Weekly Update

Happy Monday MetaFam!

This article marks the first of our weekly updates for the coming months — we want to make sure you’re always in the loop on the latest developments and announcements! Please make sure to follow us across our social channels for all MetaFabric news 💜

It’s been an exciting couple of days since the launch and we’re extremely pleased with everything achieved so far. In the past week we have:

• Revealed our roadmap and white paper
• We have hired mods and advisors to make sure the community is supported and looked after at all times.
• We are reaching out to various other communities and projects to ensure the constant growth of the project and awareness about MetaFabric and what it represents
• We were featured as top gainers on Coingecko and CoinMarketCap for the last 7 and 14 days! An incredible success we are very grateful for. This is just the beginning of something very special for all of us!
• To kick off the new week, we hosted an AMA on our Discord and Telegram channels. Huge thanks to everyone who took part and took the time to speak to us and share their thoughts. We hope we can do this often and have more of you chipping in! Below you can have a read at the highlights of tonight’s session:

AMA Recap

Fabric Lord: The first product we’re launching is the Metaverse ID, and here’s an overview of what the user gets through getting one:

• Your unique handle in the Metaverse and the MetaFabric messenger — i.e. @john
• Your unique Metaverse Profile — https://john.met.id or https://met.id/john
• Showing your ID and avatar

Coming soon:

• Showcase of your Token communities
• Showcase of your NFTs
• Showcase of your net worth
• Your crypto wallet addresses
• Configurable privacy settings

You can use your Metaverse ID in upcoming integrated apps:

• No need to configure another app with your favorite avatar because your Metaverse ID provides that.
• You can share your nick, avatar, email, description and notification preferences with the app — you decide which pieces of data are shared
• Make $ETH and control spam by setting a fee for messaging you on our messenger
• The idea is that it should be your web3 identifier with your data & wallets tied to it, and it’s up to you to decide what you want to share with projects that integrate us.

Q: Why ETH and not BnB for example?

A: For security. Part of the tokens were bridged to BSC, but the original issuance was on ETH.

Q: Can you speak on any partnerships you guys are working on? Launch of MetaID is great, but we need a Meta project to bring it to life with?

A: We are working on multiple ones and some founders are here looking at your questions right now. We are focusing mostly on the metaverse category, but not exclusively. We will announce every partnership along the way, so no worries!

Q: How many years of combined experience does the development team have working in Solidity and the Ethereum network?

A: 3 years. We’re not afraid of external advisors with more experience either and all our code will be audited.

Q: Have you guys started the audit process?

A: Not for the current smart contract because it’s off the shelf code from Openzeppelin, so it’s already audited.

Q: Is it possible to buy or sell IDs ?

A: Yes, it will be.

Q: People get twitchy about connecting their wallets to things…particularly for extended periods of time.

A: I think they’ll have to get used to it since it’s the only way to authenticate in a web3 app.

Q: Can devs delete an ID ?

I mean once IDs were created do u have control over them?

A: No. It’s an NFT you buy. We do not have access to your wallet

Q: When will MetaID be available to the public?

A: By the end of this month, maybe even earlier!

Q: What is the software/platform? How easy will it be for other protocols/metaverses to integrate?

A: We plan a JavaScript plugin for all types of apps, as well as a browser plugin to resolve addresses in browsers.

Q: The roadmap mentions anti spam protection, could you please elaborate on that?

A: Not as much detect, as allow people to tag addresses as scams and filter messages they receive by setting fees

Q: I read about $FABRIC holders receiving airdrops. Can you provide more details?

A: Here’s our current plan how to distribute the 200M tokens planned for the airdrop:

• Over the next 6 months we will be airdropping 200 million FABRIC tokens to users who help us grow

Airdrop activities:

• If you hold at least 20,000 MetaFabric tokens for over 2 months — You will get an extra 2,000 tokens
• If you get a Metaverse ID, you can claim 3,000 FABRIC tokens reward (to be adjusted as token price changes)
• For every user who gets a Metaverse ID via your referral Metaverse ID link you will get 2,000 FABRIC (to be adjusted as price changes) — you can get reward for a maximum of 30 users (so 60k tokens)

So the idea is to tie the airdrop to either holding tokens or buying a Metaverse ID or referring someone to get one — so driving adoption 100% and no free tokens falling from the sky.

Q: Could you expand on your thoughts about how to showcase our NFTs?

A: It will basically be a gallery which is automatically populated and curated for you, all visible on your Metaverse ID profile

Q: Would access to a gallery be open to everyone? Or could we hide it?

A: You will be in full charge of what will be and not be visible behind your MetaID

Q: How much interest do you get from other projects so far? Did someone knocked on the door?

A: Some are reaching out, but we are working everyday (including weekends), showing our product and presenting it to various partners.

Q:How many IDs can each wallet address make?

A:There is no limit. A user can create multiple IDs

Q: Do you add verification to Metaverse ID? Like a blue tick?

A: We will implement it, but not in V1

Q:Do you categorize the accounts that have been created? For example, someone wants to search for it.

Yes, that’s the plan!

Q: Will the tokens used to get an ID be burned?

A: Yes, they will be burned. The MetaFabric team will not be taking profit from the community Metaverse ID auction. They will benefit after the initial phase when you just pay ETH for IDs. For the first few weeks you need to burn FABRIC to get an ID and that will be the only fee (other than gas fees)

Q: End of month is essentially 1.5 weeks away. Will you be ramping up marketing efforts to promote the product leading up to that?

A: We are exploring different marketing options at the moment. Any suggestions will always be considered.

Q: Is the tech/ dev side clear for development in terms of ‘it is achievable’ or are there uncertainties on the way ahead?

A: We’re using as many off the shelf tools and components, so most of the tech is about integration and sprinkling smart contracts on top, so no tech issues being have foreseen as of now. The main issues will come when we actually want to launch decentralized backend for messaging and more functionality on chain. That’s why we’re delaying that stage in order get to market first.

Q: Under what conditions will the team doxx themselves? The anon aspect is a hurdle for larger investment.

A: We’ll look at the traction and decide if we’re continuing as we are, doxxing ourselves. Alternatively we would launch governance and open sourcing to leave the community in control of the entire project.

Q: I think the immediate problem it solves for me is being able to directly message someone who owns an NFT i’m interested in. But how will we prevent spam?

Also, how can you set different ammounts for different kind of content. How can the publisher know if you are their target just by the NFTs you have — will be other ways of segmentation?

A: Users will be able to set the minimum net worth of the wallet messaging them, or only allow messages from people they’re in a community with. The rest would go to junk. In the end, they can set a fee that someone has to pay if they don’t meet the criteria to message them. People can set their preferences, decide who they share it with, and get incoming paid messages matching those preferences. If the transaction is settled on a cheap L2, we’d try and allow payment on various platforms to make this feature accessible.

The intent was for this to be a ‘make a global change’ project, which is then to be left in the hands of the community

Q: Is the team aware of any competitors currently in development or have some sort of working product or are you guys the first to your knowledge?

If anyone here is aware please let us know, not aware of anything that would have spread use. We’re actually messaging each other in the alpha product now. Not ready to show to anyone yet and by no means ready for production but I think we’ll be fast on the market.

Q: So there’s a goal for a DAO like structure? like ENS?

A: We don’t have a specific well defined plan yet, but the general direction is to make this community owned / governed. But the first steps have to be taken by us.

Q: What stops Twitter or Meta (Whatsapp) from creating a .eth integration for direct messaging?

Nothing, not sure how useful and adopted to crypto it would be though, especially with their current user base.

Q: How are messages going to be encrypted?

A: Initially, it will be encrypted in transit to / from the server. Eventually, we want end to end encryption but skipped it in v1 to get to market faster.

Q: How are you plan to integate the message system with third parties?

We’ll release a browser plugin which will allow you to get notifications about new messages + message any address you see on any website. The plugin will also alow you to flag wallets as scams, so others can be alerted.

For the second stage we’ll integrate with various apps directly — but that will obviously take longer. The plugin could do a big part of the job initially.

Q: Is there anything to stop a group of people mass flagging a known account e.g. lets say Pranksy has a metafabric ID and a discord full of haters flags his metafabric ID as spam, what happens in this scenario?

A: A problem we will have to work out, by weighing net worth of accounts flagging probably. Looking at the frequency a specific account flags addresses at.

Q: What do you consider to be the top 3 problems that you are solving &/or value that you are creating?

A: I think despite it being a messenger, the top value is the financial aspect. First of all, being able to find the usage patterns of apps of a user, their net worth, and then the whole aspect of transactions related to messaging. Could be kind of a web3 OnlyFans, as an example!

Q: Is the project secured enough in terms of hackers (stealing tokens or hijack team wallets) as well as internal threats who could take control of team wallets to sell and disappear?

A: We have a hacker on the team, use Ledgers, liquidity is locked (and we actually plan to extend it indefinitely), human aspect also very secure in my opinion, but definitely want to do more in this area.

Q: What about Discord? I think they are planning an ETH/NFT integration. Won’t they be able to just skip ahead because of the number of users who are all already using the platform?

A: That’s definitely a risk. They’ll be moving slower and lack the financial aspect as far as I know (paying for messages, etc). Plus, they’re not community owned, which is what we plan to be 🙂

Q: Will the airdrop program create some sell pressure? Referral programs are sometimes very heavily botted by farmers.

All airdrop terms are tied to either holding FABRIC tokens or getting a Metaverse ID (so a transaction); this should prevent bot farms because they’d be losing money.

Q: Happy to hear that staking and yield farming aren’t main focus. Do you have any comments on liquidity volume given is fairly small at the moment. Are you happy with this amount of liquidity going forward?

A:If the price grows, liquidity will too, and we’re very early right now. I think we’ll be good. We didn’t want to do farming / staking, because that dilutes the supply and backfires in the long term, you can look at many tokens which have it and look like pump’n’dump schemes :). So we’re trying to tick all the boxes here and keep a tight ship.

Q: Does the team have any plans to sell of any shares of tokens that they have? Will this be announced?

A: If you mean team members selling — yes, that’s up to every individual team member. If you mean OTC deals selling tokens in bulk to others off the market — then no, because that’s another way to generate issues just like staking/farming.

Q: Reading the whitepaper, it seems like there is a lot going on and tons of feature you’d like to build. What is your top priority?

A: It’s all written in order of priority iirc — so Metaverse ID first, then our airdrop launches, then one to one messenger, then community messenger. Browser plugin in the meantime. And then once the app is functioning well on the web — we’ll go for mobile apps and proceed to end to end encryption and decentralization.

Q: Is there any scenario which would make you lose interest in the further development of metafabric and focus on your other projects instead, eg. user growth is not increasing at a certain stage or pressure of new competition? How long do you commit yourselves to this until what goal is achieved?

A: We’re in this for the long term. If some competitor comes in (like WhatsApp mentioned above) and sweeps the market — we always have various ‘side’ avenues to explore, such as web3 Advertising, Scam prevention, web3 OnlyFans.

Q: What’s it like building a product without any outside funding? Why the decision to not raise?

A: We have our resources and we believe we can move extremely fast, and engage the community to really blow it up. If it works then we just won’t need any funding, if it goes slow — we can consider funding. VC funding takes time to arrange, gives you a third party trying to influence your decisions, and tons of other problems, which we’d like to avoid if possible.

Q: Do you think that aspect of shift in communication can be a threat to this platform for direct 1–1 communication or chats between a few people?

A: A large part of what seperates Web3 from Web 2 is a deepened level of immersion. I think thats a huge threat to companies like Zoom etc. We can always join in if it becomes a threat, I don’t think it is at present. Right now our biggest threat is not being able to acquire enough users to be known as an industry standard, that’s my main worry for today so we have a bunch of plans how to mitigate this, with your help 🙂

Q: But for >4 letters it’s cheaper. If I want to buy >4 letters where will start the Dutch auction. Will the price of Dutch auction vary depending on number of letters?

A: We were thinking of making price independent of length in the Dutch auction, and then after the community sale phase ends and you can just pay with ETH — making the shorter ones more expensive. The idea was to start Dutch auction, where you burn FABRIC to get a Metaverse ID (of any length) with a high amount like 30,000 FABRIC. Then the price would go down for several weeks. Then we switch to people just paying ~$100 in ETH for >5 characters, and ~$500 in ETH for the short ones. Let me know what you think.

Q: Is it possible to disclose how much $FABRIC the team retained? ~500 M is floating and you mentioned 200 M is committed to an airdrop, is it fair to assume the 300 M is split among the 11 members?

You can check the tokenomics section in the Whitepaper — https://metafabric.io/white-paper.html

• Team has 150mil, of which 75% is locked over 9 months. So basically 37.5 mil quarterly. 200 mil for airdrop, 150 mil for exchange liquidity (part of it could also be reallocated to the airdrop if we see it’s successful and gives us growth)

Q: Have you thought about a BAT / Brave type model for adoption, so the users of the system are rewarded with tokens for using the service? Might help speed up adoption, especially with the barrier to entry (I.e: you have to pay to sign up and create the account / NFT)

A: It will be free to use, you can get a Metaverse ID but you don’t have to and can use it for free.

We’re not making any money on this, all the FABRIC paid will be burned. It’s everyone’s decision whether they are ready to pay a certain price for an ID or not — and it will be different for everyone. There are not so many of us here, so I’m sure people will have a chance to get great IDs. And like I said, the FABRIC is burned in the process and we don’t get any fee, so essentially all early holders are benefiting.