October 26-th held an Ask Me Anything session at ICO Speaks telegram chat. From the Mintverse side there was:
Sammy Arora @sammyarora Marketing Lead
Sure! My name is Sammy and I have been a part of the crypto space for over 3 years now. I started my journey as a trader and learning about the technology and eventually dived into marketing.
Let’s get started!
Q: How did you come up with the idea of your platform Mintverse?
A: The global NFT market grew by over $2.5b in just the first quarter of 2021, which is around 183 times the amount seen in the first quarter of 2020, and the market has seen this continuous growth throughout this year. OpenSea, one of the largest NFT marketplaces, saw sales of around $150m in June 2021 alone! Such staggering numbers are extremely encouraging for the growth and expansion of the NFT ecosystem. With the rise of NFTs in the crypto industry it was inevitable that this technology was soon going to be a revolution into the way we look at the cultural aspect of the world. Things like art, music, fashion, and gaming to name a few have been industries with limited revenue streams and few use cases. NFTs have given the cultural industry more value encouraging more people to get involved. Along with that, we are looking to leverage the power of blockchain and DeFi technology to create a new environment for the success and growth of NFTs.
We are not just a regular NFT art marketplace, instead we are building a service platform enhancing the current infrastructure with more possible use cases and opportunities for all creators, collectors, projects and the regular crypto community.
Q:What is the background for the team behind Mintverse?
A: We have a very experienced and strong team working on this project, however without giving away too much just yet, the Mintverse team consists of members having previously worked with Binance, Huobi, Alibaba, Morgan Stanley, Microsoft, Tencent and more. The founding team are mostly key members from Binance.
Q: Can you give us a brief intro to all your product offerings?
A: Mintverse is a community-based initiative to provide products and services that explores future use cases of the NFT data structure.
1. Mintverse Market
An open NFT marketplace that supports peer-to-peer trading of NFTs in the form of artworks, encrypted collectibles, in-game items, as well as redemption records from Mintverse LaunchPad.
2. Mintverse MStore
MStore is operated as a B2C platform whereas the Mintverse Market is C2C (think of it like the difference between Amazon and Ebay).
3. Mintverse LaunchPad
It runs on a Web 3.0 Kickstarter model and will be an exclusive way for quality creators to gain traction and funding.
4. Mintverse Museum
A virtual space to host exhibitions of digital objects. The Mintverse team aims to also allow users to create sensible digital profiles of themselves in the future.
5. Mintverse Games-On
An exclusive service platform for the incubation and development of games, leveraging the creators and IP resources from the marketplace & the creator-to-player community.
6. Mintverse DAO
Mintverse token holders will become the true governors of the platform, and will benefit from the profits earned by the platform, which will be used to conduct token burns and liquidity provision. They will also be able to dictate current platform parameters as well as future product directions.
The strategic product expansions will be important in facilitating the next era of development, giving more opportunities for NFT innovation and providing more customized services to NFT users.
Q: What are some of the problems you are currently trying to solve?
A: To begin with one of the major problems currently existing in the market are high gas fees. Our platform allows gasless minting of NFTs upon payment of gas for the first mint. Users who mint 5 or more NFTs will receive a grant for the initial gas payment. Mintverse will also operate as a multichain NFT platform in the near future, initiating BSC and ETH in order to bring together the masses of creators, collectors and gamefi projects, with more blockchain/layer-2 solutions to be added in the very near future.
An ineffective incentive model for creators is an issue we currently face. Creators and projects sometimes get discouraged or do not see the value in spending hours on the creation of their work as monetary incentives are not always guaranteed. Our LaunchPad feature will give creators an opportunity to gain funds before the completion of their work.
Assets also lack real utilities in the current NFT ecosystem, gaming will create utilities for many assets and we plan on being in the forefront of crafting that change and adding value to the current NFT market.
Q: What is the current stage of your project?
A: We recently just finished our Seed round of fundraising and will very soon be making an announcement regarding the amount of funds raised. For more info on our current investors you can check out our in depth announcement article about our rebranding on our medium page: https://medium.com/mintverse/mintverse-the-new-and-updated-service-platform-6172849141c4
Our UI and website will also be launching very soon this November and we have confirmed multiple partnerships that will be announced as we approach our launch. At launch the Mintverse Market and the MStore will both be available and the remaining of our product offerings will slowly start to follow.
Q: Can you give us a bit more detail into the Mintverse Market and the MStore?
A: The Mintverse Market is currently dual chain and will run on the Binance Smarth Chain and the Ethereum Network! The marketplace is an open platform for peer to peer exchanges of NFTs. Users can create their profiles, set up their collection, mint, list, and buy NFTs. We are looking to slowly expand on our network offerings by adding more blockchains in the near future. Most importantly we have the lowest fees, charging only a 2% service fee. Apart from that we are not just any regular marketplace, we consider ourselves to be a ‘Service Platform’ with the goal of growth and expansion of the ever growing NFT ecosystem.
The Mintverse MStore is an offshoot of the Mintverse open market with the key difference being, MStore is operated as a B2C platform whereas the Mintverse Market is C2C (think of it like the difference between Amazon and Ebay). At MStore, only the project owner or authorized dealer may operate a MStore shop on Mintverse. MStore allows owners to manage their own sales, product offering, and branding globally
Q: What is the timeline for the Mintverse token and what will be the utility for it?
A: At the current stage we do not have an exact date set for the launch of our token but we are looking to go live with our public sale around Q1, 2022.
The utility for our token would be as follows:
Access to the Launchpad
Users who wish to participate in exclusive Launchpad sales will have to stake tokens to gain access.
Fee sharing
50% of all profits collected by the platform will be used to conduct token burns and liquidity provision.
Mining rewards
Users who successfully acquire NFTs on the open market will be rewarded with Mintverse tokens.
Community incentives
The token will be used as a reward for participating in community programs.
Become a Trusted Merchant (TM)
Trusted Merchants are required to stake tokens in exchange for getting higher priority in searches. If malicious behavior were reported, staked tokens will be slashed and distributed to victims
Q: Gaming and NFTs are now becoming a huge trend, how are you going to develop on this trend?
A: Mintverse GamesOn is an exclusive platform for the incubation and development of games, leveraging the creators and IP resources from the marketplace & the creator-to-player community. This feature does not only allow the listing of projects instead the development, enhancement and further curation of gaming projects on Mintverse.
The platform allows creators and projects to deliver content and establish direct relationships with potential players and fans. The Mintverse community will enable millions of players to find early access to games, share ideas and become early sponsors.
Apart from that we will be announcing an influx of partnerships with NFT related gaming projects with multiple campaigns and the ability to trade those NFTs on our platform as soon as we launch (THIS NOVEMBER!)
Q: Please describe the Mintverse launchpad and the kind of projects we would see taking part?
A: The Mintverse LaunchPad is a place for creators to crowdfund their NFT, crypto, DeFi, and gaming projects along with art and any other kind of products. This is an exclusive feature on the platform which is not available to any and all creators. Creators must apply or be invited to take part in our LaunchPad ensuring the best quality of projects for our community and token holders. All projects will be reviewed by our research team ensuring we give our users the best there is to offer!
Users of the current crowdfunding platforms cannot do anything to their redemption records after the funding period ends. It creates a huge inconvenience when users have a change of mind, or when fans miss the contribution period. Mintverse LaunchPad is our vision of web 3.0 Kickstarter. Using a blockchain-based infrastructure, the platform stands apart as it allows unrestricted trading of redemption records in NFTs.
Q:Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
A: Thank you for this! Security is of major importance to us. We are currently being audited by CertiK and will release the report once the audit has been completed
Q:Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
A: Our platform will be extremely easy to use for everyone, we notice that the UI for platforms can be difficult and complicated to understand. We have made sure to create and offer and easy to use platform for all our users along with simple to understand user guides showing you everything you would need to know!
Q: Can you tell us about some of your partners and who you plan to collaborate with in the near future ?
A: For sure Neal Digital Gallery are one of our current major partners who we work together with in order to provide the best NFTs on our platform! We will have some major creators who will mint on our platform.
We also have a lot of investors who have invested in our project:
Angel and Seed round investors include A&T Capital, Longling Capital, Fenbushi Capital, GBV, Mirana, FBG, Cipholio Ventures, Ceras Ventures, and some individual investors!
Finally, we will be announcing many more partners in the coming month who I cannot mention right now so stay tuned for updates!
Q:What is the meaning of the project name, does it go beyond just meaning a simple composite number or is there indeed history behind this project name?
A: Good question! Our rebranding article will answer this perfectly. It would be too long for me to explain the meaning and reason behind our name so I will link the article here for you
https://medium.com/mintverse/mintverse-the-new-and-updated-service-platform-6172849141c4
Q:What’s your main focus right now, are you focused on the community or market/Exchange or the products?
A: We are focused on building our NFT ecosystem, so this comes from our community, investors, partners and all of our strong available resources.
ICOSpeaks hosted an AMA Session with the Mintverse Team. That’s all for today.
Thanks to all users who participated.
Thanks, Mintverse for being with us
Thanks, all and see you soon😉
Cheers 🥂
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