On 9th of July, WeMark tore into the digital marketplace and started accepting deposits for their token sale. Initially, this first round of deposit talking was supposed to precede their much anticipated ICO. However, the overwhelming support and buy-in that the photography-inspired cryptocurrency received in its first four days of deposit-taking would see it cut short the presale and proceed to cancel the ICO. But what inspired such consumer confidence in the new blockchain brand and what is the way forward for investors seeking to buy a stake in the stock photos company?
The inspiration behind consumer confidence in the brand
When it comes to penetrating the digital marketplace, particularly with a new brand, it takes more than proper marketing. Blockchain investors want to invest in a proven brand as well as the intellect behind its success. WeMark not only fulfills these criteria but also surpasses it and this explains the overwhelming support it received in its first three days of accepting deposits. For instance, the brand already has a working product in the name of WeMark stock photography that hosts over 1 million quality images.
The crypto coin also has the backing of some of the most brilliant minds in all fields relating to their crypto coins including designers, engineers, and marketers. Additionally, on its advisory board sits some of the biggest names in the blockchain, stock photography, and digital marketplace. Having these experts on board played a significant role in attracting investors to buy a stake in WeMark during its first round of deposit-taking.
Update on what to expect with the deposit-taking process
Now that WeMark has scrapped off the initial coin offering and resulted to deposit-taking here is an update on a raft of more changes that you can expect throughout the process:
1. The second round of deposit-taking extended with 3 days
Initially, WeMark founders decided to host two rounds of deposit taking, each spanning seven days and an ICO. However, an overwhelming subscription saw them stop the deposit-taking four days into the first round and decide to forego the ICO. Such an unprecedented move, as well as the cancellation of the ICO, must have locked out numerous individuals looking forward to investing in this blockchain based digital marketplace.
To cover up for this, the token sale promoters decided to extend the second round by three days. It would, therefore, end on 27th July and not on 24th as earlier published. You, however, need to understand that the closing date isn’t set on stone but depends on the consumer uptake of the WeMark coins.
2. Investors deposits are vetted manually
WeMark founders hope to only attract well-intentioned investors onto their alternative coins platform. They hope to achieve this by detecting and flushing off ill-intentioned token holders early on. The team has, therefore, committed to only issuing a 15 percent of the token sale to the public while dedicating the rest of the hard capital to private sales.
They have also set up a semi-automated verification process that screens the identity of the different depositors to ensure that they only allow whitelisted internet users into their platform. The screening process and selective deposit taking are in line with the global regulations on the sale of crypto coins to the public.
3. Token distribution starts on 14th August
With the second round of ending on 27th July, WeMark token founders will begin vetting and approving deposits from 28th in a process that runs up to 13th August. By 14th August, all the tokens will have been distributed to interested parties based on their total deposits.
Nothing could have prepared WeMark founders and backers for the massive success witnessed in their first round of deposit taking in the fast-paced digital marketplace. They can, however, credit this investor confidence to the experienced team fronting the token sale, its backers, and already successful photo stock brand.
Relevant Information in the Nutshell