SOTA Finance — Telegram AMA — March 13
On Saturday, March 13, we had the pleasure to welcome to our Telegram chat:
Nguyen D, Founder,
Tuan Le, Co-Founder, and
Thao Nguyen, CEO.
We asked them questions about the development of SOTA Finance.
Some sentences have been slightly edited for readability but the meaning has been conserved.
SOTA is a multi-chain digital content NFT P2P marketplace that brings the new world to reality by connecting NFT creators and collectors by allowing limited digital content creations to be easily created and transacted using blockchain technology.
Users can earn the platform’s governance token, $SOTA, as they participate in platform activities, including airdrops during sign-in, buy/sell activities, and farming NFT contributions.
SOTA token owners are eligible to farm limited NFT editions provided by select artists, propose/vote for new functionalities or developments on the platform to get rewards.
The token contract was audited by the leading blockchain security company, CertiK. SOTA Coin has been verified with a score of 99/100.
Q — Ayeley Commodore-Mensah from GAINS: Let’s start by learning a little bit about you. What did you do before crypto and did you have any other previous venture in crypto? What is your role at SOTA Finance?
A — Nguyen D from SOTA Finance: I am Nguyen D, the founder of SOTA.
Initially, I worked in the Legislative institute of the National Assembly and National University. In regards to the crypto space, I was the head of Huobi OTC, in our market, since 2018.
Here at SOTA we recently listed on Uniswap, we reached ATH of <8X soon after. For a general overview, SOTA.FINANCE is a multi-chain P2P NFT marketplace, and we have been warmly welcoming 3k-5k new active users signed up daily since launch.
A — Thao from SOTA Finance: Hello everyone! I’m Thao Nguyen, CEO of SOTA.
I spent most of the career in the Financial Industry, with 14 years of experience working in Japan and Europe. In 2018, I made a career move to become the Business Development Director of TomoChain Japan.
Observing the movement of the NFT market and its potentials, I worked with my co-founder and partners to develop the SOTA NFT platform. We aim to bring the NFT market to the next level and support many creators and users to join the market.
I’m in charge of the overall design of the product and business development.
A — Tommy from SOTA Finance: I’m Tommy, co-founder, and Head of Product Development of SOTA.
I started a career in the largest IT company in Vietnam as an IT developer, and later on, became a director. After leaving the first company, I founded and was the CEO of SotaTek — an IT consulting and development company with 300 employees at this moment, providing services to customers worldwide. I am in the founding team and CEO of SotaNext Corporation, an IT company that specializes in blockchain consulting and development services.
When working in SOTATEK, I also work on some kind of project related to blockchain. I’m very interested in blockchain and I believe it will soon become a mainstream technology.
About SOTA Finance
Q — Ayeley Commodore-Mensah from GAINS: Cool. What is the Sota Finance project about in a few simple sentences?
A — Thao from SOTA Finance: SOTA is a multi-chain digital content NFT marketplace. The platform aims to enable easy creation and transaction of NFTs to mass users. On Feb 10th, we launched our first version of the platform on Binance Smart Chain, which allows users to create and trade NFTs at a much cheaper cost than Ethereum.
Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on the project? And how many people are on the team?
A — Tuan Le from SOTA Finance: We start the Sota Project from Oct-2020. Now we have about 20 people in the development team. And we also have 10 people working as marketing and content partners.
Q — Twitter user @StampedingT: SOTA is planning on being a cross-platform NFT market. Currently, it’s only supporting Binance. Do we have a timeframe for when ETH will be added? Also, what will this look like for the platform? Will we have 2 wallets for each account? Or will there be some kind of bridge?
A — Tuan Le from SOTA Finance: Very nice question, let me answer it. Multi-chain is a key feature for our platform. So we have designed to support it from the beginning.
A — Tuan Le from SOTA Finance: We plan to add ETH in Q2 -2021, as you know ETH has a plan to upgrade to ETH 2.0. So we want to adjust our platform to support ETH2. When we add ETH then the user will have one address but they can swap NFT between supported chains (BSC or ETH) by our NFT bridge. Users can select which chain is good for them. Hope it will help you to clear this question.
Q — Telegram user Gutierrez04: For the vast majority of P2P businesses, some registration and KYC are required to be completed, will this really be necessary to sell and buy NFT?
A — Thao from SOTA Finance: That is correct. We require users to do KYCs to become verified creators. Only verified creators’ artworks will be selected for promotion by SOTA.
Q — Telegram user Pepensando: News recently surfaced that crypto artist Beeple’s NFT auction was sold for $ 69M. If a sale of this level had been made through Sota Finance, what would have been the impact that this marketplace would receive in terms of its development?
A — Thao from SOTA Finance: Yes it is definitely an amazing event that has an impact on the whole crypto world. It is beneficial for all NFT markets, including SOTA. Though not at the level of Beeple, we are working with many partners to onboard good content for NFTs on the SOTA platform.
Q — Telegram user Ariana: With SOTA anyone can create NFTs using the digital content they like, but not always are the artists posting their own content, how do you manage the platform to prevent duplicates or copyright violations?
A — Tuan Le from SOTA Finance: We are developing an AI module to support detect duplicate content. For the copyright violations, we have KYC with our verified and top verify artists.
Q — Ayeley Commodore-Mensah from GAINS: What is the SOTA token use case and how does it capture the value of the ecosystem you’re building?
A — Thao from SOTA Finance: SOTA is the governance token of the SOTA platform, and is an ERC20 token. The total number of tokens is fixed at 100 million. SOTA token holders are eligible for the following:
•Stake SOTA to earn limited NFT editions
•Propose/vote for new functionalities or developments of the platform (governance activities) and earn rewards.
Starting from year 3, a portion of platform transaction fees will be used for the governance.
Q — Telegram user 🐍 jidan🐍: Where can I get the $SOTA Token?
A — Tuan Le from SOTA Finance: You can buy it on Uniswap now.
Q — Ayeley Commodore-Mensah from GAINS: How does SOTA compare with all the other NFT projects in the market now? What is your unique selling point?
A — Thao from SOTA Finance: In general, SOTA is similar to other NFT marketplaces such as OpenSea, Rarible, etc. The difference is we aim to optimize the underlying blockchains to select the most efficient one for NFT creation and trading so that we can bring more people to the NFT market.
Q — Telegram user Hanchelt: Has the Sota Smart Contract been audited? And by whom? Do you have any plans to convert your ERC20 Sota token to Bep20 because your base chain is the Binance Smart Chain?
A — Tuan Le from SOTA Finance: Yes, Sota Smart Contract has been audited by Certik. And as our plan, we will release Sota Bridge in Mar-2021 to support the exchange of SOTA ERC-20 and SOTA BEP-20.
Q — Ayeley Commodore-Mensah from GAINS: Let’s talk about funding. Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Thao from SOTA Finance: Yes we did. On Feb Deb 18th, we opened the pre-sale of SOTA tokens on TrustSwap LaunchPad. The presale was oversubscribed 12x. On Feb 23rd, SOTA tokens were listed on Uniswap.
We are fine with fundraising for the time being and will concentrate on project development, both on the technical side and content, marketing side.
Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at currently? And what should we look forward to in the coming months?
A — Tuan Le from SOTA Finance: We released our first version of the SOTA Platform that is running on BSC, and now we reach about 15.000 active users on our platform. We are now developing some features and they will be released soon:
+ In Mar-2021 we plan to release some big features like social farming… on our current platform.
+ In Mar-2021 we also plan to release Sota Bridge that helps to exchange SOTA ERC-20 and SOTA BEP-20.
+ In Q2–2021 we plan to support ETH, external wallet, and Auction functions.
Other features we will continue to update on our community channel.
Q — Twitter user @Berat_lucky11: Being someone who got into Blockchain space a few years back and observing multiple bubbles but no concrete adoption, I sometimes lose my faith and I am sure there are many others like me. What can we expect SOTA NFTs to do differently? How do we get masses on board?
A — Thao from SOTA Finance: We aim for the long-term development of the project and are very careful with every project development step. We believe in the potential of the NFT market because it solves a real-world problem. The NFT technology will help to promote the healthy development of the digital content market where creators and true owners are recognized and protected. As a result, the SOTA platform can generate revenues and the business is sustainable.
2 key features that we focus on to bring mass adoption of NFTs: 1) an effective platform that users can create and trade NFTs at minimal cost, and 2) a user-friendly system that anyone can access easily. We plan to add non-crypto payment gateways to make it easier for mass users.
Q — Twitter user @CalebKure: As a community-driven project; how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System?
A — Thao from SOTA Finance: Yes, We have activities to engage and expand the communities such as referrals, articles, video contests, and ambassador programs.
Currently, you will get 50% of the fees that the system generates from your referred friends.
Regarding the ambassador program, SOTA shares commission to ambassadors who support sharing SOTA NFTs with their networks. Please join the form link provided at the end of the AMA to apply.
Q — Telegram user John: How will you promote your project in different countries where English is not spoken well? Will you create local communities for them to better understand Sota?
A — Thao from SOTA Finance: We are in the discussion process with many influencers to support us in expanding SOTA communities in their local regions, in their local languages.
Thanks for coming in today guys. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thank you everyone for your support! — Tuan Le from SOTA Finance