PlotX — Telegram AMA — March 10
On Thursday, March 10, we had the pleasure to welcome to our Telegram chat:
We asked him questions about the development of PlotX.
Some sentences have been slightly edited for readability but the meaning has been conserved.
Q — Ayeley from GAINS: How was the idea of @TryPlotX born? Can you indicate some advanced features or incentives that can attract more players to your platform?
A — Kartic from PlotX: Idea of PlotX: How can we make crypto accessible to everyone? How can we allow everyone to get a slice of the crypto pie?
In our current platform, this idea is brought to life through gasless transactions, very low entry points (~$2), and a fair game system where the more you play, the better you become (provable on-chain).
In our next step of evolution, we are looking to build a Play2Earn game because again, what better way is there to get the next billion onto web3?
Q — Ayeley from GAINS: Can you give a brief introduction of PlotX for the uninitiated?
A — Kartic from PlotX: PlotX is a Web3 gaming startup, on a mission to build skill-based games in the Play2Earn category
We have 150,000+ users, growing at 144% MoM in 7 months of launch.
Having raised $7.5m in VC funding, we’re now on our journey of charting 1 million users and are actively hiring for multiple positions
Q — Ayeley from GAINS: What would you say to someone who feels that your current product has similarities with gambling?
A — Kartic from PlotX: S, PlotX in its current form does have some similarities to gambling. The similarity is that in both cases you put in money to win money, The difference is chance-based vs skill-based
Users in PlotX predict the price of crypto assets in particular time frames. That price is dependent on a multitude of factors. This is why there IS a chance element since it is extremely difficult to take all factors into consideration.
But through research and analysis, it is possible to isolate key factors that have a disproportionate impact on the price, which allows a player to be able to increase their probability of a correct prediction. Do this consistently, and immediately you are better than the market.
Our players’ prediction accuracy increases the more they predict — can be confirmed through Dune Analytics. This isn’t possible in a chance-based game.
Q — Ayeley from GAINS: I saw that PlotX non-custodial pays everyone’s gas fees. How is PlotX able to do this?
A — Kartic from PlotX: We’ve innovated a lot on ensuring that users on PlotX find it super easy to make predictions. We hence introduced the concept of gasless transactions via meta transaction relayers.
Users don’t need to sign an additional transaction to pay the gas fee. They make a single transaction and meta transactions take care of the gas fee in the backend! So far, more than 600k transactions have been executed on PlotX via this tool.
Q — Twitter user @Godpelpa: What do I have to do to get started on your platform? Do I need to make a KYC to be able to participate? What is the minimum amount of money I need to start?
A — Kartic from PlotX: Yes, we have a trial bonus in place for new users who want to try out the app. With the trial bonus, users get up to 3 free predictions on the app and get started on their PlotX journey without the need to have any funds on Polygon.
However, an important point to note over here is that this is purely meant for new users to try out the application. To ensure complete fairness, we have eligibility criteria defined as: “If you’ve made at least one transaction on Ethereum or Polygon or Binance Smart Chain till 31st December 2021, you are eligible to claim the Trial Bonus.”
Q — Ayeley from GAINS: Can you explain the process by which our earnings are calculated for a correct prediction? Is it possible to know how much we are going to earn before we make our prediction? Is there a time of day when the percentage of earnings increases or decreases?
A — Kartic from PlotX: Earnings are based on the total prediction pool. Depending on the number of positions you hold (which would depend on the amount you are predicting with), you stand to win a percentage of the total pooled amount.
Your potential winning is shown at the time of making a prediction, along with the ROI that you would be getting.
In terms of the best time to predict, you have to try and figure that out yourself. Otherwise, it wouldn’t be fair to all our players who have put in the time to find that answer for themselves
Q — Ayeley from GAINS: Does PlotX has a play2earn component? How can we get started there?
A — Kartic from PlotX: We’re working on releasing one of the largest p2e games (born out of PlotX) in the world.
This would be all about predictions and will consist of a lot more than just crypto prices as a category to predict.
With P2E, we will bring the super vast Web2 audience to Web3, The Vision with this game is to enable users to monetize knowledge, give rise to category experts, eventually influencers through their predictive capacity
Q — Twitter user @Ladyanitax: I learned that with their recent $5 million funding, their development team plans to run a very interesting product in the GameFi space. So why do you want to get into the GameFi space specifically? How would a prediction-based game work or would it be about something else?
A — Kartic from PlotX: We started PlotX with a simple thought — how do we make crypto more accessible? This is why at PlotX we have no gas fees, you can make a prediction from as low as $2, and decisions on new markets are made with input from our community.
Keeping with this objective, Play2Earn just seemed the next logical step, being a tool that can help make crypto even more accessible to a much larger audience.
The game that we are planning would indeed be based on predictions, and we are very excited about it! But I can’t really say anything more about it except that it will be launched in phases by next quarter.
Q — Twitter user @LadyAnitax: I noticed that you have developed a new staking program to benefit your entire community. So, could you explain what requirements we have to meet in order to participate in this program? Only your native token can be used or other tokens are available?
A — Kartic from PlotX: The only requirement is that you like high APYs. 14.5 Million $PLOT have been staked so far.
The best part is that this AMA could not have happened at a better time. On hitting the 15 million $PLOT, reward boosters will be unlocked. With the reward boosters, stakers can earn up to 750 MATIC and 10,000 bPLOT every day at up to 45% APY.
If you do not have $PLOT, you can use any of the following assets in your Polygon wallet — WMATIC, USDC, USDT, DAI, or WETH, to participate. The tokens will be converted to $PLOT via QuickSwap.
More details can be found here
Q — Ayeley from GAINS: How do you aim to stand out from the many P2E games that are coming out into the market?
A — Kartic from PlotX: PlotX Play2Earn is the gamification of opinion-sharing
There is already a large group of people who want to voice their opinions on platforms such as Twitter, Instagram, Youtube, FaceBook. We are providing them a platform where they can monetize their opinion
Most games are only for fun. Our game also solves the basic need to be heard and recognized, while giving users a way to make money!
Q — Ayeley from GAINS: Currently there are many projects that disappear for a few weeks. With that in mind, why should we choose PlotX?
A — Kartic from PlotX: Yes, this is one of those challenges in the web3 world. When assessing any project, DYOR is actually important. I think users should always look at the backers of a project, the track record of the founding team, and check out the community of the project.
These should be good indicators of the legitimacy of any project. I won’t give all the details here, because you should check these details yourself, but here’s something to get started 🙂
Q — Ayeley from GAINS: There are many NFT and Metaverse projects currently. So there must be high competitiveness in the market, and users are more selective when participating in new platforms. What are some prominent features that make PlotX Games ahead of other blockchain-based games?
A — Kartic from PlotX: Most blockchain-based games are very web3 heavy and it is quite difficult for web2 participants to get onboarded on to.
We have designed our UX in what we call web2.5, which simplifies onboarding, thus making our game more accessible to the huge web2 audience who are keen on getting involved in crypto.
We cannot grow unless we can bring in new people, and this is where I believe PlotX has an advantage over others.
Q — Twitter User @MmgvsTodos: Can you mention the achievements you have made since your last presentation in the GAINS community? What are the new achievements you are trying to accomplish?
A — Kartic from PlotX: It has been quite a ride since the last time! We have seen a hockey-stick growth and quite honestly, at times we have surpassed our own optimistic projections.
With PlotX v2, we have expanded our ecosystem with more than 21K+ token holders and 150K+ paying users.
We have added an array of new features, seasonal sports markets, a staking program, multi-currency support, and much more. I am more excited about what is to come than what we have achieved. The next few months are going to be crazy. Stay Tuned!
Q — Ayeley from GAINS: Are you planning any markets other than crypto in the future? Can users make their own markets?
A — Kartic from PlotX: We have a rich community of 21k+ token holders and a player base of more than 150k+ paying users
Decisions we take are mostly informed by feedback from this community. For eg., a lot of users have requested seasonal sports markets in the past. We hence, launched cricket-related prediction markets last year. We will be doing so again this year as well!
Q — Ayeley from GAINS: It would be great to see other sports and markets as well.
A — Kartic from PlotX: We launched IPL related markets last year and will be doing the same this year as well, IPL starts soon!
Q — Google form: Do you have plans to promote PlotX in different countries in which English is not used frequently? Do you have local communities for them to better understand your project?
A — Kartic from PlotX: PlotX as a platform is inherently geo-agnostic since crypto and gaming are popular everywhere. As such we are promoting PlotX worldwide.
Our player base has significant representation across countries such as India, Indonesia, the Philippines, Russia, Brazil, and Iran.
Given the diversity of our player base, it is of course not possible for us to offer our platform in multiple languages.
However, we have observed that a lot of our users actually prefer to use our platform in their local language, and they do this using the auto-translation feature of most browsers.
One of the things we are looking into currently is to put greater focus on the countries where we are getting our majority players from, by tapping into local content creators to help explain our product and its advantages.
Last but not least, for GAINS community members who aren’t already in the PlotX community, where should they go for project updates? Any final words? — Ayeley Commodore-Mensah from GAINS
Head to our Telegram group for all updates around the project! We’re looking forward to seeing you all on Website| Discord | Medium | Twitter— Kartic from PlotX
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