August AMA Updates
Updates from the CEO
Hello, our dear community members,
We want to thank all of you for your constant support and trust. We can’t do it without you. Earlier this month we held an AMA to discuss some of our updates with the community. Here are the highlights:
What are the long term goals and vision for ProjectX?
We have a long term plan in place where we are focusing on three main factors.
The first main focus is on the number of active users. Within the coming 12 months, we want to have at least 1 million active users. This metric is very important to us, so that we can have a user base who is not only sizable but are actively trading on the platform, participating in pools, and utilizing NFT’s to their full range of use.
The second factor involves the Total Value Locked (TVL). This metric is important for all DeFi/NFT projects. Our goal is at least $50MM in Total Value Locked.
The third and most important metric, we want to make sure that the market capitalization of our token ($XIL) for the long term achieves at least $1Billion in the next 18 months. In terms of ROI for our native token, we plan to achieve at least 100x or greater as part of our overall vision for ProjectX.
How exactly do you make NFTs more accessible and liquid ?
We create pools and allow NFT owners to put their assets into these pools. We issue fungible tokens which are then pegged to those non-fungible tokens (NFT’s) that we use as underlying assets for those pools. Users buy and trade the fractions of those fungible tokens.
Imagine having a pool of 100 different NFT’s that lack the instant liquidity factor, such as with real estate. Both assets can be owned and of quality, however the process requires the finding of the right buyers and timing within a complicated market.
Our process is quite simple. After someone puts their NFT’s into a pool, they will then receive a single ERC-20 token for that pool (listed on Uniswap and other exchanges) which can be fractionally bought and traded.
We provide users with the access to instant liquidity with our pools, where they can sell their fungible tokens (pegged to NFT’s) anytime day or night. The user is just trading the fungible ERC-20 tokens, where they do not have to worry about the underlying NFT assets included within. Not only does everyone get the opportunity to access high grade NFTs with a small amount of capital, but all of the NFT owners gain instant liquidity due to their receiving of ERC-20 tokens back for their NFT’s (which can be sold, traded, staked, etc.)
Are NFTs here to stay?
Yes, we believe that NFT’s as a technology are the future of this market and a driver for the growth of Blockchain as an industry. If you feel that you may have missed out on some previous growth trends (such as with some of the public chains) and you would like to join a strong and high growth market segment, then NFT’s are the perfect choice. Although NFT’s may be complex to many, they are the most lucrative and have a broad use case selection among blockchain products. You can tokenize all assets around you such as real estate, digital art royalties/rights, any visuals, and even for identification.
NFT’s are an essential requirement for the Blockchain market growth. Although DeFi drives the market in several key ways, NFT’s have a much larger space for growth brought by its large quantity of use case scenarios for startups and users alike.
We believe that NFT’s are here to stay, succeed, and will change the entire market landscape in the next few years. This influence will reach well beyond Blockchain, where it will bring large changes to the entertainment, sports, music, filmmaking, and many more industries such as real estate. Although the current level of engagement is mostly surrounding simple use cases, one can imagine many possibilities of Non-Fungible tokenization for implementation within outdated industries. This would include tokenization of tickets for shows, music albums, real estate, and many more to bring about cost effective means for individuals within those respective industries. NFT’s are the real future and the earlier they are taken advantage of, the more the financial and utility benefits which they provide can be enjoyed by all.
The NFT’s market was really booming a few months ago. Do you think it’s sustainable in the future?
We believe we will see more infrastructure solutions for NFTs and the assets are going to be migrating, for example to Matic (Polygon). Scalability is the issue, but that’s solvable. More important is to understand that this market is just making the first steps, it’s not even a boom yet.
What are your strategies to make NFTs affordable for everybody?
Effectively, we fractionalized the ownerships of many NFTs in a pool and sell small fractions as ERC 20 tokens, so you don’t need to have $1MM to buy a super rare NFT, you can just buy 0.000001% of this NFT for $10 .
Does ProjectX have any plan for partnerships?
We signed a partnership with Polygon a few weeks ago, Terra Virtua (one of the leading marketplaces), also in July we have signed a multi million Korean pop star DJ Soda, fashion brand Disquared and many others. We are also in talks with a very well known celebrity / influencer from Indonesia now.
How is ProjectX resolving problems with high gas fees?
So, that’s one of the reasons why we are using Matic , it will allow us to significantly reduce a gas’s fee for all the investors
What if your tokens become volatile in price?
All the digital assets are volatile by their nature. We believe when you invest in small cap tokens, you have to be prepared for the volatility and select the best assets which are going to be growing in value, so in this case volatility isn’t gonna be a problem.
Are you hiring developers?
We are constantly looking for high profile developers and specialists within different areas. Our team shares the vision that the overall success of a business heavily relies on the people who operate within every position. We are always looking for potential members for our team who feel that they can contribute a high level of value. If you feel that you can develop value for our company, please feel free to send us your CV and reach out, and we would be happy to consider you for an exciting role with us.
Any news on when the IDO or ICO will be scheduled?
Yes, we are actively exploring the options now. Stay tuned!
How will ProjectX affect the future of cryptocurrency?
We want to make the market more accessible, and simplify the way average investors engage with digital assets. Currently, there are millions of people around the world who are trading and investing with traditional assets (equity deals, real estate, startups, stocks, futures, etc.). In digital assets, the number of users is significantly less with lots of room for growth and innovation. We will increase the number of users who are trading, investing, holding, and more by making the field accessible with the simplification of the asset. This will ensure that everyone is provided with a transparent process, where they will easily understand how and why things work, and track what is real and what is not. That’s also why we onboard real-world celebrities and leverage their fan base.
Our goal is to disrupt the current structure of the NFT market. If you would like to buy quality NFTs, that are highly in demand, buyers must have access to large amounts of capital. Many NFTs are sold for thousands and even millions of dollars, leaving out a significant portion of potential participants. We want to provide users the ability to participate in the market with as little as $5, where they can gain access to insanely popular NFTs that are ranked in the highest levels of scarcity. We provide this opportunity by means of fractionalized ownership, and hope to add valuable impact in terms of transparency and simplicity within the Digital Asset ecosystem.
Stay tuned, we are going to release more exciting news soon!
ProjectX works to provide the most secure and simplified way to gain exposure to the NFT market by further developing current investment vehicles with the use of indexes and ETFs. The aim is to create different themed pools of NFTs which include Music, Digital Art, Sports Cards, and KOL issued NFTs to name a few. At the same time projectX is solving the liquidity problem for NFT owners.