EARNFT NETWORK AMA 10/17/2022
Greetings EARNFT Community! ICYMI, we held an impromptu AMA in our Discord Channel last week (join the Discord), and wanted to share some of the questions we had. We’d like to thank anyone who participated, and if you have further questions, be sure to let us know!
EARNFT Product Roadmap
What is the next big step for EARNFT NETWORK? Do you have any collaborations on the horizon?
Yes, we have been working with partners for the past few months, both for the Network and within the Mode Earn App. The focus on the network side is to bring on OEM partners to launch Earn Phones, which utilizes both EARNFT & EarnOS to create rewards for users directly on their smartphone. Our vision is to set the stage for the future of web3 phones, and create an out of the box earning mechanism directly on the hardware. Unlike other players in the space who have launched devices in the $600-$1200 range, our aim is to focus on <$179 devices.
We are currently in talks with another major blockchain partner on helping facilitate this at scale. We are unable to disclose anymore until we have a deal in place. Mode Earn Phone is the first device to showcase this possibility and we believe EarnPhones will be as prolific as SmartTVs in the years to come.
We continue to work with crypto exchanges both to drive user adoption.
Is there a roadmap where we can see your progress?
We do have a plan and vision moving forward, which we outlined in our most recent update. You can read about that here: https://medium.com/earnft-network/earnft-network-q3-update-862b949d6f3a.
Are there any plans for adding other types of rewards inside Mystery Boxes?
Mystery Boxes are already a form of rewards points in the Mode Earn App in that you can earn Mystery Boxes alongside other rewards as a bonus. It is this implementation we expect to be the benchmark for other platforms to integrate Mystery Boxes into their own platforms, as it remains a non-intrusive method to rewarding their users without fundamentally changing their own rewards structures. Within Mode our use case was adding sweepstakes entries as an additional reward to $EARNFT for users. Users compete to win up to $300,000 in cash prizes every quarter.
Will there be a wallet for $EARNFT, or is it only a dashboard?
The Dashboard will have a few wallet-like capabilities, so any time you opt to claim your tokens locked behind Mystery Boxes, you will have the opportunity to withdraw your $EARNFT if you choose to, or you can simply leave them there, since users will have full control of the account.
All BLU3CHIP Mobile Collection NFTs are made from different NFTs, except for The WHALE PHONE NFT. Could this mean that in the future you will launch a full collection of The WHALE Phone NFT?
No, the WHALE Phone is a unique item in the collection, which hasn’t been minted yet. We have exciting plans for the BLU3CHIP Mobile Collection in the coming months.
When will the BLU3CHIP Mobile NFT Dutch Auction begin?
We do not yet have any updates surrounding the BLU3CHIP Mobile NFT sale. You can expect an update the moment we have more information!
Mystery Box Adoption
What is a Mystery Box?
Mystery Boxes are unique NFTS which have a pre-determined number of $EARNFT tokens locked behind it. The number of $EARNFT can range anywhere from 0.5–100,000 $EARNFT. Recipients of Mystery Boxes will be subjected to a 1-year vesting period to access all of the $EARNFT locked behind the Mystery Boxes; however, a penalized portion of the $EARNFT can be accessed if a user decides to access their $EARNFT prior to the 1-year period being complete.
Are Mystery Boxes live right now?
Mystery Boxes are live in the Mode Earn App, the Mode Phone, and within our Discord server! With over 12 million redemptions, we are thrilled to share that the launch has been a smashing success across the board. Though not currently yet redeemable in the $EARNFT Dashboard, we anticipate the dashboard to be completed this year. Once completed, we expect their popularity to compound even further as users will be able to interact with Mystery Boxes directly in the dashboard.
When will the full functionality of Mystery Boxes be ready? (e.g. the EARNFT Dashboard)
The EARNFT Mystery Box Dashboard is under development, it will allow users from all platforms to interact with their Mystery Boxes and $EARNFT Tokens inside. We don’t have an exact date just yet but we’re aiming to launch between Q4 & Q1.
How are platforms using Mystery Boxes today? And, how will they be used in the future?
As of today, Mode Mobile has issued more than 12 million Mystery Boxes to its +35 million user base. These rewards have been distributed both on the Mode Earn App and the Mode Phone, creating huge interest in EARNFT. Each Mystery Box given to Mode Mobile users, comes with a surprise number of $EARNFT Tokens (up to 100,000 $EARNFT), along with 100 entries into Mode’s recurring $300,000 Cashpool Sweepstakes.
Why did you make the change from ENFTs to Mystery Boxes? And what is the difference?
The essential functionality of ‘ENFTs’ is remaining the same — each Mystery Box will be bundled with between 0.5–100,000 $EARNFT Coins. In addition to $EARNFT Coins, each Mystery Box can also be packed with any additional rewards a given platform might want to include. You can check this update for full context.
What are the terms of the 1-year vesting period?
A Mystery Box may be ‘claimed’ (claiming the $EARNFT locked within it), at any time; however, if burned within the first 6 months, recipients will unlock only 25% of the $EARNFT, between 6 and 12 months, users will unlock 50% of the $EARNFT, and after 12 months users will unlock 100% of the $EARNFT locked behind the Mystery Box. Any $EARNFT that was not unlocked will be forfeited and rewarded back to the network, which includes $EARNFT stakers.
Mode Mobile Integration
Do you have plans to create a Mode Phone with specs that competes with flagship Apple & Samsung Phones?
We are diving deeper into the web3 Mobile ecosystem, but we’re not looking to compete over high-end users. Since the beginning, our focus has been on budget-conscious users, as they (by far) represent the largest demographic — and the most likely to engage with the types of services that we offer. I suggest you check our latest update, where we lay down our thoughts on our vision for the network.
Will there be a connection between the profits made from Mode Mobile and EARNFT NETWORK? If yes, can you explain how that will work?
No, Mode Mobile and EARNFT Network are separate entities, EARNFT NETWORK being a completely autonomous and decentralized platform made for, and governed by, $EARNFT token holders.
As a means to usher adoption, Mode Mobile did receive an $EARNFT grant in the form of Mystery Boxes to use in the Mode Earn App and Mode Phones. Mode Mobile platform acts as the perfect launchpad for EARNFT NETWORK through offering unique services to their customers, and will provide the first proof-of-concept as a real-world example for other platforms to follow. Future grants can be voted upon and granted to other platforms in the same manner.
How is the user engagement within the Mode Earn App? Could you guys disclose MAU growth since 2020?
At the moment, we cannot disclose more information than what was specified over the Q3 Update blog post for competitive purposes. Nevertheless, we are working on formally bringing regular updates and statistics in the coming months. The goal is to make it as easy as possible to track the progress of the network.
Community
What can we do as a community to help advance EARNFT NETWORK?
There are several ways to help out, most importantly is to be active by asking questions, engaging in the server, making suggestions and promoting the project. We read all of your feedback, and consider it an invaluable tool in our development process. Over the coming weeks, we’ll be unveiling an update on EARNFT use-cases, and we will need your input to ensure that we can fine tune our messaging to provide the greatest impact for the EARNFT NETWORK.
Will you have more contests and games in the future?
Absolutely, just like this AMA right here is a contest! We are ramping up activities, and you can expect fun games and contests regularly moving forward. Additionally, we have launched sweepstakes in the Mode Earn App, so you can earn both Mystery Boxes, and sweepstakes entries, for thousands of dollars in real prizes.
Will you be implementing more games in the future that the community can earn rewards from?
If you have not already joined our Discord, we offer a variety of methods and games to earn rewards in the server! Join the Discord and download the Mode Earn App to optimize your earning potential.
Speaking of the Mode Earn App, we have shifted a strong focus to mobile gaming within the Mode Earn App. In terms of EARNFT NETWORK, we have a lot planned for the future, but right now the focus remains on getting Mystery Boxes live, and solidifying partnerships with mobile companies/carriers.
That’s all for now. We will host more events like these in the future, so be sure to stay tuned! Until next time…
— Mode Earn Team
[PLEASE READ] Important legal disclaimer:
CREATION OF FOUNDATION: We have commenced the process of creating the EARNFT Foundation, which will be established under the laws of Gibraltar. The EARNFT Foundation will be the legal entity that will enable EARNFT Coin holders to steer and control the direction of the EARNFT Network through proper governance once the network launches. At that point, Mode Mobile and its team members will have no control over the EARNFT Coin or Network. This aspect is key to the EARNFT Network operating in a truly decentralized fashion. A key governance aspect of the EARNFT Network will be to approve and distribute EARNFT Coin grants to projects and platforms that wish to participate in the EARNFT Network. Accordingly, an important part of the foundation establishment process will be to create procedures and documentation associated with grant applications, applicant diligence, and, ultimately, the execution of grant agreements. We expect the EARNFT Foundation to be up and running well in advance of the network launch.
This discussion may contain forward-looking statements that are based on our beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “is designed to,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements may involve risks, uncertainties, assumptions, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each such forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. Forward-looking statements include, but are not limited to, statements about developing and designing the EARNFT Network, including the EARNFT Coin and its future utility; our expectations regarding regulatory developments and their effect on the EARNFT Network, including the ability of applications on our network to develop a user base and a successful business model; and potential future listings on an exchange or ATS. We cannot assure you that the forward-looking statements will prove to be accurate. Furthermore, if the forward-looking statements prove inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future events, or otherwise, except as required by law.
