Coinko :
Hello, I’m Jerome Kim, and I will conduct today’s interview!
Today Charlie Rhee, CEO of FUFU, will talk about the NFT with the P2E ecosystem and what the Vaulty focused on.
And before we begin, Charlie please introduce yourself!
FUFU:
Hello everyone, happy to meet you all!
I am very excited to share FUFU with all of you. My name is Charlie and I am the founder of FUFU.
I come from a finance background working over 10 years in equities. I then started to build products for content creators and gaming companies for the past 5 years.
Blockchain industry has truly been launching so many technological and business innovations, and I am particularly excited about the power of DeFi and NFTs.
Coinko :
Your record is very interesting! Your various backgrounds support your all new feature platform strongly.
Could you please introduce briefly for users who meet your project first?
FUFU:
FUFU is a Gamified NFT distribution platform through interactive PlayToEarn quizzes, bringing communities together creating a new form of content marketing.
Working with gaming companies and brands we realized they have massive digital marketing budgets, ($356 billion in 2020 in fact) but are ineffectively deploying them. They end up allocating 30–50% of these massive budgets to google banner ads and facebook ads which are not that great. When is the last time you clicked a banner ad? But they end up using them because they can reach many potential users in one go. They know content marketing is the most effective, but it is difficult to deploy at scale.
We developed content marketing platform UwUFUFU.com last year while working with live streamers and youtubers as they saw these interactive quiz type content growing in Korea, but was not offered outside. So we developed it and it was helping content creators engage with their viewers and grow their channel. We see the power of user generated quizzes as they cover many categories and topics, and are very viral in nature. This organic growth is an opportunity for advertisers to use quizzes as a content marketing medium, and a more effective way to deploy their advertising budgets.
Our users are already organically using our platform, so we want to share the value they create by implementing a reward system. The reward delivery mechanism will be ‘Loot balls’ and in the loot balls they may contain NFTs, FUFU tokens or nothing at all. Users earn loot balls by simply doing what they already are doing. They earn loot balls for playing quizzes, creating quizzes and sharing quizzes on youtube or live stream.
Brands can mint NFTs to be distributed via our reward system, and there is utility in the NFT. Holders of the NFTs gain access to the brands future marketing campaigns and events. It could be early access to a new game, or a skin in a game, or new product or merchandise drops, there are endless types of marketing campaigns that can be executed.
Coinko :
Great! Users From the question list, I think this is the area that users were most curious about and amazed about. It’s amazing that it’s a playground where we can win-win with access through gamification!
Now, let me ask you a few questions from COINKO about your project details and P2E ecosystem.
AGENDA Q&A WITH COINKO
Coinko :
First of all, Your project has a very interesting structure. Nowadays, There is a mega trend with huge successes of play2earn projects such as axie infinity and mobox. Btw, these projects are built as a game platform. It’s pretty interesting that your project is combining P2E with NFTs and marketing.
What kind of synergy do you expect if you adapt the P2E system to marketing? (If possible, please share why you launched this platform)
FUFU:
As we mentioned earlier we saw many companies and brands having difficulty deploying their digital marketing campaigns effectively. Quizzes have always been a great lead generation tool, and we see a lot of successful viral marketing campaigns conducted by quizzes. Our users are already organically creating the quizzes, playing and sharing. So it has verified our hypothesis that interactive quizzes can be viral. We want to share the value they are creating as they already drive the ecosystem. That is why we are implementing FUFU token and blockchain features as well as a reward system to distribute NFTs which are key pieces of the digital marketing campaigns deployed on our platform. The NFTs earned from playing the quizzes can be sold if they do not wish to hold the NFTs, or for those who want access to the brands marketing campaigns will want to collect the NFTs. So I believe play to collect could be a better description than play to earn. Those who simply want to earn money can play to earn, but we believe the true fans will play to collect, and play to access special perks. They see value in that, and as more and more people want those NFTs to gain access, then the value goes up.
Coinko :
Yeah, There is a saying in the stock market to invest in places where people have become enthusiastic fans. I have no doubt that if your key pieces work normally, there will be more enthusiastic fans on your platform.
Second, It seems that your platform is focused on interactive marketing where users can participate in quizzes and category world cups. Nowadays Mega media platforms such as tiktok, instagram and facebook lead this area. What are your strengths compared to these traditional industries?
FUFU:
There already are quiz platforms, but our quizzes are a little different. Most quiz platforms have just normal quizzes which are like polls. Our quizzes are interactive quizzes, it is more engaging and entertaining that traditional quizzes. And the world cup type is just the beginning. We see a huge industry trend of using quizzes for marketing campaigns. Just last year we saw several ‘MBTI’ personality type quizzes being shared amongst friends. A snack company made one and had over 10 million people play. But no one knew it was a marketing campaign. They just thought it was a fun quiz and very willingly shared it with their friends to compare results. These companies are spending tens of thousands of dollars to develop these custom quiz campaigns, and it takes several weeks to months to deploy. Our platform enables anyone to create one in 5 minutes, and it is customizable.
Our platform also is the only one to integrate blockchain features to share the value our users are creating.
Being a user created content platform, we have content that is unique to just our platform. Also our users build the communities as they also generate the traffic and in the future, they will generate the revenue.
Our users are already organically using our platform, so we want to share the value they create by implementing reward system. The reward delivery mechanism will be ‘Loot balls’ and in the loot balls they may contain NFTs, FUFU tokens or nothing at all. Users earn loot balls by simply doing what they already are doing. They earn loot balls for playing quizzes, creating quizzes and sharing quizzes on youtube or live stream.
Brands can mint NFTs to be distributed via our reward system, and there is utility in the NFT. Holders of the NFTs gain access to the brands future marketing campaigns and events. It could be early access to a new game, or a skin in a game, or new product or merchandise drops, there are endless types of marketing campaigns that can be executed.
Coinko :
I’m surprised that MBTI was also a kind of quiz. I didn’t know, but there are so many different quiz areas. In the meantime, various categories of World Cup quizzes have been very explicitly promoted or donated talent, but it’s already fun to imagine users creating a constructive content ecosystem through the “Loot ball” system. Who knows if there will be user made content that penetrates the era like MBTI?
Last, Please describe your strategy to grow your marketing platform and describe your eagerness for the users who don’t know why they should select you.
FUFU:
Being a user generated content platform, we are actually led by our users. Just like Facebook and Instagram in the early days, we were initially just providing our platform in English, but since they create the content in any language they want, it naturally spread to several countries. Now, users from over 150 countries are using our platform, and sharing with their communities.
As our user reach grows, it naturally will become an ideal platform to deploy marketing campaigns. Not only on our site itself, but through partnerships we will further enter multiple platforms as well.
We also are focused on the long term, and as we add more utility to FUFU token, it also helps our platform grow and attract more users.
A key part will be our paid services. Brands and advertisers can pay to create sponsored quizzes. As we grow we have thousands of quizzes created, so just like any content platform, you can have your content featured in strategically placed locations on our website. Users have extra incentive to play sponsored quizzes, as by playing them they get boost to loot ball drop rate.
Brands also pay to mint NFTs which are distributed through our reward system. A portion of the fee paid to mint the NFT is locked in as the underlying asset.
We also will feature staking to earn FUFU by staking FUFU as well as earning benefits on the platform such as discounts to paid services and boosts to the reward system.
Finally FUFU holders get governance voting rights. It is quadratic voting, but not everyone can submit a governance proposal. You must earn reputation points by climbing up the monthly and quarterly leaderboards for creating quizzes to earn enough reputation points to submit a governance proposal.
Coinko :
Thank you for your detailed answers.The day will come when your sincere efforts shine. Now, it’s time for the users’ questions!
FUFU:
Let’s go.
USER Q&A
Coinko:
Q1) @luckydraw66
Do FUFU have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
FUFU:
Actually most of our users now is non-crypto users. As I mention earlier we come from non-crypto background and we want to focus on proving hypothesis users will use the core value proposition first before adding blockchain elements to share the value they create. That is why we are different from other projects that rely on incentives for users to use their product. Our users have been using our platform for over a year without even knowing there will be blockchain elements added and any rewards. The basic value proposition was already compelling. Now adding blockchain features is just added bonus to it
Coinko:
Q2) @bravethecoin
Fufu uses quiz as a viral for nft sales. But I don’t think there’s only a quiz that can do viral. I’d like to know if you’re considering a different way of viral.
FUFU:
Yes, there are many ways that can do viral. We are starting with quizzes as we already proved our value proposition hypothesis that interactive quizzes are viral and entertaining. As our platform grows we will naturally look to add new features but to decide that now I think is dangerous. We are very focused on user data, getting feedback and then continuously iterating. We don’t want to spend months developing something that no one uses. We are believers of the startup model where we quickly make a MVP let our users use it, and iterate based on the data. We do have a rough plan on what types of medium we can add, and we will continue to test and explore new features that will bring value to our users and platform.
Coinko:
Q3) @vetataster
Is there a way to use the rewards accumulated in fufu in real life? I’d like to know if there’s anything like that other than selling on the exchange.
FUFU:
The NFTs earned through our reward system, the sky is the limit. As we mentioned they are access keys to future marketing campaigns that the brands who mint them use them for. So it is up to their imagination. The NFT has value due to the underlying FUFU locked in, and also serves as boost and collectible. But the brands can provide bigger value based on use cases.
For example if a famous shoe company mint NFTs and distribute on FUFU, and they say 100 Epic tier NFT holders get access to limited edition shoe launch. Or a gaming company give free skin or avatar to all rare NFT holders, or epic NFT holders get to play closed beta game for early testers, etc. The use cases are endless and these are how the NFTs will have value as people who want those benefits and attend those events, will want to buy and collect the NFTs of that brand.
Coinko:
Q4) @irovewoo
What are the advantages of having a fufu token? Please let me know the reason why I have to hold it.
FUFU:
FUFU has 4 main utilities
-It is the payment currency of all paid services in the FUFU ecosystem. Paid services included sponsored quizzes, NFT minting and premium services
-Stake FUFU to earn FUFU. All stakers get rewarded with platform fees. Stakers also gain benefits in the ecosystem, from discounts to paid services to boosts to get faster rate of loot ball drops
-20% of FUFU paid to mint NFTs will be locked in as the underlying asset, more NFTs less free float FUFUs
-FUFU holders have voting rights. Quadratic voting on governance proposals. Users need to earn reputation by climbing leaderboards of quiz creators to submit proposals
And these are just a few to start. We are continuously adding utility to FUFU and the NFTs
Coinko:
Q5) @vicshot82
The funding situation to keep the project going is paramount. As far as I know, Fufu has received investment from many places. Please let me know what the funding situation is to continue to lead the project.
FUFU:
We have successfully raised a private round of $1.7million from a wide range of amazing investors. This will enable us to expand our development team to create true value add services. We are also selling another 1% of total supply through our public sale, dual IDO on BSC Station and NFTPad Sept 30. After that we don’t have any immediate plans for funding, but if we have opportunities to work with great partners, we are always happy to explore our options.
Coinko:
Q6) @SonGoKuKa
So many projects just like to speak about the “long term vision and mission” but what are your short term objectives? What are you focusing on right now?
FUFU:
We have a clear vision of what we want to achieve. After our TGE, we are focusing on adding utility to FUFU. Starting with pre-staking, we will then have a genesis NFT, then add NFT minting capabilities, further staking features, the reward system, new types of quizzes, more language support, content portal, NFT trading and farming systems, voting system, reputation point leaderboard, and many more features to come. It will be a very exciting few months ahead.
Coinko:
Q7) @okgood2405
Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
FUFU:
We have been very lucky to have strong partnerships. The nature of UwUFUFU which involve content creators to our platform, was a natural fit with partners who are strong influencers. GBV, Faculty Group and Box Mining were onboard early along with Enjin and a lot of strong partners from X21, Blackedge Capital, ZBS Capital, Panony, Morningstar Ventures, Alphanonce, 4SV, Minted Labs, Impossible Finance, BSC Station, Everse Capital to name a few. We have several more partnerships lined up and currently have over 30 already. We believe all our partners provide strong value add in a wide range of areas. And we will continue to add those who we believe not only help us but we also help them to create synergy.
Coinko:
Q8) @KissMiiiiii
Do Token holders have the right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
FUFU:
Yes! FUFU holders will have voting rights for governance proposals. It will be quadratic voting. Not everyone can submit governance proposals. You must earn reputation points to submit governance proposals.
You can earn reputation points by creating quizzes and climbing the leaderboard. Our users who create the quizzes are driving our ecosystem as they are creating the content and generating the traffic. We want to reward them by creating monthly and quarterly leaderboards. So the more people who play their quizzes, they will climb the leaderboard and earn reputation points. If they have enough reputation points they can submit governance proposals for voting
Coinko:
Q9) @sm_opu
AUDIT plays an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES? Or are you working to AUDIT your project to make it more secure and reliable?
FUFU:
Yes we have been audited by Certik and we will continue to focus to make our platform more secure and reliable.
Coinko:
Q10) @Andriel_Rosalind
Can we see that the easier the NFT tokens are to earn, the more valuable they decrease, what are you doing to motivate users to participate in Farm NFT
FUFU:
Our NFTs are only earned through our reward system. You can get faster rewards through various activities such as staking, holding NFTs, playing sponsored quizzes. But there are still loot ball content odds they have to face with. Our NFTs also has tiering, common tier, rare tier and epic tier, each with varying amount of total supply. Supply is one factor of the value but there are also many factors and that is why we are adding utility to our NFTs. We believe the biggest value will be the access they will give to future marketing campaigns.
Closing
Coinko :
Thank you for your detailed replies! I’m sure that users were able to learn a lot from this interview. In particular, among the questions and answers from the users, the NFT utilities part is very interesting. We can glimpse your trace of having a lot of thoughts. The day will come when your efforts will shine. Do you have any last words?
FUFU:
We have dual IDO on BSC Station and NFTPad on Sept 30
BSC Station opens 4AM UTC, closes 2PM UTC
NFT Pad opens 8AM UTC, closes 2PM UTC
We list on Pancakeswap 4PM UTC
Token Claim from launch pads 4:30PM UTC
After that we are focusing on adding our blockchain features aforementioned and creating value to our community and investors.
FUFU
NFT driven content marketing platform
FUFU is a Gamified NFT distribution platform through interactive PlayToEarn quizzes, bringing communities together creating a new form of content marketing. NFT owners will be given access to participate in future events, sales, and NFT drops. FUFU recently announced that it has raised $1.7m in investment from various investors to build a content marketing platform. In addition, FUFU will hold IDO at BSC Station and NFTPADFI on the 30th.
📖 Related Link
Website: https://www.uwufufu.com/
Telegram: http://t.me/FUFUofficial
Medium: https://medium.com/@GetFUFU
Twitter: https://twitter.com/getFUFU
