Novem conducts Reddit AMA, announces upcoming launch of first brick and mortar store
Novem, a gold storage and asset management company, conducted its first Reddit Ask Me Anything (AMA) after gathering user-submitted questions between August 9th and 12th. Novems CTO Christoph Klocker (u/crypto_chri) and COO Fouad Soultana (u/fs_novem) provided answers for the AMA on Tuesday, August 13th.
Alongside the AMA, Novem announced its plans to open its first gold store in Linz, Austria. In a conversation with NEO News Today, Klocker said the first store is tentatively scheduled to open on Monday, September 2nd.
The team also states that it has signed Novems first exchange listing agreement, with further information to be released nearer to the listing date.
In the AMA, Novem discussed the future NVM token burning process, a potential staking model, its signing of Grant Thornton as the external auditor, opting to store the physical gold with Trisuna instead of Loomis, as well as anticipation for NEO3 and NeoFS among other topics.
The full transcript can be found below (with duplicates removed):
Question 1: How are you going to create demand and value for the investors with a utility token such as NVM?
Christoph Klocker: To make the NVM valuable, we will burn tokens every quarter. Parts of the NVM we receive for purchases and parts of the transaction fees that the NNN generates will be used for the NVM burning. Over time well decrease the amount of NVM significantly, its a similar model Binance made popular with its BNB token.
Additionally, we are working on a staking model to decrease the circulating supply available on the market. From a macroeconomic point of view, less supply leads to an appreciation of value.
Regarding discounts, as mentioned in our whitepaper, there will be various discounts. One of which is a two percent discount on NNN purchases. We talk to institutional investors and family offices, where investment amounts start at €500,000. At this scale, two percent is €10,000 in fees, so it might not be as minimal as one might think.
Attracting those kinds of investors, and larger NNN purchases will ultimately result in a higher NVM burning rate, which in return, every NVM investor can appreciate from an economic point of view.
Question 2: Will you have a website for buying and selling gold online?
Christoph: Novem will provide an online store in the future where you can buy, sell, or redeem NNN tokens at any time. So yes, you can sell your one kg of gold through our online shop or go into one of our upcoming 100+ stores. (See Question 10 about stores). If you want to redeem NNN, we even can send the gold to you all over the world. But, you need to take care of customs on your end.
Question 3: Has Novem publicly released its first audit of gold holdings at its gold storage facilities? If not, when will that be released?
Christoph: We signed the contract with Grant Thornton last week. Every quarter, the external auditor will inspect the gold vault in Liechtenstein to verify the stored amount of gold matches the number of tokens. Remember, one gram of gold equals 100 NNN tokens. The first audit ...