A Monthly Letter from the Founders
In last month’s newsletter, we shared some of the frustrations and disappointments that July and August brought our way. In sharing updates along our Web3 journey, I feel it’s important to communicate both the good and the bad, in order to provide transparency, but also to maintain an identifiable level of realness. The fact of the matter is that crypto is a tough space to build businesses in, and sharing some of the struggles we face only underscores the grit and persistence being demonstrated in order to overcome such challenges. Challenges are meant to be overcome.
So while we’ve had a few setbacks and disappointments as of late, I think it’s important to reassure the community that we are quite resilient and have far more good stuff and happy times ahead, than we do bad. Anyone who has ever hiked before, knows that the terrain can get rough and loose, and could cause you to stumble and scrape a knee or elbow. But if you brush yourself off and keep putting one foot in front of the other, then eventually you’ll reach the mountaintop and enjoy the views that your efforts brought you to. So I want to use this newsletter to highlight our optimism and excitement, regardless of what challenges the journey may bring.
Those who have been following PackagePortal for awhile now, have seen quite the arc; in both sentiment and token price. But those who have looked beyond the surface level of what markets are doing, can see the true value that’s been created; namely, our intellectual property. For any software company, their IP is the most valuable asset the company has, being defined as “registered creations of the mind”, in the form of copyrights, patents, or trademarks, etc. Artists and creators use copyrights to protect their designs or music. Trademarks protect brands, and are the reason you see certain logos blurred &/or obscured in media. And Patents authenticate new inventions and systems design.
In the burgeoning world of crypto, having any of these is uncommon. Partly due to the decentralized nature of crypto, but another factor is a simple lack of proprietary works. While there’s tons of innovation happening here, there’s perhaps even more copying, forking, and faking of successful projects. But PackagePortal is one of the few who A) has designed something new and innovative (in our case, a new way to gather and aggregate delivery data), and B) has registered a patent for said design. Our brand is trademarked too, but the patent for incentivized consumer delivery data is what’s most exciting.
Not only did we deliver something with the ability to create and capture value across the globe, but we own the rights to the design and its use. That Intellectual Property is of great value, regardless of what an irrational market may price the associated tokens at on any given day. While memes and vaporware projects go out and employ questionable marketing schemes to build hype, the building often stops there, with no real product or deliverables to monetize. But PackagePortal has delivered multiple products and services, having gone a step further to see them protected. We’re at a stage now, where it’s just about monetization and adoption. But adoption on a user/consumer level looks different, and can balloon quicker than adoption on a client/merchant level.
B2B SaaS sales cycles are slow, with multiple approvals required over long due-diligence processes. And while we’ve got multiple prospects ongoing, the activations and announcements of these partnerships just take longer to cure. But rest assured, we have the goods and it’s just a matter of time before our products can begin to go live with potential partners. That’s a clear differentiator for PackagePortal; the tech exists, the products work, and can create provable value for both businesses and consumers alike. As a result, our sole focus now, has shifted away from merely engineering code, to selling finished products. The list of Web3 companies with innovative new services for e-com that are ready to go live…is quite short. We’ve made the list, but our new goal is to rise to the top of that list, by aggressively pushing our services across industries and spurring corporate adoption.
Another disappointment from the summer, was Shopify denying any and all fungible token issuance on its platform; including BTC. We invested time and resources into bundling our platform into theirs, all for nought. And though this may have tripped us up a bit, we brought bandaids on our hike, and scars make for good storytelling, so we press on towards the vista. Both our delivery confirmations and Web3 surveys work independently of any marketplace; including Shopify. Again, the IP is owned, protected, and operable in a standalone fashion. 3rd Party Marketplaces help to increase visibility and access, but they are not integral to our tech stack or operations. I truly believe that any and all set-backs are merely set-ups for forward progress.
Finally, the macro economic turmoil that the world is enduring has been unprecedented. Decades-long records are being broken on the downside, and the integrity of the global financial structure is under threat. Inflation has skyrocketed, while equity markets, tech stocks and national currencies have plummeted. We’re all feeling the effects at the gas pump and the grocery store, but also in our portfolios as crypto, stock portfolios, home valuations, and even 401k’s dissipate. But these things too are transitory. Markets move in cycles, and the bear eventually becomes the bull, and vice versa. Although the landscape may look destitute, we know that Institutions have arrived and are positioning to bring in new market participants. I believe we’re in a near-bottom accumulation phase, in which these major enterprises are quietly amassing supplies, during a time of peak fear as retail investors have less discretionary funds, and a diminished appetite for risk. But we’ll no doubt see a reversal once quantitative tightening subsides, and confidence and capital return to markets.
What’s exciting about this inevitable shift, is that PackagePortal is primed and ready. We were birthed and built through the previous bear market, then we grew and refined during last year’s bull market. Having a suite of services ready now, positions us to capitalize on the coming trend reversal. Whenever the bulls go back on parade, we will be ready to ride. Our ETH contracts are ready to be deployed, and we’re doing deep dives into Cosmos and PolkaDot, as we assess which protocols and marketplaces will provide heightened support and vibrant community activity. This way, when the trend is truly reversed, we are in an optimal position for token listings and integrations.
In the meantime, our focus is on securing corporate partnerships. Now is the time for trench digging. Those standing in the distance may not see the progress of the trenches and inroads being made daily, but rest assured, the shovels are out, and the dirt is moving. Evidence of progress may not be seen until we hoist our flag high on a hill, but our path to that hill is pre-cut, and we’re dug in.
As we prepare for a what’s presumed to be a wild Q4 on a macro level, we continue to work the micro. Focusing energies on 1) things within our power to change, 2) who we can serve, and 3) where we can succeed. For example, we do still intend to list PORT on Centralized Exchanges, but the market is one of those things that’s not in our power to change. With the current climate thwarting efforts of brand awareness and trade volume, it’s wise to be patient and wait for the right conditions, so that listings have a chance for organic and sustainable success, rather than flash-in-the-pan hype that dies out quickly. And while on the topic of PORT, the staking contract for the Dock, will come to an end at the close of the year. There will be no penalty for immediate withdrawals once the rewards expire. So tokens can continue to be staked until the end, and be withdrawn without issue at that time. The Buoy contract will continue as normal.
In closing, the market size for the problems that PackagePortal tech solves is vast. We have zero doubts that we can and will secure meaningful partnerships; we are intent on acquiring customers who will pay us recurring revenue. The purpose of any business is to drive revenue and turn a profit. I’ve done this before as an entrepreneur in the logistics space, and I’ll do it again in the tech space. It’s all about networking and timing. And it’s only a matter of time before our preparation is met with opportunity. Cheers to the future!
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