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BidNow
Bidding Made Easy
Pre-Live

RM 5,000,000

Min. Target

This campaign is accepting reservations.

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  • Type
    UTILITY
  • Token Supply
    66,026,410 $BID
  • Max Token Offer
    50,000,000 $BID
  • Max Funding Target
    RM 10,000,000
  • Min Funding Target
    RM 5,000,000
  • Price per Token
    RM 0.20

Token Details
  • Type
    UTILITY
  • Token Supply
    66,026,410 $BID
  • Max Token Offer
    50,000,000 $BID
  • Max Funding Target
    RM 10,000,000
  • Min Funding Target
    RM 5,000,000
  • Price per Token
    RM 0.20

    Business Overview
    Summary
    1. First company to launch utility token on a regulated platform in Malaysia. 
    2. BidNow, established in June 2019, quickly became a leading auction platform in Malaysia. In April 2021, it expanded with "JomBid" and "GroupBid," allowing users to auction and bid on various products like home appliances, gadgets, luxury watches, furniture, and antiques. 
    3. From 2019 to date , more than 20,000 active users and over 8,000 real estate brokers have signed up on BidNow's online platform.  
    4. BidNow is integrating into the Web3 ecosystem and leveraging blockchain technology to enhance its services. By Q4 2022, they have signed MoUs and MoAs with Universiti Teknologi Malaysia (UTM) for collaboration in cybersecurity, technology, and data science. This partnership will facilitate a smooth transition into Web3 and explore advancements in AR and VR technologies. 
    5. Have successfully raised RM4.98mil from 466 investors, including from MyCIF, through ECF in 2021. 

     

    Company

    Background

    BidNow was established in June 2019 as a one-stop solution and platform for auctioning properties in Malaysia. Within two years, the platform has skyrocketed to one of the leading platforms in Malaysia and achieved household branding status.  

     

    Apart from real estate auctions, the platform also features a multitude of different products and services under “JomBid” and “GroupBid” which were launched in April 2021. Through “JomBid” and “GroupBid”, users are able to auction off and bid for various goods and services such as brand new home appliances, gadgets, luxury watches, furniture, antiques, and much more.  

     

    As one of the largest auctioning platforms in Malaysia, BidNow has also managed to garner incredible support from individual investors and fans alike, raising a record breaking RM4.98mil from 466 investors in the span of less than two weeks in 2021. The amount raised was more than the initial target and the founders have plans to utilize the funds to scale rapidly.  

     

    BidNow is currently striving to become the number one bidding and home appliance purchasing platform in Asia. The team will be establishing a second overseas company in Jakarta, Indonesia and also develop a complete e-bidding system to all auction houses and banks, while integrating with other property portals to create a large central hub for the Asian market.  

      

     

     

     

    BidNow’s Competitive Advantage 

    1. Ease of access and fast transactions on the platform. 
      This is due to the fact that BidNow is a one-stop bidding platform that focuses on allowing users to be able to buy and sell goods and services at a fair market price rapidly and easily. The various functions featured on the platform such as the “Search Alerts”, “Auto-Search”, and “Screening” allows this process to be further streamlined 
       
    2. Ease of connection and networking for focused market domains/segments. 
      As BidNow expands the platform into a community-centric marketplace which functions as a central hub for buyers, sellers and investors, it will also work towards tokenization of products and services, while streamlining the processes through blockchain technology. 
       
    3. Strong strategic partnerships with key stakeholders 
      With the support of more than 3000 investors and more than 20,000 property agents currently, and authorization by 22 banks throughout the country, it allows the platform to seamlessly integrate with national banks and other property portals to create a highly scalable and sustainable ecosystem - regardless of market segment. 

     

     

    Bidnow’s Performance Metrix/Revenue Model 

    Established in 2019, BidNow is a fairly young company that has become one of the leading auction platforms in Malaysia. Its business model started as an auctioning online platform focusing on real estate properties sector. 

    Currently, the platform has diversified its business model into other sectors as such electronic, home appliances, arts, kitchenware, and many more. The concept remains the same by auctioning for goods. 


     

    BidNow will continue to focus on 2 key metrics of growth, which are 

    1. Number of subscribers, which will consist of active members being buyers and sellers on its platform; 
    2. Gross merchandise value, or total value of all goods/services transacted on the platform, which comprises real-estate transactions, and non-real-estate transactions 

    These shall be achieved through 3 key performance improvement areas. 


     

     

    BidNow’s SWOT 

     
     


     
     


     

     

    Team  

     

     

     

    Project

    Challenges Faced in the Industry 


     

    Overcoming Industry Challenges Through Blockchain Applications:

    By incorporating blockchain technology into the BidNow e-Auction platform and integrating Web3 decentralization, all of the aforementioned challenges can be overcome and existing business models can be streamlined. 

     

     

    This is due to the fact that blockchain technology promotes transparency and immutability through a permanent decentralized ledger. This means that it is nearly impossible for scammers and fraudsters to manipulate the system as all transactions are completely transparent and cannot be tampered with. Furthermore, it is also impossible to hack the blockchain due to its decentralized nature. A centralized 

    server is prone to cyber attacks, however, servers that are authenticated by blocks are impossible to penetrate as it requires unanimous authorization from hundreds and thousands of blocks simultaneously. In order to hack a decentralized server, one must compromise every single block at the same time in order to gain backdoor access. 

     

    In essence, integration of blockchain technology into e-Auction platforms provides scalable solutions to all the major problems faced in the bidding industry today. It is due to this that BidNow aims to enter the Web3.0 space and decentralize the platform to address and overcome these challenges. 

     

    Roadmap

    This roadmap serves as a strategic planning tool that outlines a series of goals, milestones and objectives of BidNow’s growth. It is also meant as a tool to align the expansionary steps of BidNow with investors and users towards common goals while tracking overall progress of the project. 


     

    BidNow started its business in 2019, and in 2022 completed the development and launch of its e-auction and bidding platform, strengthening its position as a leading e-auction platform in Malaysia. BidNow is currently in the transition from web2.0 into web3.0 with its expansion and foray into the Singapore and Indonesia markets underway. 

     

    Year 2024 : BidNow Web2.5 Launch & Expansion to Singapore 

    • Web2.5 & Web3.0 Platform Development: Streamlining and improving the business model with blockchain technology to offer advanced communication, networking, information exchange, and education alongside traditional bidding and auctioning. 
    • NFT Technology and Marketplace: Creating verifiable digital tokens on the blockchain for real-world assets like real estate, art, and luxury goods. Enhancements include automated royalties, secure transactions, and wallet integration. 
    • Merchandising Platform Development: Expanding product and service offerings, incorporating secure transactions, order management, and shipment tracking. 
    • Expansion into Singapore: Increasing cross-border offerings between Malaysia and Singapore. 
    • Future Expansion Plans 
    • Asian Market Expansion: Targeting Indonesia and Brunei with technological advancements and establishing operations through partnerships, mergers, acquisitions, and joint ventures. As a pioneer in the Web3.0 auction market, BidNow aims to penetrate the Asian market with minimal direct competition 

     

    Year 2025 

    It is expected in 2025, BidNow will go all out for global expansion through global 

    partnerships and collaborations with established MNCs. Years onward, BidNow  will continuously scale further vertically and horizontally 

    Token

     

    Utility & Features of $BID

     

    A. Service Token

    The launch of the native tokens of BidNow ($BID) upon completion of the Campaign Period, will be used primarily as a mode of exchange for all services offered within BidNow’s platform. The user base that will utilize $BID for exchange for services covers a wide range of audiences, such as homeowners, banks, investors and potential partners. The various services available on BidNow platform, for which $BID tokens can be user as a mode of exchange for all services include the following :-

    1. Auctions : premium auction listings, featured auction listings, auction listing services, bidding services.
    2. Partnerships : services offered from partners and/or as a result of partnerships, partnership fees, and partner advertisements.
    3. Services : all BidNow platform services such as real-estate related and other consultancy services, financing and loans related services, renovation services, educational services etc.
    4. Transaction Fees : transaction fees charged by BidNow platform for third-party and/or partner services offered on BidNow platform.

     

    For the avoidance of doubt, all of such exchange for services shall be designed to ensure it’s within a closed loop on the BidNow platform in accordance with the guidelines issued by the Securities Commission Malaysia, and specifically paragraph 7.05 of the Guidelines on Digital Assets issued by Securities Commission.

     

    B. Loyalty Rewards

    Loyalty points can be gained when BidNow platform users perform transactions within the protocol. The protocol can further entice and incentivize users to utilize $BID by giving them more points if they complete certain tasks. For example, bid “X” number of times, utilized consulted services “X” number of times, sold property “X” number of times. The number and various types of incentivized tasks is up to the BidNow team to innovate upon based on planned events, campaigns, etc.

     

    All users will be able to exchange these loyalty points for various benefits within the protocol. These loyalty points can be exchanged for physical merchandise offered by BidNow, exchanged for membership extensions, redeemed for discounts with certain services and more. The prizes can be both tangible or intangible, and will be decided by the BidNow team based on budgeting and item availability. The source of funds for the loyalty program will be 100% from treasury allocation.

     

    C. Memberships

    BidNow offers a free membership for all users to utilize the current e-auction platform. There is also a premium membership where advanced features are available for premium subscribers. The premium memberships are catered for the users who frequently use the platform to perform their auction biddings on behalf of the buyers or sellers, and these users usually need to utilize more than what the free features can offer. The membership table will be always evolving to include more utilities, be it free or premium subscription. Users will be able to subscribe to the membership using MYR or $BID.

     

    D. NFT Marketplace
    BidNow plans to revolutionize the concept of an NFT marketplace and provide utilities and opportunities that are yet to be offered by established marketplaces (such as OpenSea, NFTrade, MagicEden, etc.) and take a step further by providing the Malaysian market with a central hub which bridges the gap between Web2 and Web3.

     

    The BidNow NFT marketplace aims to bolster this idea by providing Malaysians a central hub to network and discuss all things Web3. In essence, the BidNow NFT marketplace provides a platform for Malaysians to seamlessly connect to the modern world of Web3, and is catered to each individual’s specific needs and objectives in a highly localized manner.

     

    E. BID Token Holders’ Privileges
    The Token Crowdfunding (TCF)project incentivizes $BID token holders by offering exclusive privileges beyond token utility. These privileges include: 

     

    • Discounted Fees for Private & Exclusive Bidding Events: Token holders receive a 50% discount on registration fees for participating in private bidding events, allowing them early access to undervalued assets before public markets. 
    • Discounted Fees to Access Property Transaction Big Data: Token holders enjoy a 50% reduction in fees for accessing comprehensive property transaction data, facilitating informed investment decisions in real estate. 
    • Higher Bank Commission Payout: Marketing agents opting to receive commissions in $BID tokens earn an additional 5% commission, incentivizing them to promote and invest in $BID tokens, thus enhancing earnings potential. 

     

    These privileges aim to foster loyalty among token holders, drive project growth, and attract long-term investors through enhanced benefits and community engagement. 

     

    Tokenomics

    The tokens to be minted and allocated will be in two (2) categories as depicted below.


     

    Pursuant to the schemes available as explained under the Pricing and Allocation section below, the number of tokens minted will be between 30,012,004 to 66,026,410, depending on the total amount of investment received and the percentage of strategic investors vs general investors.

     

     

    Tokens will be minted after the successful completion of IEO fundraising based on the total number of tokens subscribed (including any bonus issue of tokens) and treasury allocation described under Pricing and Allocation below. Once minted, the token supply for $BID shall be fixed.

     

    Treasury

    The number of tokens for Treasury will be minted after completion of the IEO Campaign. The number of tokens minted and allocated to the treasury (referred to as $BID Treasury Token) will be calculated based on the formula : 

     

     

    This treasury reserve of tokens may be used for:

    • Community rewards to users and stakeholders, such as airdrops or marketing campaigns, to incentivize the growth of the BidNow ecosystem.
    • Liquidity provisions when the token is listed on digital asset exchanges, including but not limited to providing inventory for market-making. The liquidity function shall only be implemented in accordance with permissible activities pursuant to the Guidelines on Digital Assets issued by the Securities Commission.
    • Burning mechanisms to reduce the supply of the token. The need for introducing any burning mechanism for $BID tokens shall be evaluated and determined by the Treasury Committee (refer section below) on a need to basis in order to maintain fair and orderly markets for stakeholders of the $BID ecosystem.

     

    Before the listing of $BID tokens on any digital asset exchange, BidNow may sell $BID token to users from the treasury reserve of tokens at a fixed price of RM0.20.

     

    Prior to completion of all the Milestones, the treasury reserve of tokens may only be used for (i) the sale of $BID token to users at a fixed price of RM0.20 before the listing of $BID tokens on any digital asset exchange (ii) to provide liquidity when $BID is listed on a digital asset exchanges. In the event that other functions of the treasury are required to be activated before completion of all the Milestones, the approval by 75% or more of token holders present and voting shall be obtained.

     

     

    Treasury Committee

    The Company shall form a Treasury Committee consisting of at least 3 members of the management team, whom shall be responsible for evaluating, managing and monitoring the $BID ecosystem to ensure it is properly governed, and to oversee, approve and manage the issuance, activation,  operations, and implementation of BidNow Treasury and its tokens.

     

    All decisions and approvals of the BidNow Treasury, as well as access to the BidNow Treasury $BID tokens, shall require a majority decision by the Treasury Committee.

    The BidNow Treasury $BID Tokens shall be stored in a secure medium or service that will allow maker, checker access whereby a 2 out of 3 quorum is required amongst the Treasury Committee members.

     

    The treasury committee shall only make decisions in accordance with the policies outlined in the Treasury Function section. Any variations beyond this shall be tabled to the board of directors for approval.

    Fundraising

    The proposed pricing for the token issuance for subscription shall be RM0.20 (“Token Issue Price”).  

     

    The $BID token distribution will be offered to investors under 2 schemes, in the following manner :- 

     


     

    • Type
      UTILITY
    • Token Supply
      66,026,410 $BID
    • Max Token Offer
      50,000,000 $BID
    • Max Funding Target
      RM 10,000,000
    • Min Funding Target
      RM 5,000,000
    • Price per Token
      RM 0.20

    Token Details
    • Type
      UTILITY
    • Token Supply
      66,026,410 $BID
    • Max Token Offer
      50,000,000 $BID
    • Max Funding Target
      RM 10,000,000
    • Min Funding Target
      RM 5,000,000
    • Price per Token
      RM 0.20

      Business Overview
      Risk Warning
      Warning
      Token Crowdfunding is risky. You are investing in digital tokens which are issued by companies that may not do well and could even fail. You could lose part or all of your investment. You may not be able to sell your tokens easily.Learn More