BSC Month Series: CoinTiger AMA Recap with EMPIRE
Built as a super token, Empire is the first token to merge innovative real world value generating use cases with the crypto world. With the first application being an NFT Smart Platform, Empire is introducing previously unheard of revenue streams in the NFT space, starting with the capability to license NFTs to publishers, thereby allowing NFT owners to generate revenue
Session1: QA with the Project representative
Q1. How is your NFT marketplace is different than all the other NFT marketplaces? What makes you unique?
Well we are bringing a very unique aspect to the crypto space in general and to the NFT world in specific. Whereby users can license their NFTs for commercial use. Well commercial use is just the start. Let me explain more on this point. Today NFTs are only being used for trading. One can buy or sell an NFT so basically at the end of the day the only thing possible here is the transfer of ownership that is all. So NFTs today are more of collectables than anything else. This is very restrictive and only gives like artists and established names the opportunity to benefit from the NFT resolution. SO we thought, ok we can give a mechanism for users to make money on their NFTs because NFTs is basically a proof a of ownership right? Therefore, using Empire, users can use their NFTs to generate passive income without having to sell them. By giving the rights of usage for a specific period of time.
Q2. Ok give me an example of how you see people putting their NFTs for licensing.
Ok for a start we only focusing on media NFTs right? So to draw you an example, let’s say you are walking down the lake by your house you grab a beautiful photo. You can mint the photo as an NFT right? Ok this is how we are different, with empire you can choose to put up your NFT for licensing.
Therefore commercial entities can grab the rights to use the photo. They can use it as a material for their magazine or emailer or a video or display banner etc. This only gives them a limited time for the usage and the mechanism to proof they have the rights of usage in terms of copyrights dispute. They don’t have to pay the full price to own an image that they need to use for short period and in return you maintain the full ownership of your NFT.
Q3. So your main focus is on media NFTs?
For the start yes however we have a very detailed in depth plan to bring unheard of aspects to the NFT space. Unfortunately I cannot share more info about that now but as a teaser and not to miss the answer for the question. Imagine when the tickets and yearly passes become NFTs. Wouldn’t you want to give other entities the rights of usage for a specific period of time? J Anyway I really cannot discuss more about this now but I promise you the NFT licensing is not a small thing.
Q4. Seems there are many legal logistics to be done. Can you tell us more about the legal aspects?
Certainly. Look each stage comes with its legal work challenge. For the first part we need to make sure that when an NFT is being minted that the users are agreeing to terms and conditions and confirming they are the owners of the content. We need to include a KYC service and have it mandatory to users can know if they are buying or licensing something that is 100% legit or questionable and lastly we need to work on producing a license to provide our licensees to use to fight like copyright infringements disputes etc.
Q5. What are your partnerships plans? Short and long term partnership plans?
For short terms we are partnering with the likes of PSI dex to use their farming pools. In long term we would like to partner with content creators and other NFT marketplaces to give them the access to our licensing frameworks. Meaning that their users can use our platform for licensing without having to leave their original NFT marketplaces.
Session 2: Open Questions by the Community
Q1. I see you have good number of tokens locked away, tell us about your plans for these tokens.
🥇The locked away tokens are as per our total supply distribution. We have three of the five tokens locks get unlock in two weeks or so. We will burn some tokens and relock the rest. Team and marketing wallets are vesting for 50 weeks. We haven’t actually sold much taxes. We ended up giving most tokens up to either manual burn and airdrops.
Q2. What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally? What are the services you offer to the community?
➡️We are all about the community. We treat our community like we treat our family. We plan to continue being transparent with our community and to count on them being the backbone of our project
Q3. How are you going about the product development? What’s next on delivery list?
✅We will deliver the NFT marketplace in 4–6 weeks. The first stage is the marketplace itself then we will deliver the licensing part in 3–4 months after the NFT marketplace
Q4. What kinds of problem are EMPIRE trying to solve to make it easier for Crypto users? Do you have the intension to bring benefits to non-crypto users and how can you do that?
➡️Our licencing part for the NFTs benifit everyone. It benifits the NFT makers, the other NFT marketplaces, the indy photographers and musicians etc, the established artists as well etc. As well as benifiting the consumers. Today you can take a photo from your phone and make a passive income licencing it.
Q5. In the next 1–5 years there will be many new platforms/projects that offer the same features as EMPIRE even more advanced than you, Are you READY to compete with them? how do you Make the $EMPIRE project grow rapidly year by year?
✅They won’t be more advanced than us. Because simply our pride is in our brains and in our innovative solutions. They can copy us but can never do better than us :)
Q6. Most NFT platforms nowadays are not Artist-targeted and have no promotional offers for smaller artists. What strategies do you have put in place to help promote smaller artists and make make the platform a artist friendly one?
✅We cater for everyone. Not only the big or the small. As a matter of fact you can argue we are more benifical to the “small” artists
Q7. Most of investors just focus on the price of token in short term instead of real value of project. Can you tell us the motivation and benefits for investors to the empire token long term?
👉The best motivation is the fact that they can buy cheap now and get rich when we grow later. Another one is to be part of something great not another shitty pump and dump project. With all due respect to shitty projects
Q8. Why Empire? (As the name of the Token)
👉We are building an empire of use cases basically
Q9. Explain about PSI DEX briefly?
👉They offer staking pools. We doing partnerships with them where you can stake empire on their platform
Session 3: Multiple-Choice-Questions
The correct answers will be bolded
- What is token of Empire Token?
2. What trading pair is available on CoinTiger?
3. On which blokchain is Empire Token based?
4. Which one is the official twitter of Empire Token?
5. Which one is the official TG group of Empire Token?