July 31 –th held an Ask Me Anything session at ICO Speaks telegram chat. From the CoinFantasy side there was : Harishkarthik | CEO at CoinFantasy | @cryptonation91
Let’s get started!
Harishkarthik | CEO at CoinFantasy | @cryptonation91
I have 8+ years of experience as a Software Developer & worked at various Fortune 500 companies and overseen diverse teams in Sweden, UAE, USA and India. I have done my undergrad in NIT Trichy & Masters from University of Illinois at Urbana-Champaign. I co-founded CoinFantasy.io to address the great opportunity of “Gamifying financial markets”. I truly believe in the power of decentralization and the benefits it can unlock as a great social leveler.
Q: Can you introduce CoinFantasy to the team?
A: CoinFantasy is the world’s first platform to gamify the financial crypto market with the use of NFTs. It is a decentralized community-based project that would pioneer in Play-to-Earn model.
CoinFantasy allows users to create and run their own prize-pool-based fantasy games where participants can win rewards in the form of cryptocurrencies. The game participants, organizers, and sponsors alike benefit from the event, creating a win-win situation for every party.
CoinFantasy aims to create an interactive platform while addressing the shortcomings of the crypto ecosystem. For that purpose, it offers various solutions such as,
• Blockchain-Enabled Instant Settlement
• Decentralized Platform
• Coin Launch – Gamified Launchpad for crypto projects
• Smart Credit System
Q:What makes Coin Fantasy unique?
A: Coin Fantasy aims to create a niche market of gamifying finance that comes at the conjunction of Gaming + Defi + NFTs. It is the first platform to have Defi elements embedded within its gaming structure.
There are no direct competitors to Coin Fantasy, as the solutions available are just simulation platforms using paper money and there is no value as a user.
Q:Interesting, What you think are problems with current fantasy solutuions? Current fantasy solutions are:
A: – Fully Centralized – Current Fantasy solutions are controlled by centralized entities
– Custodial- Currently there are no non-custodial solutions that let users have ownership of their funds
– Smart Credit: Fantasy platform participants do not have access to credit to further continue their engagements
– Zero Value-creation – Currently available fantasy products do not enable the community to have a voice in the project
– Delayed Settlements: Settlements on the Fantasy platforms sometimes take days to complete – Zero Value-creation
– Currently available fantasy products do not enable the community to have a voice in the – Restrictions
– Global restrictions constrain the growth of gaming platforms and currently they are unable to serve audiences
Q: What are some key highlights of CoinFantasy?
A: Initially, we will be launching fantasy gaming for crypto markets, but in a later stage, will venture into fantasy gaming for the traditional space such as stocks, derivatives, and more. Besides, CoinFantasy is building an ecosystem around the fantasy game that gives exposure to different Defi and NFT elements.
Also, there is something called Coin Launch that is trying to replace the idea of the current Launchpads.
Q: Can you share more information about Coin Launch?
A: Coin Launch: – It is a proof of concept to gamify Launchpads, in which users participate in a game to get whitelisted for allocation & airdrops. This prevents bots from front-running users for allocation and brings in a creamy layer of participants who understand the crypto market. Also, it is an interesting way for projects to engage their community compared to traditional launchpads
Q:What are the Defi & NFT elements in CoinFantasy?
A: Defi – CoinFantasy with the help of on-chain data and AI creates a credit score for the platform users in comparison to the traditional world credit history, thus enabling unique defi elements such as under-collateralized loans, Insurance for game creators & Yield farming.
NFTs – Adopting elements of the game theory, the platforms incentivize repeat by allowing them to mint limited edition NFTs & sell them through their launchpad. Users who purchase these NFTs will get a share of the prize money from the minter of the NFT which works like a royalty deal. If the minter of the NFTs is performing well on the platform, the value of the NFTs increases, in this way CoinFantasy’s NFT model brings in the intrinsic value of the NFTs.
Basket Protocol – Consistent game Participants would be allowed to enable the option for their followers for a fee to subscribe to their Token sets that they use to join any Game pool. Good winnings in the game as a player increases the value of the subscription
Q: Can you share with us the achievements and milestones of CoinFantasy so far?
A: We have already received 2000+ signups this month. Every week we are seeing a 30% increase in user signups for early access to the game. We are on track to reach 5k+ user signups before the launch of the test net.
Q: Can you share more information about the test net launching next week?
A: Users participating & competing in our test net game will win 10,000$ worth of game pool prizes. They will be able to participate in these game pools and win real money. Apart from this, Coin Fantasy:
Will air drop 100$ worth of token to users participating
Will air drop 125$ worth of token to users who also make an infographic/meme poster and tag @CoinFantasy twitter handle in their tweet
Will air drop 150$ worth of token to users who make a video and tag us @CoinFantasy twitter handle in their tweet
Q: Who are you current partners & backers of the project?
A: We have been partnered and backed by the best projects in the industry such as Polygon, Avalanche, Reef finance, UniLend & Biconomy.
We are the recipient of a grant from esteemed IndiDAO (DAO consisting of founders from Polygon, Wazirx and more Indian unicorns).
We have adviseed and promoted by the memebers of IndiDAO
Besides we are talking to big VC firms from the crypto space who have been very interested at the idea of gamifying finance and gamified Launchpad.
Please follow our social handles for huge announcements in the coming weeks
Q:What is your go to market strategy ?
A: Our go-to market strategy has 3 pillars:
– Expand Multichain coverage to attract more users
– Participate in Staking Pool Networks
– Specialized campaigns targeting crypto day-traders
– Partnership with NFT Marketplaces
– Incentivized Test-net
– Conduct free-entry Game Pools with prize money
– Prize Bonuses for Game Winners
– Access to amazing projects for users participating in games
– Launchpad to gamify the whitelisting & Airdrop
– Worldwide Community Launches
– Community Engagement
– Strategic partnership with Influencers (Game Organizer)
Q: Currently, NFT is very hot, do you think you will apply NFT technology to your products in the future?
A: NFTs form a critical part in CoinFantasy. In a traditional fantasy game there is no difference between a user who has played 1 game or 100 games in the platform.
However, in CoinFantasy we have the on chain data of the performance of users. Using this onchain data, we will allow them to mint limited edition NFTs in a royalty deal model.
So, NFTs Technology is amazing and CoinFantasy is embracing it 🙂
Q: Liquidity is the challenge of defi, how does Your Project solve this problem?
A: Nice question. In CoinFantasy users are incentivized through multiple ways.
As a game organizer when you create game pool- You are rewarded through game fee, Staking rewards and Game farming(similar to yield farming). This triple reward structure is very unique.
Also user can use the locked up fund as collateral and create additional game pool.
This allows CoinFantasy to have the liquidity always.
Q: While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?
A: Yes we are driven by the community. Our token is a Governance and Utility token.
We will adopt the industry standard for platform parameters driven by community proposals and then implementing those proposals 🙂
Q: Do you have AUDIT credentials or are you working to AUDIT your project,” to make it more secure and reliable?
A: Yes security is given prime importance by CoinFantasy’s team
We will be audited by Certik. We will adopt the best available standards to keep the platform secure.
Since we are non-custodial we don’t store users funds. So as a platform it is more secure 🙂
Q: What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any Upcoming Updates?
A: We creating a niche market of gamifying finance. In a traditional fantasy space there are more than 100 million users. However in crypto the max no of users are less than 1m in any particular game.
We believe even if we capture a small segment it would be billion dollar opportunity. CoinFantasy will trigger the next fantasy revolution in crypto markets
Q: Can I buy your tokens right now and also which wallet support your token?
A: We have not yet launched, any trading in the name of CoinFantasy is fake.
Please be aware of scammers. Stay tuned for our Token launch
Q: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
A: Yes we have planned to deflationary aspect. Stay tuned 👀
ICOSpeaks hosted an AMA Session with the CoinFantasy Team. That’s all for today.
Thanks to all users who participated.
Thanks, CoinFantasy for being with us
Thanks, all and see you soon😉
Take a look at our other ama sessions