This is the question every single company that raised money through the ICO has been getting over and over again.
The 2017 ICO hype probably won’t repeat ever again. Now we are all witnessing a carnage on the alt market and most of us are asking ourselves what could token issuers do to boost the price of the token.
We at Viberate successfully used the token in our rewarding system and together with our contributors, we grew our database by 10x. With the launch of the new platform we discontinued the contribution rewarding system and channeled the tokens to Pro Contributors, who are basically database curators, who are making sure that entries we get from the community are correct. Anyone can become a Pro Contributors, you just need to first prove yourself as a trustworthy contributor.
Paying booking fees in VIBs and holding funds in escrow is still our long-term goal, but we need to work on growing the community before we can successfully launch that feature. Every online marketplace is struggling with the chicken-and-egg problem, so growth hacking is paramount. Until we get there, we need to think about other ways to utilize the token and invent ways to increase buying interest.
Buying interest increases when a certain asset isn’t available on public markets to the extent that would satisfy the demand and this drives the price up. In crypto, this means that people hold tokens in their wallets instead of on exchanges, with active sell orders. We had that in mind when brainstorming about how to increase the demand for VIB.
With the launch of the updated service, we will gradually start introducing various business models. Viberate Tonight has an impressive reach and is interesting for lifestyle advertisers. Our festival apps are getting traction and existing clients are our best ambassadors, so the demand here is growing. The newly refreshed Viberate will soon start offering integrated advertising and by the end of the year also advanced analytics based on a monthly subscription.
Customers will have a chance to pay for ads and subscription in VIB, but that doesn’t create much buying pressure, since the prices won’t be high. However, if customers will agree to lock a certain amount of VIB tokens into a smart contract for a predefined period of time, they will get a substantial discount for our services. If they will lock away A LOT of tokens, they will get our services for free.
Such a systems allows everyone to win: we’ll be able to offer lower prices, customers will get our services for a bargain and VIB’s liquidity will increase, demand will grow and hopefully the positive price action will follow.
Getting crypto into the mainstream turned out to be harder than most of us initially thought. After the 2018 crash, the word “crypto” was a deal breaker when talking to corporate clients. But this doesn’t mean we can stop thinking about the token role, it only means that we need to be creative and above all — patient. And for us it means we need to give our token holders a reason and a reward to HODL.