ShoeFy — Telegram AMA — October 09
On Saturday, October 09, we had the pleasure to welcome to our Telegram chat:
Michal Horvath, CMO
We asked him questions about the development of ShoeFy.
Some sentences have been slightly edited for readability but the meaning has been conserved.
ShoeFy is an innovative decentralized platform that combines Non-Fungible Tokens and Fungible Tokens . ShoeFy will have two tokens namely, SHOE (ERC-20), the native Fungible Token, and sNFTs (ERC-721) which are algorithmically programmed and randomly generated on-chain.
It is a futuristic NFT project. It utilizes cutting-edge DeFi tools to maximize returns by providing options for both farming and staking using its sNFT to generate passive income in SHOE tokens. Over time, ShoeFy will tap into different ecosystems of Gaming, Collectibles, and the metaverse. Further, it will also expand to different other merchandise, partnering with reputable fashion brands.
They are currently on the second phase of the third quarter in the roadmap, programming the genesis sNFTs and preparing for the IDO of the $SHOE token. ShoeFy has a long-term goal of innovating and evolving over time.
ShoeFy will enter the gaming and collectibles ecosystems, as well as develop a presence in the metaverse, with one-of-a-kind digital kicks. Later on, this will lead to the growth of the product line to include more items, as well as collaborations with prominent fashion labels.
ShoeFy is a hybrid of the NFT and FT ecosystems. sNFTs can be issued and resold on the secondary market, with the first buyer receiving royalties each time the sNFT is traded for a set length of time. In the ShoeFy platform, sNFTs can also be utilized for staking and farming. In either case, the user generates passive income. Unlike in typical NFT marketplaces, users will not have to wait for a buyer to bid on their sNFT. ShoeFy overcomes this liquidity problem with an easy-to-use NFT swap site incorporated into the platform. This switching function is supported by the platform’s $SHOE/sNFT AMM liquidity pool.
Q — Ayeley from GAINS: We’d like to know more about you. Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Michal from ShoeFy: I am in the crypto space ever since late 2016, so I assume you can call me a crypto OG since I have already been around for two bull markets. In March 2017, I held my first ever Ted talk about distributed ledger technology and blockchain, realizing the benefits of such a technology, that was to share my excitement and the ambition I saw in the technology early on. In March this year,I have started my own blockchain venture capital firm called Catena Venture Capital, and that’s how I came across some great talented people, one of them being the founder of ShoeFy. 👍😉
Q — Telegram user Tor Kotha Thik: Do you have a strong team to achieve ambition and vision? How well-experienced is your team?
A — Michal from ShoeFy: The project is led by a team of experienced blockchain venture capitalists, creative NFT developers, and top-tier marketing experts spanning from Europe to Canada and onto South Korea & Thailand in SE Asia. Our team members share common goals and foresee a huge opportunity in the NFT and DeFi market space.
In terms of their backgrounds, some of them are founders of creditable VC firms and also marketing experts. Other members have experience in reputable crypto projects and exchanges. Also, we have boarded a tech team of superior talent building our platform.
Q — Ayeley from GAINS: Tell us more about the project now. What is ShoeFy about in a few simple sentences?
A — Michal from ShoeFy: ShoeFy is an innovative decentralized platform that combines Non-Fungible Tokens (NFT) and Fungible Tokens (FT). It is a futuristic NFT project that utilizes cutting-edge DeFi tools to maximize returns. ShoeFy can amplify the NFTs’ potential by including both farming and staking to generate passive income.
Q — Ayeley from GAINS: I wonder though, why shoes? What really is the inspiration behind ShoeFy and what sets it apart from the competition?
A — Michal from ShoeFy: When we were coming up with a creative idea of merging NFTs with existing DeFi capabilities, we brainstormed the whole direction of the NFT market. We have observed that character and avatar projects have done very well in the past, however wanted to take that a step further and be visionaries as to what might come in the future. Therefore, we have observed the trend of how the digital fashion space is evolving and we have chosen to become a digital fashion brand with DeFi utility on our goods. Since many existing hype beasts have come across the term “reselling” where a sneakerhead buys a sneaker not just because he wants to wear it, but because they want to flip it and make a profit.
We have therefore taken this a step further and starter ShoeFy a digital fashion brand specialized in sneaker NFTs which can be staked and thus the ShoeBeats can earn passive income by holding their sNFT!
Q — Telegram user Antonio González: They explain that ShoeFy’s NFT shoes are collectible art and generate passive income, but do they have plans in the future to pair their NFT shoes with real-world shoes? Can ShoeFy become the Adidas or Nike of digital NFT shoes?
A — Michal from ShoeFy: We have a long-term vision of making ShoeFy adopted by existing hypebeasts & sneakerheads by introducing them to the digital fashion world, which will sooner or later take over the popularity of the existing one. We understand that some of the hype beasts or fashion gurus are not fluent with using Metamask, therefore our marketing campaign targeted at the outside of crypto fashion enthusiasts strongly considers the learning curve of adopting NFTs and crypto in general.
To aid this learning curve, we are having a series of introductory tutorials filmed by our experienced team to provide clarity for newcomers on how they can use Metamask, Opensea, sNFT minting, and other activities which they might not be familiar with. We are going to be collaborating with some top-tier fashion media outlets when we get to the stage of promoting ShoeFy to existing sneakerheads. (we still can’t believe they have accepted to work with us! Since we can’t disclose who they are, please stay tuned for the final announcement on our Telegram channels!) We have taken weeks to plan this stage of the campaign, and are confident to say that it will introduce a lot of new sneaker enthusiasts to the NFT and digital fashion space.
Q — Ayeley from GAINS: And what role does the token play in the ShoeFy ecosystem?
A — Michal from ShoeFy: Tokens, as in almost every crypto project are the main gears that enable the utility of the project. For ShoeFy, the utility of the $Shoe token is spread into these three parts; Stake sNFTs to Earn $SHOE Gone are the days of useless NFT’s that have no utility! Put your sNFTs from the ShoeFy Elemental Collection to work for you on the ShoeFy platform and you can earn $SHOE tokens. The shoe NFTs or sNFTs created by ShoeFy are more than just collectible art. These whimsical shoes powered by fire, water, earth, or air also earn you passive income. Find the one you love, and put it to work, and that’s not the only way to earn $SHOE tokens. Stake $SHOE to Earn $SHOE — AKA Conventional Staking.
The $SHOE tokens can be staked in the $SHOE pool, and the rewards will be paid in $SHOE tokens. This is a lower-risk DeFi product as it is not subject to impermanent loss, and is ideal for those wanting to get into DeFi to experience how your assets can begin generating your passive income, by gaining interest on your investment. Become a Liquidity Provider to Earn $SHOE In addition to staking, users can also become liquidity providers to generate passive income by unique liquidity rewards.
Provide liquidity to the $SHOE/sNFT pair and receive sLP tokens, and then in turn stake those sLP tokens on the ShoeFy platform and earn $SHOE tokens. For maximum rewards use a boosterNFT (bNFT) which holds the ability to increase your yield by 1.1x,1.5x, 2x, and 3x. The $SHOE tokens have numerous utility functions, but it doesn’t stop there. The sNFTs created by ShoeFy have some additional functionality and one that will debut shortly on the ShoeFy platform.
Q — Ayeley from GAINS: Have you partnered with any major sneaker brands so far?
A — Michal from ShoeFy: ShoeFy actually does not plan on making real-world sneaker partnerships. Our vision stretched beyond that. We don’t want to partner up with Nike. We want to become the new Nike for the metaverse! 😉
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Michal from ShoeFy: Yes we are just about to finalize our raise of $3.65m after our Launch-pads. We have just onboarded some of the industry’s top venture capital firms such as Ferrum Network, Moon Whale, Catena Venture Capital, and others. The funds are getting deployed very strategically. As the CMO I always triple analyze the marketing expenses and make sure that the budget is getting allocated wisely. Thus, so far the performance and return on investing in all of our activities have been very profitable. Both in terms of capital & community resources.
Q — Ayeley from GAINS: With respect to your roadmap, what should we expect in the next weeks and months?
A — Michal from ShoeFy: We are currently in the second phase of the 3rd quarter in our roadmap, programming the genesis sNFTs and gearing up for $SHOE token IDO. ShoeFy has a long-term vision to innovate and evolve over time. ShoeFy will tap into the different ecosystems of Gaming, Collectibles, and establish a presence in the metaverse, with digital kicks that are unique. Later this will lead to expansion to different other merchandise, partnering with reputable fashion brands.
Our marketing team is going aggressive and our developers are working round the clock. We will be doing our IDOs in 8+ reputable launch pads by mid-October starting on the 11th!
Q — Twitter user @dead_evild: A strong community not only brings interesting ideas to the project but also attracts larger partners. So how does ShoeFy plan to build its community? And is there a plan to recruit people with Blockchain experience to the ShoeFy team?
A — Michal from ShoeFy: Yes, our positions are always open for new interesting additions to the team! Please email us with your CV attached and for what position you would like to apply for. We are currently open to very good developers, business developers. In regards to the community growth, our partners are contributing very heavily and to the utmost of their capabilities. Therefore, we can also be thankful to them for having such a strong community that we have today.
Q — Ayeley from GAINS: Is your project a local project or a global project? Can anyone use your services from anywhere in the world? Are there any restrictions on
Q — Telegram user Rosery: In the 4Q Phase 1, You have planned about the IDO and listing, Can you please provide me an update on this and on what exchanges are you planning to List $SHOE Token?
A — Michal from ShoeFy: On the 19th we will be holding an IEO with a very reputable Tier 1 exchange. Please make sure to follow all of our socials so you won’t miss an opportunity to participate! We will be listed right after on the 19th on the top-tier exchange that held the IEO and then on Uniswap!
We will be launching on a top-tier CEX as well as Uniswap. We have the ambition to create a cross-chain bridge and facilitate both ERC and BSC so hence we will perhaps list on PancakeSwap in the future as well!
using your service?
A — Michal from ShoeFy: Blockchain and crypto, in general, are global initiatives. Crypto does not know any borders and that’s one of its main reasons. The same applies to ShoeFy, we don’t focus on any specific community or geo-location to market our product to. Rather we focus on the holistic vision of the project and try to cater to the global market.
Michal, thanks for coming into our community, and taking the time to answer our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
I would like to wish everybody a very restful weekend and invite everyone to join us on our journey through the launch week! Because ShoeFy is about to get launched to the moon 😉
On that Absolute pleasure for being able to introduce everyone to ShoeFy! Thank you for your interest in ShoeFy. We have worked very hard to bring this innovative idea to life and we are very excited to launch soon. Also, we have many great partnerships/events/announcements prepared, and they are ready to be disclosed closer to the launch. Hope our excitement could be shared with all the members here, and wish many of you could ride on this journey and become a part of ShoeFy.
I know a lot of you didn’t get your questions answered, so please join ShoeFy’s channels to continue this great momentum and we can assure you will receive an answer to all of your questions: Website | Twitter | Telegram Official group | Telegram ANN | Medium — Michal from ShoeFy