No, we can at no point freeze any assets. This is a big differentiator to other projects and the reason why we are located in Liechtenstein. Article 34 of the Liechtenstein Constitution expressly protects private property. Laws governing the protection of privacy have been in force since 1926 and have laid the foundation for a long tradition of asset protection. This makes Liechtenstein one of the few places in the world where the government cannot access and seize your property, including gold. Your token, your gold at any time! We are first looking at europe and then expanding to Asia.
Mostly retail customers.
How much Volume of NNN on nash do you hope for? What are the targets?
How do you make money? I mean if NNN is pegged to the gold price you have to buy the gold first and then you get it tokenized. There is not much opportunity of making money here, or do you provide any other services?
The gold industry is rather traditional and what we are proposing is a rather radical change. So explaining them to use blockchain from now to buy gold is a challenge it itself. To explain that they need Ethereum for transaction is another challenge that we avoided by using Neo as platform as we do not need any Gas for transactions.
Yes 100%. Liechtenstein is known for storing highly valuable assets and are very proficient in their field.
Everything(sourcing, quality check, delivery to vault, audit, storage, insurance) is covered hence there is a premium, which however does not affect you really, because the price on the exchange is always kept at spot price plus the relative premium.
Is there a fixed rate between NNN and gold, e.g 100 NNN equals 1 gram of gold?
We look at it as a real partnership. So we will try to grow the volume over time as we say good things take time. In general I think having gold next to BTC for example is excellent, so we expect great demand, especially during those times we are living in atm.
Yes we do and we will communicate everything at the right time.
Are there any institutional investors or hedge funds among NovemGold’s clients?
Are you planning to trade between NovemGold and institutional investors using nash?
The NNN is pegged to spot price plus a premium that is needed to cover costs that I mentioned earlier in the AMA and a little slice is a profit, where also a part of is used to burn the NVM token, which is our second token. Gold is and always will be a volume game.
Yes 100NNN always equal 1 gram of LBMA certified 24k gold.
Yes, hedging is huge use case for the future. For institutional clients, there are many prerequisites that have to be met especially regarding regulation. So for the moment we are focusing on retail investor and for institutional investors the product might vary a little.
If, in any reason, Novem company is stopped servicing; how can i redeem my tokens ?
The gold is completely outside of our company balance. This means the gold is safe in any case, also in case of bankruptcy. There is a specific process in place in case this should happen, which we do not assume.
Thanks for all your questions and thanks to @NovemGold for the answers! The AMA is now concluded.
If anything is unclear, you can get in touch with Novem on Telegram @FS_NOVEM
The initial NNN/USDC market is now available here.