Metamesh Post Crowdfund Update
The full article was originally published by Claudio Atilano on Medium. Read the full article here.
Searching For Product-Market Fit
The Metamesh Team will like to thank all of the contributors that participated in the Metamesh Crowdfund! We successfully fundraised 1,377.33 MIOTA which comes out to $2,413.94/$40,000 at the time of writing. Since we did not meet our crowdfunding goal we will return the contributors’ IOTA as soon as we get a receiving address from them. You will be hearing from us very shortly.
The Metamesh Team has been accepted to be part of StartUP FIU’s Proof of Concept Studio a new initiative to help us go from our idea to a market validated prototype! We are very excited to be part of Cohort One. We will be documenting our process through this program to help future cohort members know our progress through this new and exciting program.
Timing is Everything
We calculated that we needed around 667 people to contribute $75.00 for our crowdfund. We had 25 contributors meaning that we reached about 3.75% of the minimum required donors. This can lead us to conclude that this product is not really wanted by the amount of individuals that we could outreach to of the IOTA community. If we want IOTA to be used for commerce we should promote tools such as PayIOTA and Tanglefy.
After attending our Proof of Concept meeting we were asked to find our theoretical maximum amount of users.
These are our findings:
- Right now there are 25,132,726 people are using a Blockchain Wallet.
- As of Q1 2018 eBay has 171 million users.
- OfferUp has over 42 million users.
- The cryptocurrency market is in its infancy and is being focused on its architecture.
Since the cryptocurrency market is in its infancy it is a very niche market to begin with. Specializing a service around a certain cryptocurrency is an even smaller niche. We see that the cryptocurrency space is still in its very beginnings and trying to create its own architecture to flourish in the coming years.
We will be pivoting our business model and iterate on our vision for Metamesh. We will be creating a social e-commerce platform that will use dollars in its initial phases while the cryptocurrency market is in its infancy. Once we see that there are several more people using cryptocurrency as a method of payment we will adopt this new technology.
We appreciate those that believed in us for creating an IOTA marketplace but it appears that the market doesn’t seem interested in this product. That is what we wanted to learn by conducting this crowdfund.
We are still figuring out how this platform will work using dollars and will post an update in due time.