in an environment of evolving token regulations. Also, as our token is a utility token we do see actual utilisation of the token by stakeholders for the value it brings to them.
3. Community is the most important part in the success of the project. What plans will #GOMEAT do for the community in the future? how do you expand the community. From @vfumieko
Waqas Siddiqi: Absolutely! Our stakeholders and all-inclusive community has played the most important part of our success so far. We are just not trying to solve an every day problem of buying fresh meat for them but also offering tons of value propositions starting from amazing offers, discounts and promotions based on GOMT tokens. Considering the impact the community has on our business case, our key organisational decisions are made keeping them in the centre. We always welcome feedback from the community and have refined our tech and services accordingly and will make sure to continue listening their valuable suggestions.
4. Every industry or projects was heavily affected by Covid-19 pandemic, What are the plans to turn challenges into opportunities for GoMeat developments? What are your Targeted audience in particular and in which countries you guys are focusing Currently? From @cryptsteamers
Waqas Siddiqi: This pandemic has changed the world introducing “New Normal” and out of this tragic covid situation, it has brings a lot of opportunities for GoMeat and with our on demand ordering and home delivery services of a essential food consumption, we have become more relevant than before — in fact the volumes we generated in the month of April of 2020 was more than the total volume we did for the entire year of 2019! Also we must mention that as per our data points, most of our customers do not belong to one single community or religion in fact it’s a need across communities and we are an all-inclusive company trying to solve a problem for all and cater to the wider audience rather than restricting service to one particular community only. As mentioned earlier our challenge is how fast can we scale and adoption and we are focused on that at the moment. With our roadmap, our target of continue our expansion in our home ground and worlds biggest economy USA which has 10,000+ speciality stores waiting to be digitalised with a market size of $33 billion alone for meat only. In parallel we have plans to explore European market starting with UK and Germany as well — our business case is very valid in all western countries!
5. It’s good to aim for great things like, reaching $3 million in annualised gross volume, this will be a hard thing to achieve, but how are you working on it to achieve it and when you hope to reach this goal? From @daviidal95
Waqas Siddiqi: One of our KPI is gross volume per store — as of now we have about 200+ stores on-boarded and with this expansion plan, we plan to on board 5000 stores by 2024 — however even with staying conservative we plan to achieve the volume of $3 million by 2023 — one imp thing that we need to keep in mind is that our average meat order is way more than a normal food order — our average order is about $90 — our plan is that about 50% of our funding will be spent on promotions and marketing — with $33 billion current market volume in US only, we target to achieve $3 million in volume is already conservative but we believe in giving pleasant surprises to our stakeholders and community :) rather than over promising and under-delivering!
- Live Questions
1.Karoceh: Its incredible that GoMeat has a real use case and real business. but in bridge real-world business into crypto, How will GoMeat tackle the regulatory measure or any other tight restrictions issues?
Waqas Siddiqi: Thanks! GoMeat is focused on meat and associated grocery as well — we do have a plan for what we call horizontal expansion for speciality halal and kosher food too but that’s for later as there are already other players in that segment.
2. 🔥 sky🔥: Hello sir, Can you list[ 1–3 ]killer features of this project that makes it ahead of its competitors? What is the competitive advantage in your project has that you feel most confident about?
Waqas Siddiqi: The real differentiator is the halal and kosher certification and it’s authenticity for meat available in each store — this solve huge problem for customers who genuinely care about authenticity of halal or kosher
3. Taka Jibon: Many things can make a project strong like the community, the quality of the project, it’s investors. What make your project strong? What will you do to make it more stronger?
Waqas Siddiqi: We have a strong professional team running this business since last 3 years so now we have enormous Learning as well on all business processes, even with min resources we continue to scale!
4. Dude Modes: The GoMeat initiative is fantastic. So, can you tell us about the stories that inspire you to create and develop great projects like $GoMeat? How will the GoMeat project generate revenue in the long run?
Waqas Siddiqi: This idea comes up from my own genuine need of halal and kosher meat as a consumer as I am a frequent traveler around the globe and did not find such a service anywhere — the problem is very visible with al such consumers around the world and when we did some market research we were shocked to find the huge vacuum and potential to serve the community to bridge this gap :)
5. Asif Shordar: Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold #GoMeatToken token in long term?
Waqas Siddiqi: We are here for the long run and so the tokens for team are vested over a time period — with token burning plan based on rev generation along with constant increase in our stores and revenues — we are very confident that we will not only be able to stabilise the value but increase as well. Thank you.
After a great and engaging first AMA, GoMeat is all geared up for their second AMA with Satoshi Club on Saturday, July 3rd, 2021 at 1:00 P.M UTC.
See you there!
