Oct 24
How Mitama Will Thrive Through The Bear Market
If you have been in the crypto or NFT market long enough, you have had to deal with significant price fluctuations. This volatility can be both good or bad (when FOMO takes over). We all love it when it’s good, but want to run and hide when it’s bad.
Like traditional markets, NFT projects move the same way: volume (buyers) come in, people notice and jump in on the action. At the beginning of this year we enjoyed a nice bull run, but have been dealing with a bear market for months now. A bear market happens when the value of a cryptocurrency drops by 20% from its previous highs. However, with the right knowledge, investing during the bear market is key to long-term success.
While the bear market may seem threatening, it may have value, depending on your knowledge, skills and execution. It can turn out to be a great investment if done right.
In this article we share what Mitama Mint is doing to ensure that our community and project thrive in the bear market.
What Mitama Mint is Doing
From our humble beginnings, Mitama Mint has set out to be a resilient, long-term project that weathers any crypto market storm. We have gathered investors who understand the timing of bear markets and collected around $2M in “offline sales”. Like Kevin O’Leary states in this interview, our team believes that now is the time to be 100% invested, and position yourself before restrictive policies are passed. These types of events open the floodgates for volume to enter the market, bumping the prices up. That’s why we are building and launching now.
The “offline sales” raised combined with funds raised from the mint on October 30th will contribute to a 2-year (2023–2025) budget, which we will spend as outlined below:
- 51% to the Metaverse: this includes pets, virtual assets and Metaverse development that includes game producers, devs, story + script, 3D artists and a sound team.
- 8% to marketing: this will mainly contribute to community awareness & new market outreach.
- 29% to the team: this will include incentives and reserves.
- 9% to the DAO initial fund: this will go towards creating the DAO token and the DAO wallet funding.
- 3% to physicals: this will go to the aspect of creating soft and cuddly physical Mitama, as promised in our roadmap.
To raise sufficient funds to build Mitamaverse, we are fundraising in stages, in order to pay as we go. We will follow this schedule for funding strategies:
- Genesis drop on October 30th 2022
- Private sale of governance token by March 2023 (Hard asset tokens that will be used in the Metaverse)
- Plot sales by June 2023 (Selling plots in MitamaVerse)
- Alpha Launch by August 2023 (For NFT holders)
- Series A round targeting around Q4 2023 or Q1 2024
We’ve worked hard to create an NFT project that can weather the bear market. Our goal is to be here for the long-term to bring valuable real-world change with the help of our loyal and supportive community.
Mitama to Mars!
