NextPakk ICO Strategic Pause
A message to NextPakk investors and our dedicated community.
NextPakk is pausing its ICO, Sunday, August 19th, 2018.
After careful consideration and consultation with our Advisors and Legal & Logistics Industry Experts, it has been decided that NextPakk will hit the pause button on our ICO.
We want to make it clear that this is an intentional temporary freeze; a deliberate strategy we are implementing due to the state of the market throughout 2018. While market conditions are very harsh, we see this as a window of opportunity for us to focus more on the elements of the project that we are able to control, separate to the market. We would also like to emphasize that we are pausing in an effort to look out for our investors, to minimize exposure to the negative impacts of the current market conditions.
In the coming months, throughout the pause we will:
- Expand our list of Private and Public Partnerships
- Continue to build our English-speaking and International Communities
- Work closely with our Ambassadors/Reviewers and on-board new experts
- Extend relations with Retailers, PDPs and Drivers in Minneapolis & Detroit
- Make Marketing improvements & increase Public Awareness of NextPakk
- Accelerate our Product Development & public Last Mile Delivery rollout
- Increase our Private Funding focus, to enable us to reach our soft cap
We understand that general investors and our community need to gain some renewed confidence in cryptocurrency markets before considering new investments.
We will update all of our information in the coming weeks to reflect this change, and we will reopen our Pre-Sale and Public Sale at a later date.
We plan to reinstate our ICO between Q4 2018 and Q1 2019.
Optional refunds will be made available to our current investors. If existing investors continue to support our project we will accept their offer of support and ensure they are shown the full extent of our gratitude moving forward.
The pause is being put in place to give our project the best chance of raising the level of funding required to enable us to implement our last-mile logistics solution, and to ensure that our investors and our community have limited exposure to the current harsh market conditions.
From all of us at NextPakk, we want to thank our community for your ongoing support. We look forward to a long and healthy relationship with all of you.
***Please note that all community activities will continue as usual. AMA, Quiz Airdrop & Bounty tokens will be distributed from October onward, as originally planned, but PAKKA is unlikely to be traded on exchanges until some months later***
Further Reading regarding the current state of the market:
In late 2017, throughout a strong bull market the ICO space was met with unprecedented growth. We saw projects raising millions of dollars in minutes, with many hitting their hard caps and some even opening on exchanges at 10 times above their token sale value just days later. But throughout 2018, cryptocurrency markets have seen strong corrections, with the bearish momentum remaining in place across most markets for up to 7 months now. Many of the successful ICOs from late 2017 have seen token value reductions back to their ICO sale price, and in some cases even well below.
We are now seeing a large portion of ICO projects held in 2018 being released on exchanges and having their token values cut in half or worse in a matter of seconds. In some extreme cases, tokens are even losing over 90% of their ICO value.
The bear trend is causing many regular investors to steer clear of new markets and some of the most innovative projects in the space are struggling to meet funding requirements as a result.
NextPakk’s soft cap for the ICO is set at $3.2 Million USD, with a hard cap target of $52.8 Million USD. We have decided to pause our ICO during the Pre-Sale and give ourselves some time to focus on a number of areas where we know we can succeed, even during the bear market.
All other aspects of the community and most components on the NextPakk road map will continue on as usual. It is only the ICO we are pausing.
Once again, to our incredible community, thank you for all of your support. With the community growth we’re seeing, the strategies we’re implementing to ensure our success, and the Last Mile Logistics Solution we’re bringing to the world, backed by blockchain, we plan to make NextPakk a household name by 2019!