AMA Recap: Spume

Date: Aug 20th, 2022
Host: SkinnyG
Guest: Jeff Juker, CRO at Spume

Hello, Raccoon family and crypto enthusiasts!

We recently hosted an AMA with Spume. Here’s the AMA transcript for those who missed the live session. We sincerely hope you have as much fun reading it as we did while running the AMA!

[SkinnyG l @defiraccoons]: Hope you are all ready #raccoonfam! Today we’re having another educational AMA with Jeff Juker, CRO at Spume

As you know there will be 2 parts, the muted part where me and Jeff will be talking about Spume in general aswell as the latest news and updates! Then we’ll unmute an have the community ask questions and some winners will be chosen. We’ll also choose some twitter questions while we’re at it. A total prizepool of $100 (2 live chat and 2 twitter qs will be winning $25 each).

So Jeff, without further ado, can you please briefly tell us who you are and what your role is at Spume?

[Jeff]: Of course! As stated, my name is Jeff Juker, Cheif Resource Officer at Spume. My main point of focus is centered around communitcations with our community, and partners in the space. I have been on the core team of the project since its fruition and have loved every bit of growth that we have experienced along the way!

[SkinnyG l @defiraccoons]: That’s great, its important for a project to have engagement with its community! When did you first get involved in the crypto space?

[Jeff]: I got involved personally in 2017 as an individual investor. Since then I have been involved in multiple projects with some of our other core team members. Both in and out of the Web3 space.

[SkinnyG l @defiraccoons]: That’s lovely, its great to see you are glued together with your team and could be seen OGs in the space! This actually brings me to my next question.

What’s the vision and mission of Spume? What problems are you aiming to solve in the space, and what are you looking to bring to the space that’s unique?

[Jeff]: The Spume Protocol is an end-to-end transactional layer that facilitates payment infrastructure for physical and digital non-fungible token assets on the Ethereum blockchain. The Spume Marketplace is the first D’app to be built on the Spume Protocol.

The marketplace allows for the tokenization of off-chain, real world assets like real estate NFTs, and digital licensing. The Spume protocol will allow businesses and brands to issue branded NFTs via their native websites or through the Spume marketplace itself.

The Spume marketplace will act as both an issuer and an aggregator for all NFTs issued via the protocol. None of our competitors are building NFT infrastructure that can penetrate multiple off chain industries and provide custom storefronts in the manner we are doing it. businesses and brands to issue branded NFTs via their native websites or through the Spume marketplace itself.

[SkinnyG l @defiraccoons]: Fantastic, its great to see more Web3 projects move into more “Utility-based” NFTs instead of just a cool picture.

[Jeff]: Yes, I would say one of our main goals is really the redefinition of an NFT.

[SkinnyG l @defiraccoons]: Could you tell us about who’s on the team at Spume? Our community loves to know who is on team as this is the group of people who drive a project to success!

[Jeff]: Of course, our core team includes myself, Beauregard Moody, Silas Marvin, Zevin Clark and Kenny Patel. Some of our very involved Executive advisors include Edvardo Bissiccio, Oliver Stamatoski and Leonidas Pena. I would also like to shout out our amazing TG mods for all their involvemnt and support recenlty as well, which is a rather extensive list. More team information can be found at https://spume.io/#team

[SkinnyG l @defiraccoons]: Awesome thank you for that, we also some amazing community members and mods 😏. As you said earlier that you and a few of the team members worked together on previous projects, do you have any funny stories that you have experienced with the team? 👀

[Jeff]: My friend more than you can imagine😂 I will say that some of my best memories come from the sleepless nights/weeks working on building Spume with some of my best friends.

[SkinnyG l @defiraccoons]: That’s awesome to hear🥳. Could you please give an introduction of your protocol in layman terms to the Raccon family about what it consists of and the different use cases of it? Since the market place is the first dapp on your protocol could you go more indepth on how it used and all the different functions which the market place has?

[Jeff]: NFT’s for a lot of businesses and individuals are in all reality a black box. They are time consuming, expensive, and hold very high barriers to entry. This being said, many of people want to get into them for a plethora of reasons.

The Spume Protocol aims to alleviate this pain point for businesses by creating a no code branded NFT creator, dAp. tools, and custom storefronts.

• We provide distribution through the Spume API, branded iftames, and web 2.0 integrations.
• Beyond providing these whitelable solutions, Spume will have the ability to save the average consumer both time and money through the tokenization of off chain assets such as real estate, by cutting out all of the intermediaries.

[SkinnyG l @defiraccoons]: Fantastic great to see you making it easier for mass adoption by allowing us non-devs to get into the NFT space!🤯🥳

[Jeff]: We aim to bring anyone who can find value in tokenizeable assets and transactions to the NFT space😊

[SkinnyG l @defiraccoons]: I read on your website that the protocol is all about tokenizing and trading different types of asset classes; i.e. real estate, artwork and digital licensing.

The music industry seems to be looking at the benefits of NFTs to launch their albums on, how do artists benefit from launching their new music on Spumes platform? Is this related to the testnet that you’ve published?

[Jeff]: — We actually have an active music studio testnet that is separate from the marketplace testnet that many people are operating on. Something that is very cool that many don’t know about is that Timabland actually had a production competition and one of the main contestants used our music dApp to create the beats that were submitted. You can find our first initial platform here: https://spume-demo.ampedstudio.com/

Artists will be able to benefit by launching their music in a conventional sense, but also getting to license their music to other artists as well as receive royalties from things that they have made in the past!

[SkinnyG l @defiraccoons]: Wow, that’s amazing! I’ll definitely have a look at the dapp and hopefully make some great beats😎

[Jeff]: I have to say, for someone that doesn’t know anything about music curation, I sure feel like Dr. Dre after using the testnet for a few minutes😂 I encourage everyone to check it out!

[SkinnyG l @defiraccoons]: Always been a big Dr.Dre fan, am definitely going to give to dapp a go!🤣 And I’ll make sure to put a pin on the testnet, so people can actually check it out later as well! https://spume-demo.ampedstudio.com/

With NFTs being launched on multiple different blockchains could you please explain to the Raccoon family why Spume has decided to stick with ETH? Do you plan to move to other chains later aswell, can you tell us which ones specifically and why?

[Jeff]: The Spume marketplace is launching on Ethereum, but we plan to be multichain compatible by the end of 2022 on at least four evm compatible chains. The decision to begin with Ethereum was made by our dev team simply because the ERC721 smart contracts are the most widely used and adapted in the NFT space. That being said, we have already announced our expansion to Caduceus, and an unannounced piece of information for you all today is that we are now sponsored by Polygon to integrate to our marketplace as well. Additional future chains include BSC and Moonriver.

[SkinnyG l @defiraccoons]: Raccoons love exclusivity! so you are here today announcing for the first time the Poly integration on the marketplace?

[Jeff]: The partnership portion of that statement specifically, this will be announced officially with far more details in our channels soon.

[SkinnyG l @defiraccoons]: I fully understand why you chose ETH as it is the first chain which launched NFTs and has that extra layer of security!

[Jeff]: Yes exactly! Industry standard is hard to break.

[SkinnyG l @defiraccoons]: I saw on your website that you will be launching in approximately 10 days. As you are having a TGE for $SPUME could you give the Raccoon family some information on the tokenomics that will be available during the TGE as well as briefly explain the benefits and utilities that the holders of $SPUME can expect?

[Jeff]: First, our tokenomics!

• Private
  $0.30–5% released at TGE, daily vesting for the following 9.5 weeks
  These people receive extra spume because of the wait in vesting
• Public
  $0.40–20% released at TGE, daily vesting for the following 6 weeks
• Marketing
  0% at TGE, 14 day cliff and 39 month vesting
• Dao
  Staked forever at TGE
• Liquidity
  12.5% at TGE then monthly linear distribution over 31 months
• Strategic Partnerships
  18 month cliff then 12-month linear distribution
• Team
  Staked forever at TGE

Additionally, our SPUME token has a plethora of utility that I will explain!

The SPUME token is an ERC-20 enabled utility token that powers the Spume ecosystem collectively. Primarily the token will be used to engage with the Spume Marketplace, however there will be built in utilities available for those looking to directly make use of the Spume Protocol:

• Revenue Sharing
  Holders of the SPUME Token will have all marketplace revenue in the form of 0–5% of transaction fees be distributed to them prorated to how many tokens they hold.
• Staking
  Users that stake SPUME will have a chance to earn additional tokens via the given APY while also becoming eligible to vote on platform features through the Spume voting portal
• Ecosystem-Wide Fee Discount
  Fees paid with SPUME across any partner platform including the Spume Marketplace, will be eligible for a discount based on the amount of tokens held within a user wallet
• Spume DAO
  SPUME will power the Spume DAO which will be the governing body that will facilitate all Spume Protocol, Marketplace and all Partner Platform development/ operation beyond 2022
• External Vendor Incentives
  Fees and/or subscriptions paid by NFT projects, advertising partners, brands using the drag and drop NFT storefront creator in SPUME will be eligible for price discounts along with getting exclusive access to Spume Analytics.

[SkinnyG l @defiraccoons]: Love to see utility in projects!!!!🤩🤩🤩 I do love the fact that you guys are staking some tokens forever (like team and DAO). that’s something we’d love to see in more communities. It means you actually do trust the process.

[Jeff]: In essence, the team will not realize monetary reward for this project unless the marketplace or other dApps are generating revenue in a profitable manner. We see this as a great motivator for ourselves, but somewhere for our investors to hedge their bets as well.

[SkinnyG l @defiraccoons]: that’s very important indeed, as mentioned earlier, others should take this example too. As you are planning on launching a DAO. Could you please elaborate on the functions which the DAO will perform and the different roles which members can opt for in the DAO.

[Jeff]: Users will be able to draft motions and proposals. Help change the landscape of Spume as a protocol, a platform and direct how the treasury spends capital, as well as the hiring and removal of the DAO members. Some positions will include marketers, developers and a select number of board members.

[SkinnyG l @defiraccoons]: Fantastic, great to see that you are planning on taking the opinions of the DAO into account when making decisions. So many projects launch a DAO just to ignore the community, which is unfortunate.

[Jeff]: There are many details on how we plan to operate the DAO in a manner that represents a true democratic republic in our technical paper for those interested. It is a great system that truly allows for the community to have a real voice.

[SkinnyG l @defiraccoons]: What partnerships do you currently have, and what value do they bring to the project both short-term and long-term? Have you gone through any pre-seed or series A fund raising yet?

[Jeff]: Spume has an extensive network of partnerships on board in many different mediums that range from VC’s to Web 2 music studios.

• A list of our investors and backers are as follows:
  DTC Group
  Acacia Digital Holdings
  Crescent City Capital
  Coin Capital and many others.
• Some of our notable dAp partnerships are with Amped Studios, a Swedish based web 2 music studio who is building a Web3 music studio on our protocol where people can create music and upload as NFT’s on the marketplace.
• Another partnership worth mentioning is with NovelT, an NFT ticketing system that will bring massive change to the event ticketing industry.
  Our marketmaker, is also Falconx, an industry leader in market making.

[SkinnyG l @defiraccoons]: Its nice to see that you have web2 partners and helping to bring more people into the space. Can you tell us about the roadmap and what plans do you have for 2022? 🚀

[Jeff]: Our roadmap holds a series of very exciting expansions over the next few quarters.

We have stayed true to our plans thus far, maintaining a Q3 marketplace mainnet launch (8/26) and IEO which will be live on August 29th, and will continue to do so for further developments.

⁃ In the coming months we will be adding more chains, and releasing a number of testnets that are already in the works.

This includes:
- NFT Real Estate
-NFT Ticketing
-NFT Licensing/Royalties dAppe
- DAO governance integration in Q1 2023.

We have our work cut out for us but are very excited for these developments!

[SkinnyG l @defiraccoons]: I am really looking forward to the main net launch which is happening in a few days!!!😁😁

[Jeff]: Us as well! Silas and the rest of the dev team have done an amazing job building this entirely in house for the last 7 months and I’m excited to finally be able to share it with the community!

[SkinnyG l @defiraccoons]: NOW it’s time to move to the community questions!

Community Questions

Q1: I noticed that users who staked $SPUME have the opportunity to earn additional tokens through the given APY. What method will $SPUME use to create an environment where people can grow at a high and sustainable APY? What is the maximum APY that Spume Staking offers to the market?

[Jeff]: A slight misunderstanding here. Spume stakers will earn dividens in th enative chain they are staking on. For example if you stake your token through our ETH NFT’s you will earn ETH as a rewards, not tokens. We see a linear relationship between further development with the addition of dApps and the growth of the APY!

Q2: Why are you (including the SPUME team) so interested in creating Process, Innovation and Technology, related to real estate? Can you tell us more information about; How can blockchain solve problems or difficulties in the traditional real estate industry?

[Jeff]: This is a great question and one I’d like to choose as a winner. Many of our team members have a sour taste in their mouths when we tak about real estate transactions. This is due to the ridiculous fees and processes that are involved in transacting property. Blockchain can eliminate the need for agents, broker, and title companies and their unnecessary fees.

Q3: So my concern is about the personal data information shared by the users or citizens when using features like real estate. what are the measures Spume made to avoid issues like data privacy?And also the platform’s security in general.

[Jeff]:This is another winning question. Security is at the forefront of concern for the entirety of our project and we are extremely keen on this issue. A recent team addition was our Executive Advisor Oliver Stamatoski. Oliver has been a car safety equiptment engineer and executive for some of the largest automotive saftey companies in the world for the last 15 years. His experience specifically allows us to intentionally mitigate and review our risk managemnet when it comes to the topic of privacy and security. This is one of many many precautions and advanced decisions made by the Spume team in the name of safety and security.

Q4: Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?

[Jeff]: Yes we get this a lot. Our project name is a sort of word play. The definition is “The foam that sits on top of the ocean” or in other words, on top of the open…sea. Additionally this is not a commonly used word in the english langue which gives us the ability to shape and definite it on our own as well.

[SkinnyG l @defiraccoons]: Love the play on words🤣🤣🤣

Twitter Questions

Question 1: One of the problems users experience with this type of NFT ecosystem is their design plagiarism. So, what actions does #SPUMEIO have to verify NFT ownership? and How do I know that I bought the original NFT and not a plagiarized design?

[Jeff]: There are a number of ways to tackle this issue. One example we have is our verification system, the blue check mark will represent authenticated projects on our platform.

This is a problem on platforms such as Opensea too, working on creative ways to attack this without censoring people is a very fine line to ride.
At the end of the day we are a DECENTRALIZED platform so we are doing our best to show which projects have been verified by us and which ones haven’t, but stopping plagiarizing will be an ongoing difficultly.

What we will be doing is ensuring that their is an extra layer of authentication by verifying projects.

Question 2: Do you intend to add more chains soon? Spume Marketplace was created on the ETH blockchain. What occurs when I try to list a SOL NFT on your marketplace? Is this feasible?

[Jeff]: Yes, we intent to integrate to four evm compatible chains by the end of the year! BSC, Polygon, Moonriver, and Cadeceus are all on our list currently. Unfortunately we will not be able to support a SOL NFT at this current launch.

Question 3: I saw on the website that SPUME has 3 features, one of which is “”Digital Licensing”” which talks about royalties. What algorithm does SPUME use to determine the amount of royalties for each music and work?

[Jeff]: There is a lot of information about this in our tech paper, unfortunately, me being our CRO and not CTO it is difficult for me to provide an accurate answer on the technology behind our royalties system.

Question 4: We chose this route as not only a fundraising tool, but also to help market the Spume name for our upcoming Mainnet launch and dual IEO. We do have a very in depth multiphase marketing strategy that will be rolled out accordingly over the course of the next few months; each phase to coincide with their respective development phase.

[SkinnyG l @defiraccoons]: Thank you for joining us it was great to meet you and learn more about Spume! Feel to come back anytime and give us updates whenever you feel like it😎🤯. Big thank you to the Raccoon family for joining us!

[Jeff]: Thank you everyone for tuning in and allowing me the time to share the project! It is much appreciated and we would love the opportunity to come back in the future!!

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