Breakthrough! Steem Monsters raises $100,000 in 27hrs through a Steem Engine Security Token Offering!
Well, there's a lot to break down in this, but it's really great news for Steem Monsters, Steem Engine, and the whole Steem Ecosystem!
What's a Security Token Offerring?
In the last round of token sales that mostly happened on ethereum there were lots of companies that put out tokens and sold them. They were securities, but the owners didn't bother to register them that way. They promised equity holders profits and ended up selling illegal securities.
So, what Steem Monsters did was incorporate our business in the States. Matt and I are primary owners of a C-Corp. We worked with a law firm (the same one we're going to facilitate other STOs to use) to setup our ability to issue a token registered as a restricted security under SEC Reg D.
So, not only did we make Steem-Engine as a way that we could sell packs on a decentralized exchange, not only are we going to use it for our in-game currency, but we've been planning to use it for our Security Token since we first discussed it.
We created a token on Steem Engine called SMTT. This stands for Steem Monsters Team Token. We capped it at 20M. We reserved some for the capital raising activities and split some between Matt, me, and reserved more for team members.
$100k in 27hrs
So, Matt had a lead investor friend of his that wanted to contribute to the fund raising round. We want to raise larger amounts of money, but it's always tricky to establish value. So, we targetted a small capital raise of $100,000 as a way to gauge interest and set the price.
We notified our Monster Mavericks (our most active player base and largest card hodlers) through Discord that we're selling equity and 27 hours later less than 10 people committed to funding $100k.
What are we going to use the money for?
an exit scam with hookers and blow
The primary use of funds will go towards executing on our product road map. Specifically, we are targetting getting the mobile app developed, and speeding up development by hiring out more part-time help.
We are likely to do further rounds this year and next to hire a few full time developers and make a bigger marketing push, which will include larger tournament prizes for players.
What's this mean for the community?
Honestly, we think this is a game changer. The vision is to use Steem-engine.com as the next round of the bull run for companies to choose to come here to legally host SEC approved Security Token Offerings.
We can provide the legal services.
We can create and trade the tokens.
We'll have other cryptos as tradable tokens on the exchange this or next week.
We have our first successful capital raise on the Steem blockchain through Steem Monsters on Steem Engine!
Matt and I are both vision committed to supporting the Steem ecosystem to the best of our abilities as is the Steem Monsters and Steem-Engine team.
We built the first game and have helped to attract other games and businesses here.
We built keychain to make logging in to all of these applications and completing transactions easy and safe. We're REALLLY looking forward to the day Steemit implements it...
We built Steem-Engine to allow businesses to form here and aggregate capital here.
We completed the first STO of our own business on our hometown exchange.
If you don't think that's fucking awesome check yourself for a pulse!
Good times lie ahead for this community and I can't wait to see how this impacts our players, our traders, new businesses and our ecosystem as a whole.
If you think this is good we're looking for help.
Spread the word about Steem Monsters.
If you have a business make a token on Steem-Engine for it (consult an attorney first to stay out of trouble).
If you have some web dev skills please visit the github for Steem-Engine and consider making some utopian vote eligible coding changes to help us expand what it can do.
Buy some Steem Monsters cards to play with or simply to rent.
Spread the word. Put this story on Twitter and other social media outlets. Share your impression of what it means.
Steem has some epic shit happening on it and no one knows and they won't know unless YOU tell them.