The events happening in the wider crypto space over the past 2 days is something that no one saw coming. At the time of writing the entire crypto market is in upheaval where billions of dollars have been lost, uncertainty is rife and many people have lost their life savings.
It’s crazy to think how things can turn upside down in just a matter of days.
Given the current market conditions, not a single project or token was spared and unfortunately, our KMON token has also been impacted. Unfortunate because this happened just as we had begun our month of big announcements — a new partnership with the Bybit listing, the Crypto.com NFT mystery box sale etc etc, and finally moving away from what seemed like an eternal $0.03 price point.
Kryptomon will thrive
But! All hope is not lost and I’m writing this message to hopefully help give you a measure of comfort and alleviate some of the fears you might have. (I’ll also drop a small spoiler as that is what I do after all!)
The Kryptomon Company, despite the turmoil in the market, is in a great position. Technically speaking, aside from our employees’ personal losses and the empathy we have for those who were affected by this significant drawdown within the crypto markets, our company’s ability to deliver a great game has not been affected whatsoever. This can be attributed to the 4 following reasons:
We are well funded
For months there have been rumors in the community that we were raising money from VCs and strategic investors…well, those rumors are true.
YES, we have raised capital from VCs and strategic investors but the main reason why this is good news for our token holders is that we have raised the money in equity and not in tokens.
We have sold equity in the Kryptomon Company to investors, and not a single treasury token
The reason why we decided to go down this route despite knowing from the onset that it would be a far more difficult deal to sell to traditional investors, is because we want our investors to stick with us for the long haul. We wanted investors who believe in the Kryptomon Company instead of those that invest just to sell the KMON token as soon as it vests. Both the interests of our community and our investors’ are equally important to us.
As of today, we have not sold a single treasury token, and we have no plans of doing so
This equity round has given us the financial capability to keep working and growing without being worried about the price of KMON. To put simply, not a single KMON token has been added to the current circulating supply as a result of our fundraising. You can all rest assured that the KMON’s value remains strong and no new selling pressure from large VCs has or will be added!
Whatever the state of the crypto market, we’ll still be here busy building the Kryptomon metaverse.
At the end of the day, I wanted the team to be free from worry regarding their position within the company and to be solely focused on the only thing that matters — creating a great product that can deliver fun, entertainment and value to all of you, our community.
We are growing even as the markets are struggling
Every day new people are joining our community and our team, which as of today, counts 30 full-time employees. We aren’t stopping however, and we fully plan on reaching 50 employees by the end of the year.
KMON has a real economy and real utility
By focusing on building a great game, perfecting its economy and building our user base, we will increase the intrinsic value of the KMON token itself. We have the best minds and advisors onboard that are working tirelessly to perfect and maintain these for the benefit of us all.
So what does this all mean?
During these uncertain times, the silver lining lies in how we can use this as an opportunity for us as a company, a team, and a community to better position ourselves in the blockchain gaming space.
While we have great empathy towards other gaming projects who will not be able to sustain themselves during these times of hardship, this is a chance for us to build and cement our position as one of the leading blockchain gaming companies. We will keep growing, and when this bear market ends (and it will !), the Kryptomon Company and $KMON will continue to be the reliable company in which you can trust, invest in and enjoy playing its games.
Due to all of the above, we have come to an important decision — to start working on this new positioning. That means that we will start to act like a publicly traded company (because at the end of the day, in the crypto space, we are one), so you will start seeing more information and updates about how the company is doing along with our future strategies.
Since the beginning of this journey we have always said: “We are first and foremost a gaming company — not just a crypto project” and you, as our friends, investors and players deserve nothing less than a serious and reliable company who will build the product it has promised and envisioned to create since day one.
How much did we raise and who from? Well, I can’t give all the spoilers in one go! 😉 Jokes aside, we’re planning on sharing exactly that in no time so stay tuned!