We’ve heard about funding processes for over a year, and nothing has been communicated. What is going on, and what’s happening?
Well, the last year has been an emotional rollercoaster for me on this.
Looking to raise between 3 and 5M USD in order to scale, have one team working on improving the current product and learning and iterating consistently, and one team working on the implementation of our Web3 plans.
But — it has not gone exactly as we hoped. We managed to close our investment plans with a large European VC in March last year, but it turned out that the VC had a Russian LP, and the banks sanctioned and froze their funds — effectively stopping us from getting the money.
Then we restarted the process and closed another deal with a US fund/media conglomerate in July, which then got stopped by the SEC because of their investment structure. NOT related to Wasder, but still very much affects us.
We restarted again and closed one of the largest funds we have been in contact with in November, but as you all know — a lot of funds got affected by the FTX crash, including ours, which means we lost it again.
Then we faced another similar situation in January, for a total of five signed term sheets in 10 months.
This has meant that we have not been able to implement the vision we had.
The good thing is that we have managed to keep our company alive, keep our staff, and learned what we can optimize going forward to avoid making the same mistakes.
You released the token in 2021, it still has no utility in the product, why and is it ever going to happen?
We have moved our team to the implementation of Web3 & tokens into our product, while optimizing it based on the knowledge, metrics and learnings we have had over the last 2 years.
Our intent is to start building in public; communicate on an ongoing basis, and ask for the community’s thoughts, views and feedback as we go.
What is the planned utility for $WAS?
$WAS has several purposes, both near and mid-term.
The fungible token could be sought after in cases where users engaging with these games choose to upgrade, craft, merge, unlock or trade semi-fungible (e.g. a rifle) or non-fungible tokens (e.g. a character) to help them progress or connect with others. Other mechanics currently under consideration include staking to gain access to whitelists and of course transaction fees on purchases.
We have to respect the team’s process and timelines however and while they may reach out and involve you in the design process, these decisions are ultimately theirs to make based on what users consider most valuable, in line with our corporate values and business objectives.
Implementing a token now could not only ensure additional revenue streams, it might also help get users accustomed to blockchain tech running in the background so that these compounding mechanisms can improve their overall experience even more over time.
It’s a moving target as the market matures, of course. DYOR, etc.
The CR01 — what is happening, what’s taking so long, and when will it be announced and revealed what it is?
We are working on simplifying what we do in a way that makes everyone “get it” when they see it. Some of what we have done looks disconnected at first glance and not everything we’ve attempted will be exactly the same. We are detangling everything as we speak and will give you an update in the near future.
There were hints about some pretty major partnerships last year, what’s the status of those and when will we see serious partnerships?
The partnerships we have had in the pipeline have been connected to metrics that we had to meet, in order for the partnerships to have value and impact. Because of not being able to scale as we have wanted, we have also not been able to execute these partnerships.
We’ve staffed up on being able to work well with partners, and we have optimized the pipeline we onboard and maintain those relationships with, and this is something that we feel was important in order to generate actual value for users from the partnerships that we do.
There is also a lot more of a dialogue now between the core team and the partners, which means that our partners now get to have more impact and say in what’s being built and worked on.
The token is still on ETH, why? Why has liquidity not been added back on Solana? What’s the plan when it comes to chains?
As mentioned, we just welcomed a familiar face in the web3 gaming world to spearhead the product team, and they are busy evaluating our options right now, from Sui, Near and Mantle to Polygon, Avalanche and Flow.
There is a lot more than trading to consider when selecting a chain and this space moves incredibly fast. Newer developments such as account abstraction, zk proof, sponsorship of gas fees and token-bound accounts have the potential to lower the barrier of entry for users to start interacting with blockchain-powered infrastructures in ways that wasn’t possible when this token was first launched.
As you know, some of these decisions are not purely tech related but also directly impact our costs and revenue streams. Once we’ve carefully examined these dependencies and feel confident about our choices, you will be consulted and kept informed of the developments.
Exchanges, the Wasder token is still not on any major / T1 exchanges — why? Can we expect new exchanges?
No comment, even if we were to be in conversations with exchanges, this is not something we can comment on.
Our focus is creating value for users and partners, once that’s done, the metrics follows.
The liquidity for trading is sh*t… “wen liquidity”?
Wasder has engaged GSR for market making.
The role of a market maker is to curate order books that foster a healthy, liquid and dynamic market. Some benefits of market making in digital asset markets include increased market liquidity and order book depth, and more efficient bid-ask spreads in exchange order books.
GSR has ten years of deep crypto market expertise as a market maker, ecosystem partner, asset manager, and active, multi-stage investor. GSR sources and provides spot and non-linear liquidity in digital assets for token issuers, institutional investors, miners, and leading cryptocurrency exchanges. GSR’s trading technology is connected to 60 trading venues, including the world’s leading DEXs.
The website is old and outdated, when will we get a new website with up to date information and brand?
Agreed. The updated touch points will be revealed shortly. The wireframes are done — the work on UI & copy is being done as we speak and should reflect the newfound focus, mission statement and direction we’re taking.
What’s the status on the roadmap and what’s happening going forward?
We have been fortunate enough to bring in one of the brightest minds in the Web3 & gaming space to build a product that creates tangible value for users and partners. As a consequence, our processes and roadmaps are being revamped.
We will communicate a clear and comprehensive product vision based on our learnings as soon as we can, without making promises we can't live up to.
What’s the status on getting an updated branding in place?
Shortly. The visual guidelines have been approved. A lot of energy has gone into reviewing communications as well and making sure that we not only look good but more importantly behave with integrity.
Your official communication in socials is poor, and not happening a lot. What’s the plan on investor communications going forward?
We have yet to get our entire company to embrace this principle, but we aim to shift our culture to one that’s community-first, where building in public allows for co-creation, tighter partnerships, shorter feedback loops and ultimately higher velocity. This means allocating resources to articulating cadenced, predictable updates in appropriate channels with metrics anyone can track over time.
Are you considering moving to another chain entirely?
Nothing’s off the table at the moment. As mentioned, selecting a chain is arguably one of the most arduous parts of building a web3 project, and we would rather sharpen twice and cut once on this one rather than the opposite.
Are you considering having more open communication regarding development?
Absolutely. This is an area where we have a lot to improve and we heard you. Trust is a cornerstone of our relationships and our role is to maintain it through honest communications and greater accountability. We want to explore and play with technology, partners and our own boundaries to build something truly unique and groundbreaking together.
If possible, I’d like to know the estimated timeline for the following: Seed Investor Round Reveal, New Exchange Listings and Partnerships.
The seed round has been completed in 2021, the subsequent round has been restructured and alternative means of funding considered and leveraged in the meantime. Listings depend on metrics, therefore it is a moving target. Not that we can comment on that. Partnerships are announced on a monthly basis.
Possible to get $WAS into the gaming category on CMC?
Someone is working on a full review and update of our CMC image, we have just been so focused on building that we didn’t take the time to update certain profiles, such as CMC and Crunchbase.
What will be the main service/products Wasder perform/deliver to market to get revenue?
Here’s a scoop for you: the one thing we’ve proven with the product is the desire for users to find others to play with. Meaningful connections through play, that’s the value.
The business model and revenue streams associated with this promise have to be intimately tied to the token and web3 ethos of decentralization, collaboration, etc.
What is the most challenging obstacle for the team to succeed in building Wasder (App and other products)?
We need to laser focus on the solutions that add the most value to our users and partners. The last 2 years have been tough for everyone in the market, and a lot of companies — and it has added a much higher demand for true product-market fit, compared to historically where you could build more around vision.
The demands from both investors, but also users, on companies and builders are much higher — and you need to be held a lot more accountable than historically. Which is a good thing.
What marketing activities are you exploring? (like conferences, meetups etc building community)
Gamescom would be next in line. Token2049 SG.
What will the utility for mystery box be and wen?
It’s still a mystery ;)
