Why You Never Heard of $VEE Before?
Discover why the VEE token is not on your radar and why a strategic partnership with VISA will drive mainstream adoption
TL;DR
BLOCKv and the VEE token may have flown under your radar due to a strategic shift by the team from focusing on Web 3 to Web 2.5 in 2019, targeting major brands through conferences and marketing events instead of the crypto community. This pivot involved creating SmartMedia Technologies (SMT) and approaching brands directly, culminating in a significant partnership with VISA. This strategy has set the stage for mainstream adoption and the resurgence of VEE, making now the perfect time to understand and engage with their innovative technology.
You don’t know about $VEE? » $VEE Token in a Nutshell
The Beginnings: 2015-2017
In a previous article, we explored the origins of BLOCKv technology, tracing back to 2015 and the creation of the VEE token. The initial coin offering (ICO) for VEE took place in November 2017, raising $21.6 million.
The ICO Journey
By the time of their ICO, the BLOCKv team had already secured $2 million and had been working on the project for several years. Their ICO occurred late in the 2017 crypto cycle, managing to raise $21.6 million of their $40 million target.
Building the Platform: 2017-2018
It took nearly another year for the team to develop the platform, culminating in its official launch in October 2018.
The 2018 Crypto Market Top
The 2017 crypto cycle peaked in January 2018, with Bitcoin reaching $19,833. However, the market soon turned negative, and Bitcoin's value plummeted to a low of $3,200, not recovering to its previous highs for nearly two years.
The ICO Bubble Burst
During the ICO bubble, it was common for projects to raise significant amounts with minimal effort. By the time BLOCKv launched its platform in 2018, many ICO-funded projects had already disappeared, taking much of the market excitement with them. This resulted in low community engagement and a general sense of disillusionment.
Persistent Efforts: 2018-2019
Despite the challenging market conditions, BLOCKv remained committed from the platform's launch in October 2018 up to April 2019. They continuously pushed forward, providing monthly updates to the community and actively developing their ecosystem. In April 2019, they launched a marketplace for SmartNFTs as a significant step forward. However, developers did not adopt the platform as expected, and market conditions remained unfavorable.
Dormancy and Revival: 2019-2023
By 2019, the community's interest had waned, and both the team and the community became less active. Fast forward to February 2023, BLOCKv and the VEE token re-emerged, gaining attention through a partnership with VISA via SmartMedia Technologies (SMT) highlighted by Paul Barron Network with more than 104,000 views.
Strategic Shifts and New Ventures
In a podcast, Reeve Collins, one of BLOCKv's key figures, revealed that to leverage their technology, Eric Pulier started Vatom.com, while Reeve founded SmartMedia Technologies (SMT). Recognizing that developers and brands would not come to them, they shifted strategy and approached brands directly.
Establishing Presence: 2019-2022
SmartMedia Technologies (SMT) was established in 2019, followed by the launch of Vatom in June 2021. The team dedicated substantial time and effort to building the necessary infrastructure and assembling teams. By June 2022, SMT made its public debut at NFT NYC and participated in over 50 global events, pitching their technology to brands. Despite active communication on LinkedIn and Twitter, these updates largely went unnoticed by the crypto community.
Marketing Campaigns: 2022-2023
Significantly, many of these events were Web 2 and marketing conferences, not crypto-native ones. The team realized the need to engage established brands with large user bases, such as Vodafone and PepsiCo, rather than focusing solely on the crypto community. This strategic shift aimed to integrate their technology with brands that had substantial and existing user bases, leveraging the broader market beyond the crypto sphere. During this period, they initiated 45 partnerships and marketing campaigns to drive engagement and adoption
Noteworthy Event with VISA
On January 17, 2023, SMT CEO Tyler Moebius participated in a panel with VISA executives, including the VP of U.S. Retail and the Head of Loyalty. They discussed how new technologies can enhance customer engagement and loyalty. This event preceded VISA's announcement of its partnership with SMT for their Web 3 and Loyalty program.
The Strategic Move: Web 3 to Web 2.5
In hindsight, BLOCKv's decision to transition from Web 3 to Web 2.5 was a strategic move. This shift involved tapping into the vast user base of Web 2 while providing a platform and tools that offer Web 3 functionalities. By doing so, BLOCKv could integrate seamlessly with major brands and leverage VISA's extensive merchant network.
This hybrid approach, known as Web 2.5, combines the user-friendly experience of Web 2 with the advanced capabilities of Web 3, such as blockchain technology and decentralized applications, making it accessible to the existing mainstream Web 2 audience.
Conclusion
If you missed the evolution of BLOCKv and VEE, it's likely because the developments were happening outside the typical Web 3 channels. Now, with their strategic partnership with VISA the real question is: How will you take advantage of this opportunity?
You don’t know about $VEE? » $VEE Token in a Nutshell
Thank you for reading this article,
Cheers,
Kumaly.