ProjectX Discord AMA Recap
We want to thank each of you for your constant support and trust. We are working 24/7 to develop the platform, sign new contracts with celebrities, and establish strategic partnerships with leading blockchain market players to achieve our long-term goals and become the largest and most influential NFT ETF platform in the market.
Here are our most recent development updates:
- By the end of July, we will finalize the development of our NFT pools.
- Running tests of the NFT issuance platform. (Fully developed)
- Completed the development of the charity mechanism and integrated with 58,000 charities around the globe.
- Signed strategic cooperation with Polygon.
- Signed strategic cooperation with TerraVirtua.
- Signed 18 contracts with A-level celebs and we are ready to start doing their drops in August.
- NBA legend (TOP-5 players of all time, and still really famous person with millions of subscribers).
- Canadian superstar, one of the top hip-hop/pop artists for the last five-ten years.
- Two TikTok stars with 10 MM followers.
- Several other athletes, actors, and KOLs.
- Completed an NFT charity drop with the City of Miami and we are working on significant cooperation on a technical and charity level with the city.
We’ve been rigorously analyzing recent IDOs and the market itself for the last two months. Based on the data we received, we have decided to postpone the IDO until the market becomes more confident and stable. Until then we will focus on product building, launch, community building, and user acquisition.
We have noticed that many other projects and launchpads have been doing IDOs recently. Many have failed and didn’t get sufficient liquidity and good enough ROI. By forcing their project onto the current market they sacrifice their investors who were left with losses. We are not like those other projects. We appreciate your support, and our main goal is to deliver a significant ROI to all of you. Once the market conditions improve we will all launch this project together and we will all come out winners.
Where do we see ProjectX going in the next 5 years?
The ProjectX team believes that we will be the leaders of the NFT industry well beyond 5 years and we have a plan in place to make sure that happens.
First, having a quality product is our main priority. We will be able to gain users, generate traction, and form a healthy token economy with scalable and limitless profit potential. Since our product will be the only one able to solve the essential problems related to liquidity, price discovery, issuance, and overall transparency we will be the market leader quickly.
Second, the community ecosystem is equally as important as the product itself. When building a product, you must make sure that you have a loyal community and core user base, who will be with you no matter what happens. This core group provides valuable feedback, gives voice to things that should be done and changed within the product’s workings. We are big believers in a community-driven product, so we want every member of the community to become a user of the product. We plan to incentivize and reward those valuable members/active users of our community who tell us things that they would like to use to build upon the product. ProjectX will be open-minded, generous in terms of rewards for active participation, and most importantly will be implementing those changes and new features based on popular demand.
Lastly, we have a great relationship and full cooperation with our strategic partners. This includes our involvement with traditional A-list celebrities, top athletes, music artists, and many more. We will continue to onboard these valuable additions to the platform’s ecosystem as a bridge between the crypto and traditional world.
How is ProjectX looking at the future of NFT donations and artists?
We want to give celebrities a chance to allocate portions of their NFT proceeds to the causes they support. This process adds to the overall ecosystem, where all players can generate wealth and make an impact simultaneously.
Blockchain grants individuals a way to make an impact through great technological abilities and all those who we have onboarded so far are excited to get started to make their mark.s.
We brought in a great group of key figures and artists for the initial launch. Now we plan to explore both emerging and established artists who we believe can bring value to our platform and overall mission. We do not specify any category and welcome all with open arms.
Will ProjectX holders/investors be able to vote for their favorite NFTs/artists and create a unique pool based on community preferences?
Yes! Those who hold more than 10K $XIL will be able to vote for and endorse curators who will be able to launch their own pools. This means that if the community wants to promote a figure on our platform, these holders have the power to vote that person in.
Additionally, the community will be able to vote for some pre-selected curators in a transparent and fair process. We are community-driven and want to utilize your insights for the perfect matches for our curated pools.
Where will ProjectX be listed?
We plan to get listed on major Decentralized exchanges such as Pancakeswap and Uniswap. Additionally, we will be listed one 1–2 centralized exchanges within the next few months. We want to be listed on a Tier-1 exchange to make sure that we will get great liquidity, as well as a safe trading venue for all to buy and trade with our token. We believe that a combination of decentralized exchanges, plus the leading centralized exchanges are the best options.
We will announce these exchanges soon! Lots more exciting announcements and updates will be coming out at the end of July; stay tuned!
AMA Transcript July 13, 2021 — PROJECT X DISCORD:
I. Project X : Updates project developments and IDO
JohnS — Yesterday at 8:38 PM
We have some updates for the community , so please find them below:
First of all, we want to thank all of you for your constant support and trust. We work 24/7 to develop the platform, sign new contracts with celebrities, and establish strategic partnerships with leading blockchain market players to achieve our long-term goals and become the largest and most influential NFT ETF platform in the market.
Here’re some development updates
1.The project development goes super well:
· We’re finalizing the development of our NFT pools till the end of July.
· Running tests of the NFT issuance platform. (Fully developed)
· Completed the development of the charity mechanism and integrated with 58,000 charities all over the world.
· Signed strategic cooperation with Polygon.
· Signed strategic cooperation with TerraVirtua.
· Signed 18 contracts with A-level celebs and ready to start doing their drops (August). The first will be an NBA legend (TOP-5 players of all time, and still really famous person with millions of subscribers). The another one more is a Canadian superstar, one of the top hip-hop/pop artists for the last five-ten years. And also, we have Two TikTok stars with 10 MM followers and several other athletes, actors, and KOLs.
· Have done the first NFT charity drop with the City of Miami and working on significant cooperation on a technical and charity level.
· More exciting announcements and updates are coming out in July; stay tuned.
We’ve been rigorously analyzing recent IDOs, and the market itself for the last two months. And based on the data we received , we decided to postpone the IDO until the market becomes more confident and stable, so we can make sure all the investors will get a significant ROI.
We have noticed that many projects and launchpads have been doing IDOs recently, but many of them have failed and didn’t get sufficient liquidity and good enough ROI. By doing this, they provided their investors with losses or tiny profits. We don’t want to do that because we appreciate your support, and our main goal is to deliver a significant ROI to all of you.
Given that all of you are long term supporters , you can agree that the market conditions are not suitable for doing an IDO now. And the most rational and strategically correct decision is to focus on product building, launch, community building, and user acquisition. So after the market gets better, we will be able to make a massive launch.
We believe that all of you are long-term players, and you will support us in this decision.
II. Top 5 Questions Submitted and picked for AMA.
“Kein#5728 : How do you see Project X in the future? Do you believe it will become a thriving project even 5 years later? If so, what are the steps you are going to take to make this happen?”
— Yesterday at 8:45 PM
JohnS — Yesterday at 8:45 PM
The ProjectX team believes that we will not only be around for a long period of time, but that we will be quite successful in our mission. We have a long term plan that will go well beyond that of 5 years, and as long as NFT’s exist, we plan to be the leaders of this industry.
First of all, we rely heavily on the product itself because we believe that if we can solve the problems which the market has — we will be able to gain many users, generate great traction, and form a healthy token economy with scalable and limitless profit potential. Since our product will be able to solve the essential problems related to liquidity, price discovery, issuance, and overall transparency — we will effectively find our spot under the Sun! Having a quality product is our main priority, and we believe it should be first for all founders as well.
Second, the community ecosystem is a major point in our mission and equally as important as the product itself. When building a product, you must make sure that you have a loyal community and core user base, who will be with you since day 1. This core group provides valuable feedback, and gives voice to things that should be done and changed within the product’s workings. We are big believers in a community driven product, so we want every member of the community to become a user of the product at hand. We plan to incentivize and reward those valuable members/active users of our community who tell us things that they would like to use to build upon the product. ProjectX will be open minded, generous in terms of rewards for active participation, and most importantly will be implementing those changes and new features depending on popular demand.
Aside from these two major points, we heavily rely on the great cooperation between our strategic partners. The important segment of partnership efforts includes our involvement with traditional A-list celebrities, top Athletes, Music Artists, and many more from well known arenas of fame across the Globe. We will continue to onboard these valuable additions to the platform’s ecosystem, because they are an excellent bridge between the crypto and traditional world. The most effective way to gain users outside of the crypto community is to do so with notable figures who support the use of crypto and blockchain! Large groups of previously established fanbases of the notable figures will be extremely leveraged with regard to the issuance of NFTs in their likeness. This will also greatly help us to scale up the market, product, and level of liquidity available. Additionally, the process inherently helps increase the value of the product, token, and our offering as a whole.
Pantheon — ProjectX — Yesterday at 8:48 PM
Question # 2:
Mitsu_Oka: “As far as I am concerned, I feel that Project X is moving towards specializing in projects that involve making donations through NFT. How do you plan to get artists to support your donation? Also, do you have any early plans to reach out to young artists who may emerge in the future?
JohnS — Yesterday at 8:50 PM
Although we do not particularly specialize in donations, it is a very important part of our platform. This is because aside from revenue generation, we want an effective means of making an impact on the World for all. Although it sounds a bit trivial, we want to give celebrities a chance to allocate portions of their NFT proceeds to great causes in which they support, aside from benefits which they initially receive from the sale of their NFT’s. This process adds to the overall ecosystem, where all players can generate wealth and make an impact simultaneously. Making a responsible contribution that can be tracked and deployed instantly is what differentiates our platform, and the reason for current levels of support from Artists and Celebrities across the Globe, who want to help us make it a better place to live.
All those who we have onboarded so far are very keen to their influence and level of wealth they already have. This being said, the point for which they choose to issue their NFTs comes from the newfound ability to interact with their current fanbase as well as from the cypro community. We offer these notable figures a way to make impact through the great technological abilities which Blockchain grants to individuals.This includes our option to use a portion of their perpetual royalties from NFTs to donate whenever, and however they want to a cause of their choosing. This gives an option to not only donate once, but to be able to effectively support a group and/or community for a long period of time without the need of lengthy individual campaigns.
In terms of outreach to key figures and artists, we plan to explore both emerging and established artists who we believe can bring value to our platform and overall mission. We do not specify on any category, and welcome all with an open mind.
(Subtrooper14) : Could Project X holders/investors vote for their favorite NFTs/artists in order to create a unique pool based on community preferences?
JohnS — Yesterday at 8:53 PM
That’s a good question, and the answer is yes, those who hold more than 10K $XIL will be able to vote for and endorse curators who will be able to launch their own pools. This means that if the community wants to promote a figure on our platform, these holders have the power to vote that person in for us to welcome to the platform. Additionally, in some cases the community will be able to vote for some pre-selected curators in a transparent and fair process. For example, there would be a list of 10 curators that the community would vote and narrow down to 3 finalists to join the platform and issue NFTs. We are community driven, and want to utilize their insights for the perfect matches for our curated pools.
Pantheon — ProjectX — Yesterday at 8:54 PM
That sounds like a good way to provide value to the pools
Kasliono: Is XIL and its NFT listed on the big market such as Binance and Pancakeswap/Bakeryswap?
JohnS — Yesterday at 8:55 PM
Yes, the aim is quite simple, in that we plan to get listed on major Decentralized exchanges such as Pancakeswap and Uniswap. Additionally, we will be listed one 1–2 centralized exchanges within the next few months. We want to be listed on a Tier-1 exchange to make sure that we will get great liquidity, as well as a safe trading venue for all to buy and trade with our token. We believe that a combination of decentralized exchanges, plus the leading centralized exchanges is the best option. Stay tuned, and we will announce these exchanges soon!
Pantheon — ProjectX — Yesterday at 8:55 PM
JohnS — Yesterday at 8:56 PM
Yep, thank you
Pantheon — ProjectX — Yesterday at 8:56 PM
crusherxdz : How did you come to think of this Project? What was the initial idea that clicked and made this happen?
JohnS — Yesterday at 8:56 PM
Oh, that’s gonna be a long answer! Let me tell you this story
Let me start from the very beginning. In 2018, I was attending a conference in San Francisco, where I was on a panel with Michael Arrington (founder of TechCrunch and crypto fund Arrington XRP). At that time, Michael had asked what the best use cases for Blockchain were at the moment, so I told him at the time that every blockchain-based financial products (nobody was using the word DeFi that time) and NFT’s were best use cases for the blockchain industry.
Although NFTs were one of the best use cases at the moment, the demand was not sufficient until the recent bull market. In 2020, I realized that the market has the same problems it had 3 years ago (liquidity, price discovery process, and complexity) and it was at this time that I met with Josh (Co-Founder) to bring forth the creation of ProjectX.
Let me talk a little bit more about the exact problems we are trying to solve, because that’s actually the main reason why we are doing this business. The current NFT market lacks transparency and is unnecessarily complicated. Without proper guidance, buyers are more likely to lose on their investment than make a profit. This issue blocks millions of potential NFT Investors from properly participating in the market. Holding NFTs is not only a hobby but also an investment such as wine, real estate, rare art, and others. At the moment, it is impossible to get instant liquidity for the NFTs — further complicating the sales process, consuming time, and lessening predictability.
The market also lacks reliable and cost-effective staking options for NFT owners.
Last but not least, creators have a narrow lane of options when it comes to dealing with their
So, I just don’t like the fact that those problems block a trillion dollar potential of the NFT market.
Pantheon — ProjectX — Yesterday at 8:59 PM
Yeah I think people have had a mental block regarding NFT use cases for a long time, but people are starting to see more than just digital art. I think ProjectX is positioned really well to tap into that like you say and provide a solution to a big gap in the market.
JohnS — Yesterday at 9:00 PM
Exactly , there are so many use cases for NFTs
Pantheon — ProjectX — Yesterday at 9:00 PM
Thank you for taking the time to answer some of the communities questions John!
If you still have time, would you mind me opening the floor for others to ask anything?
JohnS — Yesterday at 9:00 PM
The tech behind it is superb, so we just unlock the hidden potential
Let’s definitely do it , I always have time for the community
Pantheon — ProjectX — Yesterday at 9:00 PM
awesome! I will just change the settings
III. OPEN Forum with Project X Discord Community
MAuwal — Yesterday at 9:05 PM
Have seen you have made a strategic partnership with Polygon which is great. Does this team plan to be cross chain compatible in the long run? Also how does this project plan to solve the problem of scalability as well as security in NFTs?
JohnS — Yesterday at 9:05 PM
So, yes, we definitely wanna be compatible with several leading public chains. The security aspect is one of the most important priority we have so, we pay a lot of attention to the regular code audit as well as our Vaults audit and testing to make sure they are SAFU :Home_Run_Final: The scalability aspect depends on two factors 1. Our internal infrastructure (that we built up for being super scalable) and 2. The public chains (so we can only hope they will solve the scalability issues they have) , but our existing approach will easily allow us to build up a billion dollar product.
JohnS — Yesterday at 9:09 PM
Actually because of 3 things
1. We solve the real problems this market has, for example the liquidity problem, price discovery problem, and passive income for NFT owners problem.
2. Our solutions are quite unique and we combine the most demanded features in a one product. So you can issue, buy, sell or farm NFTs in a one secure venue.
3. Our team. We have a super relevant experience and successful track record , so we know how to build successful products in the blockchain market .
theyasflower — Yesterday at 9:09 PM
How important is social media marketing to your project? Is the team heavily invested in this or are you simply letting your platform speak for itself?
JohnS — Yesterday at 9:11 PM
That’s super important , we are big believers in the community, i think in the blockchain market if you want to succeed, you have to make sure your community is strong, active and vibrant
caleb — Yesterday at 9:03 PM
You have hosted a very useful AMA session and received lots of questions about vision / mission, technology, utilities, etc. So, What do you want to receive from the community And how can we help with your project?
JohnS — Yesterday at 9:14 PM
That’s a great question i really appreciate this, so I believe the best way to help us it to come up with some ideas about the product functionality. I mean like if you have any specific ideas, requests or even dreams about features you need please let us know about it,. We are super user feedback-focused developers. And even considering the fact we have already a scope for the next 3 versions of the product, we are actively looking for new ideas as well. JohnS — Yesterday at 9:16 PM
So, let me start from the staking part, we definitely gonna offer our community a few staking options, the one will be liquidity-related staking, so you provide liquidity, get LP token , stake in in our website and get rewards. And another one would be a staking that will allow you to get a rare NFTs as a reward
verriculum — Yesterday at 9:16 PM
will suggestions and reviews from discord get to you?
JohnS — Yesterday at 9:17 PM
Yep, our team is monitoring it actively and send me them + I personally check discord almost on a daily basis
I’m quite busy but try my best to follow your conversations here , guys, that’s important for the company
verriculum — Yesterday at 9:18 PM
Thank you, it’s great :thumbsup:
siftcroix Project X — Yesterday at 9:04 PM
The whitepaper says it is an ERC-20 token. I would like to know if it will run under BSC or both . ETh fees are so high
JohnS — Yesterday at 9:19 PM
So it’s originally ERC token, but we also use Polygon to decrease unreasonably high ETH fees. BSC one is also would be done soon.
Kasliono — Yesterday at 9:19 PM
Thanks for choosing my question, and to be listed on both CEX and also DEX is a good Idea, but it depends on which is the first one you will choose? Is it CEX or DEX? And why you choose that as the first one?
JohnS — Yesterday at 9:22 PM
So there’re a lot of things involved in this decision, the initial idea was to go to DEX and after that get listed on CEX, but we’re quite flexible , so we will make the final decision based on the market conditions at the moment of launch
trestres — Yesterday at 9:04 PM
Is there a collaboration in the plans with any other NFT/DeFi project?
JohnS — Yesterday at 9:20 PM
We’re super open minded and as you can see we have made some huge partnerships already. So we’re definitely ready to consider more mutually-beneficial partnerships that will bring the value to the product and our community
Dudeiebitch — Yesterday at 9:24 PM
One of the rare benefits of your platform is the opportunity given to stake and earn rewards, which can be used to redeem valuable NFTs by established artists. When we are talking of staking, what do we stake on your platform because i am sure it is not NFT. Are the tokens or our most popular coin, is there any backlash when we unstake on your platform?
JohnS — Yesterday at 9:26 PM
So you will be able to stake only our native token XIL , and as i mentioned earlier there’d be two ways how to do it, the first one will get you mire XIL as a rewards, the seconds one will give an access to the exclusive super rare celebs NFTs as a reward
Sheraz — Yesterday at 9:27 PM
Regarding your Liquidity pool (LP), what is the least duration one can lock the LP for? And is their a maximum period of time?
JohnS — Yesterday at 9:30 PM
It’d be flexible, the minimum duration would be like 1 day (no reward) , but if you want to get a reward then you will need to stake for at least 30 days.
siftcroix Project X — Yesterday at 9:28 PM
Can you give us an overview of how the ETF- NFT works?
JohnS — Yesterday at 9:31 PM
So, it’d work this way
We do 2 different types of pools:
User-generated (open) Pools.
Those pools are open for all the platform’s users, allowing all to upload their NFTs and create a pool while getting an ERC-20 ETF token issued. These pools are specifically limited to exact NFTs. For example, there would be pools like Meebits, NBA Top Shot, HashMasks, CryptoPunks, and NBA Top Shot with different variations respectively.
Through these ETFs, users will be able to gain exposure to dozens of well-renowned and traditionally pricey NFTs without a requirement to purchase the NFT directly. Our index funds are the only way to gain exposure to expensive MeeBits or CryptoPunks with just $100.
ETFs have a 1:1 backing between a single NFT contract and an ERC20 contract. For example, if the user owns 1 Meebits ETF, that means they can redeem exactly one specific Meebit from the pool at any moment by burning its ERC-20 ETF token.
Project X Curated Pools.
These are created and curated by our team alongside our curators’ committee pools of NFTs.
Curated pools are significantly more broad, diversified, and sophisticated than user-enacted pools. We consider them as “ETFs of ETFs”. For example, we are going to have Music NFTs which will consist of 100+ music-related NFTs.
ProjectX Curated ETFs are Balancer pools that combine several Level 1 (user-created ETFs). For example, Music ETF will be an ETF that combines dozens of different Music-related level 1 (user-created) ETFs.
Sheraz — Yesterday at 9:31 PM
What will be the mechanism of XIL liquidity pool? Should LPs provide liquidity in the form of the Pontoon native token? Or should LPs use any kind of Currency? How does users aquire benefits by providing liquidity to the pool?
JohnS — Yesterday at 9:32 PM
You provide liquidity I’m a form of XIL / ETH or XIL / BNB depends on the DEX . The ratio is 50/50
Kinging — Yesterday at 9:32 PM
Would there be a Private sale, public sale and presale?
How would you generate revenue to sustain projecT?
Do you solely depend on your team or Investors and community?
JohnS — Yesterday at 9:32 PM
Private sale is successfully closed, we went 12 times oversubscribed and still receive 5–10 requires the from the VCs every week. Public sale will be done in a form of IDO. We plan to generate revenue by:charging trading fees from each transaction, charging fees for claiming NFTs, charging fees from each NFT drop, charging fees from the withdrawal
trestres — Yesterday at 9:32 PM
Considering you are the first ones doing this, how do you plan on dealing with the many projects that will come out after trying to overtake this sector of the market?
JohnS — Yesterday at 9:36 PM
I don’t care about other projects business, I just monitor them closely, and see what traction they get so far. But I’m 100% confident that we have the best tech, best team and one of the best traction in terms of celebs signing. So, more players in this market = more users = bigger market size, but we will dominate here with no doubt.
JohnS — Yesterday at 9:37 PM
Thank you all guys , for having us here, and especially i wanna say thank you for proving all those amazing questions. I highly appreciate it and hope you’re gonna be helping us building this product!
Pantheon — ProjectX — Yesterday at 9:38 PM
Thank you John! And thank you everyone for participating :slight_smile: Please head to #💬general-chat💬
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.