Read full story: medium.com/verasity On the 4th of February, we hosted an AMA with Verasity Founder R J Mark. Thank you to everyone who joined, we answered a lot of community questions in depth (39 in total!). If you missed it, below is the complete transcript. Exciting information in this, make sure to read it all. 👀
Hello Verasians. I am Bhav, the marketing manager at Verasity and I’m joined by R J Mark, the founder of Verasity. Thank you for joining us for this AMA! :smile:
Mark: Hello everyone. We will be answering all of the pertinent questions that the community have sent in throughout the week. Once these questions have been answered, I will open up the chat so you can ask further (non-repetitive please) questions, the chat will then close once more for Mark to answer. The transcript of this AMA will then be posted on our Medium.
Let’s get straight into it!
Q1) There will be no deadline on the swap so there is no rush and no fear of losing your tokens. They can be swapped at any time. Is that right? Absolutely right. There is no deadline on the swap For more details read:
VRA Token & PoV update Q2) Regarding the ERC777 Token Swap, you don’t need to withdraw to VeraWallet on the day of swap? Can I do it later? Correct, take your time, there is no rush. You can do it at any time. There is no deadline or end date for the swap. We are making this as seamless and easy as possible for everyone.
Seamless and easy. That’s the way forward ✅Q3) Will we see more movements from the Foundation wallet. What is this about? The Swap? That is correct. In anticipation of the swap company wallets’ tokens are being swapped via VeraWallet. See the article about this:
VRA Token & PoV update New Foundation wallets will be created to replace the old ones.
Q4) Any plans to keep staking beyond the 31/12/2021 deadline? We have not made a decision yet but liquidity mining is very much in play and could replace staking after Dec 2021. We will announce mid-year.
Q5) All the tournaments are free to join. How does that help the company to generate revenue? Is there a place or example where users/players are actually using the VRA token to get a product/service? _Great question!_The tournaments are free to join since we are focusing on adoption and scaling the number of users we have globally. Bringing as many people to the platform is our priority right now. As we expand and offer user-generated prize pools we will take a commission on the total jackpots as a revenue stream. In addition, other revenue flows will become available to us as we build our user base and launch our video player this Q1.
We will monetize our esports content through our video player within Esports Fight Club by serving ads from our ad partners:
Advertiser Partnership Update Esports Fight Club will require players to use VRA to purchase subscriptions via several payment systems: VeraWallet, PayPal and Credit Cards (although some tournaments are free for promotional purposes). Winners receive VRA for winning tournaments. Soon players will also be rewarded VRA for watching ads. Verasity profits from the purchase of game credits, subscriptions, tournament prize pools and ads. This is an entire ecosystem all within Verasity.
See our revenue forecast here:
Tokenomics , Forecast, News Update Adoption and scale are key to the success of Esports Fight Club. We’ve made a lot of progress on the platform and are confident we will continue to see further growth in terms of users and a ton more exposure to the platform, and our token $VRA.Talking about adoption and scale… the next question will answer that!~Q6) What is the current Marketing Strategy? How do we differ from other tournament websites? After creating mass-scale events around the world, we are focusing on adoption and community this year. Spending $10,000 on a big one-time prize pool to attract 1000 teams sounds good in theory. But, after careful planning, forecasting and testing, the results show that the best way is to spread the tournaments out so we reach a larger number of audiences. This consistency and large reach will attract much more than just 1000 teams over a period of time. The best place to do this is by sponsoring streamers and influencers, who each have thousands or even hundreds of thousands of fans.
For the past week, for example, we’ve been running a Valorant Community Tournament with Esports Fight Club’s first partnered streamer,
Mika Daime. The turnout has been massive! Qualifier 1 was filled up with the max slots so quickly, that we had to create a Qualifier 2 just to fit all the teams in.
- Most streamers we aim to partner with can easily bring in 64 or 256 teams to a community tournament hosted by Esports Fight Club, for a fraction of the price
- With the same budget as a big tournament, of the $10,000 we would have spent on a single tournament, we can obtain approximately 540% more users by repurposing that budget for the influencer and streamer tournaments.
For a full list of upcoming features such as the Marketplace and VoD section read our full Marketing and Adoption post:
Marketing, Adoption, Tournaments 2021 (Updated) It’s key for people to understand what we aim to do with the tournaments in terms of marketing. We read a lot of comments about the “low prize pool” when we announced the Mika Daime tournament, hopefully the answer Mark provided sheds light on that!Everything we do at Verasity is calculated. 😊Do check this out if you wanted a full read on our Marketing and Adoption post for 2021. 👍🏼If you think you’re good at some of the games we have available on Esports Fight Club, join in! The partnered streamers we have will be hosting a lot of community tournaments, such as Mika Daime!Q7) How often shall the revenue estimates (status update) be updated and is there any new estimation? We will update the community every six months on revenue forecasts. There are no updates from our last announcement which can be found here
Tokenomics , Forecast, News Update Don’t forget to follow us on Twitter with notifications turned on, so you can get all the updates as they come through!https://twitter.com/verasitytech Q8) Have you changed your business model? Because at the beginning it was mainly about publishers. Our fundamental model has not changed: Video publishers attract audiences to watch video content and ads. Users are rewarded for it, thereby increasing engagement and monetization.
This model has not changed. What has changed is the type of video publisher we are pursuing. Prior to COVID-19, we pursued traditional publishers. With COVID-19, we saw the opportunity to pursue gaming publishers and more specifically esports publishers. More importantly, we created our own tournament platform:
esportsfightclub.com. This allows us to control our own environment, launch our own proprietary video player, own our video content, run ads on our player, and charge subscription fees as well as take tournament fees.
But actually publishers and content are publishers and content whether it’s gaming or news.
It’s great to see how Esports Fight Club will have it’s own video content up on the website so that users will be able to watch the content to earn $VRA by using our own video technology, then use the $VRA to join tournaments, or buy hardware from trusted partners 👀Exciting stuff!Q9) Where can I find info about the Founders token unlock schedule? Tokenomics and Founders token unlock schedule can be found here:
Tokenomics , Forecast, News Update Q10) Does VeraWallet speed handling withdraws scale up painlessly when user amounts boom? And shall there be enhancements to user experience if we for example have tens or hundreds of small reward withdraws daily? We are adding automated withdrawals for small amounts to the roadmap but first have to complete the swap and add the security protocols. We won’t risk our users’ investments.
We simply don't want to risk our secure environment.
Q11) Are there any plans for compounding rewards for the VeraWallet staking? No, absolutely not. The simple interest we are paying now is already high.
Q12) Bit confused about the VeraWallet staking rate after March. Can you clarify? The staking reward rate is 0.1% per day (36.5% per annum) until 31 March 2021 when it becomes 0.07% daily (25.55% pa) until 31 December 2021.
Q13) When can I instant stake with BTC? Good news, BTC is already available in VeraWallet for Instant Stake together with ETH, BNB and USDT.
Try Instant Buy and Stake out for yourself here:
VeraWallet - Official VRA Wallet Instant Buy and Stake has been a really popular update to VeraWallet. Great to see the community loving it. 👍🏼Q14) With the recent developments on Cardano, and the ease in which ERC-20 tokens can migrate to this superior to Ehereum platform, are you considering following suit of great projects like Celsius to move VRA over to Cardano? I know we are still a bit hurt with Binance VRAB. I understand it is not an easy decision. Just interested in what you think about the future on Ethereum. We gave this a lot of thought and investigation and as the community knows we have experience with token migrations :)
Please see our latest update on the VRA token swap to ERC777 and Proof of View:
VRA Token & PoV update As to Cardano — the liquidity is really small compared to ETH alts. For example on Kucoin it’s volume is less than $2m per day. Even on OKEX it’s only $3m. 50% of Celsius’ volume is on Uniswap which is the majority of the liquidity and is not on any Tier 1 exchanges. Aside from the lack of features that we need for PoV, after our last experience, we are very reluctant to join with mainnets that are generally illiquid. Celsius’s solution is to provide the liquidity themselves through Uniswap which is limiting in our view. We believe sticking with Ethereum is the right way to go and the market seems to agree with this as well.
Q15) The new VOD platform, when is it going to be finished and in use? We are working on it now and expect it to meet the roadmap target of Q1: see verasity.io for the roadmap.
Can’t wait for it to be released! 🚀> Yes, this is a huge milestone for us and opens us up to so many possibilities.Q16) Is liquidity mining still in play? Will this replace the staking rewards after December 2021? Good question. Yes, liquidity mining is very much in play and could replace staking after Dec 2021. We have not made that decision yet but will announce as soon as we do.
Q17) Are there new partners/publishers in the trend of gaming for the ad stack? Yes, FB, Google and others. Please see:
Advertiser Partnership Update In total 17, many specializing in gaming.
I don’t think today there are many ad networks that are not into gaming. It's such a huge audience sitting at home during Covid.
Q18) Micro tournaments: could you arrange tournaments yourself, like a national tournament for example? The Esports Fight Club platform is fully self-managed, so yes, you could set up large tournaments and be the admin and sponsor. We would definitely like to see this happen by our community members. This quarter, our admins and developers are focused on A/B testing different tournaments with multiple communities to see if we are missing any critical features demanded by gamers. An article will be coming next week about micro and partnered tournaments. We will explain how these increase platform adoption which benefits both influencers and Esports Fight Club.
If anyone does host some tournaments, message me! I’d be happy to join a few… dust off my skills. I heard Rob (Our Finance Director) was a bit of Counterstrike wizard in his day… 😂Q19) Why are the tokens bought via the instant buy taken from a pool which dilutes the total supply? This is like raising new capital for $VRA at every buy instead of us token holders getting a price increase. These are not purchased from a pool. If you mean that Foundation tokens have been transferred to VeraWallet, see the article:
Tokenomics , Forecast, News Update In the Total VRA Supply, line 9, this VRA is already taken into account as part of both total supply and circulating supply. It does not increase either. I think this is really clear.
Q20) Asking about the “Instant buy and stake feature”. If someone buys $VRA using this system, there is no transaction on the blockchain. You say you buy directly on exchanges but no proof. Buy backs of VRA do not happen instantly and we don’t announce buy backs in advance to avoid speculation. We don’t share our VeraWallet addresses as we have stated before. We are not going to provide speculators with tools to make a margin on each purchase.
Q21) Do we stay on the Ethereum network? Yes, see the article:
VRA Token & PoV update We are swapping our current ERC20 tokens to ERC777 which is essentially an upgrade to a more modern and fuller feature set Ethereum token.
For anyone just joining the chat, make sure you read the article above! Tons of important and exciting information.Q22) From the Foundation wallet tokens have been unlocked in the last 50 days and added to the circulating supply. How is our token deflationary? If you mean that Foundation tokens have been transferred to VeraWallet, see the article:
Tokenomics , Forecast, News Update Foundation tokens are not locked and the article clearly states they are unlocked. In the Total VRA Supply, line 9, this VRA is already taken into account as part of both total supply and circulating supply. It does not increase either. We specifically provide for ALL Foundation tokens, allocated and unallocated, as part of the current circulating supply so this is NOT adding to the circulating supply.
Q23) Asking about adoption figures. You claim to have had 8M people looking at your gaming videos (mostly fakes views as the counter earned millions in hours). The adoption figures were not fake or exaggerated, it is important to understand that this number is a combination of different metrics, all of which ensure one thing: People viewed our live tournament page. This number includes:
- Unique gaming viewers landing on our page to be able to find the stream in their native language (English, Korean, Hindi, Mandarin and Nepali)
- Social media followers and curious gamers who landed on our page after subscribing to our contests, looking for airdrops or just by following our different marketing campaigns. These account for the steady and regular growth of our landing page as we ran these campaigns all-around the globe and 24/7 at the end of the tournament. The livestream was embedded onto the homepage of the website, so everyone who visited our website was also able to watch the tournament
- Lastly, the contestants, productions and influencer’s traffic from sharing our streams was what mostly caused big traffic, especially during the play-off and later stages of the tournament.
Although it was difficult to collate all the viewer statistics we believe them to be accurate and fair.
To see the full statistics of Ultimate Warrior Showdown 1, read here:
Ultimate Warrior Showdown Tournament Round-Up and Adoption Hope that clears up some FUD! 👍🏼Q24) Asking about partnerships. You say you have partnerships with Stripe, Tencent Games, PayPal. The truth is any website can integrate these payment/connexion modules without partnership. You just need to read their website and implement it on your website. Of course, you can add Stripe and PayPal to any website, but try adding them to a crypto-based website and see how far you get. There are no crypto products websites or related services (other than specific financial services) that are supported by Stripe and PayPal because they are not allowed. To obtain these payment services, you need to have special permission and follow a rigid protocol. And Stripe expressed interest in working with Esports Fight Club to reach out to video publishers with EFC to give us access to video publishers worldwide.
As to TencentGames, you need to get their specific permission for certain tournament events and follow their rules. We would be unable to use their logo and name in our marketing material without this. It’s not simply signing up for them. So yes we consider this a partnership because they plan on additional events with us which they now support.
Working with major brands including PUBGM, Tencent, Athena Gaming and Warmania gave us the clout to include major esport teams in our tournaments who will participate in future tournaments as well: FaZe Clan, Orange, T1, Elementrix, Nova, Onic and others. And now because of the history, Blizzard is prepared to provide licenses for all their major games.
We are also in discussion with peripheral manufacturers to support our marketplace launch later this year. As soon as agreements are reached, we will jointly announce sponsored product peripherals that will be rewarded in our tournaments.
Q25) Some things on your roadmap get pushed forward. Why did do you do this? Our development team has been together doing projects for over ten years. This is normal in large scale development projects. For example, we decided after the large Esports Fight Club tournaments we put on that we needed to finalize and launch the Video sharing platform prior to some other features on the roadmap because without it we would not be able to take advantage of many opportunities including monetization opportunities of the exclusive VOD content that only we could re-publish and add ads to. This pushed certain product features into Q2. Another example is PoV. Initially we thought we would go with proprietary blockchain because there was no other solution that would allow us to support PoV. That changed with the release by Ethereum of ERC777. As a result PoV timeline targets changed so that it corresponds to the release of ERC777 as well as the ability to use it for the Video sharing platform. So in effect, the video-sharing platform came in _much earlier than expected_which pushed out other features/products to accommodate this change. Business decisions and external events impact on the roadmap and it would do Verasity and the community an injustice if we just blindly followed a roadmap that becomes slightly outdated every quarter and greatly outdated every year. It is this flexibility that allows Verasity to take advantage of new information and technologies in real-time. And to push out new products earlier in the roadmap such as the video-sharing platform.
Q26) Proof-of-View™️ so nice! When will it be a Patented POV? The average time for a patent to be granted is 3 years. We’ve just started our third year as a pending application so we hope it will be in 2021, however our patent lawyers have told us to expect further delays due to covid. Fortunately this won’t stop the release of Proof of View which can go ahead with ‘patent pending’ protection.
Update: The patent was granted a few minutes after the AMA ended! —
@verasitytech Q27) Will there be an app for download on your phone soon? For Staking. Feeling a little insecure have it online on your website Actually, our mweb and web applications are much more secure than a mobile app. Mobile apps are much easier to hack. Although we have not been hacked, some users have been hacked via their mobile phones but because we have a manual delay, we were able to stop the loss of tokens. The good news is that now with the swap to ERC777 we can disable any wallets that have stolen VRA and return the VRA to the original user. We do have mobile apps on the roadmap but won’t likely support staking because of the security issue and it is not a priority for us.
Q28) Not try to fud here, but would like to get an answer in AMA to suppress all fud in the future 😁 Financial status company. There have been coins sold for listing on an exchange (still to come?). Was this something that was not planned (like extra opportunity to get listed) or are funds becoming empty? Current resources held by Verasity fund the project roadmap for the next 12 months. We forecast reaching profitability in 2021 which will finance the continuing runway thereafter. As you point out not all listing opportunities were included in the forecast and we stated that: “In the future, additional listings and expenses may require sales of VRA from the Foundation Reserve”. See the funding update here:
Tokenomics , Forecast, News Update Q29) The VoD update is a little bit unclear for me. Maybe you can tell some more about it. To the looks of it, it is a mix between YouTube and twitch but with PoV to earn $VRA. PoV on VODs is a key feature for us and for our large ad-stack network. While we are growing our partnerships with community tournaments and adding more games and influencers on EsportsFightClub: we want our reruns to be monetized, available at all times on our proprietary platform and browsing page. Think of it the way Twitch highlights previous streamer’s lives automatically but on a larger and customizable library for viewers to earn VRA and for Verasity to monetize via its ad stack.
And we own several terabytes of gaming and esports video content which will launch with the new video platform in Q1. This is actually massive, because on launch we will have a ton of video content to monetize!
Q30) You seem to have many products but I don’t understand how they work together? - The Esports Fight Club platform — lots of features already available including global and tournament chats, user created tournaments, detailed tournament customization options
- Proprietary video player — in internal beta for launch Q1
- Proprietary ad stack — in internal beta for launch Q1
- Our own esports content — all the content rights from the tournaments and other gaming content owned by EFC &Verasity — this VOD will be monetized on launch of the video platform in Q1
- Our belief that we can drive large streaming numbers via esports tournaments
- Rewarded Video for these users to watch our content and ads on Esports Fight Club and not on YouTube or other platforms by utilizing VRA to engage and monetize
- A large number of ad networksthat include Google AdMob — Signed on
- Proof of View smart contract view verification (on-chain) — now a reality with the swap of ERC777 to fully build out PoV with all its features on the network.
- VeraWallet as a payment system (together with Stripe &PayPal) throughout the Verasity network.
- In Q1’2021, we will put many of these parts together to start scaling our own video player with our ad stack, producing ad revenues in addition to our other revenue streams.
Q31) What games does Esports Fight Club support now? PUBG mobile, Free Fire, Counter-Strike GO, Valorant, PUBG and Ludo is about to be launched.
🚀🚀🚀 Great game selection, so far.Q32) Any near-future plans to expand your marketing? At Verasity, we have a large marketing team that devotes itself behind the scenes to increase our awareness in the cryptocurrency community and reach as many people as possible.
Although we have community groups in more than 10 languages, our local group managers translate all the news, updates into their own languages and publish them in local forums and groups in real time. Thus, we significantly increase our chances of reaching communities that do not speak English. Verasity Spanish, Verasity Korea & Verasity India are already large groups and growing.
We will continue to use media sites, influencers, and all other advertising sources to spread our news in the future as in the past. Gamification marketing opportunities are very important to us as can be seen in LunarCrush.
In return for these efforts, we have gained a great community support that grew slowly but surely. Our marketing efforts will continue to scale. Our goal in this regard is to continue without stopping until every individual in the cryptocurrency community speaks about Verasity.
Our social media metrics have seen a consistent and phenomenal increase over the past year due to our marketing efforts, read here to find out more in detail:
Verasity Social and Adoption Metrics For us the most important metrics to see how we are doing in socials is LunarCrush:
VRA - VERAsity Insights | LunarCRUSH LunarCrush Altrank is the best stats measure of Alts social marketing success out of 2100 popular Alts. We tested many marketing ploys to rank highly. When something works, it’s clear in LunarCrush. Competitions like AltWars simply work. This is the meaning of crypto exposure when the Altrank increases in LunarCrush which measures all social volume, % change per 24 hours, and social score. Even with our volume which only ranks 550 out of 2100 Alts, our Social Volume pushes us in front of much bigger tokens such as OMG, DOT, LINK, CHSB and others. Clearly our marketing is working.
The community support has been phenomenal. It’s been great to see how supportive the Verasians have been. We wouldn’t be anywhere without you guys! So thank you from the team.Especially during the AltWars contest recently… we owned! 👍🏼 Power of the Verasians. 🤝Q33)Have you heard about gaming projects Exeedme and Crowns and how can you compare them to Verasity? We did! Exeedme is an exciting project revolving around gamers personal skill and players betting against themselves (user-centric) that is just at its very inception. They are not competitors as our model (Community, content and tournament centered) has broader purpose and we dont and wont support betting because it will be rejected by many of our partners.
Crowns Token, from Seascape, is a DeFi economy blockchain made for developers building their own online games but who cannot/don’t want to focus on the technical transactional side. Although they are very promising for simple browser and other types of games, they are just not targeting the Esports market and offer, at best, support for upcoming indie-browser games studios.
We would not be able to partner with Exeedme because of betting restrictions but Crowns could be interesting if the games developed are popular with our viewers.
Q34) Are there any plans in the near future (next several months) to list on an exchange that allows full KYC trading for US citizens (e.g. Coinbase, Kraken, Gemini, Binance US, etc.)? This is hard for us. The regulatory environment in the US is not friendly. Since we are not regulated in the US, the risk of listing on a US exchange and the SEC bringing a claim is quite high. At this time we are avoiding this. Lets see what happens with the new SEC Chair who is quite familiar with blockchain. Should he articulate straight forward rules that can be followed and which will not be changed every couple of months, we will consider it then.
Q35) What is: 1. Business structure 2. Marketing plan for next year 3. Customer acquisition costs 4. Execution plan on tech side to deliver Business structure of Verasity:
Development team structure is flat with these functions:
Blockchain developers, Backend developers, highload & security developers, Full stack Developers, web/mobile frontend developers, mobile only devs, Testing & QA, Finance.
For more about the Verasity business model and forecast see:
Tokenomics , Forecast, News Update Marketing plan for next year can be found here:
Marketing, Adoption, Tournaments 2021 (Updated) Customer acquisition costs
We will provide CAC when we are profitable.
Execution plan
See the roadmap on verasity.io
And finally. the last question on the list…🥁🥁🥁🥁🥁🥁Q36) Do you have an update on exchanges? The one that was hinted end of last year and more to come? Very important issue for us and the community. We fully appreciate the necessity for additional volume and liquidity. After the last exchange hack and issues with OKEX, we were thrown off balance but had expected to list on a new exchange by now. Mistakenly we announced prematurely and then ran into the necessity of completing the VRA token swap before we list on a new exchange. Obviously, we want to now avoid having to swap tokens on a new exchange. So right after the majority of the current exchanges we are listed on complete the swap (this month), we will continue with our listing plans. We are well on the way with 2 exchanges but don’t think it’s prudent to provide more information until they announce the listing themselves. The expectation is still for at least one exchange in Q1. Please bear with us on this. We will get there.
Been a great AMA so far. Cleared up a lot of questions and hopefully made you all as excited for the future as we are. Tons of great new updates to Esports Fight Club coming this year and a prosperous year for Verasity is definitely ahead.Thank you Mark!Will be now opening the chat for the Verasians to ask some additional questions.Will be closing the chat shortly after and we can get some more answers out. The gates are opening! 😁 Additional questions Q37) When the Verasity Game Jackpot price will be held again? We are waiting for so long. New jackpots are coming onto the platform but for upcoming games like Ludo which will be announced later this month.
Q38) Is it possible to create something like a create your own tournament where I can play a 1vs1(or 2v2 5vs5) against another player(s) in any game anytime (like in 30 minutes) and where I can set for example a winning price of 100k VRA. and both players have to send 50k before the game to a smart contract and afterward it automatically gets sent to the winner? Esports Fight Club allows users to create their own tournaments choosing from the available games list. We are constantly working on expanding the list of available games and are open for suggestions. The players deposit VRA to the Esports Fight Club account and use these funds to send money to the prize pool. It's quite simple to set up and you can do it for any amount and any number of players and as admin, you have complete control of the size of the pot, how it is shared in % for winners when to start, etc. Its a fully self managed platform that works now. Just go in and set it up today!
Q39) Hi Mark, regarding the plans for in-game advertising and in-game rewards this year, could you describe your vision on this? Is Verasity currently discussing this topic with certain game companies, and how exactly would it work in practice once achieved? Any details you can share with us would be highly appreciated! The way we view in-game ads is our ability to provide our logo or some other image that would be part of the game interface, such as the floor or walls. This already exists and is popular. We are in discussions now with game developers to add Verasity/VRA. This is a high powered marketing tool that will get our name into many gamers’ faces. These are native images in effect. For advertisers that want to use native images inside our broadcasts or VOD, they get stitched into the ad server in parallel to the stream and we get paid for the ad inventory. In-game rewards are still in development but the vision is for users to be able to click on an object in the game and get rewarded for doing so, not dissimilar to clicking on an add and getting a higher CPM.
About Verasity.tv REWARDS BASED PLATFORM FOR ESPORTS, GAMING AND VIDEO ENTERTAINMENT Verasity provides proprietary technology uniquely rewarding gamers, viewers and publishers. Verasity is a crypto-based platform with the VRA token that aims to revolutionise the online advertising business. With its innovative Proof of View system, advertisers are able to guarantee their video ads are seen and not ignored thanks to smart contracts on the Ethereum chain, while viewers are able to earn VRA simply by watching the content they already consume. Verasity has a focus on gaming publishers and esports.
Verasity revenue streams include: Game subscriptions, prize pool commissions and video ad revenues. Read about the tokenomics, forecast, buy back and burn
here.
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submitted by Read full story: medium.com/verasity Tokenomics , Forecast, News Update
Tokenomics, Forecast & News Update
- Introduction
- VRA Token Distribution &Circulating Supply update
- Founders token unlock schedule
- Funding update
- VRA Token distribution
- VeraWallet Staking program update
- New VeraWallet features coming soon
- Exchanges update
- Buyback and burn update
- Business model
- Recent achievements
- Our reach in gaming
- Additional Esports Fight Club activities
- Verasity scale and adoption
- Roadmap completions this quarter
- Verasity metrics
- News!
- Revenue forecast
- Our crypto community relationship
- Expanding our reach
Introduction
The KuCoin hack, OKEx debacle, Bitmax shutdown and BTC dominance appreciation slowed down Verasity’s momentum just as we launched one of the biggest esports events in crypto (UWS PUBG tournament).
Nevertheless our technical accomplishments and ability to scale have never been better. All the parts of the Verasity ecosystem are coming together in the best possible way.
This article is meant to update the community as well as provide new information about what we have accomplished and are doing to make this the best project in crypto.
VRA Token Distribution & Circulating Supply Update
Below is a table setting out Verasity’s calculated Circulating Supply, locked and unlocked tokens. We will update this quarterly.
Etherscan links: Total VRA Supply Founders & Team Tokens Total Wallet #1 — Foundation Founders Token Unlock Schedule
Founders tokens are locked until the price of VRA reaches a target which is approximately in the range of the ICO price. To give the exact target price will harm investors as traders will take advantage of that data point. As long as the price remains
below the target price, the Founders & Team tokens will not be released. Only when the target price is reached can the Founders & Team pool be released annually. In each year (2020, 2021, 2022 and 2023) the Founders & Team qualify to receive upto 25% of their allocation if the minimum price condition has been achieved. If the target price has not been reached then the tokens remain locked. No tokens will become available for release in 2020.
We don’t believe that the Founders & Team tokens are a market overhang due to the onerous restrictions of the unlock schedule.
Funding Update
Current resources held by Verasity fund the project
roadmap which has been published for the next 12 months. We forecast (see below) reaching profitability in 2021 which will finance the continuing runway thereafter.
The Foundation Reserve has sold 355,300,000 tokens (12.9% of its original total) to finance exchange listings and other costs. In the future, additional listings and expenses may require sales of VRA from the Foundation Reserve. Verasity had anticipated and disclosed this in the
tokenomics update of April. See further information about the Foundation tokens in the VRA Token distribution section of this article.
VeraWallet Staking Program Update
Based on the staking program operating at full capacity throughout the calendar year 2021, and ignoring the timing of deposits and withdrawals, a maximum of 847,500,000 VRA will be required to pay the daily staking rewards. The staking reward rate is 0.1% per day (36.5% per annum) until 31 March 2021 when it becomes 0.07% daily (25.55% pa) until 31 December 2021.
Given that the staking rewards come from the Foundation Reserve or market purchases by Verasity, we believe that staking rewards have not been inflationary to total supply.
New VeraWallet Features Coming Soon
Liquidity Mining Earn additional VRA by providing liquidity for a selected token pair. Send equal amounts of VRA and a trading pair token (i.e. DAI) to a special VeraWallet address to create a liquidity pool. Once active this will generate VRA rewards for each day of providing liquidity. You can withdraw your tokens from the liquidity pool after a fixed period or can leave your tokens for the whole liquidity mining period.
Instant Buy & Stake - We will add ETH in addition to USDT and BNB in Q4’20 or Q1’21.
- Affiliate system to be added to allow marketing of VeraWallet &VRA related products initially to be launched in select countries.
Additional Top Up Methods We will expand the credit card facilities to other vendors which will be announced soon.
Exchanges Update
Verasity started 2020 with a listing on KuCoin ‘one of the most popular and secure cryptocurrency exchanges’ and soon VRA’s trading volume was up to $250k — $500k organic volume per day, liquidity was deep and VRA’s price was trending upwards. Then, on 25th September 2020, KuCoin announced it had been hacked and it had frozen withdrawals. Following this, in early November Bitmax announced its interface was down for a week preventing any trading.
Without adequate liquidity from our largest exchanges and in combination with the rise of Bitcoin dominance from 58% to 67% of the overall market, VRA came under great pressure and its price fell from the end of September onwards.
Also in September, Verasity launched its Ultimate Warrior Showdown event in collaboration with the exchange OKEx. We were very pleased with the millions of video views achieved and we were looking forward to developing our working relationship with OKEx, however, shortly after the event’s conclusion the founder of OKEx was detained by the Chinese authorities and withdrawals were suspended by the exchange.
These four external events slowed our momentum.
We are glad that OKEx plans to reopen its withdrawals next week but we are now reluctant to deal with any exchanges that have ongoing investigations by government authorities.
Verasity is aware of the importance of having secure and liquid exchanges to trade VRA and it is one of our objectives to increase the quantity and quality of exchanges we are listed on. Over the next few months we plan to add new exchanges in various jurisdictions. We will be working with expert advisers and diving deeper into our due diligence on potential exchanges. We are currently negotiating with several exchanges but make no promises as to timing given that crypto exchanges are so vulnerable to hackers as well as regulatory risks (see OKEx & BitMEX). Verasity cannot predict which exchanges will have issues as we don’t control exchanges.
Do keep in mind that the community requested the following exchanges over the last six months: Bittrex, OKEx, KuCoin, Bitmax & Bitmart. We delivered on all of these exchanges but had to pause OKEx because of the government investigation and withdrawal stoppage.
We are currently close to finalizing a listing and hope to announce soon. Listings are announced by exchanges, so you will know when we are listed.
Buyback and Burn Update
Verasity has burned 2,135,033,305 VRA (17% of original total supply) since its launch. However, in 2020 there have been no burns because the income generated in the year was not sufficient to cover the additional expense of a substantial buyback.
This does not mean that Verasity has abandoned its intention to buy back and burn, it only means that we are waiting for our net revenues and fees to grow (see forecast below).
With regard to the communication of token burns, our legal advisers state that due to certain territories where VRA is available we cannot make commitments to dates, amounts or rates of future burns. Otherwise we risk being considered a security token and being delisted from certain exchanges (and not be able to get onto new ones). Hence we have to repeat that ‘a random amount of net revenues and fees earned by Verasity in fiat are used to buy back VRA from exchanges to burn’. Once a burn has taken place we will inform the community and it will be visible on the blockchain. We anticipate buy backs in 2021 and will inform the community after they take place.
Once we reach profitability which is anticipated in 2021 (see the forecast below), the Verasity Foundation is committed to buy back and burn VRA. Please note that
Verasity is a foundation and by law is not allowed to distribute profits (it cannot declare a dividend) so to maximise token holders’ value it will continue to buyback and burn VRA. Business Model
Our fundamental model has not changed:
Video publishers attract audiences to watch video content and ads. Users are rewarded for it, thereby increasing engagement and monetization.
This model has not changed. What has changed is the type of video publisher we are pursuing. Prior to COVID-19, we pursued traditional publishers. With COVID-19, we saw the opportunity to pursue gaming publishers and more specifically esports publishers. More importantly, we created our own tournament platform:
esportsfightclub.com. This allows us to control our own environment, launch our own proprietary video player, own our video content, run ads on our player, and charge subscription fees as well as take tournament fees.
This also allows us to scale at our chosen rate. Initially we tested huge tournaments with the largest brands and broadcasters and now are doing smaller scale events to give us the space to build out more features for the platform before the next big tournament.
Esports Fight Club will require players to use VRA to purchase subscriptions via several payment systems: VeraWallet, PayPal and Credit Cards (although some tournaments are free for promotional purposes). Winners receive VRA for winning tournaments. Soon players will also be rewarded VRA for watching ads. Verasity profits from the purchase of game credits, subscriptions, tournament prize pools and ads. This is an entire ecosystem all within Verasity.
Some of the community asked us why we are doing smaller events now after such large events. Building a platform is not just about huge marketing. Our technical roadmap actually calls for different size events (micro events) in different periods, which allows the platform to add features and functionality that has been included in the development roadmap as well as to grow the platform organically. For more about Esports Fight Club’s future plans see
this video with Mike Stubbs. Initially we started with two world class tournaments which brought in millions of viewers and tested our platform. Now we are running micro tournaments while we build out the platform features to accommodate our vision of a world class tournament platform. This will include our proprietary video player as well as ad stack and finally Proof of View which will make the ad monetization so much more valuable.
It may be difficult to see the forest from the trees, but all the parts are coming together now: - The Esports Fight Club platform — lots of features already available including global and tournament chats, user created tournaments, detailed tournament customization options
- Proprietary video player — in internal beta for launch Q1
- Proprietary ad stack — in internal beta for launch Q1
- Our own esports content — all the content rights from the tournaments are owned by EFC & Verasity
- Our belief that we can drive large streaming numbers via esports tournaments
- Rewarded Video for these users to watch our content and ads on Esports Fight Club and not on YouTube or other platforms by utilizing VRA to engage and monetize
- A large number of ad networksthat include Google AdMob — Signed on
- Proof of View smart contract view verification (on-chain) — to be released Q2’21 (delayed because we believed that building our own blockchain would have been difficult to obtain adoption for and waited for Ehereum to build out new features they have been developing and which we required. We now have an Ethereum solution which is far easier to scale and which saved us time and money in the medium term).
- In Q1’2021, we will put many of the parts together to start scaling our own video player with our ad stack, producing ad revenues in addition to our other revenue streams.
Recent Achievements
In crypto it’s easy to forget what we have accomplished so far. Just in the last few months we have:
- Broadcast to millions of viewers on YouTube, Facebook and Douyu in English, Korean, Hindi, Mandarin and Nepali. In China alone we estimate over 280,000 viewers tuned in to watch the live UWS action across just 2 days on Doyu.
- Brought over 2.1 million viewers to the Esports Fight Club home page.
- Expanded payment options for non-crypto gamers by adding PayPal and credit cards for subscription and prize pools (PayPal is added and credit cards see below)
- Two world class tournaments with exchanges to attract esports players and fans watching live streams
- Pros have supported both Esports Fight Club and Verasity on social media
- Working with major brands including PUBGM, Tencent, Athena Gaming & Warmania
- Major esports teams including FaZe Clan, Orange, T1, Elementrix, Nova and Onic Esports competed in our tournaments.
- Broadcasters streaming the live tournaments outside of Esports Fight Club site in five languages
- Expanded our presence on Twitch and YouTube with influencers in crypto and non crypto
- Expanded our presence in social media, TG, Discord, DApp websites, Crypto publications
- Targeted comms in our 11 international communities
- Email marketing
Our Reach in Gaming
Tencent We had the first third party multi-country PUBG Mobile tournament with Tencent approval and in 2021 have an opportunity for in-game rewards once we have put on further large scale tournaments. This will put Esports Fight Club and Verasity in a unique position.
Tencent and Verasity will continue to explore multiple avenues to work together across multiple regional Intellectual Properties around PUBG Mobile and Asian markets.
Athena Gaming & Warmania Diversifying esports activations through multiple localised companies to promote regional growth like Athena and Warmania.
Blizzard Obtaining tournament licenses for all major games.
Because we are a small team, we have not had the resources to fully utilize our reach. We will do so in 2021 with large companies and projects to help us scale.
Additional Esports Fight Club activities - With more updates around LAN events, esports fight club is supporting more offline based esports events to ensure brand visibility and promote its esports platform direct to users.
- Esports Fight Club will also be expanding its streamer portfolio across 2021–2022 with multiple languages including Arabic, Bahasa, French, Spanish and Korean.
Verasity Scale & Adoption Our PUBG tournament was one of the most successful events with this scale of adoption in crypto. Other platforms pale in comparison with thousands of views not millions. After our beta we went into full scale mode without a hitch — millions of video viewers without any issues. Now we are running smaller events while we expand the platform organically and build out important features and functionalities.
Our tournament had a prize pool that was five times smaller than the PMPL SA 2020 tournament but performed comparatively, and had a prize pool that was half the size of the Binance tournament but our stats were 88 times larger.
Roadmap Completions this Quarter so far
Although we announced this, few in our community took this big accomplishment in:
- Global chat for everyone on Esports Fight Club
- Tournament chats just for participants
We added games last quarter: - CS:GO
- PUBG
- PUBG Mobile
- Valorant
and will add more in this Quarter: Added features to Esports Fight Club: - Frictionless tournament joining process
- User defined teams
Expanded current company and gaming relationships geographically to North America, EU & South East Asia.
Verasity Metrics
As of October we had a month on month increase in social stats of 26% and 154% over the previous 12 months. See the metrics
here.
News!
- We have an agreement with Stripe Payment Systemto provide credit card payments in 135 currencies worldwide for Esports Fight Club. 2.8m websites use Stripe as a payment system with half in the USA. Now Esports Fight Club will include 3 payment systems: Stripe, PayPal and VeraWallet. Between Stripe and PayPal they cover over 50k gaming sites.
Stripe will allow us to: - Accept payments globally
- Send payouts globally
- Integrate with thousands of gaming businesses &publishers who use Stripe plugins to accept payments on platforms like WordPress, Magento and PrestaShop
- Be added to their curated gallery to further our reach to partners looking for rewarded video platforms to improve their current businesses
- Accept payments for subscriptions, tournament prize pools and our proposed game marketplace
- Issue branded credit cards
- Customize their APIs to build customized payment systems to differentiate and attract more users onto our forthcoming marketplace to be launched in 2021. This customization will be proprietary and unique. - Stripe will work with Esports Fight Club to reach out to video publishers and game publishers around the world. This will give us access to video publishers worldwide.
Now that we have an agreement, Stripe integration will be completed in this quarter.
- Esports Fight Club has been working on partnerships within the esports ecosystem to promote cross platform rewards.
To this end we have been in discussions with major peripheral manufacturers including
E- Blue,
Razer and
SteelSeries. As soon as agreements are reached, we will jointly announce sponsored product peripherals that will be rewarded in our tournaments.
Revenue Forecast*
Verasity earns revenue through subscriptions to its gaming and tournament platforms, commission on tournament prize pools, video ad revenues and on transaction fees for use of Verasity products.
Revenues in 2020 were lower than anticipated in part because of our need to pivot to gaming publishers due to the COVID pandemic which affected traditional brand advertising and publisher revenues. We have taken this into consideration in the revised forecast.
In Q1 2021 no material revenue is expected to be generated from Esports Fight Club or from ad revenues.
As the gaming platform develops and our proprietary ad stack is implemented revenue grows month by month. We anticipate that non-gaming publisher sites provide further video ad revenues from Q3 2021 onwards. Additional revenues are expected from the implementation of Proof of View in the latter part of 2021. We expect that the majority of revenues will accrue from ads.
3 Year Forecast*
Buyback and Burn Forecast*
As part of Verasity’s intention to buyback and burn tokens it has included in its forecast three annualised purchases. As discussed above we are unable to commit to dates or amounts of future burns, however as part of the forecast we would like to share what it may look like.*
In 2021, the forecast contains a total buyback and burn of 500,000,000 tokens at an estimated average price of $0.0010 (total $500,000).
In 2022, the forecast contains a total buyback and burn of 1,500,000,000 tokens at an estimated average price of $0.0025 (total $3,750,000).
In 2023, the forecast contains a total buyback and burn of 1,500,000,000 tokens at an estimated average price of $0.0050 (total $7,500,000).
Based on the forecast, we will endeavour to buyback 3.5 billion VRA or 34% of the current total supply, and Verasity would have generated a surplus of $1.9m for future growth and buybacks. Please note that the average prices used to calculate the buybacks are not targets or guarantees for the future price of VRA.*
Our Crypto Community Relationship
The crypto space and community is very unique, one that truly requires more attention from our side. Although we build amazing tech with real world applications, we have not succeeded in taking you with us on the Verasity journey. One big problem we have had is that esports and crypto live in two different worlds. Esports is only on Discord and Instagram, whereas crypto lives on Telegram and Twitter. We have added a
Social Wall and hoped that more crypto followers of Verasity would check it out more often.
To get more community involvement we will start doing more AMAs, producing video and podcast content on a regular basis to keep the community informed and widen our crypto audience. To update the community on Esports Fight Club we will post a series of videos and post them across our socials. Here is the
first one. We will also start providing quarterly business stats starting in 2021 so that investors can follow our progress much like public stock companies.
We are all here to work with the crypto community and to build the amazing future of Verasity together with you.
Expanding our Reach
We are always looking to expand our reach in order to grow the project. If members of our community have direct contacts with companies and projects that they think will be helpful to growing our business please let us know through our admins. What is helpful here are
actual direct contacts and not just company names. Consider our current business as we want to focus on gaming, esports and video partners.
**Forward-Looking Statements*
Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) the use of proceeds and profits for buy backs hereunder; (iii) the expected development of the Company’s business; (iv) execution of the Company’s vision and growth strategy; (v) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Verasity tokens are subject to these
terms and conditions. About Verasity.tv REWARDS BASED PLATFORM FOR ESPORTS, GAMING AND VIDEO ENTERTAINMENT Verasity provides proprietary technology uniquely rewarding gamers, viewers and publishers. Verasity is a crypto-based platform with the VRA token that aims to revolutionise the online advertising business. With its innovative Proof of View system, advertisers are able to guarantee their video ads are seen and not ignored thanks to smart contracts on the Ethereum chain, while viewers are able to earn VRA simply by watching the content they already consume. Verasity has a focus on gaming publishers and esports.
Verasity revenue streams include: Game subscriptions, jackpot revenue rake and video ad revenues. Read about the tokenomics, forecast, buy back and burn
here.
📖 Read our latest
adoption metrics and one page
overview 📈 Find where
VRA (ticker) is trading onCoinMarketCap VRA can be staked for 36.5% annual interest at
https://verawallet.tv.
Follow Us: Medium:
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If you are a Game Developer or Video Publisher and want to grow your audience and revenue by 500% click thelinkto talk to the team Tokenomics , Forecast, News Update was originally published in Verasity on Medium, where people are continuing the conversation by highlighting and responding to this story.
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submitted by Yes, it should be easy to do business with Comcast or any other company but like everything else out there if you don’t know the rules of the game it can be frustrating and time-consuming. Hopefully this article will shine a light on how to get the best offer with Comcast, how they view customer service and treat their employees, dealing with their local stores, starting or cancelling service and more. Be sure to share this with your friends… they’ll likely be very grateful you did.
*** PRICE QUOTES / NEW SERVICE ***
If you call in to Comcast to get a service quote, the offer you are given is only valid on the call with the agent giving you the quote at that time. If you want that offer you should have the agent put the order into the system to hold it. It’s likely you could get a different package or even higher rate if you elect to call back in as offers change regularly, agents have access to different offers, interpret equipment you need differently, etc. You are not financially obligated until 30 days after the installation since Comcast offers a 30 Day Money Back Guarantee.
Comcast requires any past due balances and deposits ($100-$200, refundable after 12 months) be paid prior to starting new service.
Comcast is the fastest high speed internet service provider in the United States offering downloads up to 2 GBps according to Ookla Speedtest.net
CenturyLink and many other service providers are DSL and may require a phone line to get internet service OR require the phone line to get the $19.99 advertised Internet rate. CenturyLink DSL is slow- with many customers reporting speeds up to 1.5mbps (not 20mbps advertised) and CenturyLink knows it so they offer a $20 monthly price with a 5 year contract to entice customers more focused on price which sounds enticing but once you realize how slow their internet is, it’s too late to switch and you’re stuck in their contract. Not everyone gets slow speeds with CenturyLink but eventually you may cap out at their offered speeds and will need to switch to another provider. It is easy for the average home user to need speeds faster than CenturyLink can offer.
Don’t call in to only order only Internet service. You are wasting your time. The agent you speak with on the phone doesn’t get paid commission for signing you up for Internet-only service and will generally charge you more for monthly service and installation. Sign up for Internet-only service online. Only call in to sign up if you have your own modem, know your home is Comcast-ready and you want to self-activate and are ready to start using the internet service on the same call.
*** CUSTOMER SERVICE ***
If you place an order and are given a Confirmation Number instead of an Account Number your order was taken by a third-party vendor and not a real Comcast employee. It takes 24-48 hours for these orders to get entered into Comcast’s system and installation dates/times provided with these orders are not guaranteed. If you call in to modify an order before the 48 hour timeframe it’s highly likely your order will not be in the system.
Comcast hires third-party vendors for everything. They take overflow calls, they install (contractors), they’re outside Walmart and Best Buy, they manage Comcast’s sales web site, they manage a large part of the Company’s IVR (phone system when you call in). For security reasons, vendors do not have access to all of the tools and information that In-house Comcast employees have.
Agents selling Comcast service outside of Walmart and Best Buy are NOT actual Comcast employees – they are third-party vendors. You can call in and get routed to a vendor and not know it. Orders placed through Comcast.com are all handled through a third-party vendor.
Comcast doesn’t have an actual “Customer Service” department. They expect all departments to provide “customer service.” Comcast has residential Sales, Billing and Technical Support departments. If you call in for a Tech ETA, to report a down line, check the status of construction, etc. you are most likely being transferred to the sales department. Sales can see very little activity in other departments and communicates with other departments via ticket system. The Comcast agent and the customer both have no direct phone number for calling the other departments.
Demanding to speak with a supervisor will most likely not yield the result you are looking for. For example, when you call in you most likely end up with the Sales Department which has little control over scheduling (they can only see future appointments). Asking to speak with a supervisor is a waste of time because supervisors cannot see anything different than the agent you are speaking with and supervisors can also only submit a ticket. They have access to the same scheduling system and can only input a ticket to dispatch.
The agents that route tickets to dispatch, construction and other departments regularly close tickets without any actual resolution thereby causing a bad customer experience and generating another unnecessary call back into Comcast for the customer. The internal ticket system has strict limitations and requirements as to what qualifies for a ticket so agents submit tickets as best they can to take care of customers but the reason for the ticket might not “quality” per the ticket system so the ticket gets closed. For example, if a ticket is submitted for what would make sense as a technician “go-back” requiring a tech to go back to your home (system requires this must be same day as appointment only) but the agent routing the ticket thinks it should have been submitted as a different ticket- rather than taking care of the customer and getting the request to the right department or just handling the request they simply close the ticket. If you haven’t received a call-back from Comcast within 4 hours of having the ticket entered then you should call back in to make sure the ticket wasn’t closed.
Comcast agents cannot see your technicians ETA on the day of installation. They can only see the 2 hour appointment arrival window, which you can check online or through the Xfinity My Account app. Only customers can get their technicians ETA through the Xfinity My Account app which can be pre-activated and used prior to installation. Comcast provides customers with a 2 hour arrival window when you place your initial order and you are expected to have someone over the age of 18 at home during this timeframe. You can reschedule online without having to call in to reschedule.
Comcast does not generally offer same day or next day appointments for professional installation. Call with the expectation that it might be a week before your service is installed. Plan ahead when you want a technician to come to your home- technician availability is usually about a week out. Self-Installation may be an option if your address qualifies and you are capable of doing so.
Understand if a Comcast agent is telling you a technician is required then it is probably required. Agents (Sales, installers, etc.) get paid for installing orders so it’s to the agent’s financial advantage to get your service installed as quickly as possible – they would rather set you up with a self-install if it is an option so your order closes quickly rather than waiting for an installer to do the work. An in-house Comcast agent is not going to recommend a technician installation if you can do it your self quicker.
*** EMPLOYEES ***
Comcast pays their in-house sales agents minimum wage and commission. The commission is calculated two ways and Comcast changes the rates and what/how they pay their employees every 3 months so it’s very unpredictable for the agent you speak with to actually know what their pay will be month to month. Comcast pays a small commission based on product sold (TV, Phone, Home Security – they do not pay their employees for setting up your Internet-only account) and they add this product commission to close rate commission. They take the number of calls the agent takes and divide it by the number of sales the agent makes that month and based on the percentage the agent earns the rest of their commission. They add the close rate commission plus the product commission and that is the agent’s commission for the month, plus their minimum wage. Bottom line is, every call you make into the Sales Department that isn’t adding money to your account directly penalizes that agent’s paycheck.
In October 2015 Comcast’s West Division revised their employee commission plan and cut their sales agents pay by 30-40% depending on the agents close rate and product sales. Some agents are seeing a pay cut of $20,000 or more. This caused a mass-exodus of employees that quit in response.
The Government requires Comcast to answered within a set amount of time or get fined so the company deliberately dumps non-sales calls into the Sales Department which effectively penalizes the paycheck of the agent you are talking to (a win-win for Comcast) and requires you be transferred to the correct department.
Comcast assigns “skills” to their agents as a way of routing calls. Their Sales Dept does this so Online Sales, Upgrade Sales and New Sales get routed to the correct department. When Upgrades or “Change of Service” calls overflow the system Comcast routes these calls to the Sales Department. If the agent isn’t adding money (service) to your account it penalizes the agent’s paycheck. Comcast doesn’t care because the call was answered so they weren’t fined by the government and it lowers the agents close rate so they don’t have to pay the agent very much in commission.
In-house Agents are required to ask you about all services offered by Comcast Xfinity. In fact, Comcast pays a third party company to listen to 5-6 random calls from each in-house agent monthly and the calls are graded. The agent’s shift rankings, pay increases, promotions, etc. are based on these grades. Unfortunately, most of the customer service complaints actually come from Comcast’s third party vendors but the company takes it out on their in-house employees. The Comcast Agent’s hands are largely tied regarding what they can and cannot help you with.
Sales Agents cannot remove things from your account. There is a separate department for adding service to an account (Sales) and a separate department for taking them off (Loyalty). You cannot call in and instantly get routed to Loyalty- someone has to transfer you to their department.
*** OFFERS / PROMOTIONS ***
You typically get a better price on a package and installation if you have more than one service.
The promotions offered by Comcast Xfinity are hard-coded into the computer system. When you call in offers are pre-loaded on the agents screen based on your service address since mailers with different offers vary by address. Agents have very little room to negotiate on rates since they are all hard coded and offer little to no room for flexibility.
Your package price will be different from the advertised offer you may have received which is advertising the starting price. The average household price for TV and Internet is $100. For example, an offer for $79.99 for TV and Internet is actually $99 when you add on $10 HD on 1 TV and $10 Wi-Fi Modem Rental. Also keep in mind that $79.99 rate is for one year with a 2 year contract and increases $20 the second year.
The $79.99 offer being mailed to customers with a gift card up to $250 requires a qualifying HD Triple Play package (including TV, internet and home phone or security) and the packages that qualify for the gift card offers start at $139.99 a month without equipment.
The promotional rate you see advertised online or in your mailbox is the starting rate for service without any equipment or any extras. Comcast isn’t the only provider that advertises this way - all providers including satellite price their Hopper and Genie services this way. If you don’t believe me, read the fine print on their mailers or web site. One way to lower your bill is by purchasing a new cable modem.
Comcast has their price structure down to a science. Their 105mbps Internet Only offer with no promotion including the modem rental is $99 a month. Their 220 channel package with a SD Cable Box and Wi-Fi Modem rental is $99 a month with contract. Their 140 channel package with SD Cable Box, 75mbps Internet, Wi-Fi Modem Rental and Unlimited Home Phone service is also $99 a month.
Comcast Xfinity offers free installation with triple play (TV, Phone or Security, Internet) or quad play (TV, Phone, Internet, Security) packages where the base price for triple play is $139.99 before equipment and quad play is $169.99 before equipment. Very select areas in Colorado and Kansas City offer free installation on TV/Internet packages with a contract. Everyone else is subject to installation which varies between $49 and $149 in most cases. Internet-only installation is $89. In many cases a Self-Install Kit is available if the home has had service recently.
Don’t call in to only order Internet service unless you have your modem, know your home is Comcast-ready and you want to self-activate. It’s faster and probably cheaper to order internet-only service online. Ordering Internet with other services like TV is more complicated to do online and it’s probably easier to order bundled services over the phone.
Contract offers are $10 less per month than non-contract offers. This means $39.99 x 12 for 25 mbps Internet-only is $49.99 x 12 without a contract. Don’t forget to add an extra $10 per month if you are leasing a Wi-Fi modem.
Comcast has the lowest early termination fees in their industry ranging from $110-$230 depending on your package and are pro-rated based on when you are cancelling. DirecTV has ETF’s up to $400 or more and will put you into a new contract if you add/upgrade equipment whereas Comcast does not.
Existing customers who are moving and call 1-800-Comcast to transfer their service to their new address qualify for a new promotion. You don’t have to cancel your existing service and then set up new service to get a new offer… just transfer your service to your new address- even if you aren’t moving in to the address immediately you can have billing stopped at the old address and started at the new address on separate days. Cancelling and then starting entirely new service just makes things more confusing for you and Comcast. (For example, your Comcast login’s for your account and apps don’t move from one address to another unless transferred properly as part of the move process.)
Door to Door Comcast Agents have the best offers; they have better offers than Comcast’s web site, their stores and better offers than over the phone sales. If a Comcast agent comes to your door don’t send them away as you likely won’t get a better deal- and you have to sign up with that door to door agent. If you have to “think about it” that same offer is not guaranteed at a later time with a different agent.
The entire month of September and Black Friday are when Comcast usually has their best promotional offers.
*** LOCAL STORES / SERVICE CENTERS ***
You cannot call your local Comcast Xfinity store. They accept walk-in appointments on a first come, first serve basis only.
You can pick up equipment at any store. You do not need to call in to tell us which store you are going to. They all have access to your account.
Do not call Comcast to ask if you can return or swap equipment at the local store. You only need to call if you want Comcast to mail you equipment. You can also order additional TV boxes online. Otherwise, just go to the local store to swap or return equipment. There is no need to call in first – you are only wasting your time by doing so.
Comcast Xfinity has a partnership with The UPS Store for customers that want to return equipment. Instead of waiting in line at a Comcast store customers can take their equipment and account number to a UPS Store, hand it to the UPS Store clerk and have the equipment scanned off their account. The UPS Store clerk will even provide you with a receipt showing the equipment was returned.
If your service was disconnected for non-payment and you plan on paying and restoring service DO NOT RETURN YOUR EQUIPMENT!! Even if you are called about returning the equipment, advise the caller you are going to keep it and restore service. Once your past due balance and refundable security deposit is collected Comcast can restore service remotely without needing to send someone back out to your home.
Keep in mind there is a mandatory deposit required to restore service within 30 days of a disconnect. If you wait longer than 30 days to restore or start new service a credit check will be done to determine if a deposit is necessary. You can skip the credit check by paying the mandatory $100 deposit. Deposits are refundable after 12 months good payment history or in the event you cancel before 12 months the deposit is credited back to your account at the time of disconnect.
*** MISCELLANEOUS ***
If you want to keep the same Comcast.net email address (which is deleted within 90 days of cancelling) simply buy a movie to own “forever” On-Demand. The movie will be tied to your Comcast log-in and will not be deleted. If you ever come back to Comcast you would still be able to utilize the same email address.
Customers with a triple play (TV, Phone, Internet) will almost always get routed to an in-house agent in the United States. Customers with one or two services have a much higher chance of being routed to an agent in the Philippines.
In 2012 Comcast changed their company structure from having one building that handles everything for your city/state (sales, billing, repair, installation, etc.) to creating centralized “Centers of Excellence” (COE) that specialize in specific tasks. For example all in-house sales calls for the West Division (13 states on West Coast including Texas, Missouri and Minnesota) are routed to Oregon or Washington or to an offshore vendor. This made it easier for the company to make sure all agents were on the same page based on their task. The company has Billing, Loyalty and Repair COE’s throughout the country.
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