Bithumb Global AMA Live with DEAPcoin (DEP)
29th April 2020, Wednesday
Recap of Live AMA with the Creative Producer of DEAPcoin, Mitsushi Ono
AMA Link >> https://t.me/bithumbglobal_EN/110752
Q1: Until now, playing games have been an activity you paid money to enjoy. How do you intend to change this narrative?
A1: Simply we would like to spread the concept of “PlayMining”, which is basically “play to earn”. The more you play, the more you can earn (DEAPcoin). We believe that the concept of this project, “PlayMining”, will work very effectively as a method of acquiring users. The characteristic that “Mining” (DEAPcoin) can be achieved by “Playing” (game / manga) and is in the same format as the point awarding campaign (so-called Baramaki promotion) developed by Alibaba Group, LINE Pay and PayPay. Its disproportionate promotional effects have already been proven from precedents. Thus we spread PlayMining concept and challenge the conventional narrative!
Q2: How can one be earning by Playing Games and Reading Manga?
What is the concept of DEAP Overview & Digital Entertainment Asset?
A2: We, Digital Entertainment Asset, provide the entertainment platform “PlayMining” is an economic and ecological platform on which users can buy & trade props(Digital Art: battle card for games) that appear in games and comics, using DEAPcoin. DEAPcoin can be earned by playing games or watching comics.
The “PlayMining Platform” is composed of three elements, namely the “DEA Bank,” the “Digital Art Auction,” and the “Game.” All three of these elements are linked with the Digital Entertainment Asset (hereinafter Digital Asset) owned by the user of the platform (hereinafter PlayMiners), and the platforms are designed to operate in an interconnected manner.
DEAPcoin is used for trading of Digital Arts in Digital Art Auction.
Digital Art Auction is a service that allows users to buy and sell digitized artworks (“Digital Art”) drawn by popular creators from Japan and around the world. These Digital Arts are unique and exclusive through DEA’s blockchain based transaction system.
Digital Art will not only be available for one game, but also across multiple games on the PlayMining platform, making the token to be valuable for a variety of game users, as well as for those who do not play the games at all.
Q3: DEA Bank is a system in which PlayMiners can manage and issue the cryptocurrency they can use on the PlayMining Platform. How can this be effectively used and what are currencies to be used over it? And how can each user’s DEAP Coins and Digital Assets be stored in the PlayMiner’s account?
A3: The mechanism is complicated so let me simply amswer this question. When we first release the platform, we plan to link the DEA Bank with the Digital Art Auction and the Game/Manga. For example, if a PlayMiner bought or sold their Digital Asset at the Digital Art Auction, or gained DEAPcoins in a game, the DEA Bank will carry out the transaction of assets between users, allowing for a smooth transaction.
Q4: Why will PlayMiners Buy Digital Assets?
A4: There are 3 reasons why ppl buy digital assets.
First Reason, The PlayMiner is a Fan of the Artwork/Creator. The PlayMining Platform will feature many works from talented creators, many of whom are revered by fans in and outside of Japan. These creators have many fans who have continued to appreciate their works for many years. We will be reaching out to these manga/anime fans, and create as many opportunities as possible for these fans to join our platform.
Second Reason, The PlayMiner Wants to Use the Digital Assets in the Games. PlayMiners will not need to spend any money to play our games. However, if they own a Digital Asset, they can have access to special bonus features. By creating this incentive, even players who were only interested in playing our games will want to acquire Digital Assets, and so they will join our DEAP economic sphere.
Third Reason, The PlayMiner Believes that Digital Assets will Become More Valuable (Investors). As our PlayMining Platform economic zone grows, we believe that investors who are neither interested in the artworks nor the games will start to join. Furthermore, we have plans to approach such investors from early stages of the platform’s development, in order to achieve a high overall active user count.
Q5: In general, a currency’s value is based on what it can buy given that there is a limit to how much the currency is issued. In other words, the value of the currency correlates with the gross value of the economy which it is primarily used in. How can the aggregate value of the Digital Arts be calculated as the market value of all circulating?
A5: Due to the nature of ERC-20, the total number of issued DEAPcoins will not increase. There was a cap on issuing. Therefore as long as the market capitalization of our unique economic zone rises, theoretically the unit price of DEAPcoin will continue to rise. In principle, the market capitalization of the economic zone is equal to the sum of digital asset values that exist there. Thereby as long as digital assets are continuously deployed/sold in the economic zone, the value of DEAPcoin basically goes up.
Q6: What are the milestones for this project over the last year?
A6: First Period (July 2019)
・DEA Project starts
・Individual projects start preparations
Second Period (July 2020) [CURRENT PERIOD]
・DEAPcoin exchange listing
・Digital Art Auction release
・1st Game: “JobTribes” release
・2nd Game: “WORLDFLAGS” release (originally developed by DEA) we’re planning this.
・game release (from third party creator)
Third Period (July 2021)
・PlayMining Manga Intellectual Property multiple releases
・Japanese publication company partnership or M&A
・Anime studio partnership or M&A
・ game release (from third party creator)
Fourth Period (July 2022)
・ game release (originally developed by DEA)
・Mid-sized game maker partnership or M&A
・Game 4th & 5th release (by multiple third party creators)
Q7: What are the Business Development and Monetization Methods and Mid-Term Business Plan of DEAPcoins?
A7: The business development of our project will achieve the above rule changes in three stages.
First, we aim to acquire “an unprecedented number of active users” by using entertainment/art as the main attraction. The second stage is the development of a financial business based on the huge “PlayMining economic zone” that can be obtained by delivering assets to many PlayMiners. Furthermore, as the third stage of development, we aim to launch a marketing business that utilizes abundant big data accumulated in our huge economic zone. Beyond that, as a fourth development, we are considering creating a new future market as a future plan, such as utilizing a VR space that utilizes entertainment content.
Q8: “Token burn” is beneficial for any projects, in able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn? $DEP
A8: There are no plans for now. If necessary, we will consider it and make an announcement.
・game release (from third party creator)
Question from the Community
Q: As per project overview, I see DEA Project is working on Entertainment & Gaming Industry ! But, can you tell us What’s the main Role of Blockchain technology in DEA Project?
A: We use block chain for issuing cryptocurrency and safely supervising Digital Assets users own.
We believe that issuing our own token is the best way to realize the vision of DEA project. We are aiming to provide an unprecedented ecosystem and world concept in which users can earn money(cryptocurrencies) in exchange for playing games and reading comics.
In order to achieve this, we need an entirely new asser circulation system along with the source of assets to be distributed.
Using existing fiat and cryptocurrencies and stable coins means that we have to cater to pre-existing economic mechanism for achieving our vision.
But we believe that it is extremely difficult for our economic system to coexist with those existing economic models due to uniqueness and originality of our vision.
Q: Which main problems are there in Current Entertainment & Gaming Industry which DEA Project is trying to solve? Also, Explain, How that problem can be solve by DEA Project?
A: The game industry has grown rapidly circa 2010 due to the growth of social media games. The games themselves are free to download, but the charging system within the games allowed for an unstoppable growth in the online social game industry, growing to as much as 10 trillion yen (approximately 92 billion US dollars).
Most users begin playing online social games as a pastime, but in order to win in the games and to satisfy the desire to be recognized as a strong player, they end up paying an exorbitant amount of money.
Moreover, the game makers use activity data as well marketing theories to create a system that makes it easier to use more money in the games.
For example, the inflation of buyable items is one way that encourages players to continuously pay money.
Items that players bought become worthless after a certain period, so they decide to pay for the next better item.
Many players gradually start to regret the amount of money they have used for something that repeatedly becomes worthless over time. That is precisely the kind of reality that our project wants to change.
Q: You have launched 3 main services which are PlayMining, Digital Art Auction & DEAPcoin ! But, Can you explain these in Simple words ? Also, Which next services we can expect from DEA Project in Future?
A: PlayMing is an comprehensive entertainment platform where users can enjoy playing games and reading comics wih which users can also get/earn DEAPcoin.
Digital Art Auction is a service that allows users to buy and sell digitized artworks (“Digital Art”) drawn by popular creators from Japan and around the world.
DEAPcoin it the cryptocurrency that we issue and you can use DEAPcoin for trading(buying and selling) Digital Art.
Q: How do you evaluate the support from community? What is your strategy to marketing and for Mass Adoption? What message do you want to send to community through AMA to day?
A: We do think support from community is very important. We will reach out to both cryprousers and mass game users. The message I would like to re-emphasize it that DEAPcoin has an actual use purpose unlike dozens of other tokens. Also new economic cycle for entertainment is created due to blockchain. DEAPcoin contributes to this. This is why I myself joined this project in the first place.
Q: Why you need Blockchain in Entertainment Industry?
A: 1) Protect rights of creators. Every time transaction happens in DIgital Art Auction, the protion of profit goes back to creators in our system.
2) Make sure ownership of assets is safely traced and protected. Secure trading/auction of assets is enabled with blockchian.
Q: To generate a token, its easy, but to make its valuable, can be difficult. Beside building strong community, developing mainnet function, what else can DEAP do to make DEP token more valuable?
A: Value of DEAPcoin is granted and supported by the value of Digital Art/Asset in PlayMining. So one way to maintain its value is to expand the lineup of DIgital Arts sold in DIgital Art Auction.
Q: So many gaming platforms are free of charge, what gives you the impression users will prefer DEAP? What benefits do you offer?
A: You can earn(DEAPcoin) rather than just free to play. 2) You can trade(buy&sell) digital art/assets. Some ppl might be able to make profit out of this trading.
Q: So what is the relationship between palecoin and Deapcoin as regards playmining,it’s quite confusing?
A: PALEcoin is a in-game point inside JobTribes, our 1st original game. You can convert PALEcoin to “DEAPcheck” inside the game. And in Digital Art Auction, you can exchange DEAPcheck to DEAPcoin.
Q: While Checking website, I can’t understand that what you actually trying to Build / Create? So, Can you explain about your project’s work in simple words which can be understandable to new users?
A: Play our game and you can get DEAPcoin. With DEAPcoin you can enjoy trading of DIgital Art!
Q: How will COVID-19 affect gaming industry? Do you see this as a threat or barrier to DEAPCOIN?
A: Many people are staying at home and they gradually get tired of existing entertainment. They also have anxiety about losing income. Here comes our PlayMining business model. Our “Play to earn” will surely resonate with a lot of people in this circumstance. I hope our business can give hope to people all across the world.