With this blog post, we want to update the entire FT community on a few things, mainly the ICO and the project’s current state. I shared a short statement in our Telegram group yesterday, and it resonated with many of our community members, so I decided to turn it into a blog post so that everyone can see it.
The Success of the Fabric Token ICO
People regularly drop random comments in our Telegram group that one can only classify as uninformed. They usually miss the big picture, so I felt the need to clarify a few things.
According to ICOBench, this past month has been one of the worst in ICO history with less than $200 million raised so far by 160+ projects. In comparison, January 2018 saw 150 projects raise more than $1.1 billion and in December 2017, about 200 projects raised close to $1.6 billion.
As you can see, the number of projects doing ICOs is pretty much the same, however, the total funds raised have dropped by a huge margin.
From what we have observed, most people in the crypto sphere seem to roll with hype, which is often fabricated, and we are not about that. Marketing on the project is a priority, but we are not going to bend over backwards just to appear on every single media outlet related to the blockchain industry. On the contrary, we are focusing only on high quality marketing that will not only generate hype for the project (a short term goal), but will also benefit us in the long run.
Furthermore, we could have sold more than half of the total market cap of Fabric Tokens in the private pre-sale to the several crypto funds and numerous private investors who expressed interest in the project, however, we decided that the best thing for the long term productivity of the project would be to sell most of the FT in the crowdsale so only 8.75% were sold in the private pre-sale.
It’s also true that most ICOs tend to explode on the opening day and either hit hard cap or slow down, only to explode again in the last few days of the sale. There’s already more than one thousand participants in our ICO and there are many examples of that many contributors hitting hard caps of $10m+ in no time. But, due to requests from our community, we placed a max cap on contributions in order to allow as many people as possible to purchase FT.
Just before the ICO, there were about 4.3k people verified and ready to participate in the event. According to the survey we sent out about 10 days before the ICO, in which 967 people from our whitelist participated, we thought that the 9 ETH max cap would be perfect. The first question from the survey asked how much ETH people were planning on investing in the FT ICO and we got the following responses:
Using simple math, we came to the conclusion that even if only about half of the people on our whitelist participated i.e. just around 2.2k (after all, who gives their personal identity documents for no reason), we would raise around 7k ETH, which is just about 2k ETH shy from the hard cap. We figured that over the next few days the hard cap would be reached and that would conclude our ICO. Alas, the reality was different. We believe there are a few reasons for that:
- People are waiting for FT to be listed on a decent exchange before purchasing.
- People saw that the ICO won’t reach hard cap in the first few days and decided to wait until the end in order to make a decision.
- People give out their personal identity documents for the convenience of being ready to participate in an ICO if it seems to be reaching the hard cap or ending soon.
- Many people purchased a low amount of FT only to be ready to purchase more once certain news are announced.
- People lied about the amount of ETH they were willing to invest in the Fabric Token ICO.
- Many people were influenced by the fact that transfers on FT will be frozen until the end of the ICO so they might purchase at the end.
So, to summarize this short essay (sorry about that), when someone thinks or says that this ICO is not going well, they should first get their facts straight. Cheers to anyone who read this whole section!
What will the FT Team be Focused on Until the End of the ICO?
In the days leading up to the end of the ICO, which is April 1st, 2018, the FT team will be focused on the following two things:
- TokenGen development – we have already made large improvements to the UI and back-end of TokenGen since we showcased the tool about 3 weeks ago. We are preparing it for its release after the Fabric Token ICO’s end date and we want to introduce as many features and smart contract templates before that happens. There has already been interest by a few upcoming blockchain-based projects to use TokenGen for their token and crowdfund code generation, so the tool could really gain traction very quickly when released.
- Marketing – as already mentioned, marketing of the FT project and ICO is something we are engaged in all the time. This includes, but is not limited to SMM, email marketing, display advertising, featured packages on ICO listing sites, press releases, etc.
Wrapping it up
There are still about 5 weeks left until the end of the Fabric Token ICO and we will push as hard as we can in order to raise as much as possible towards the hard cap. But, whatever happens, happens. We already have more than enough resources to make the Fabric Token platform into a reality and that’s exactly what we are going to do. Currently, developing TokenGen is our main focus as we are well set on creating a go-to place for token and crowdfund code generation, though we intend to bring it back to the ICO in the closing days, due to expected boost in interest.
We would strongly appreciate any extra help from our community as word of mouth is one of the best ways to raise awareness about anything. Nothing is more persuasive than someone who truly believes in a project and wants to share their excitement with others. A follow on Twitter, a share on Facebook, a post on Reddit, etc, will all give the Fabric Token project that little extra edge that is always more than helpful.