{"id":13121,"date":"2021-10-04T23:39:55","date_gmt":"2021-10-04T20:39:55","guid":{"rendered":"https:\/\/esatoshi.club\/?p=13121"},"modified":"2021-10-04T23:39:57","modified_gmt":"2021-10-04T20:39:57","slug":"kollect-x-satoshi-club-ama-recap-from-27th-of-september","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/10\/04\/kollect-x-satoshi-club-ama-recap-from-27th-of-september\/","title":{"rendered":"Kollect x Satoshi Club AMA Recap from 27th of September"},"content":{"rendered":"\n

Welcome to another episode of our AMA\nseries. Today we are glad to tell you about the AMA session with our friends\nfrom Kollect<\/a>, a\ngamified collection card platform for any branded IPs.\nThe AMA took place on September 27 and our guest was Ethan Chae, CSO at\nKollect.<\/p>\n\n\n\n

The total reward pool was 500$ and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS <\/strong><\/p>\n\n\n\n

Gold Rocket | Satoshi Club:<\/strong> Hello again, dear Satoshi Club\ncommunity! We are pleased to announce AMA with Kollect. Today our guest is\n@ethanchae.<\/p>\n\n\n\n

Ethan Chae:<\/strong> Hello everyone. I’m doing great. Excited to be here for\nAMA at Satoshi club.<\/p>\n\n\n\n

Gold Rocket | Satoshi Club: <\/strong>Let’s start! Introduce yourself please.\nHow did you get to be involved in crypto & Kollect?<\/p>\n\n\n\n

Ethan Chae: <\/strong>I am CSO at Kollect. I’m in charge of strategy and\nbusiness dev. I am in charge of most of the token economics and service design.\nI got involved in crypto because my friends from college used to mine bitcoin\nout of their laptops. I used to think it was something quite funny then I ran\ninto the whitepaper on bitcoin and then it all started. For a long time, I used\nto work in and out of the industry, because I always had my own gig.<\/p>\n\n\n\n

Then I ran into Vincenzo through\nmutual friends. Vincenzo has done many gaming projects mainly using existing\nIPs like animations and webtoons, and successfully turning them into games. I\nhave founded and sold e-commerce company before with brand licensing at the\ncore of the business. We met up to kind of catch up and Vincenzo told me his\nidea about gamified NFT platform that can generate yield for the users. I\nthought his idea was really fascinating as I was very much involved with\nfinance and contents in my previous projects. We agreed that the NFT market has\na huge potential to grow with the participation of major franchises, so we\nbegan to devise detailed plan for Kollect.<\/p>\n\n\n\n

Gold Rocket | Satoshi Club: <\/strong>Also we would like to know more about\nyour team. Who is on the project team core?<\/p>\n\n\n\n

Ethan Chae: <\/strong>Kollect is a gamified collection card platform for any\nbranded IPs. We can turn any IP into digital collectibles and add gamification\nto it. At the core of it are two features: collection books and play-to-earn\ngames using our NFTs. <\/p>\n\n\n\n

Kollect’s Collection Book system\nKollect.book has a unique built-in reward system, allowing users to\nstrategically stake their cards in different collection books to maximize their\nrewards. Kollect.book enables flexible gamification of collecting activities. <\/p>\n\n\n\n

Kollect’s play-to-earn games are\nseamlessly connected with our NFT cards. NFT cards can be converted in and out\nof games published through Kollect.game. On these games, users can put their\ncollected NFT cards into real actions. Each of the branded IPs can have their\nown games and in-game currency. The first game in the Kollect ecosystem will be\na play-to-earn battle card game with PvP and PvE combat modes.  Using these two core features, Kollect\nenvisions to become the hub for NFT collectibles and play-to-earn games built\naround them.<\/p>\n\n\n\n

Gold Rocket | Satoshi Club: <\/strong>Also we would like to know more about\nyour team. Who is on the project team core?<\/p>\n\n\n\n

Ethan Chae: <\/strong>It’s Vincenzo for his expertise in gamification and\nbalancing of gamification features. Me for service development. Harry CTO for\nhis technical expertise in developing games and services. Joy CMO for her\ninsight in NFT. Chang for game planning. Everyone as their own sphere of\nexpertise in our team.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi Club:  <\/strong>Where\nwe will be able to find the game? Will be available for iOS and Android?<\/p>\n\n\n\n

Ethan Chae: <\/strong>In the beginning, it will be mostly web-based. However,\neach game published will have different focus and platform. Some will be also\nlaunched on mobile.<\/p>\n\n\n\n

Gold Rocket | Satoshi Club: <\/strong>Tell us about the benefits of Kollect.\nHow is it different from others?<\/p>\n\n\n\n

Ethan Chae: <\/strong>Although there are so many NFT platforms and the market\nis becoming saturated, there are apparent issues that have not yet been\naddressed such as (1) Difficulty onboarding new users, (2) Extracting value of\nowned NFTs, and most importantly, (3) Lacking FUN. We created Kollect so we can\nhelp address these issues and catapult the growth that the NFT space has to\noffer.<\/p>\n\n\n\n

(1) Onboarding Non-Crypto Users\nthrough Globally recognized IP: With our partnerships and globally recognized\nIPs, we believe that we can help convert the non-crypto public into the market\nby making the technology approachable towards the respective IP fandoms using\nalready familiar characters and lore.<\/p>\n\n\n\n

(2) Extracting value of Owned NFTS\nthrough reward yielding Collection Books: Once you minted an NFT, there wasn\u2019t\nmuch the owner could do to interact with the NFTs other than trading and hoping\nfor an increase in its demand and thus price. We plan to incorporate methods\nsuch as our one-of-a-kind Collection Book so that NFT owners can further leverage\ntheir assets and stake them to earn yield.<\/p>\n\n\n\n

(3) Making collecting fun through\nPlay-to-Earn games: Collecting needs to be fun and interactive, but a lot of\nNFT games weren\u2019t really high-quality games that were fun to play. It seemed\nlike the users were forced to repeat the same actions for the sake of profit.\nOur PVP Card Battle Game along with our RPG in development offers users both\nfun high-quality games, along with a chance to be highly lucrative.<\/p>\n\n\n\n

Q1 from Telegram User @Jamesxmen<\/strong><\/p>\n\n\n\n

$KOL is deployed as the project token. As my opinion, Single token\nmodel is better than Dual token model. What are the functions & duties of\n$KOL token within Kollect Project? Is there any reward distribution mechanism\nto $KOL holders? What is the relation between the $KOL & governance? Is\n$KOL listed on any exchanges currently? Please share with us a full detail\nabout $KOL token model & it\u2019s adoption in Kollect Project?<\/em><\/p>\n\n\n\n

Ethan Chae: <\/strong>KOL is essential to actively participate within our\necosystem.<\/p>\n\n\n\n

$KOL will be used for following\nfunctions and duties:<\/p>\n\n\n\n

  1. Synthesis:\nUsers can synthesize (and burn) the cards for higher rarity card or hidden\ncards<\/li>
  2. Enhancement:\nUsers can enhance their cards (NFTs), like leveling up the card and unlocking\nhidden recipes that only open under certain achievements.<\/li>
  3. Conversion:\nUsers can convert NFT cards into items and characters in games connected to\nKollect, and also out of games<\/li>
  4. Staking:\nUser can stake $KOL along with NFT for yields. And additional VIP perks. <\/li>
  5. Purchases:\nUsers can use $KOL to buy special collection books and other VIP items with\nspecial effects. Some of our exclusive edition NFTs will only be available in\n$KOL.<\/li><\/ol>\n\n\n\n

    Our public book involves reward\ngenerating mechanism for $KOL holder. Users have to stake NFT cards along with\n$KOL to receive rewards. Also, we plan on giving VIP perks such as access to\nlimited NFTS to long-time holders of $KOL.<\/p>\n\n\n\n

    In terms of governance, we are\ncentralized in the beginning stages of our projects because we will be managing\nwhich IPs and Brands enter our ecosystem. Once our platform is actively running\nand we have a strong community, we will hand over the governance of our\nplatform to DAO in which they will vote and decide which brands and IPs can\nenter our ecosystem. We will have launchpad for new IPs and brands where users\ncan help fund the project together.<\/p>\n\n\n\n

    $KOL is not yet listed on any\nexchanges but we will be soon :). In terms of the ecosystem, $KOL will serve as\nthe main currency that connects all the different play-to-earn games and\nservices built around Kollect, and also their in-game currencies.<\/p>\n\n\n\n

    Andr\u00e9s M. | Satoshi Club:  <\/strong>How\nhigher is the APY for staking?<\/p>\n\n\n\n

    Ethan Chae: <\/strong>That cannot be said in exact numbers as it all depends\non how many users participate during a particualr period in the collection book\nstaking. And also the IP of NFT involved. It’s not the same as in de-fi, as our\ncards can be synthesized and enhanced, which means they can be burned for rarer\ncards. This will dynamically change APY. You can find the APY that best fits\nyour collection and your profit model. What we can say for sure is that it will\nhave quite high return.<\/p>\n\n\n\n

    Andr\u00e9s M. | Satoshi Club:  <\/strong>Are\nyou planning to launch a physical version of the cards? Would be great for\ncollectors.<\/p>\n\n\n\n

    Ethan Chae: <\/strong>Yes it could be done for some of the projects depending\non their policies. When we started we had something like connection of offline\ncards and online cards in our mind. However, this depends on the openness of\ncontent provider. If possible, it will be amazing. More likely will be served\nas VIP perk \ud83d\ude42<\/p>\n\n\n\n

    Gold Rocket | Satoshi Club: <\/strong>Do your users need to pass KYC?<\/p>\n\n\n\n

    Ethan Chae: <\/strong>This depends where service is launched in terms of\nterritory. For mobile it might be required. We would prefer the hurdle to be as\nlow as possible but still following the due legal procedures.<\/p>\n\n\n\n

    Q2 from Telegram User @konditer_rolex<\/strong><\/p>\n\n\n\n

    The list of investors for the project is very impressive and inspires\nconfidence. Was it a private sale only for large funds? What are the options\nfor buying a token for small investors?<\/em><\/p>\n\n\n\n

    Ethan Chae: <\/strong>It was seed and private sale only. We only sought\nenough funding to develop our project. We do not have any public sales before\nthe listing. We wanted our users who participate in our ecosystem through\nbuying our NFTs and actively using them to be rewarded with $KOLs. In a way,\n$KOL can be mined only through being part of our project.<\/p>\n\n\n\n

    Andr\u00e9s M. | Satoshi Club:  <\/strong>Could\nyou mention your most important partnerships?<\/p>\n\n\n\n

    Ethan Chae: <\/strong>Our main partners in terms of VCs are Soul Capital,\nFBG, OKEX blockdream, Kenetic, and Infinity. We have strategic partnership with\nToei and many more. Our Contents Providers with globally recognized IPs and\ngame studio partners will be disclosed through medium and twitter one by one.<\/p>\n\n\n\n

    Q3 from Telegram Username @Pavel_Jarosh<\/strong><\/p>\n\n\n\n

    Hello Kollect team! I think that the idea of basing your project on\nPower Rangers NFT might bring good and bad in long-term run. The Power Rangers\nare well known in Japan and some Asian countries, however for the wider\naudience, it could be better to enlarge the project by adding some other\nheroes. Do you plan to open the borders and increase NFT heroes base soon?\nThank you!<\/em><\/p>\n\n\n\n

    Ethan Chae: <\/strong>Definitely\nso as we plan to become the hub for all branded IPs. Some will be known better\nin some territories and some will be known in others, but there will always be\nfans crazy about the IPs we bring to our ecosystem \ud83d\ude42 But I want to add that\nPower Rangers was a sensation in the United States. Everyone knows about it in\nNorth America. It is actually global. <\/p>\n\n\n\n

    We have so far released our partnership for Power Rangers,\nRuler of the Land, and Munchie Kings. Ruler of the Land is known for martial\nart comic fans and also gaming fans in East Asia. But they are just the\nbeginning. We have many more IPs in our pipeline already secured that will be\ndisclosed in the near future! <\/p>\n\n\n\n

    We have long-term relationship with major animation studios\nin Japan and US, also game studios which are famous globally. This will give us\nthe opportunity to incorporate their IPs into our ecosystem in the future. The\nnews regarding these partnerships will be released one by one.<\/p>\n\n\n\n

    Gold Rocket | Satoshi\nClub: <\/strong>It’s really amazing. By the way, as a person responsible for the\nsecurity of the project, can you share with us whether you have conducted\naudits of a smart contract? or hackathons? if so what are the results?<\/p>\n\n\n\n

    Ethan Chae: <\/strong>Kollect\nis still in its early stages and our team wanted to focus on developing the\nproduct and the NFTs first. While our audit is still pending, we will make sure\nall our smart contracts will be properly audited by a trusted third party.\nAfter all, security is a high priority for us at Kollect. It is to our utmost\nconcern that our users are safe with their assets and $KOLs.<\/p>\n\n\n\n

    Q4 from telegram user\n@splend6ty<\/strong><\/p>\n\n\n\n

    I read from your\nmedium that you have closed the fundraising and you are currently building up\nyour global community, accelerating your product development, and getting ready\nto launch your first round of NFT Sales. And Currently you aim to become the\npremier hub for NFT collectibles and play-to-earn games. Again YOU want to\nintroduce the Kollect team for the community to get to know the core members\npioneering the next-generation play-to-earn NFT platform. MY QUESTION, when are\nyou planning to lunch your FIRST ROUND OF NFT SALES? How do you select a\nKOLLECT team member to also participate in the play-to-earn NFT platform? What plans\ndo you have to meet before becoming the premium hub for NFT collectibles and\nplay-to-earn games? Have you meet up?<\/em><\/p>\n\n\n\n

    Ethan Chae: <\/strong>I\nwant to clarify some part of the question. So the user is asking how we select\nour team member is that correct?We\nhave launched our first NFT sales on OKEx marketplace. First offering of our\nMunchie Kings project was sold out in less than 15 seconds according to the CEO\nof OKEX himself.<\/p>\n\n\n\n

    \"\"<\/figure>\n\n\n\n

    Anyways, I will proceed with the rest of the question. We\nhandpick our members from the best of best. We had a very tough time building\nour team. We wanted to bring best member from each field and role. They also\nhad to be passionate about NFT and gaming. We had recommendations from all\nfronts, personal, advisors, and investors.<\/p>\n\n\n\n

    Our upcoming roadmap is <\/p>\n\n\n\n