Open Question About Steem Engine Tokens
I am crowd sourcing some answers because I have gotten several people asking if there is a way to create some sort of Mene token on steem engine.
It sounds cool and everything but can someone please explain to me the benefit for a company to do this and the mechanics of how this would work?
I’m genuinely interested on what a use case would be and how having a token is better than just buying 24 karat jewelry from the mene . Com.
(Mene accepts crypto through coinbase commerce btw)
.... or if you want something to trade there is stock:
So to summarize what im asking is:
1.Whats the point of a token for the Company (or any company that deals in a physical product)
2.What are the mechanics
3.How is this better than how it works now. (Why is it worth the risk)
Forgive me, I’m not particularly tech savvy so feel free to use simple language.
:)
For the record... I use steem engine all the time for @steemmonsters and love what these guys are doing for the ecosystem!
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Menē crafts 24 karat gold and platinum investment jewelry™ that is transparently sold by gram weight. By combining innovative technology with timeless design, Menē restores the ancient tradition of jewelry as a store of enduring value.
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See Steemians unbox Mene:
Im not the most informed person to comment but heres how i see it: 1) Increases stake in community influence that can leverage and even entice that community towards your product. Also can potentially increases the liquidity and fractional ownership of your product. 2) this is just an example. Own gold, create tokens backed by said gold, sell tokens slightly above mkt rate redeemable for gold, vary the sell wall of said tokens by daily gold price fluctuations, retain custody of gold unless redeemed and potentially use raised steem (in steem power)to buyback tokens over time if market conditions warrant such via the steem inflation/rewards of ur raised steem power. 3) its better because you technically create value and influence (via steem power) out of thin air, you can mobilize this crypto audience towards your product while also contributing to the stability of the steem blockchain, and in a way you kind of make sale without selling anything... kind of like gift cards i guess. Last of all it increases your companys exposure. All of this is literally being written on the fly and in a rush so take it all with a grain of salt. Hope u see the beauty in this! And can even start small just like @aggroed did with a mere 20x 10oz of silver. Mere marketing expense? @goldmatters maybe @oracle-d can come up with something more biz saavy than this. Theyre definitely more on top of things than my poor opinion!
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Thanks for the feedback. I now know more than I did before :)
Here's what I would imagine: a Steem front end (like palnet.io) called menemanics.io or something like that. Any Steemit post with #mene or #menemonday or #24k would appear there. Token called... 24k. Mene posts reward in normal Steem, but also the 24k token depending on upvoters and their 24k stake. Airdrops to #menemaniacs (you know who you are), mining opportunities, etc. A great "sink" or utility would be a weekly or monthly Mene gift card Raffle. Redeem the 24k tokens for a chance to win! Create demand and scarcity!
This would create a TON of Mene buzz. People would be encouraged to post more Mene related content, earning them the chance at real Mene gift cards! Win win!
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Interesting. Thanks for the thought out answer I appreciate it!
Interesting. Thanks
For the thought out answer I
Appreciate it!
- goldmatters
I'm a bot. I detect haiku.
This is copyright infringement. Its MY haiku
I didn't get a haiku! Sad.
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: (
That's a good point! I thought it was cute when it detected haiku in my comment, but the bot is benefiting.
Only mint 24,000 tokens .. 24k
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I like it, I like all tokens, I like irons idea, 24k coin! Sorry I can't answer your question, I just collect tokens!
Lol thats okay man I couldn’t answer it either! Thats why im looking for a #menemaniac smarter than me that knows :)