Zipper token pre-sale summary and learnings
The Zipper token pre-sale concluded on the 3rd of January 2018 after we reached the $3M hard cap one day before the planned end date. We’re extremely happy with the result. We now have the required funds to build the Zipper platform and bring it to market. Big hand to all our contributors and supporters!
Here is a short summary of how it all went and what we learned.
CryptoKitties & ether exploding
The Zipper pre-sale was opened on 30th November 2017. Contrary to the way token sales are usually approached, we did not hype or promote the project before the pre-sale, as in our view the pre-sale itself should be used to raise awareness and build up the early, passionate community.
For us, the pre-sale was also a test of whether people understand and value what Zipper is all about. What is the point of doing something if people don’t want it? It’s been great to see the Zipper community grow organically, without the cheap shilling so often associated with token sales. The quality of discussion in our Telegram and WeChat groups remains exceptionally high for crypto standards (less lambos and moon, more product and technical discussion). We’ll continue with this ‘less hype, more product’ path.
Due to our lack of a big marketing push, the pre-sale started slow. However, the pace accelerated quickly during the first week as word got around. We got the first big contribution on the evening of the first Sunday. Then, few days later, the CryptoKitties sale started and jammed the Ethereum network for a week. Damn those Kitties :)
Luckily, the CryptoKitties madness lasted for only a week and the network soon stabilized. On 12th December we started receiving contributions again. To our great surprise, we started getting considerable contributions from Thailand. After chatting with our Thai contributors, we understood the reason. One member of an active Thai Facebook ICO group had discovered the Zipper pre-sale and recommended it to others. We also decided to visit our new Thai fans as a part of our Asia tour; read more about the visit here. One of our key learnings from the pre-sale is that regional influencers are extremely important.
Cryptokitties were not to be the last challenge on our pre-sale adventure. In mid-December, the price of ether (and other cryptos) began to rise significantly. We had fixed the Zipper token price to $458, which was the rate at the start of the pre-sale, and suddenly ETH climbed to $600, then to $700 and beyond. The contributions froze immediately, as people felt that it was better to keep their funds in ETH rather than put them into Zipper pre-sale with a lower USD conversion rate.
We reacted to the situation swiftly, and within a couple of hours we had decided to change the conversion policy so that the rate would be either $458 or the end of pre-sale USD/ETH rate, whichever was higher. This was a critical decision which ensured the success of the pre-sale. It made it reasonable to contribute to our project regardless of ETH price appreciation, and also hopefully showed that the Zipper team was trying their best to be fair and cared about its community.
Diversified community & token distribution
Just two days before Christmas the Zipper pre-sale reached the minimum cap of $500K, which was a big relief for us. It was such a nice Christmas present for the whole team who all had worked very hard. Now we knew that we had the minimum funding needed to deliver the first version of Zipper to the market. Soon after reaching minimum cap, the contributions started to flow in with increased pace and we soon reached $1 million.
One important milestone for the pre-sale was receiving a contribution from Hashed, the largest Korean crypto-fund which has been a very active participant in Asian ICOs (you can find Zipper’s Hashed announcement here). Getting a known VC on board gave lots of confidence to other contributors and helped Zipper to reach the $3 million hard cap a day early.
The Zipper project now has 554 contributors from 53 countries, giving us a great opportunity to build the extended roadmap together with our community. In total, we have more than 4,000 followers in our community across Telegram, Twitter, WeChat and other channels helping to push the Zipper project forward.
Of course, there’s also many things we can do better going forward: raise more awareness with quality (but not excessive) marketing, sharpen and localize our message, make contributing super-easy, have answers to all possible token-related questions (such as bonus pools, burning of unsold tokens etc.), move all of our code to the open on GitHub. We’re already working on each of these areas.
Moreover, if there’s ever a CryptoKitties sequel launched, we recommend not having your token sale at the same time :p
To wrap up the pre-sale, here’s the top 10 stats*:
- Total contributions: 3,581 ETH
- USD value of contributions with end date rate: 3,231,091 USD
- Total ZIP tokens allocated: 144,257,855 ZIPT (incl. bonuses)
- Number of contributors: 554
- Number of countries: 53
- Number of 5+ ETH contributors: 163
- Number of 100+ ETH contributors: 9
- Average contribution amount: 6.5 ETH
- Average contribution amount w/o 100+ ETH contributors: 3.7 ETH
- Money used directly for token sale process and marketing: 9,850 USD
*Subject to change as we finalize contributions
The pre-sale phase has been both thrilling and exhausting. We’re currently finalizing the remaining admin tasks, so we can then continue with “the real work” of product and business development — there’s a platform and token to ship in March!
We’ll also continue planning the main token sale and finalize and audit the ZIP token. Moreover, we’ll be doing a small Asia tour later this month to promote the Zipper project to potential contributors and business partners in South Korea, Taiwan and Thailand. Expect more details and discussion during the coming weeks.
If you’re a pre-sale contributor, we’ll email you within a week or so to confirm your ZIP token allocation. There’s nothing to worry about, we’ve got you and your future ZIP tokens covered.
As our first ever token sale, the Zipper pre-sale was a fantastic learning experience. A big thanks again to all our supporters. This is just the beginning. We promise to work hard and continue our journey towards bringing the Zipper vision of a peer to peer economy to all of us around the globe. Join the journey in our Telegram and Twitter.
We will come back with more information about the main token sale very soon, stay tuned!
Zipper team wish everybody a great year!
PS. A special kudos to our CTO Carsten Munk who singlehandedly processed all 554 contributions manually, managed the KYC process and handled our community Telegram account.