TRXMarket presents a series of AMAs (Ask Me Anything) in our Official Telegram Community(https://t.me/trxmarketEN), to build a closer relationship between project and the community. Join us and ask anything you want to know!
The second episode of AMA series was with Naeem Shabir, Co-founder of Intergalactic Gaming.
Julia: Welcome to our TRXMarket AMA. I am very excited to have you here and thank you for taking the time to participate and hold this AMA. Before we start, may I ask you to give us a short introduction about yourself?
Naeem Shabir: Yes, I am Naeem Shabir — one of the co founders of Intergalactic Gaming — the UK based business behind the IGG token
Julia: Great. Thank you. Your token IGG has really great market performance on TRXMarket. Congrats! During the past days we have collected some questions from the community, so, let’s go through them！The first is who is the team behind Intergalactic Gaming and what problems do you solve?
Naeem Shabir: Ok I will start with a brief overview of our team.
As many of you probably know, myself and @Josh_IGG are co-founders of IG. The core team consists of just over 10 individuals, primarily in the development team. Core team also consists of other individuals with strengths in copywriting, design, analytics and marketing. We also have a wider team who support us in achieving our goals. This consists of individuals from a wide range of backgrounds across the world who support on aspects like admin, community support & engagement etc.
Our advisory team is also growing. We have 2 notable figures on our advisory board. One is a legend within the video games industry, having been instrumental in a device that many of us use to play games today! He also has vast experience with start ups. The other individual provides vast experience on the technical front. He has extensive experience with tech start ups and is a leading security expert. He has developed security systems and technology for the UK Armed and Special Forces, blue-chip companies and banks. He is also a renowned keynote speaker at many large scale security events and has also been a consultant and security expert for the BBC and Satellite TV shows.
We intend to strengthen our team and advisory board over time as we identify individuals that can add significant value to what we are trying to achieve.
Important thing for us is not bums on seats — but a team ABSOLUTELY committed to supporting IG in its mission — and we fortunately have that. An absolutely incredible team that have a passion for the two exciting industries we are in
With regards to the problems we are aiming resolve within the esports industry and competitive gaming industry at large, we believe everyone should have the ability to pursue their passion; for many, this is playing games competitively.
With esports pertaining to professional competitive gaming, there is a significant opportunity for the creation of a widely adopted platform that adds value to the grassroots teams and players in supporting them achieve their goals and dreams.
Below I have highlighted some of the issues within the current competitive gaming landscape that provide us with an opportunity to address:
Rising Costs v Monetisation: despite the successful growth of the esports industry over the last decade, the rising costs in comparison to the revenue generated within esports is a hindering factor as it increases the barrier to entry for grassroots gamers and teams.
Uncertainty of Payment: it is not uncommon for players to not be paid their prize pools for competing in tournaments, which has resulted in a lack of trust and no doubt
Highly fragmented landscape: communities revolving around individual games have unique nuances; the current “one-size-fits-all” strategy is not effective.
Limited accessibility: many gamers and teams lack the tools and support to access the professional competitive gaming industry and maintain a long-term career.
Everytime we atteend an esports event and speak to variety of individuals within the space — it further validates what we are trying to achieve
Julia: Thank you for kind introduction. Okay so let’s move to the 2nd one. What’s the real use case and life application of your project? Can you give some examples?
Naeem Shabir: Intergalactic Gaming believes that everyone should have the opportunity, tools and support to pursue something they are really passionate about. For us, that is gaming. We are dedicated to providing anyone, anywhere, regardless of age or gender, with opportunities to build a sustainable career within gaming and esports.
This will primarily be achieved through the multi-faceted IG platform we are developing, which aims to provide the infrastructure to help millions of gamers and thousands of teams to connect, compete and be rewarded for participation, performance and entertainment value created. The IG platform, powered by the TRON blockchain, will provide for a multitude of opportunities for our users around the world.
The IGG token will be used to drive value exchange between participants within the IGGalaxy, subsequently forming a decentralised economy for competitive gaming, game streaming and esports.
IGG represents an atomic element of the IGGalaxy, operating as a frictionless medium of exchange and as a store of value. IGG tokens are involved directly and indirectly in every transaction settled on the IG platform, which in turn creates a demand for IGG tokens.
Additionally, IGG offers functionality within the IGGalaxy, in some cases, providing access to services and products.
Use case wise, we have abundance real world applications for IGG.
Below, we have provided some utility for IGG within the IGGalaxy:
- Prize Pools IGG will be used as a reward token, distributed to those participating in our online tournaments. Utilising the TRON network, we can execute IGG payments instantaneously. Our automated reward structure means all gamers, regardless of skill, can earn while they participate; of course, the better you perform, the higher the reward!
- Subscriptions will be paid by players and teams. These stakeholders will be able to pay for Premium Accounts with IGG, which will provide greater access to tools and features that will support their overall competitive gaming experience. Fans will also be able to subscribe to their favourite players or teams.
- Establishment of Teams on the platform will require IGG. Presently, this is set at 1,000,000 IGG, where 50% will be burned from the circulating supply.
- Player Compensation guaranteed by ‘smart’ contracts. We will have the ability to facilitate the secure payment of player compensation for competing and performing well whilst representing a team. This will provide a host of benefits, including security and trust that the payment will be honoured; overarching issues within the competitive space IG intend to tackle.
- Galactic Grand Exchange (GGE) will be the ‘market place’ within the IGGalaxy. IGG will be used for payments for assets and services in the GGE. For example, A gamer may exchange their IGG for coaching sessions, digital items and merchandise.
- Player Transfers IGG will be used for player transfers between teams.
- Loyalty & Reward Mechanisms will incentivise the co-creation of an inclusive global competitive gaming community. IGG will be distributed to Galacticans that participate in our ecosystem and for those that refer other users to the IGGalaxy.
- [Certain] Tournaments may require teams/players to pay IGG for entry fees; at the very least, users may be required to place an IGG deposit. This will be to reduce players dropping out.
- Sponsorships & Advertisement are one of the largest revenue streams within esports. As previously mentioned, spectators, at times, will be offered IGG to view advertisements. Gamers, teams and other key stakeholders within the IG ecosystem are also eligible to receive IGG for sponsorship.
- Apps & DApps (apps that run off of a decentralised network) on the IG and wider distributed networks will feature our IGG token.
- Exchanges IGG is available to trade on secondary markets, and with other crypto-assets (TRX, BTC, ETH and USDT).
- IGG Base Pair on a number of exchanges will allow for IGG to be traded against partner tokens, which will mean greater liquidity within the IG x partner token economies.
Julia: These life applications are cool! The next one is why should I invest into your project? This is the concern of every investor.
Naeem Shabir: Ok, firstly — it is important to clarify, by purchasing IGG tokens you would not be investing in Intergalactic Gaming (the business).
IGG is a utility token and the value of these tokens is not directly correlative to performance of the company. The price can go up and also down (as seen since the launch of the token on the DEX).
That being said, the price of the token is primarily determined by supply and demand economics and so the token value will be greatly influenced by the utility, governance and development of the IGG token economy.
Our token business model has been designed to create and retain value within the ecosystem by incentivising key interactions between network participants and value exchange over the network.
Along with these incentives that will no doubt bring users to our network, there is a deflationary component to the IGG token economics.
The ‘IG Gold smart contract’ guarantees that there will only be a maximum of 50,000,000,000 (billion) tokens in existence. In order to return value back to IGG holders, we will implement a number of automated deflationary mechanisms that will aim to increase the value of IGG tokens through conventional means of supply and demand economics.
As the number of users increase, and platform activity grows, we will see more IGG flow through the purchase of products, smart contract services, and some additional features.
This will subsequently result in an increase in the amount of IGG burned from the total supply. This is greatly beneficial to all holders of IGG tokens as the total supply of IGG will be reduced over time. Naturally, there will be further complementary incentive mechanisms introduced aimed to encourage users to interact with these smart contracts and features, further supporting the deflationary effect.
So far, we have burned over 197m IGG = around $20k at the current price.
Also, if you sit down and do the maths of the target market we are addressing.
Our total supply is insignificant.
We will be releasing a token economic document in coming weeks which will provide all our community (old and new) with a go to place to get a further insight into our token economics design.
Julia: Looking forward to it. Next is easy one. Why you choose the name of your project as Intergalactic Gaming / $IGG ? But we would like to know from you.
Naeem Shabir: Hahaha It actually is a funny story to be honest and it will probably be best to save for when we outline our journey to where we are so far (which will be soon ;) _
The original name for the business was actually Pink Slips Gaming — but as we pivoted, Intergalactic Gaming was the one we decided to go for as it fit nicely what we are trying to achieve, interconnecting the fragmented esports landscape through the IGGalaxy!
The word Intergalactic itself is powerful and lasting. Who does not love space?!
For clarification, IG = the business
IGG the token = Intergalactic Gaming Gold/IG Gold
Julia: It is a powerful name! You can hear more from Naeem about the funny story. The next question from Twitter. How does it feel that $IGG is the first TRC-20 token to be listed on CoinMarketCap?
Fantastic! I mean, it is really humbling to see how far we have come over the last year all thanks to the fantastic support from our loyal Galacticans! It is crazy to see the number of ‘firsts’ we have broken within the TRON ecosystem as a leading project.
I mean, TRON was one of the 2 projects that got us into the crypto space. So for us to be the first TRC20 to be listed on CMC and be a leading project in the ecosystem — it really is amazing and we really thank you all for the continued support and patience!
It is also awesome to see how our story has inspired others in the community to go on to pursue their ideas and goals.
Julia: I will move to next one. What differentiates $IGG from other TRX token projects?
Naeem Shabir: The important thing about our project is the industry we are targeting. We are catering to an industry that is growing at a staggering rate and is literally the fastest growing segment within the trillion dollar entertainment industry.
We have a legitimate, attractive and sustainable business model that aims to create positive socio-economic benefits locally (UK) and globally. Our project aims to solve real world problems.
Gaming is a universal language and we STRONGLY believe we have the ability to use our platform and our model to further the adoption of crypto by exposing the tech to millions of end users!
Julia: Thank you! Let’s see a new one. It’s about your project market development. Do you have plans for getting into some of the largest esports markets namely North America, Korea and China? Or do you plan to stick to EU/UK only?
Naeem Shabir: Absollutely! Esports & Gaming is global. Blockchain /crypto is global. The utility of crypto makes cross border exchange of value frictionless which is huge.
However, our go to market strategy will initially focus on UK/ EU — it is important for us to focus our resources on particular markets. This will make our marketing campaigns more effective as we gain traction in these regions. That is not to say we will not grow in other regions — however it is important we focus on the characteristics/nuances of particular regions.
Take UK and Turkey for example. Both differ significantly in terms of their gaming and esports markets and hence our strategy for activation and entry into that market will be different.
Later, once we begin to consolidate in these markets, we will begin to expand to other regions. I mean at the same time, if an opportunity presents itself in let’s say Brazil and the time is right, we will take it. Esports and gaming is universal and the IGGalaxy is also universal.
Julia: To universal IGGalaxy! The 8th question related to roadmap. Where do you see @IG_Galaxy in 5 years time and are there any plans to partner with game development studios or other industry giants?
By 2024, both emerging industries will have matured significantly. We look to reveal an updated roadmap in coming weeks too.
As for partnering with game studios and other industry giants — timing is important. We have the access to the major players in the space (Epic Games, EA , Rockstar Games (ehem @justinsuntron etc) but it is important we approach these big players at the right time. Once we have further validated our market and product, we will engage with them.
We are still in the beta phase and would like more things in place before — conversations are beginning to take place though.
Julia: It’s obvious that you and your team have a long term vision.
Naeem Shabir: Thanks — yes we are in 2 very dynamic industries so it is important to remain focused.
Julia: Next problem is the last But one. Other projects on TRXMarket holding a Trading Competition after the listing. How about you?
Naeem Shabir: Let’s do it. With IGG/USDT listing — think a TRX market trading competition is overdue. When IGG base pair?
Julia: With the growing of IGG community, IGG base pair will come true.
Naeem Shabir:It already has come true. It is over at TRON Watch Market.
Julia: Okay! The final one! How important is liquidity for $IGG? Is it correct that Gavin is your least favorite admin?
Naeem Shabir: Starting with a serious note — Liquidity is very important for us — for those unaware, liquidity in this context refers to the ability for someone to buy and sell IGG without significantly impacting the price.
This is a very important point within the crypto space. The main liquidity providers presently are exchanges and market makers.
Right now, liquidity is very low and that is fine. We are laying the groundwork and foundations for ensuring sufficient liquidity as we progress. We have multiple markets available for traders to acquire IGG and listed on CMC. We are making fantastic progress on the platform and as we get to public launch and beyondm, we can expect users to increase and listings on more exchanges to occur..
Our token economics has this at the core of the design as liquidity is imperative for the functionality of IGG to be effective. Again, we hope the importance of liquidity and how we intend to develop it over time will be outlined in the token ecomomics doc.
For 2nd part of question — Yes, i hate Gavin
Haahahah no i joke — he is an awesome admin and just like all admins around the crypto space- they add valuie and spend their precious time supporting us to answer qs from community and ensure everyone has access to the core IG team, so we can work on the project efficiently.
All admins are really appreciated! Often feeling the brunt of fud warriors
Thanks Julia- been an absolute pleasure
Julia: Now I’m gonna unmute the group. Do you have any questions for Naeem?
1–3 questions will be picked and answered. All right Thank Naeem so much for being here and answering the community questions！
Q: What is the biggest challenge you facing now? Like technology,team….
Naeem Shabir: Great question ! We face challenges often, varying in magnitude. How does the phrase go, ‘man plans god laughs’ hah — these challenges are more so adaptive ones where we must adapt to changes in environment or things out of our control.
Furthermore, what we are doing is innovative in its approach. Everyone here is in the 1% and the talent required to develop in this area is scarce — particularly in the UK
So from tech expertise perspective on blockchain side — this is a challenge, however we are up for it! Why we are engaging with the universities so we are able to nurture the sought after skills within blockchain & esports as well
Regulatory wise — we all know this is a challenge — not just on a crypto side but also from operating an international business and all the complexities that come with that
Fortunately, we are surrounding ourselves with the best people to support us on each of these challenges. This includes a top law firm (who even submitted their work with us for the FT Innovative Lawyer awards), accountants and the team/advisors etc
Even our community ! Collectively, these challenges just become little obstacles
Q: Can you talk about ORB ? Uses?
Naeem Shabir: Hey, did you read the 1 month anniversary updates? There was a little insight in there into the direction of IGLabs and how it is synergetic to furthering education, engagement and adoption of crypto
Julia: Thanks all let’s call it today. Special thanks to Naeem for such a wonderful AMA. And stay tuned for next amazing AMA!