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The Smart Marketing Token (SMT) team has announced the launch of the Smart Marketing Token Redemption program to buy back all SMT tokens from investors across the project’s platforms.
This decision follows careful consideration by the team, who have decided that allocating funds towards buying back all SMT tokens will serve the community better than continuing the project’s marketing agency activities. All Smart Marketing Token holders will have the opportunity to redeem or sell their tokens for USDC at a price higher than the current rate.
Smart Marketing Token Background
Established in early 2021 by a group of marketing enthusiasts, Smart Marketing Token aimed to provide crypto teams and founders in the Web3 space a secure system, backed by blockchain technology, to grow their exposure in the market. The team also looked to shape the nascent crypto space and play a significant role in its ongoing development.
The Partnership That Led to the Smart Marketing Token Launch
It was through its strategic partnership with Student Coin that enabled Smart Marketing Token to officially launch. Since then, the project has actively embarked on its mission to guide, educate and develop the blockchain space and assist other projects through its services along the way.
Over the years, Smart Marketing Token has implemented marketing campaigns for various blockchain projects. This included the promotion of Coinpaper.com, which saw an impressive 20% monthly growth rate in 2023 due to the Smart Marketing Token team’s involvement.
Smart Marketing Token was also able to bridge the informational gap in what marketers knew about the Web3 space and other cryptocurrencies through the launch of the project’s newsletter. Additionally, it established a comprehensive knowledge base and a vital data center that gave marketers access to an info hub they could utilize when marketing to the Web3 community.
A Supportive Community Built of Smart Marketing Token Holders
The Smart Marketing Token community has celebrated numerous achievements over the years. Perhaps the most notable of the project’s accomplishments was its listing on Probit Global, which is one of the top 25 biggest exchanges for digital assets. The decentralized exchange Uniswap also welcomed Smart Marketing Token to its platform, granting the marketing-orientated token access to a large pool of holders. After making its way to these renowned platforms, a community rapidly developed around SMT. At its peak, Smart Marketing Token saw its community top 10,000 members.
SMT Team Simplified the Process for Creating a Token
The project was also implemented an array of marketing initiatives, while playing a key role in the establishment of Coinpaper.com as well. Through its platforms, Smart Marketing Token delivered news to thousands of readers every week. The ad campaigns it created were also able to achieve over 300 million impressions.
The SMT team’s efforts were heavily focused on the marketing of the STC Terminal tokens launched, which simplified the process of creating a token into just 5 easy steps. However, many projects were hesitant to use the secure platform. Instead, the Smart Marketing Token team started receiving requests for direct collaboration that were unrelated to the team's system.
As such, the team diversified its efforts to better accommodate projects in the constantly evolving Web3 space. This mainly included disseminating information through various marketing channels, with the team distributing thousands of articles on some of the leading platforms in the blockchain space.
Build up to the Decision
The Smart Marketing Token team encountered several obstacles along the way that hindered the project’s chances of realizing its full potential. One of the main challenges is the fact that clients favored direct communication with SMT team members over the automated services offered by the created SMT.services system.
Projects’ preference to tailored marketing services also limited Smart Marketing Token’s scalability. Despite the team’s best efforts, Smart Marketing Token was just not able to grow at the necessary rate as it started to deviate from the core team’s initial vision for the project.
In addition to the scalability issues, the various initiatives run by the Smart Marketing Token team, such as implementing voting options on the STC wallet and the introduction of a premium holder program, did not deliver the desired results. As such, the team reached the conclusion that growing the fundamental value for the SMT token is no longer viable under current circumstances.
Combined with the questionable integrity of some Web3 projects' founders and the cyclic nature of the crypto marketing landscape, the team has opted to launch the redemption program.
Token Holder Groups
Users are divided into 4 main categories: airdrop & bonus recipient, SMT launchpad participant, Smart Marketing Token premium program participant and on-chain user. The process will differ for each type of token holder.
Since more than 97% of SMT’s holders are on the STC wallet, the team will prioritize these holders. The entire process will take place within the STC Wallet, and SMT tokens will be automatically exchanged for Student Coin (STC) tokens. In order to distinguish between the converted SMT tokens from STC tokens, a separate section labeled “Other STC” is visible within the STC Wallet. The redemption process for these users started on Apr. 9, 2024, with the deadline set for Jun. 9, 2024 (for quick and automatic redemption), and October 9, 2024 for manual redemption.
Starting on Jun. 9, 2024, on-chain users will be able to redeem their tokens and will have until Oct. 9, 2024 to redeem all of their SMT. This includes token holders whose tokens are in DeFi wallets or exchanges.
The Smart Marketing Token team will provide holders outside of the STC Wallet the necessary liquidity to sell their tokens on the open market at a price higher than the current rate starting Jun. 9, 2024. However, these on-chain users will only have a limited time to sell their tokens, and the redemption price will be between $0.15 and $1.00, depending on how much liquidity is left over after the SMT redemption within the STC Wallet have been performed.
