During the “crypto winter”, many projects have decided to put their projects on hold, however, there is always a brave exception.
Gojoy Mall, the top blockchain project based in Silicon Valley, indeed gained an early success after launching a blind auction on CBX, one of the largest and most active exchange in the Middle East.
First-ever Auction on CBX
We would like to highlight some impressive numbers of results that Gojoy Mall has delivered:
Number of registered users completed KYC: <100,000
Number Users participated in the blind auction: ~50,000
Total number of bids: ~250,000
Number of successful bids: near 500
Total demand for JOY coins (Gojoy Mall tokens): 6.76 million >> The monthly fixed release used for blind auction 3 million
Summarizing the above figures, the total amount of funds raised during this blind auction summed up to US$10m, 50% of which will be invested in the marketing of Gojoy Mall by means of cash rewards, further attracting more customers and encouraging more purchases in the mall.
The outstanding performance during the bear market has successfully caught attention from the community, people are discussing how Gojoy mall seem to be resistant to the market situation. We, as insiders would like to share some secrets here.
Gojoy Mall is no longer an idea-stage company, it has been online for more than six months, and the total sales of the mall has exceeded 14 million US dollars and shared more than 2.7 million US dollars (about 18.57 million yuan) of sales profits with all consumers.
Solving Real Industrial Problems
In the traditional e-commerce model, it is a known fact that sellers can hardly earn money despite high volume sold, the decline in profit margin is making the e-commerce business almost not sustainable. The whole e-commerce ecosystem has a lot of inefficiencies, one of the major problems is that the platform has to spend a lot of money on advertising and the burden of increasing price tag for customer acquisition is going to be transferred to the sellers, and in turn the sellers are going to reduce the cost of goods or simply increase the selling price. Even when consumers buy the product and recommend to their families or friends, eventually, the platform remains the sole winner riding on both sellers and the customers.
With the increasing slimmer profit margin for sellers, there is an urgent need to change how the e-commerce ecosystem is played. And thanks to blockchain, it accelerates the path to seek the right solution.
Let’s walk through Gojoy Mall’s operation in a nutshell. Sellers provide the price that they are looking to yield (supply price) and Gojoy Mall makes a reasonable price increase (usually a 15–25% markup) on the supply price as the profit of the operation of the mall, which in turn 50% of the proceeds are shared and redistributed to all consumers and coin holders. With such an innovative business model, the products on Gojoy Mall are managed to be sold 10–30% cheaper than the market price.
In addition, Gojoy Mall gives a life long promise to the sellers that the platform does not charge any fees and thus sellers only need to focus on providing a supply price. The key to success is to supply great quality products to fit customer needs as well as providing good customer service, it eliminates the needs to bid keywords or buy top spots to increase exposure.
Unlike many existing projects that have a lot of big promises but yet to deliver, Gojoy mall’s disruptive business model makes it sustainable and beneficial to all contributors, truly redeem the decentralization promises. It gains massive adoption as users do not need to have any background or knowledge in blockchain to use the platform. On top of all the advantages, Gojoy Mall takes advantage of purchase history data to provide the best user experiences, it developed an algorithm to evaluate sellers based on quality and price, logistics, customer service and feedback from buyers. This approach yields the best transparency, efficiency, and fairness.
Seeking an Exchange Partner
CBX was a relatively new exchange when Gojoy decided to pick CBX as the right business partner. Not due to any “special” arrangement or relationship but solely on sharing a common vision and goal that they saw a potential to have a long term collaboration. Up until now, Gojoy has rejected many offers working with many other exchanges including those from the leading players to stay exclusive with CBX.
CBX exchange is owned by a UAE licensed crypto trading firm with much emphasis on compliance and regulations, which has given confidence to partners to grow steadily together. The fact that CBX team is comprised of financial experts and experienced technical members, combined with their experiences running traditional exchange, it is of no doubt they can lead the partners through the auction/ listing in a professional way. For example, expecting the sudden increase in trading volume, CBX has expanded the server ten times to keep up the speed and to make sure of smooth operation.
CBX and Gojoy collectively focus on the long run and say no to unethical business practices like “pump and dump”, the goal for both companies is to utilize and leverage the emerging technology to improve the operation of the traditional industries and create real values to the ecosystem and the audiences.
