Ask Me Anything with UNIQUE.one at ICO Speaks: Summary
December 25-th Unique.one held an Ask Me Anything session at ICO Speaks telegram chat. From theUnique.one side, there was the Unique G. – Unique one Community Manager.
Can you introduce yourself to the community?
Hello. My short BIO:
I am Unique G and I am the admin for our Telegram group. We are a group of crypto purist and we have mainly been investors but also have been involved in crypto projects in this space for several years. We say we are purists in the sense that we abhor any involvement of corporations in this space. The ideal crypto project should belong to the community and not by a handful of people and certainly not profit-seeking corporations.
___________________________ Let’s get started!______________________________
Q: What is Unique.One?
A: Unique.One aspires to be a truly decentralized digital art marketplace that supports Artists instead of profiting off them. We are non-profit seeking and have a net-zero fee policy. We believe in supporting Artists and do not charge Artists for creating work.
The ultimate objective for Unique.One is to create a vibrant true decentralized marketplace independently operated by the Digital Art community which will offer new and professional Artists a place to socialize and push their creativity to the limits in a fair and level playing field.
Unique will be governed by a DAO for true decentralization. In the first phase, we will gather community votes via a snapshot. Right now, we have the ratification of the Unique One DAO Governance Proposal. All token holders will be able to vote at governance.unique.one
Q: What is the problem you want to solve?
A: We saw that most of the NFT Art marketplaces are run as a business and not as a community. They are also charging artists and charging big platform fees. Others are not so open to new artists and run more like a traditional art gallery. We also have a lot of censorship and bans because the administrators of the platform feel like it and this is done without reason. We see it is the worse combination possible, a dictatorship and a corporation. Unique One is the purist response that a pure community-run platform can succeed.
What does Unique One stand for?
We are anti-establishment.
We are the anti-corporation.
We will disrupt all online marketplaces.
We shall create true decentralized zero nett fees platform for humankind.
We will compete head-on with mainstream platforms such as eBay, Etsy, stock photos, etc.
We define true success as a full handover of governance to the community.
We will embrace the community, and give them wings to fly.
We will together create opportunities for everyone.
This is who we are
This is the Crypto Purist Manifesto
Q: Who are your competitors?
A: There are a number of different NFT art platforms, Opensea is more of a general NFT aggregator, the host NFT that is created on other platforms and does not allow creation of NFT on their platform. There is also Superrare which is operated like a gallery where they only allow a limited number of artist to display their works for sale. There is also Rarible where you can create NFT tokens and also buy and sell. The difference is that most of these platforms are corporate and backed by VC and they charge heavy fees which is kept by the company.
Unique.One is non-corporate and is a non-profit collective. The other key difference is that Unique One does not charge artists. We also have a net-zero fee. So when a buyer buys a digital art NFT, they are charged a 1% platform fee. Now, this fee is collected and goes towards repurchasing $rare tokens from the market. And these tokens are redistributed back to circulating supply token holders
The other major problem we solved is with the reward model. For example on Rarible, they reward based on the value of the transaction. So this means the popular artists who have the highest sales will earn most of the tokens. So they have a big problem with wash trading. On our platform, every artist will get a share of the reward for creating an NFT without selling it. If they sell it, then they will get it more reward and if the value of their work is high, then they get more rewards.
Q: What is the difference between selling Art as NFT and traditional means?
A: In the past, most digital artists were posting art for free. In general, they do not have any way to monetize other than through commission work. But if the artist does commission work, then the copyright belongs to the person who hired them.
But here in the Digital Art NFT world, the copyright belongs to the artist. So this is why they can collect royalties on subsequent sales of the artwork. Unique One allows a range of settings but generally, a royalty of below 10% will be better for the resale market.
In general, Artists will sell the NFT and allow access to Unlock Content which will contain a high resolution of the artwork.
Artists can also create limited edition digital artwork and give their buyers special privileges.
Some projects also use NFT to give buyers airdrops. Unique One allows the user to be creative and use our platform in any way they see fit.
Q: Can you explain more about Fair Launch?
A: We follow a method called Fair Launch. This means there are no free tokens and the founding team members have to buy the tokens as everyone else in the private sale. The main advantage of this system is that it prevents dumps in the market on the listing. We have learned a lot from the 2017 ICO craze that most of the team members and advisors who obtained their tokens free will dump on the market. This means investors will lose their money and there is no end to the price drop. Personally, I have invested in a few such projects and it is unpleasant.
The other key to this is actually the low market cap. We made sure we only raise what we need to get the platform developed and get off the ground running. There are no extras for us. Other projects will try to raise as much as possible and this is greedy in our opinion. Early adopters need to be rewarded and we have to respect this basic law in crypto. We believe the only way for the platform to succeed is for everyone to realize value from the platform.
Q; May we know about the team that founded this project?
A: We are an anonymous team and choose to be for the reason that we want to move this to a DAO governance. Once the DAO governance takes over, then the community will decide what to do when the regulations eventually arrive for DAOs. We call ourselves the founding team and our objective is to pass the governance to the community asap. In terms of expertise, we have veterans with more than 20 years of experience in all the key areas such as marketing, business development, software development, public relations, management, etc. But again, the objective is to pass this on to the community.
We understand choosing to be anonymous also means that people will scrutinize us. This is why we did not go public until we have a test net. And this is why we only list when we are sure we can deploy on the mainnet. We want people to judge us by the product and experience.
Q: Can you explain more about Governance?
A: We are a community project from inception and all proposals must pass by community voting at governance.unique.one. In this phase, we are using Snapshot which is an off-chain voting mechanism and yes it uses the number of tokens in an account to count as votes.
In phase 2, we will adopt a DAO system but it is important for everyone to understand that the DAO is just a mechanism to vote and ratify a decision. The actual governance structure needs to be built on top of this. We have a proposal for committees that are separated by functions and also by governance or management. We will announce when we are ready but we expect our proposal to be the first in the world.
Q: Can you tell us more about the mining program?
A: I really encourage everyone to look at our mining program and liquidity provider programs. We have transaction mining and also volume mining. Basically, we want to be sure not only whales can earn the tokens. In total, 60% of the tokens of the project can be earned. And the community will own this project in its entirety.
This is our token distribution:
Dev Funds – 20%
DAO Allocation – 20%
Creation Mining – 10%
Transaction Mining – 10%
Volume Mining – 10%
Contest Rewards – 10%
LP Mining – 10%
Bounties – 5%
Airdrop – 5%
Our long-term plan is to create an ecosystem of marketplaces and obviously, the $rare token holders will have some benefit when these sister projects are launched. We are also keeping an eye on the Polkadot/Kusama ecosystem and impressed by some developments by Unique Network (no relations).
Q: If your project open source? Will you conduct an audit?
A: We are an open-source project. This means the smart contract portion that is open source and available on Github. The website and interface is not open source. We studied the rarible code and used a large part of it with the exception of a few parts and made some changes to it. There will be a difference between us and Rarible in the sense that all our codes will be fully open-sourced. This is the principle we live by and we hide nothing.
Yes for the audit, we are in progress and hope to have the audit results published before our main net launch on 28th December. We chose this date to launch the mainnet because it coincides with the Comiket in Japan which is the major anime and manga event in Japan but it will be done virtually this year. We have very close links with Japan and Japanese projects.
Q: What is your listing plan?
A: We are listed on Biki Exchange and Uniswap exchange right now. Even though we are strong supporters of DEX and not everyone knows how to use a DEX and pay the high fees for a trade.
Biki Exchange has been very accommodating to us to our surprise and they have 3 million traders and big exposure to China. They also have a Grid Trading Reward program with 50k RARE to be disbursed for one week.
We expect Grid Trading to have a positive impact on the price (not financial advice). The reason is other traders on the platform will need to buy rare in order to join the Grid Trading contest. It also serves as a liquidity lock. We are hoping for good results but we are in the same position as everyone when it comes to prediction.
Additionally, we will also launch a balancer pool. Our philosophy is to give as many options to the community as possible. We are keeping an eye out for the developments on the Polkadot ecosystem and especially PolkaSwap which will be a CEX and DEX aggregator.
Q: How do you benefit from UniqueOne? whereas the fee for artist is net zero, and for NFT buyers it is only 1% and that is also collected and used to buy rare tokens from the market, what is $ RARI? And after that, it is redistributed to circulating token holders. And to become a member of the artist in your community, what are the requirements of Kyc? And how about the work regulations? I saw on the rarible something vulgar, is it allowed in Unique? And how about whitepaper?
A: I am glad you asked. Our token model allows 20% for DAO Governance to distribute and these tokens will support the project to year 5. After year 5, we will know whether this project can achieve success. The DAO can adjust parameters such as creation fees, platform fees or even generate additional income streams. Our platform is also going to be liberal for the reason that we do not believe in censorship and also the manpower required in absence of an effective automated system is extremely costly. The only thing we are absolutely against is copyright violations. For this, we have a channel through which copyright complaints can be directed.
Q: Tell us a little bit about security? Have you done an audit of the platform? Are smart contracts error-free? What are the test results?
A: We are having a smart contract audit done and we expect the report to be published in a few days before the mainnet launch. For codes, when we refer to open source, it is often the smart contract portion that is open source. We still have to create new code for the website and interface.
We studied the rarible code and used a large part of it with the exception of a few parts and made some changes to it. There will be a difference between us and Rarible in the sense that all our codes will be fully open-sourced. This is good in the sense that the code has been in the public for some time and any vulnerability should be detected.
The other advantage is that the contract does not store any crypto, unlike DeFi protocols. So the biggest risk we see is that the contract does not operate as designed.
But it will not result in a catastrophic failure. For this reason, we are also hesitant to roll out a smart contract for LP token for the Uniswap LP Reward. The responsibility of taking custody of other people`s money is too heavy and we cannot afford it.
Q: Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
A: We decided to undertake this project as an anonymous team because we do not want any personalities to dominate as we designed this project to be governed by the community through a DAO. Unlike DeFi rug pulls, our project has partnerships with a famous incubator and accelerator, we have a partnership with Biki Exchange and we will be sponsoring the VR Art Gallery at ETHDenver which is a 7 day 24 hours Virtual event with 5k to 10k visitors expected. None of these parties would want to work with us if we have the potential to scam.
Q: Unique One is a great project, but do you have a plan to add another feature like stake or mining to get more $RARE tokens?
A: We have a complete plan for mining. During our first week, we have a reward program on Biki Exchange which included deposit RARE and earn 13.88% APY in UDST and also Grid Trading reward which for a small amount of USD30, the winners today will win up to USD40. There are 4 more days to go for this promotion, so don’t miss it. Volume mining is only one part of the lucrative reward that users can earn for using the platform – users can also earn Transaction mining and Creation mining. Here is an example where the user can win USD1.5k just for using the Unique One platform.
Volume mining means the total contribution of the transaction value from the buyer and seller on a platform. For example, there are 100 Eth of transaction volume in a month. Let`s say you bought NFT work a total of 10Eth which is 10% of the total volume. Under this model, you and the seller will share the reward, which is 5% each.
So if the reward for the month is let’s say 14,000 RARE, then you will be able to earn a reward of 700 RARE.
But this is not all, because you made 10 transactions, and there were a total of 100 transactions. If your share is 5%, you will earn another 700 RARE.
And if you created the artwork, and let’s say you created 10% of the artwork. You will earn 1,400 RARE.
So the total reward for you using the Unique One platform is actually, 700+700+1,400 = 2,800 RARE (which is USD560 at today`s price).
We also have an Artist contest, which is voted using $RARE tokens. So if you win the first prize, then potentially you can earn another 5,000 RARE (which is USD1,000 at today`s price) for a total of USD1.5k
Q: Although ETH 2.0 is delayed to next year, it will solve all existing problems of ETH and become the best choice for dApps in the future, so do you think this is a threat for Your project and how could you overcome this barrier?
A: We decided to deploy on Ethereum for the same reason that many DeFi protocols are built on Ethereum. Most of the capital in Crypto exists on the Ethereum blockchain and this is also why it is expensive and slow. Our team has a multi-project plan and we are watching Polkadot and Kusama closely. We also like Sora and Polkaswap project and want to integrate with them at some point.
The technological development now is only between Ethereum and Polkadot. Ethereum 2.0 might take many years but we are confident they will improve at some point even with temporary solutions such as Layer 2 xDAI and Optimistic Rollups.
But the next 6 to 12 months, especially when para chain slot auctions are being concluded. We expect to see more improvements in the Polkadot/Kusama ecosystem. And we are ready to expand our platform of platforms idea to this network.
Q: All project coins/token have their main Utilities & real-life use! So, Can you tell us what the main role of your coin/token is in your ecosystem? Explain its Utilities & Real-Life use cases? and Why should i invest in your project for the long term?
A: $RARE token is the Governance token for the Unique One platform. Token holders will have the following benefits, $RARE token holders will be able to:
Vote on Governance Proposals
Used to qualify as a member of the Governance Committee
Vote on Artist Contests
Earn distribution of $RARE from the buyback using 1% Platform Fees
Use as staking in DEX LP Reward
Stake on Biki Exchange for 13.88% APY USDT rewards
Use to provide liquidity as Grid Trading on Biki Exchange
Q: So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now?
What plans do you have to help drive demand and scarcity for the token?
A: Our planning for this project includes multi-platform rollouts. We will make a major announcement in Feb during ETHDenver on our plans. The current token holders of RARE will benefit from this. There will be another platform rollout in April or May.
Q: How do you plan to promote your project in different countries? where English is not spoken very well. Do you have a local community so they can understand your project?
A: We plan to be a worldwide platform but we are focussed on two country-level markets and that is Japan and China. We have a Chinese site at cn.unique.one and our Japanese website will be rolled out soon. We would like to add more languages and create more communities. For us, the key is an active community. We prefer to see who is actually active in our community and give them a bigger role based on their commitment in terms of token holdings or activity especially artists. This is why we have 60% of the tokens to be earned by the community.
Q: Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about $UniqueONE current partners, plans for partnerships, and what everybody stands to gain from these partnerships?
A: We have a special plan for a limited edition series of NFT to be launched which will focus on projects that we support. Our business development strategy is to work with existing projects and communities. Any project and community can approach us and we always welcome new ideas. We also allow the use of the platform in any way as long as they follow our terms of service.
Q: The biggest dilemma currently in crypto is the problem of volatility and liquidity, both old/new projects that end in project scams. What steps can we as investors/traders take to overcome this dilemma?
A: We only raised USD200k during private sale even though the interest total was close to USD500k. So the result is that everyone only obtained a small part of what they asked for. We are listed for a few days now and the prices have stabilized at about 20 cents which is our listing price and our valuation of this project.
Usually, people who dump will do so at the very beginning and we believe we do not have this pressure anymore because there are currently programs on Biki Exchange such as Grid Trading where you only need usd30 to win potentially hundreds of dollars over the first-week promotion.
We will also start the Uniswap LP reward after this so that token holders are incentivized to hold the tokens. This is all in addition to the ability to vote in governance and art contest. Of course, the token holders also enjoy the entire reward from the platform fees. In short, the token holders are the owners of the platform.
ICOSpeaks hosted an AMA Session with the Unique.one Team. That’s all for today.
Thanks to all users who participated.
Thanks, Unique.one for being with us
Thanks, all and see you soon😉
Wanna know more? Join Unique.one Social media:
🌐Website – Website https://www.unique.one/
📧Telegram – Channel https://t.me/uniqueone_official
📧Telegram – Group https://t.me/unique_one_rare
🕊Twitter – Twitter https://twitter.com/UniqueOne_UO