I was wondering should there be an qna between the team and potential sns investors before the sns event. There might be lots of questions between the investors and the team as it’ll help both the parties. For investors it’s knowing and questioning the team and for the team they can elaborate more on the benefits.
I’m particularly confused about hot or not sns round. So the team conducted a funded crowdfunding round raising 10k ICP. People invested on the team based on the idea and the mvp. To my surprise they’ve decided to give 0.27% of the overall supply to the investors of the community who’re probably not some big vc’s rather small fishes in the pond.
(Oh and do remember you’ll be diluted by 10% at the end of the year 1 as supply will be 1.1B in just 1 year and more dilution every year)
Also at the time of funded they declared they had raised $200k and now they’ve put funded holders in the same category as seed investors. Funded guys get 0.27% allocation and I’m assuming rest goes to these guys who gave them this $200k. Guess the difference in valuation in this same category? It’s more than 30X. They got 9.4% allocation for $200k (50k ICP @$4 or 40k ICP @$5). Now look at funded guys they get 0.27% allocation for 10k ICP. They didn’t disclose the valuation at which they raised how much they raised from different inevstors.
Say what you will if and team isn’t increasing the share of funded nft holders to atleast 3% they are just typical web2 company trying a money grab. On top of this the founder avoids questioning these questions rather gives a canned response. If this is the kind of transperacny we’ll get from sns projects maybe we should relook the process again.
Disclaimer: a lot of it might sound biased as I’m a funded nft holder and want a decent return on my investment.