Fyooz
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Fyooz

AMA Session Between DuckDAO Incubator and FYOOZ CEO and Co-Founder that was held Friday August 14th 2020 at 3PM CET

We were invited to do an AMA in the DuckDAO crypto community and would also like to share it here, as it might help to understand more about Fyooz.

Another article about our Private Sale and Listing plans will follow short after.

Ken Now please welcome the Fyooz CEO Remo Prinz and his Co-Founder and Lawyer Tobias Asch

Remo Prinz Hi Guys

Remo Prinz Thank you for having us

Tobias Asch Hi! It’s a pleasure to be here

Ken Thanks for joining us.

Remo Prinz We are ready :-)

Ken If you agree we will dive into it directly :)
1) What are the benefits for the bands/producer/etc using and not create an own token?

Remo Prinz Ok, understand

Well, first of all a platform = network effects 10 stars are more fun then 1 star 1 Mio stars are more interesting then 1000

Tobias Asch From the legal perspective, the regulatory process to release a crypto token is very complicated, expensive, and time consuming. Fyooz provides a safe legal framework to more or less instantly release a token and become part of an ecosystem.

Ken Thank you.

Remo Prinz Yep agree Also important:

Remo Prinz Ready-made audience — Fyooz as a brand will have a significant audience of its own, and listing on Fyooz alongside other brands will expand their reach. And of course is liquidity crucial for a platform

Ken Amazing
Next question: 2) What are the benefits to investing in a Star Token? Aside from access and other incentives, how will users benefit from investing and get a return?

Remo Prinz There are three core motives
1. Access to the star (emotional benefit)
2. Functional benefits (the actual benefits that users can get on the app)
3. Monetary benefits (speculation)

Ken 3) What are the team’s plans for promoting the project and making it as widely-known as possible, especially in the crypto community? (i.e., PR and marketing)

Remo Prinz We will do viral marketing campaign on Twitter, Telegram, 4chan and all what is needed. Phase one just started. To give you some background:
We have me as co-founder totally dedicated to marketing and a marketing team comprising in house professional marketing experts (Pipo and Nil) We also work with three different agencies for media, social media and influencer marketing.

Ken While Remo is typing, maybe Tobias can already prepare the next one.

Remo Prinz The most important thing to remember is that Fyooz founders themselves have deep roots and hugely successful track records in social media and sports marketing, so marketing is at the core of our capabilities

Ken 4) Will it be running on its own blockchain or Ethereum? If the plan is for it to be on Ethereum, will you plan to migrate to your own blockchain later?

Tobias Asch For now we want to stay with Ethereum and are already looking into ETH 2.0. But never say never.

Remo Prinz I was the first to bring Facebook to Switzerland ;-) In 2008

Ken whhoowhoo :)

Tobias Asch Market Making ensures a more stable star token market and market makers are rewarded by earning on the spread. Match Makers earn ETH from the difference between the spread and the transaction fee. If the transaction fee is set to be higher than the margin, no match is activated. That will all be provided with ETH 2.0

Ken 5) Are there any plans for staking?

Remo Prinz Etherum 2.0 will be important ;-)

Remo Prinz Yes, Fyooz users will be able earn with staking. The more FYZ held, the more likely to win the Order Matching Lottery. As soon as we have organic trading volume on the fyooz exchange We are also in talks with a large staking pool operator for a partnerships

Ken 6) Can you please provide some more details on your roadmap?

Remo Prinz Sure, thanks for the questions
We are live, platform active, star tokens developing, listing in August to be announced We are fully focusing on business development and growth with upcoming partnerships

Ken 7) Since social media is a focus of your platform, do you plan to integrate or have any affiliation with platforms like Instagram and Facebook? What would differentiate you from STEEM, which is also a popular content-focused blockchain which has had success in the past.

Remo Prinz Wait, we have something prepared for such a question ;-) Since social media is a focus of your platform, do you plan to integrate or have any affiliation with platforms like Instagram and Facebook? What would differentiate you from STEEM, which is also a popular content-focused blockchain which has had success in the past. I’m glad we’ve been asked this question because it gives us an opportunity to clarify what we mean when we compare ourselves to social media. We aren’t really like a social media platform in that we aren’t trying to facilitate communication or sharing amongst community members, although we are, but that is not our ‘raison d’etre’. Our reason for existing is to allow people to monetize anything that they believe is worthy and valuable. We are a tokenization platform built on a decentralized exchange, and anyone, anywhere can create an account, create a token and promote that token to the Fyooz universe and to their own fans.

Ken Nice. Next one. We have a good speed here :) Well prepared

Remo Prinz We think celebrities and performing artists and sports people are going to love this opportunity to sell a token representation of themselves. Think about the branding and marketing possibilities.

Ken 8) There have been persistent security issues with most Defi projects since the establishment of Defi. How will #FYOOZ contribute to resolving and preventing the security issues associated to DEFI ecosystems and #FYOOZ as a project in the Defi space?

Tobias Asch Our smart contracts have been checked and classified as secure by an external auditor. Also our Dex uses the highly secure 0x protocol. Issues due to unaudited smart contracts are therefore not possible.

Tobias Asch As a Swiss Company security is one of our highest priorities

Ken Agree.
9) In the event a brand / athlete is no longer active what happens to the token supply?

Remo Prinz Nice one for Tobi…

Tobias Asch The token supply for star tokens is fixed and cannot be changed. When the star dies or is no longer active, the token remains active.
This is contractually secured with each star.

Ken 10) How did you come up with the idea? Is there anything else out there from your research that’s similar? Maybe non crypto related?

Remo Prinz As experts in social media and pioneers in DeFi, we recongnised that people were giving away theri attiontion for free with their “likes” and “share” so we formulated the concept of Fyooz so that this Attention that people give celebrities, performers, stars etc. could be monetized…

Ken 11) What did your team discover during your internal SWOT analysis?(Strength, Weaknesses, Opportunities, Threats)

Remo Prinz I go for the Strenghts :-)

Tobias Asch Switzerland as basis

Remo Prinz Marketing → one giant testimonial strategy when stars join the Fyoozn platform We are first mover Our professional team of course

Remo Prinz Swissness Crypto, Etc. Tobi… your turn :-) lawyers must know the weaknesses :-D

Tobias Asch Well, weaknesses? Ok: Early adopter phase! Probably need to educate the end user (however, the stars should help)

Ken And who takes the Opportunities?

Remo Prinz A world first — a complete new asset class A T T E N T I O N And of course Becoming a unicorn

Ken And the Threats finally

Tobias Asch Let me take that

Tobias Asch Regulators may want to ban us in certain countries. Powerful institutions might not like us.

Ken 12) The success of the Fyooz marketplace will be dependent on the perceived value of the influencers, brands, events, etc. that adopt the platform. What are your short- and long-term plans to attract worthwhile Star token investments for users and token holders? Do you view Patreon and other platforms such as Onlyfans as your competitors, and if so, how will you incentivise content creators to migrate to the Fyooz marketplace?

Remo Prinz Very good question, thank you

Tobias Asch This question is key to Fyooz’s success.

Remo Prinz In the very short term we tested with a few Swiss personalities. But Switzerland is a small market and therefore not relevant So… We are ready to talk to perhaps the two most famous exports from the world of sport

Ken Can we know who it is? Can you give more details?

Remo Prinz Without being able to promise it now, but we aim to be able to communicate a cooperation with the Swiss Formula 1 team Sauber Alfa Romeo as early as the listing

Tobias Asch We are also talking to a sports shoe manufacturer with strong star connections…

Ken So something is already ongoing here?

Remo Prinz Yes :-) NDA

Ken lol, understood, more to come to this question?

Remo Prinz HOWEVER… From a strategic perspective — as long and medium term — we are expanding a distribution network Sales (token acquisition) will not be managed centrally by Fyooz, but an ecosystem of agencies will be created around it

Tobias Asch Last but not least we have a famous movie director in our network who will also activate his network.

Remo Prinz We already have a first official partner in the German-speaking countries, who comes from the event industry and has all the connections to the stars with a second partnership we are close to signing a contract.

Remo Prinz These are senior people who come from the sports rights marketing and event industry. This will give us access to football, German Schlager or even very interesting — darts with their fan community

Remo Prinz We are already talking to international music labels and giants from the German entertainment industry.

Ken These are mammoths

Remo Prinz Yeah, not the easiest to chase ;-) Or even WWE (William Morris Endeavour)

Ken Talking to them?

Remo Prinz Maybe the biggest under the mammoths :-) NDA :-)

Ken This sounds very powerful already! Amazing news, thanks for the insights. Next question?

Remo Prinz YES

Ken 13) You mention on your website that Star token holders will be able receive benefits such as exclusive access or rights. Can you give us some typical examples of how a content creator would structure their Star Token holder rewards?

Remo Prinz Tobi?

Tobias Asch A musician can grant early access rights to new music releases, or request token holders to vote on the artwork for a new song or album, or maybe even raffle off costumes or props from live or online events.
Another example might be a celebrity chef cooking dinner for a group of token holders at an exclusive location, Really the sky is the limit — we figure we can’t even begin to conceive of the ways that users will discover to use the platform.

Remo Prinz We have also preserved very original ones :-) like… The tourist destination Arosa (in the Swiss mountains) has a road up to the village with 270 curves. Token owners get the right to have a curve named after them or Sauber (Formula 1), a batch will be raffled off among the Token Owners, which is in great demand throughout the Formula 1 circus: With it, you can access only to the pits but even out onto the race track and chat with the celebrities.

Ken 14 ) How easy is it for a content creator to set themselves up as a Star Token? Cryptocurrency has quite a substantial barrier to entry — will they need a base level of blockchain/cryptocurrency/tokenization knowledge in order to properly utilise your platform or can anyone get themselves set up as a Star Token?

Remo Prinz Very good question

Tobias Asch Actually, we have a second company in the Fyooz ecosystem which coordinates the set-up of the Star Token for the star. This company assists the candidate and/or his agency from the first contact to the release of the Star Token, and advises them on benefits and marketing strategies. The star and/or its agency get involved as much or as little as they like.
This setup is also important as a filter function. Potential stars go through a set-up process, which not only includes quality evaluation but also legal check-ups.

Ken So the Stars can “order” a token?

Tobias Asch Yes, they can approach us. At a later stage, a part of the process will get automated, but we will keep high entry requirements and checks.

Ken Thats cool. It has to be as easy as possible for them Next 15) Generally, the mindset of an authentic artist is to share their art and not necessarily themselves (even if they are the brand). Tokenising makes them a commodity. Do you not see this as counter intuitive?

Remo Prinz Fyooz may not be for everyone, but we’ve conducted extensive market research and tokenization is definitely the future for many celebrities, brands, causes, destinations. It’s the low transaction costs and 1:1 relationship between the token holder and the token issuer, its frictionless

Tobias Asch Keep in mind: it is not an asset token but a utility token.

Ken Is this legally confirmed and compliant?

Remo Prinz Yep. You emotionally own a piece of a Celebrity like Billie Eilish

Tobias Asch Yes we are fully compiant with non action letter of the swiss regulator FINMA

Ken 16) With the growth of esports and streaming platforms have you explored getting some of the biggest Twitch/YouTube streamers on board? This seems like it would be a perfect fit for them.

Remo Prinz Good question, thanks Yes, we are already talking to the sSports industry Twitch proves that the system already works with donations

Ken General info: only 2 more questions coming from my end. Then we open the chat for everyone

Remo Prinz In return, the industry has currently no events…

Remo Prinz (where they earn the big bucks) This could be very interesting indeed, if the users can not only “sponsor” eSports Stars but also invest and grow with them Thx

Ken :-)

Ken 17) We have already heard that there won’t be a possibility for some kind of revenue-giving fan token. I guess this is primarily due to compliance issues. On the other hand, I would see a gigantic opportunity in getting only a minimal amount of revenue out of a celebrity or brand. Even if this is a minimal amount of money, I could imagine that it would strengthen the psychological bond even more. My question is: will something like this be considered in the future (if you try to solve that compliance issue)?

Remo Prinz Good question. Tobi?

Tobias Asch The current set-up does not provide for such participation. As mentioned just before, Star Tokens are utility tokens, not asset tokens. But again: Nothing is impossible.

Remo Prinz We will find ways ;-)

Ken And Finally: 18) What do you expect to be the market and target audience for your product? If it is a non-crypto savvy group, how will you bridge the gap to onboard these users?

Tobias Asch BTW: I will have to attend a meeting at 4 pm cet and need to leave. 5 more mins

Remo Prinz I go for the question…

Ken no worries. Thanks a lot to take you the time for us!

Remo Prinz As crypto becomes pegged to things which ordinary people are already familiar, it will become the currency which people will chase. Ordinary people are familiar with the attention they give, Stars are very familiar with the attention which they receive…

Ken Anything else to add before I open the chat for everyone?

Remo Prinz Fyooz is DeFi plug and play ;-)

Fyooz — DECENTRALIZED FINANCE MEETS POP CULTURE
Website :
https://www.fyooz.io/
Community :
https://t.me/fyoozcommunity
WIKI :
https://www.fyooz.io/wiki
Medium :
https://medium.com/fyooz/latest
Twitter :
https://twitter.com/fyooz_io

Fyooz empowers you to invest in anything you love. It can be your favourite artist, brand or influencer. Fyooz combines the power of Social Media with state-of-the-art Fintech solutions — in a decentralized way.
For the first time in history, the scarce commodity of human attention becomes tradable — enabling new ways of making profit.
With Fyooz, the complexity of DeFi is pushed into the background. The app is intuitive, sexy and designed for the masses. You do not need crypto-currencies nor do you need to go through a KYC process to get started. Fyooz is plug and play for DeFi.

Duck DAO Community:
Telegram Channel: https://t.me/joinchat/It2yDE3QPPTw9JLLMHLXKA.
Website:
https://duckdao.io/
Twitter:
https://twitter.com/dao_duck

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Fyooz

Fyooz

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Tokenize and trade what you love: stars, brands, sports and more! #startup