Recap of AMA in GAT Network TG
Phil:
Hello fellow alchemists! I muted the chat and welcome all of you to our very own GAT Network AMA session
Thanks a lot to everyone who submitted their questions! If you find yours answered by us, you will be rewarded with an Xmas Wish TOY NFT!
To get things started, let me welcome Vitaly, Pete & Roman
Peter:
Thanks!
Phil:
Hey guys, how are you doing today? 🙂
Wit:
Hi! 😃
Peter:
Ready to roll, I hope people enjoy this session! :)
Wit:
Well, very busy with the incubation, but we advance a lot. It is worth it!
Phil:
yeah!
Lets get straight into the questions our lovely GAT community is eager to get answered!
Wit:
Let’s do it!
Phil:
To get the most basic stuff out of the way: “Could you please give us a short introduction about the proje…”
just kidding 😂
Wit:
hehehe
Phil:
Hosting this kind of format ourselves gives us the opportunity to dig a bit deeper into the most asked questions/concerns from our userbase instead of only giving a rough introduction about the project for people who barely heard of it
But as I said, lets tackle those basic and common questions first:
starting with:
“I want ask what difference between liquidity mining and staking program thanks before”
Peter:
I’ll get this…
This isn’t really a specific question for the GAT Network, but I think it’s important that people understand the difference…
Liquidity mining (also known as yield farming) is gaining benefits from providing liquidity for a project, such as becoming a liquidity provider on BakerSwap or PancakeSwap — this is done by locking in both sides of a trading pair, such as GAT and BNB. All trades include a small fee which is paid out to liquidity providers proportionately and this makes up the reward you will receive. There is an inherent risk to providing liquidity, and that is Impermanent Loss — if token prices are highly volatile then it is possible to lose value compared to if you had not staked any tokens at all, this can be a complex matter to understand but there are some excellent tutorials online.
Staking programs usually give benefits to simply holding a specific token or NFT, there will be no risk of losing value on the staked token (besides the fact that it cannot be immediately traded) to gain these rewards. Some staking programs will ensure that your staked tokens are locked into the staking solution for a certain amount of time, or will not pay out stake rewards until a fixed moment to prevent people from making very short term stakes to take advantage of moments of particularly high rewards — but in general they are a safe way to invest tokens as long as the organisation is trustworthy.
Nice easy one to get started with… :)
Onto the next question!
Wit:
Great answers!
Phil:
really important to know the difference if u interact with those kinds of protocolls.
And what about security while interacting with all these smart contracts?
“SECURITY is always mentioned in any project, so how will you protect the risk of losing money or leaking information?”
Wit:
I can take the next one 👍🏼
Well, today there is news all over the place that BadgerDAO has been hacked, ~10MM$ gone, a day ago it was MonoX, ~30MM$ gone. So it is a plague in our “industry”.
Security is essential indeed. We take this part very seriously and audit all of our smart contracts.
However, please note that in almost all hacks, there is some DeFi protocol involved.
In general we do not work with complex DeFi mechanics in GAT Network. It should be impossible to lose money due to our smart contracts, simply because the have little attack surface. There is nothing you can leverage as an attacker.
Over the past months we have witnessed several on-chain bot attacks that tried to do funny stuff on AlchemyToys during the change of epochs. However, nothing happened. The system works perfectly. It will continue in the same spirit: there is no sophisticated DeFi magic in our contracts to take advantage of.
Finally…
Regarding leaking information:
we do not gather any information about our users, only the one that is publicly available on the chain. In that regard: there is no information that can be leaked.
I hope this answers Security concerns 😊
Phil:
I am sure that we all are glad to hear this!
ok, lets get a bit more specific with the next one
“The entry fee is too expensive now, so will the game reduce the entry fee of arena in the future? For example, Entry fee can change in this way, use usdt as benchmark, and adjust the entry fee of GAT to be equal to the fixed value of usdt. “
I think its time for me to answer one as well 😄
Alchemy Arena is build up from the ground to be highly flexible and customisable. While your suggestion is possible, we would rather start new Arenas with its entry fees updated to the last price actions instead of having an unequal fee depending on the date u started staking your Hand
We know, that our offering of different Arenas is kind of lacklustre at the moment, but the goal is to have a broad selection in the future, where every player can choose the rules and entrance fees depending on their liking
Small stake or high stake, it will be your choice in the future
Lets go for the next one:
“I am an investor of GAT and I have noticed that it has had an exponential growth in the last days,what are the profits of holding in the long term? Also, do you plan to list this token on Binance or Kucoin? I would like to see it listed on more exchanges! Thank you!”
Peter:
I’ll answer this.
GAT (and GATe in the future) has a long term future as it becomes integrated into the new products, it will remain a staking token to receive a share of the income generated from the different GAT network projects, but it will also be necessary to hold and/or use GAT for new features in the network projects, for example the new features planned for Minted Vodka. GAT (and GATe) are also deflationary, as some use cases will cause tokens to be burned, when coupled with the low supply of the token, this should make it a rare and valuable commodity.
Regarding listings on top exchanges, we can only state that we have applied for listing, but the team will never be able to state more than that until and unless those exchanges agree to list the token and make their own announcements. As in the case with many partnerships, there will always be strict NDAs to adhere to.
Phil:
Lets get deeper into the last part by having wit answer the next one about marketing in general:
“Marketing is at the heart of every project, so it’s important to let people know its potential. What is your strategy to attract new users and Investors to your platform and retain them long term?”
Wit:
Marketing, sounds like it is in my ballpark heh 😂
Marketing is not an easy topic. Our team is very strong at the technical part of the project — we prototype and innovate a lot! But to be honest we did not have much experience with marketing of these types of products/services and had to learn a lot.
In May/June and September we ran large marketing campaigns investing 50–100K $ in banner, news outlets, local media partners, a marketing agency etc. We even tried some shill Twitter channels. But the effect was very small.
The community often requested we should work with influencers, but the good influencers are very hard to contact and those that are easy to contact often have a lot of fake users and are not worth the money.
News Outlets is something we stick to and keep working with but banner campaigns or shillers is not the right approach for us and we see it as a waste of money. Meme coin projects who don’t need resources for development can do that.
We had the best effect whenever we did cross-marketing and partnerships. This is mostly our focus right now. Such partnerships take time and effort to build, though. However, we do get help — especially now with Incubation we have access to more potential partners.
In addition to that the Binance Labs team recommended legit vendors and influencers to us — which we start to contact at the moment. Also we want to do more AMAs — but also here we need to select AMA partners carefully. There are too many TG channels with fake/ bot users and those are just a waste of time and money. We plan further AMAs at BSC News and BSCGemz. If someone knows more legit channels for AMAs please let us know (ideally including contact details). 😊
last thing to mention…
We don’t “buy” social media followers. There are projects that have more impressive follower numbers than we have because they use services to pump their follower numbers artificially. To our surprise it seems also not unusual to buy users who fake activity in the social channels or go to other channels and hype the project there. This is not our style. We prefer our channels to grow organically and therefore more sustainable. And we encourage people to do their own research and not ape in due to FOMO.
By the way, for the same reason we don’t do any “market making” (that can be often understood as “price manipulation”, “wash trading”/”round trip trading” on CEX, depending on how it is structured) which also seems to be very common in the space but we think this is not far from fraud. That’s why it’s a no go for us.
I understand that some of this is not the usual approach in crypto. However, we believe that we need to do things right and not give crypto projects a bad reputation.
I think I am done for now 😊
Marketing is an emotional topic, sorry for the rant lol
Peter:
Wow — that’s comprehensive!!
Phil:
haha, true
Lets get going with a tricky question for.. Pete maybe?
“Almost everyone wants to know what the strengths of the project are. but can you tell me the weaknesses and problems you are facing? How will you solve it?”
Peter:
Oooh, controversial one…
I’ll try and cover this
This is a difficult question, but it is important to understand the weaknesses of the project to know where we need to improve and add additional focus for the future. At the moment I would say that the three greatest challenges for the project are:
- GAT is run by a transparent and legally structured team in Germany, this certainly has it’s benefits as there can be a much greater trust in a team that is identified and is known that they will not vanish into the ether at any moment, but it also means that the project has to exist within a legal framework with correct paperwork, tax implications, and legal limitations. This is not strictly a weakness, but it does present some challenges that other projects may avoid, for good or bad.
- Marketing (as mentioned above!) is difficult in the crypto space, with many memecoins leveraging marketing to make pump and dump projects, and many crypto influencers who are lining their pockets at the cost of those who choose to follow them. When we have attempted to use more reputable ads and influencers we have found the benefit to the project to be minimal for the cost. We are using the Binance incubation program to help us to address these challenges, taking advice from key people (such as He Yi, CMO of Binance) and attempting to leverage their connections to find the right person or people to help us to market the platform.
- Finally we are limited by the amount of development that can be done by the current team members — there is a lot to be done, and although Roman and Wit are highly talented, there are limits to the time available — we have made announcements to recruit new members in time, but in these key moments during the Binance incubation program we simply don’t have the time or resources to bring a new developer up to speed to bring benefits to the ecosystem. Once the current push to launch the new Minted Vodka is complete we can hope to bring new developers in and get them up and running.
Phil:
hey! i am a dev, too! 😛
Wit:
Great summary, I have another short one
Peter:
If you know anyone who can help us with any of these challenges, please do encourage them to apply using this form: https://forms.gle/NSaGQjQiwuTiUuf76
Wit:
Here is another “weakness”, that is also our strength: We innovate a lot. This means that we try gaming & trading concepts on-chain to see what works best. This makes the project more difficult to “market” (see marketing above). Because we focus on several things.
However, it is necessary to find our sweet spot on the market with games & services that matter. We are getting closer to that. We sharpen our product and our message with each single week.
Peter:
Sorry phil, you’re highly talented too! :)
Phil:
Regarding those legal frameworks and limitations you mentioned at the beginning
Peter:
Yes — I hope this reassures people that we do consider our weaknesses, and we do have some self awareness! 😁
Phil:
Let me quickly answer the next question:
“Currently, many projects are closed in many countries due to improper use of regulations and operating permits. So to go global, how does the team solve these problems?”
This is an important question and something that is really difficult to stay ahead off
With all the implications for different countries, grey areas where you need to constantly have an eye on etc. — that’s quite something that would be foolish to do solely on our own
Especially with how flexible Minted Vodka is, there is a lot to pay attention to!
Getting back to our participation in the Binance Labs Incubation prgram: A major benefit is to get connected to established professionals in the blockchain space — including entities specialised in these questions who are willing to accompany us long therm (big thanks to Sky Consulting)
We are actively monitoring our compliance in different jurisdictions and will adjust our offered services accordingly
Wit:
We regularly consult with dedicated lawyers that focus on crypto — to evaluate our compliance and legal obligations in different jurisdictions.
Phil:
I hope that clears up that topic 🙂
ok, lets move to GameAce for the next one:
“I am very interested in Game Ace. In addition to being playable, what is the use of Game Ace in the GAT economic model?”
Wit:
oh, Game Ace , my passion 😅👍🏼
I’ll answer that
At GAT Network we like to invent the future of NFT gaming & trading. As I said before — we experiment a lot in the space of NFT-based blockchain game mechanics .
The idea is to also use this expertise in the future to offer related services to the traditional gaming/entertainment industry. Now GameAce cartridges serve several purposes on our roadmap:
1. It is a new type of NFTs that did not exist before. We love retro video games, we love indie game development & we will continue to grow this collection of playable NFTs. We are really passionate about these games and hope to build up an impressive collection over the next years
2. We needed to have a working proof-of-concept of these new NFT type — something we can show to others (potential partners, investors, celebrities/sponsors, indie game developers, etc.). This is essential for the next step:
3. Offer GameAce base technology as a service to indie game developers on MintedVodka. There are literally millions of passionate indie game devs in the world. We want to give them access to NFT hype/markets. Our technology is envisioned to be mostly “non-invasive”. We do not want to make too many restrictions, and no SDKs — the developers should be able to develop games with tools and frameworks that they like (Unity, Phaser.io, PICO-8, …).
The idea is: you build your game, you upload it on MintedVodka, pay a GAT fee,… And the MV online service wraps it in our technology, deploys it on IPFS, pins it there, mints the corresponding NFTs and gives you the tools to launch it on the markets…
We want to give developers additional promotion on our channels and also run hackathons to attract more interest.
So to summarize: GAT will be used to pay for the game-minting service, which gives NFT access to millions of game developers.
and finally 4.
GameAce is a unique kind of NFT. It is a big plus to have it on our MIntedVodka marketplace. We need as many exciting NFTs there as possible! This is simply a really good featured NFT collection for MV, which will serve to make MV (and its GAT use-cases) more popular 😊
So it is a big win for GAT Network and GAT
Peter:
Excellent!
Phil:
I dont know if u guys have guessed it, but i am a big fan of gameace myself ;)
Peter:
Ha…me too — got to catch em all!
Phil:
ok, lets move on to the next one:
“1. you say, Minted Vodka has huge potential in the NFT trading space. So through today’s AMA, can you summarize some of the potential of Minted Vodka for everyone to hear? also, what is your most unique feature compared to all the other NFT trading platforms out there in the current space?
2. Can you give some information about the games on GAT Network? I read that, The games on GAT Network are fun, and have a lot of potential to bring in other players, so what is your game plan to be competitive and sustainable in this space?”
not really 1 questions, but never mind 😅
i will tackle these 2
1. Minted Vodka will be your one-stop-shop for crypto assets. And by that I dont only mean for the average Joe!
While we make sure that he has a flawless experience without restrictions that lets the user basically trade “anything for anything from anywhere” with no need of all the crypto knowledge and effort that is usually involved in doing these tasks (especially trading cross-chain)
We also want to offer services for businesses like artists or other crypto projects (like wit mentioned before) with marketing on Minted Vodka, token and NFT distributions via Cocktails and minting in form of NFT collections or GameAce cartridges for Indi developer
That revenue is mostly used to give our holders more incentives to keep that token by letting them stake it for their share of the collected fees or by us filling up the Cocktails with partner token/NFTs for GAT holders to farm etc.
2. The games are quite unique in the sense that they try to solve the problem high yield farming often brings to the table in DeFi and that NFTs usually hold intrinsic value.
Since you need to pay a fee in Alchemy Toys to mint those NFTs, we can make it partially available for GAT stakers. At most of these other “farms”, you get the same token you stake with its reward being minted on every block — contstantly inflatinting it.
This makes it mandatory to stake your token to not lose its value and if it does, your investment and reward is screwed.
Because the fees collected in AT are in BNB, your reward for staking GAT isnt as prone to price fluctuations and because the reward isnt generated by printing more token, there is no ongoing inflation
Regarding NFTs: While our TOYs definitely have its collectors value, every TOY has an intrinsic guarantee of a future payout of the games treasury chest in BNB — the older the TOY the higher the share
In addition to that, our NFTs can be used in a variety of games, which makes it easier for us to try out new game concepts without risking our assets value.
Keep in mind, that this GameFi space is pretty much unknown territory for everyone!
ok, lets dig way deeper into that Minted Vodka part by having Roman answer the last question:
Roman:
lets go
“Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?”
there is a whole book that could be written just with this one hehe
I think there is no equivalent competitor comparable with GAT Network Ecosystem: on-chain gaming, innovative NFT use-cases, ultra-flexible marketplace.
If we only look at our flagship project, the MintedVodka, its killer feature is definitely its insane versatility. It will go multi-chain with the next V2 release. New popular L2 chains can be onboarded within a few days.
The deals, as already known from the first version, are ultra-flexible: trade anything for anything in any amount. V2 adds additional promise: trade on any chain you want. And this is an intermediary step towards true cross-chain trades.
When it comes to collections, we are as open as OpenSea — if the collection (=token contract) exists, it can be traded on MV. Be it ERC721 or ERC1155 — we will support all NFT formats.
What makes us stand out here is our constantly-syncing multi-chain NFT wallet. The users will have a neat overview of all their NFTs across all supported L2 networks — even if they are not currently connected to that network. This gives us a solid groundwork for future kick-ass features like sms/email notifications when a user receives an NFT. (we could even go native-NFT-wallet if we decided so😈 ) Since the launch of our wallet backend a few days ago, we are already tracking over 110.000.000 NFTs and 180.000 collections across 3 chains. 😱
So the main idea here is to be open and accessible, independently what you want to do, what assets you have and what chain you are connected to — you will find the right tools on MV to trade, manage and interact with your assets. No need to switch marketplaces. All at your fingertips. The future is multi-chain and MV is set to be a solid player in that environment. MV is your all-in-one one-stop cross-chain crypto-asserts companion. 🤓
There are a few innovations coming to the trading and minting, but also the additional services that MV will provide as a part of its toolset. Those will be explained in detail as we keep advancing. The technology tree for our vision is clear. The features that are being built right now are stepping stones toward higher, more complex features. It’s like in a game: the only thing we need is time to “research” all the items in the technology tree. 🤓 🕹 We are getting there!
Since I already drifted off the original question. 😄 Let me share a small video preview of the new MV UI that I shared with the rest of the core team this morning.
It’s work in progress, but showcases the wallet and how it will work. Right now the trading UI is being built. We will launch the public preview as soon as possible!
Wit:
Let me throw in a few of the technology targets in our tech tree on MV2: 😉
Phil:
So i would like to ask all of you for your opinions regarding this format and if you would maybe prefer a voice AMA for variety in the near future
Thanks again to everyone who took their time to be here today
Every AMA winner will see the Xmas Wish TOY NFT in their wallet within 24h 🙂
To Those of you who are not among the winners can take their chance at our ongoing challenges and giveaways!
Check out: https://gat.network/challenges-nft-airdrops/ for that
I will unmute the chat now. Thanks again!
