Real Collection x Satoshi Club AMA Recap from the 6th of December

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Real Collection and our guest was @Inthemeantime. The AMA took place on the 6th of December.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Andrés M. | Satoshi Club: Satoshiclubbers, welcome to another AMA session. Get ready for good information and rewards. Today our invited project is Real Collection.

Jonah 🏅🎹 | Satoshi Club: Our guest today from Real Collection is @Inthemeantime. Hello welcome to Satoshi Club 👏

Cho Summer: Hello Satoshiclubbers! I’m glad to be invited here.

Jonah 🏅🎹 | Satoshi Club: We are glad to have you here 😊

Andrés M. | Satoshi Club: Welcome to Satoshi Club, how are you doing? 😃

Cho Summer: Yes pretty good. We just launched Real Collection today and are implementing various marketing events. So we are having busy, yet rewarding time.

Andrés M. | Satoshi Club: That’s amazing, we are happy to be a part of those events.

So let’s begin with a short introduction about you. How did you get involved in this project?

Cho Summer: It was the year 2017 I entered the blockchain industry. At first, I joined Bosagora project where I implemented various marketing activities, including media promotion and social media marketing. Then it was the year 2021 I joined Ledgis and became in charge of global marketing. The fact that Ledgis has high technology evidenced by cooperation with Korean government agencies, led me here.

Andrés M. | Satoshi Club: Great background, Bosagora is an interesting project as well.

Andrés M. | Satoshi Club: Well, now please tell us what is Real Collection and what is its main objective?

Cho Summer: Sure, Real Collection is an NFT marketplace where you can trade curated art contents, such as pop art and graffiti works in New York’s East Village. You can find contents of legendary artists, such as Basquiat and Keith Haring exclusively sold here. Real Collection sells only works screened by art directors and concentrating on securing excellent IP (Intellectual Property).

Based on Ledgis blockchain, it provides various digital management functions for the original, such as loss prevention, copyright protection and convenience of sharing and utilization. Also Ledgis’ proprietary DID and IDH technology is applied to ensure transparency and reliability of transactions.

Jonah 🏅🎹 | Satoshi Club: Interesting project. I see some unique features 👏

Andrés M. | Satoshi Club: Why users should choose your marketplace instead of others like OpenSea?

Cho Summer: Real Collection is different from other NFT marketplaces in the following three ways:

(1) Excellent IP (Intellectual Property)

Real Collection exclusively supplies outstanding IP, including works by famous artists of New York’s East Village Art. Among them are the lost works of legendary artists, Jean-Michel Basquiat and Keith Haring. In addition, only works that have passed a thorough examination by the art director are NFTized.

(2) Outstanding original management function

(3) Expansion to Metaverse

Some contents will be processed to be expanded to the 3D VR animation so that the NFT content is freely displayed within the metaverse platform. Director Hong Jae-cheol, who worked on CG for movies such as, ‘Transformers’ and ‘Harry Potter’, will participate in this work, drawing attention from the industry.

Jonah 🏅🎹 | Satoshi Club: Thank you for the introduction. We have selected some questions from our community, ready for them?

Cho Summer: Sure, I’m excited!

Jonah 🏅🎹 | Satoshi Club: Great!

Q1 from Telegram user @Ajpaa:

While researching about Real Collection’s gallery Art NFT platform, I noticed that you have a ranking system for products, creators and collectors. How will this ranking system be implemented? Which criteria would be used to determine highly ranked products, creators and collectors? What are the advantages of highly ranked products, creators and collectors? How can a user become a creator on your platform?

Cho Summer: The ranking system is divided into three sectors: products, creators, and collectors.

For products ranking, we show the NFT artwork that was sold for the highest price. For creators ranking, we show who has sold the most NFT creations. For collectors ranking, we show who has the most NFT works after peer-to-peer secondary trading is activated.

There are no specific benefits to products, creators, and collectors who are in high rank yet, but we will establish policy to utilize it to encourage active transactions in Real Collection.

If you want to become a creator, you should be evaluated by the art director in terms of past performance and quality of past works.

Jonah 🏅🎹 | Satoshi Club: In order to be evaluated by the art director, must the past performance be NFT related?

Cho Summer: Nope, just the quality of the past art works are evaluated. No need to have already NFTized one’s artwork in the past.

Jonah 🏅🎹 | Satoshi Club: Great, thank you for your answers! Ready for the next question?

Cho Summer: Yes!

Q2 from Telegram user @iceVermithraxx:

Users can purchase or sell art work on Real Collection platform when they connect their Ledgis wallet. Also, users can apply for a bid within a biding period and items will be sold to the highest bidder during this period. After a successful bid, but the payment not being made, the bid will be cancelled. Can you elaborate more on bidding procedures and accepted methods of payment after a successful bid? After a successful bid, what is the maximum amount of time the successful bidder has, in order to make the payment before the bid is cancelled? Are there any penalties that will be imposed on successful bidders, after failing to pay within the given time? Lastly, what are the requirements for player to be able to sell their art work on the Real Collection platform?

Cho Summer: In the bidding process, you can bid within a set time as appeared on the screen. When that period is over, the person who offered the highest price takes the work. Bidding is relayed in real time. We are considering placing restrictions on those who successfully made a bid, but not made the payment within 72 hours. In order to sell art works in the Real Collection, an individual or agency should be evaluated by the art director in terms of their past performance and quality of past art works.

Jonah 🏅🎹 | Satoshi Club: Is this bidding already live?

Cho Summer: Yes, it is underway.

Art works by Andreas Sterzing, a renowned photographer who documented East Village Artists in 1980s, are currently on bidding.

Jonah 🏅🎹 | Satoshi Club: Great, thank you for your answer! Ready for next question?

Cho Summer: Sure.

Q3 from Telegram user @Cheriemike:

In Real Collection, you have mentioned that there are works that can be purchased with $ (dollars) and works that can be purchased with $LED. So can we get to know these different works? Why do some works require payment with dollars and others with $LED? Do you base such works on their quality and uniqueness? You also said that the works that can be purchased with dollars payment will be made through PayPal. How about those who can’t access PayPal, are there any alternatives for the payment?

Cho Summer: Whether the payment is in dollars through PayPal or in $LED, is determined by a consultation with the artist. If the PayPal payment is difficult, you can pay with $LED, traded on BitMart and Gopax. We plan to increase the convenience of $LED payment in the future to induce users to pay mostly with $LED.

Jonah 🏅🎹 | Satoshi Club: Will you increase payment options in the future?

Cho Summer: We are considering increasing means of payment for user convenience as marketplace become active.

Andrés M. | Satoshi Club: Does the LED token have other functions in the marketplace?

Cho Summer: LED token in Real Collection is used for payment. Royalties to artists as per art work is sold if it is sold in $LED and payed back to users who participated in peer-to-peer second market.

Andrés M. | Satoshi Club: Btw, can we use other wallets, different to Ledgis wallet, to use Real Collection and sell NFTs?

Cho Summer: No. Other wallets are not being serviced in Real Collection.

Andrés M. | Satoshi Club: Got it, thanks for clarifying it 😃

Would you like to add something before the next question?

Cho Summer: LED wallet is a decentralized wallet which prioritized user convenience. Although Real Collection is serviced only with LED wallet, users will not face difficulty in using it, as installing and connecting with the website cannot be easier than it.

Jonah 🏅🎹 | Satoshi Club: Ready for the next question?

Cho Summer: Sure!

Q4 from Telegram user @MudaraSilva:

I have noticed that your cashback event is still open. In order to be eligible, users have to purchase NFTs. Is there a minimum amount to spend to receive this cashback? You have mentioned that users will receive the cashback with $LED within 3 days. Do all the users get this opportunity or will you select winners based on any factors/randomly? After receiving the cashback with $LED, are users permitted to sell them and get USD/USDT or will these rewards be locked for a certain time period? If they are not locked, don’t you think that there will be selling pressure as soon as the rewards are distributed? After this event, what type of opportunities will be available for the community members?

Cho Summer: There is no minimum amount of $LED you should have paid to be eligible to get payback. Anyone who has entered a wallet address in advance by participating in the whitelist event and successfully made a bid is qualified to receive cashback. There is no lock period after receiving cashback by $LED. We are preparing limited edition NFT events, $LED airdrop event for those who signed up in Real Collection for community users.

Jonah 🏅🎹 | Satoshi Club: Please do share more info with us regarding these events when they are ready! Also, can you share your roadmap?

Andrés M. | Satoshi Club: Recently you hosted an airdrop event, any approximate date for the next one?

Cho Summer: Within December we plan to have the next airdrop event, this time particularly for Real Collection users. What they only need to do is signing up and installing the wallet. Even those who didn’t buy NFT can be selected and receive airdrop.

Andrés M. | Satoshi Club: Amazing, how can we install the wallet? Could you provide us the link? Please!

Cho Summer: Oh I intended to share the link but it seems like sharing links is restricted.

Andrés M. | Satoshi Club

LEDGIS Administrator:
[Ledgis Wallet Download in cellphone]

Android (Global Users): url.kr/bwkf3s
App Store (Global Users): url.kr/7pbdsh

Android (Korean Users): url.kr/yktxob
App Store (Korean Users): url.kr/fkwo26

In case you install in PC, after sign up, you will be automatically led to the Chrome extension for installing the wallet. We are planning to publish a manual for users in our Medium channel, probably tomorrow.

https://medium.com/ledgis-eng

Cho Summer: Nice! Now members can see the links.

Andrés M. | Satoshi Club: Let’s install it Satoshiclubbers, great opportunity to have a part of the airdrop 🥳

Ready to proceed with the next question?

Cho Summer: Sure!

Q5 from Telegram user @Highpee:

While studying Real Collection, I found out that you have a form of relationship and attachment with Ledgis, a platform that focuses on self-sovereign identity and it’s popular for building blockchain infrastructure for the Korean government. Can you explain the relationship between Ledgis and Real Collection and whether these are two projects made by the same team? Also, there is a special NFT sale event that you are holding for $LED holders which will run from 1st to 31st Dec. How many $LED should a user hold to be able to enjoy payback benefits from buying and bidding of Real Collection NFT? And can non-holders of $LED participate in your NFT bidding or buying process?

Cho Summer: Real Collection is a DApp on the Ledgis blockchain. Both are made by the same team. There is no a set amount of $LED that users must hold in order to participate in the payback event. Anyone can participate in NFT bidding and get payback after creating an LED wallet as payment, in dollars through PayPal is also available.

Jonah 🏅🎹 | Satoshi Club: Can you share with us the tokenomics of $LED?

Cho Summer: Sure, we have a coin economy that vitalizes the ecosystem.

By adopting the DPoSS consensus algorithm, DApp operators that provide high-quality services based on voting results and service utilization become block producers. Coin holders can also receive payback, contribution rewards and voting rewards, depending on their ecosystem contribution.

Andrés M. | Satoshi Club: Is there any chance you will accept credit card in the future?

Cho Summer: Yes, we are planning to increase means of payment, including payment in credit card. We will put our utmost effort to improve convenience of users.

Andrés M. | Satoshi Club: Thanks a lot for your clear explanation to our questions, now is time to proceed with the final question of this part of the AMA 😃

Cho Summer: Yes, this is the most awaited time!

Q6 from Telegram user @Rotoxy:

Real Collection gallery will prioritize collections from premium artist, who are deemed best in their area. Can you highlight the procedure that is used to enroll art work into your gallery? Does it mean that talented and rising creator artworks, who are yet to make a name for themselves, cannot be promoted in Real Collection? Since your priority is on well known premium artists. Also, you said all your artwork will have scarcity and cannot be found anywhere. Are you going to acquire patent and IP license of artists to stop them from publishing their creation elsewhere or how will you ensure that any artwork you curate will not be duplicated on another platform?

Cho Summer: Talented and rising creators can also register as creators if they pass the art directors’ screening process, although priority is given to established artists, famous in their field.

All of the works we deal with are sourced through direct contract with artists, which allows us to NFTize and sell their artworks legitimately.

Because the artwork is based on the Ledgis blockchain, there is no chance that it will be duplicated. Ledgis blockchain has excellent management features for the original, such as prevention from duplication and loss, copyright protection, ease of sharing and utilization, etc.

Andrés M. | Satoshi Club: @Inthemeantime, thanks a lot for your clear answers, you provided us interesting information about your new marketplace. Congratulations to your team for this big step 👏

Cho Summer: Thank you in earnest.

Andrés M. | Satoshi Club: Now get ready because it is time to open the gates of the group for the live community questions. Satoshiclubbers will post their questions and you should answer your 10 favorites.

Cho Summer: Sure, I’m ready!

Andrés M. | Satoshi Club: Let’s go 🥳

Part 2 — live questions from the Telegram community

Q1 from Telegram user @sweetdoge:

I want to ask about the smart contract audit of your project, because it is important to be audited since hackers can hack projects with smart contracts. So is your smart contract secured from hackers?

Cho Summer: We have an audit report published by Slowmist which is a renowned audit company having partnership with Binance. It is very difficult to get recognition from Slowmist audit, but we successfully delivered it.

Q2 from Telegram user @LuisPagulayan:

Can you please elaborate to us the long term plans and objectives of Real Collection? What features would you rather want to improve (tokenomics, ecosystem, or roadmap) in order to reach a higher number of participants and investors across multi-chains and international platforms?

Cho Summer: We believe that securing outstanding IP (Intellectual Property) is the most important factor for success as an NFT marketplace. In addition to New York East Village Art, we plan to continuously secure IPs from famous artists around the world, such as South Africa, China, Europe, India and Korea, in order to maintain competitiveness.

In addition, we plan to open the website in Korean version to raise awareness in Korea and support payment through credit cards.

Q3 from Telegram user @Karoceh:

You may have heard that some of the artist’s work has been minted into NFTs and traded without their permission. Is this not possible in Real Collection? Do you think it is important to protect artist’s work from piracy?

Cho Summer: We entered partnerships with artists to secure the legitimate right of NFTizing and selling their art works. We believe respecting artists’ intellectual property right is very important.

Q4 from Telegram user @cindy_crypto:

I am wondering what is the main use of your project and what kind of real world problems are you solving?

Cho Summer: The ultimate objective of our project is returning data control from big tech companies to individuals, the real owners of data.

We are heading towards the era of Web 3.0, a decentralized network. In the era of the data economy, which is directly connected to money, the need of ownership and managing data will become more and more important.

In such a situation, it is the NFT that serves as a starting point for the self-sovereign identity (SSI) system in which users take control of their data.

Q5 from Telegram user @Cryptomania76:

Many projects have problems with UI/UX, and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?

Cho Summer: That is a good question. We always take into consideration convenience of users, even for those who are not familiar with crypto.

However, we are open minded to listen to users’ feedback continuously, through which we believe we can improve our service.

Q6 from Telegram user @Sulyvahn_DS:

Can you tell me some outstanding features your marketplace offers that will attract NFT artists and enthusiasts?

Cho Summer: We collect only 15% of the selling price and the rest goes to sellers. This condition is very beneficial and advantageous to sellers compared to existing NFT platforms.

Real Collection aims to become a marketplace which shows the highest consideration for artists among competitors.

Q7 from Telegram user @hihohiho140699:

Will you please tell me how can I buy the LED token? May I know about the various exchanges on which $LED is currently listed? What benefits I, as a holder of LED token, will get?

Cho Summer: $LED is currently listed in BitMart with USDT pair and Gopax with BTC pair, and it is planned to be listed on other global exchanges.

Ledgis has potential to grow as a major mainnet project with high technology and value of $LED, which will increase more and more accordingly.

Q8 from Telegram user @Shershah412:

I found your project’s name very unique and different. Will you please tell us why you set the name Ledgis? Is there any story related to that?

Cho Summer: The name Ledgis is a combination of ledger and aegis.

Q9 from Telegram user @surendra040:

You mentioned you just launched Real Collection today and you’re implementing various marketing events. How can we follow your marketing events and do you have any YouTube or channels to follow?

Cho Summer: Please follow the following channels to be updated about Real Collection: