CEO Jeremy Frommer Interviewed by Kristen Shaughnessy
As a journalist and breaking news reporter in NYC, I have always had an interest in and followed the ever-evolving story of Wall Street and the capital markets. While my interest grew, I discovered that there was an ugly side to Wall Street that was not getting the proper media attention to effectuate change. It is a story of abusive trading practices where retail investors are at the mercy of hedge funds and algorithmic trading technology. As I continued to dig deeper into the story, I realized that there was a systemic problem in the financial systems that is exponentially growing year in and year out.
Creatd ($CRTD) January 2023 Shareholder Meeting featuring Chairman & CEO Jeremy Frommer
Good afternoon everyone. Thank you all for joining today's shareholder meeting from September to December, 2022. In less than a four month period, we eliminated a significant portion of our operating expenses, reduced debt and raised capital. We are stronger today than we were on September 2nd when I was notified that created would be delisted from the Nasdaq.
Creatd Chairman Letter
It had become apparent, in the weeks following the announcement of our Rights Offering on May 26th, that the market did not then have an appetite for the transaction we had envisioned. Context is everything and time provides for alternative opportunities. On July 29th, after careful and logical consideration, we announced that we had elected not to proceed with the offering. Since May 26th, CRTD has traded 78MM shares—nearly five times its public float of 17MM. I am confident that I, personally, count nearly half of those holders in my personal network. CRTD has traded from a recent high of $1.50 on May 26th to a historical low of $0.60. All of this has given me more confidence to move forward with our new plan of action. A team like ours must bet against the consensus and be right.
Creatd’s Expansion Plan is Ready for Action
Today marks our most important financial offering as a company since our Uplisting to the Nasdaq in September of 2020. With no long-term debt on our balance sheet and a closing gap between revenue and operational expenses, Creatd’s expansion has reached its moment of inflection.
Introducing the OG Gallery 2.0
One year ago, I published my first article outlining Creatd’s NFT strategy. At that time, it was clear that our investors and other stakeholders were keen on understanding how our creator-first company would capture value in the new digital frontiers of blockchain, crypto, and their derivative technologies (i.e. NFTs, metaverse lands). We spent the intervening months exploring opportunities within the blockchain space, including experimenting with numerous NFT art drops, pursuing the potential integration of cryptocurrency into the Vocal platform, and using smart contracts for other e-commerce platform opportunities currently in the works.
OG Gallery Drop 2: The Donald Trump Pictures
As I articulated in my last update, I was encouraged by the data we were able to gather from our first drop. The data, which included sentiment and general demographic of those interested in the OG Gallery, was instrumental in determining our company’s commitment to move forward and learn more about the space. I still consider us in an R&D phase of our NFT strategy.
How Vocal Scales the Freemium to Premium Model
Our company, Creatd, and the four foundational pillars it is comprised of, is the product of an audacious vision that dates back the better part of a decade. Together, my management team and I built and developed a core product, along with a corporate culture that is sustainable, defendable and scalable. We believed we could create significant value as a publicly-traded company by sticking to a partnership with creators that prioritizes their interests—both economic and creative—at the center of our mission.
First NFT Auction Completed by The OG Gallery
We announced this morning that all six of the NFTs in Creatd’s inaugural drop–featuring the model and Penthouse Pet Billie Deane, also known as Gillian Duxbury–successfully sold at auction, and I am happy to report that I myself purchased one of them. My plan is to keep mine for a long time to come, as I can be sentimental and will want to hold on to my first NFT purchase ever. I was encouraged by the data we were able to gather from metrics including sentiment and general demographic of those interested in the OG Gallery. This data is instrumental in determining our company’s next move.
OG Collection NFT Strategy
I'm excited to continue to expand on my last article, published this past April, outlining our developing NFT strategy. In addition to this article, I also want to address the influx of interest we have received on this subject, beginning a mere few months after we uplisted to Nasdaq. At our last annual shareholder call, I first addressed our NFT strategy publicly. At the time, we said:
6 Things I’ve Learned As A CEO
Being a modern-day CEO means accepting that there is no new normal. In fact, I am relatively confident there never was an old normal to begin with. We are far from processing the ripple effects of 2020, let alone the last five years. According to a report I read, technological advances in society could displace up to 85 million jobs within the next five years. With this in mind, I explored further and found that there are approximately 85 million working-age people between 45 and 64 who will fall into this category. I for one, do not want to be displaced, certainly not when the path to relevancy is so clear.
Introducing the OG Gallery
In the weeks since our last shareholder earnings call, there continues to be a great deal of inquiry regarding the relationship between NFTs and the creator space. I have been asked repeatedly by a few of our larger and sophisticated investors to expand on our NFT strategy.