Kollect AMA Recap from October 7th, 2021
We’d like to thank you for your overwhelming support and participation in our first in-house AMA in Kollect’s Telegram Community Channel on October 7th, 6 PM KST (9 AM UTC). To celebrate our first AMA, we had a total giveaway prize pool of 8000 KOL which were given to our community members by asking questions through a google form or having their questions chosen in the live Q&A section. For those that weren’t able to make it to our first AMA, please find the recap and synopsis below!
Part 1: Introduction
Part 2: Questions acquired from Twitter/ Google Form (8 Questions)
- Selected winners/questions receive KOL (500 KOL Ea.)
Part 3. Live questions (5 Questions)
- Selected winners/questions receive KOL (800 KOL Ea.)
KOLLECT Admin: Hello Kollectors! We are pleased to announce our first in-house AMA! I’d like to introduce you guys to Ethan, the CSO of Kollect!
Ethan will be answering our questions today so make sure you guys pay special attention and jot down any questions you may have!
As shown in our format, we will select a few questions at the end of our AMA in which users chosen will also receive KOL as a reward. 🥳
Ethan: Hello Everyone! It’s a pleasure! I’m really looking forward to giving you all a further introduction about Kollect and answering any questions that you may have!
KOLLECT Admin: Hi Ethan! 👋 Let’s start! Please give a brief introduction about yourself and Kollect’s project! 😊
Ethan: I am the CSO at Kollect. To simplify what I do here at collect, I’m in charge of strategy and business dev such as designing the token economics and the overall service design!
Kollect is a gamified collection card platform for any branded IPs. Its Collection Book system Kollect.book has a unique built-in play-to-earn feature, allowing users to strategically stake their cards in different collection books to maximize their rewards. Kollect.book enables flexible gamification of collecting activities. Kollect will also publish play-to-earn games built around its IPs where the users can put their collected NFT cards into real actions. Each of the branded IPs can have their own games and in-game currency.
Kollect envisions to become the premiere hub for collectibles and play-to-earn games for world recognized brands and IPs, so we strive to secure the most exciting IPs!
KOLLECT Admin: Amazing! 😍 Can you give us some information on how the project got started and how you got started in the blockchain industry?
Ethan: I got involved in crypto because my friends from college used to mine bitcoin out of their laptops. I used to think it was something quite funny then I ran into the whitepaper on bitcoin and then it all started from their. For a long time, I used to work in and out of the industry, because I always had my own gig.
Then I ran into Vincenzo through some mutual friends. Vincenzo, our CEO, has done many gaming projects mainly using existing IPs like animations and webtoons, and successfully turned them into games. I have founded and sold e-commerce companies before with brand licensing at the core of the business. We met up to kind of catch up and Vincenzo told me his idea about a gamified NFT platform that can generate yield for its users.
I thought this idea was really fascinating as I was very much involved with finance and IP content in my previous projects. We agreed that the NFT market has a huge potential to grow with the participation of major franchises, so we began to devise a detailed plan for Kollect!
KOLLECT Admin: That’s quite interesting! So glad you ran into Vincenzo because now you are here! ☺️So would you introduce other members from the Kollect Team?
Ethan: Let me start with introducing our CEO, Vincenzo. Vincenzo Lee is the mastermind behind Kollect. He has 20+ years of experience in the blockchain space, gaming industry, and IP industry. He has worked at some of the top gaming companies and led them successfully. These experiences laid a solid foundation for Vincenzo and our team to build Kollect and provided us with the necessary resources and network to help make Kollect from a simple vision to a reality.
I am Ethan Chae, a U of Chicago Alumni, and the CSO at Kollect. I play a core role in Kollect’s overall strategy, branding, and business development. I am a serial entrepreneur and strategy expert with experience across major industries. I founded several companies before and successfully exited, where my skill set for business development and business acumen have been invaluable.
Harry Lim is the CTO and product lead of Kollect, and he is a KAIST Alumni. He has over a decade of experience in the technology sector and played a leading role in many projects, such as Project Director at Innospark, Senior Project Manager at SmileGateRPG, Founder of Rock Ho, and developer of ToonixGalaxy in collaboration with Cartoon Network Asia. His background and technical prowess keep the team and community at ease regarding the platform’s development!
Let me also attach a link we uploaded to our medium where you can read about our team!
KOLLECT Admin: Vincenzo’s experiences in both the blockchain and gaming industries are interesting. I’m sure our Kollectors are excited for Kollect’s play-to-earn game in the future! 😍
It seems from the homepage and your articles that the collection book system is a key feature within your platform. Can you elaborate more on what it is, please?
Ethan: The Collection Book is a way for users to simply interact with the cards as a collector. The system enables flexible gamification of the collecting activities. At the same time, the publisher (IP Holder/Creator) can control the rarity, balance the difficulties, set new missions and hidden recipes even after launching the NFT cards!
There are two types of collection books: Public and Private
1) Public collection book: You have to compete with other users to mint the rarest NFTs in the collection. The first one to mint that NFT can claim the slot by staking a sum of $KOL along with the NFT. The user will be rewarded based on both the amount of $KOL and NFT’s score.
2) Private collection book: You have to collect as many NFT cards as possible in your collection books. Each collection book is a mission of its own (like collecting all female Power Rangers or Villains). If you complete your collection book you can stake your collection book (therefore your NFTs) for a reward.
We implemented this system so that Kollectors have the opportunity to earn both active and passive incomes. Passive income by ‘Staking’ their NFTs in our collection books, and Active income by grinding through our games and completing the allotted missions, and receiving KOL. More on this will be disclosed very soon!
KOLLECT Admin: Oh wow! 😍 I’m really looking forward to the release of the whole ecosystem as I am an avid collector and gamer! 😝 What an amazing combination!
Thank you for the introduction to Kollect! 😊 Now let’s move on to the 2nd part of our AMA! We have selected 10 questions from the community prior to the AMA.
KOLLECT Admin: Ethan, are you ready to start? 😉
Ethan: Yes! I’m ready!
KOLLECT Admin: Okay, so first question from @Jack_hibi is “Can you introduce me to Kollect? Can you solve problems that existing solutions haven’t been able to solve? What are your competitive advantages?”
Ethan: Thanks for your question Jack! I think we just introduced the project so hopefully you were able to get the answer that you were hoping for! As for the second and third part of your question, Although there are so many NFT platforms and the market is becoming saturated, there are apparent issues that have not yet been addressed such as : Difficulty onboarding new users, Extracting value of Owned NFTs, and most importantly, lacking FUN!
We created Kollect so we can help address these Issues and catapult the growth that the NFT space has to offer
Onboarding Non-Crypto Users: With our partnerships and globally recognized IPs, we believe that we can help convert the non-crypto public into the market by making the technology approachable towards the respective IP fandoms using already familiar characters and stories. For example! Bringing in Power Rangers fans first!
Extracting value of Owned NFTS: Once you minted an NFT, there wasn’t much the owner could do to interact with the NFTs other than trading and hoping for an increase in its demand and thus price. We plan to incorporate methods such as our one-of-a-kind Collection Book so that NFT owners can further leverage their assets and stake them to earn yield.
Lack of Fun: Collecting needs to be fun and interactive, but a lot of NFT games weren’t really high-quality games that were fun to play. It seemed like the users were forced to repeat the same actions for the sake of profit. Our PVP Card Battle Game along with our RPG in development offers users both fun high-quality games, along with a chance to be highly lucrative!
We believe that by being the solution to these key issues in the blockchain space, these also serve as massive competitive advantages for Kollect.
KOLLECT Admin:(Question #2 from @TriMarketing) What is the most main use case of KOL token?
Ethan: $KOL is essential to actively participate within our ecosystem!
$KOL will be used for:
1) Synthesis: Users can synthesize (and burn) the cards for higher rarity card or hidden cards
2) Enhancement: Users can enhance their cards (NFTs), like leveling up the card and unlocking hidden recipes that only open under certain achievements.
3) Conversion: Users can convert NFT cards into items and characters in games connected to Kollect, and also out of games
4) Staking: Users can stake $KOL along with NFT for yields. And additional VIP perks.
5) Purchases: Users can use $KOL to buy special collection books and other VIP items with special effects. Some of our exclusive edition NFTs will only be available in $KOL.
We will be releasing an article in the near future further detailing everything KOL can do within our ecosystem so make sure to follow our community channels to get the latest news and updates!
KOLLECT Admin: Awesome! We can’t wait! 😍
(Question #3 from @dayii123) The ERC-20 network fee is costly for users. Will there be work on other networks to reduce network charge?
Ethan: We deployed Kollect on the Ethereum network first to ensure Kollect’s first step goes smoothly since we believe the ETH network is the most battle-tested, compatible, and secure network in terms of DeFi/NFT. The majority of projects built on the Ethereum Network have the same concerns regarding the transaction fees and network speed. Although we will start with the Ethereum Network, we will transition to be multi-chained so that we can address these key issues. We have already started development considering these pivotal issues, and will let you know of the expected release as soon as possible!
KOLLECT Admin: That would be great Ethan!
(Question #4 from @imgwim) In addition to the license of the currently acquired Power Rangers, can we expect the expansion of the NFT card with additional license acquisition?
Ethan: Absolutely! Kollect envisions to become the premiere hub for collectibles and play-to-earn games for world recognize brands and IPs. as of now, we have disclosed Power Rangers, Ruler of the Land, and Munchie Kings, but we also have a LOT of IPs we are waiting to disclose and share with the community!
As stated earlier in our introduction, Vincenzo and I have extensive experience and network with global IP holders. They are as excited about our project as we are :) As we will be updated you in the near future, we have strong partnerships with world recognized IP holders which will help us bring you guys IPs that you won’t be disappointed in!
KOLLECT Admin: Oooh I bet the whole Kollector community is excited for the upcoming IPs! I know I am! 😝
(Question #5 from @CyrusKertzmann) How many killer features of Your project make it ahead of its competitors? Could you tell us 2–3 features?
Ethan: We spoke about this earlier on how Kollect addresses the rampant issues found in the NFT/Gaming industry today and how all those become competitive edges for Kollect. Kollect has many features, some that haven’t even been disclosed as of yet, that puts it ahead of its competitors :)
As per the second part of your question, some key features include but are not limited to:
NFT Collectibles with Convertibility: The NFTs offered in Kollect are high-quality artworks derived from IPs with existing fandom. We will begin with Power Rangers, but more will come in the future. Our NFT cards are not just collectibles; they are characters, items, and much more in the universe that is to be built around the Kollect ecosystem.
Play-to-earn Games that are Fun: From game experts’ point of view, existing blockchain gaming projects lack details of high-quality games. Usually built as experimental projects by people with little experience in the gaming industry, the NFT games have plenty of room to improve. Kollect brings decades of game development experience to the young market.
Platform with Scalability: Kollect is not a platform for single IP like Axie Infinity or NBA Top Shot. Nor is it a platform for one activity (either trading, collecting, or gaming) only. We can serve all. One exceptional feature of our NFT cards is that they have been created with games in mind. Initially, all the NFT cards in the Kollect platform can be used in our card battle game. In the future, the NFT cards will be related to the games featured in our Kollect.game launcher.
KOLLECT Admin: Alright! Next question! (Question #6 from @shs2879) Power Rangers are idols of children in their 90s and I also enjoyed watching Power Rangers.I think there will be a copyright problem with Power Rangers, so how did you solve this problem?
Ethan: Haha first off, I’m really glad to hear you were a fan of power rangers! I was also a fan when I was younger which is why it is so exciting for me to bring such a nostalgic brand and IP into the future with NFTs and blockchain technology!
You do not need to worry regarding Kollect and copyright issues. We are only using IPs that we have already secured and have been authorized by CPs such as TOEI and Daewon Media.
We have so far released our partnership for Power rangers, Ruler of the Land, and Munchie Kings but they are just the beginning! We have many more IPs in our pipeline already secured that will be disclosed in the near future!
We have a long-standing relationship with major animation studios in Japan and in the US, as well as gaming studios which are recognized globally. This will give us the opportunity to incorporate their IPs into our ecosystem in the future. The news regarding these partnerships will be released one by one through our communication channels :)
KOLLECT Admin: Two questions to go! (Question #7 from @smitha330) How is Kollect different from Opensea?
Ethan: Hmm well most market places that you may recognize such as OpenSea, do not have strict guidelines that limit artists from uploading a wide range of NFTs.
Our platform is completely different in that we envision to become the hub for NFT collectibles and play-to-earn games for recognized brands and IPs. So most of our IPs are filtered from the beginning and we review and limit the artwork that enters our ecosystem.
We are not merely a marketplace but an ecosystem where our NFTs can be implemented into our games and also receive yield. They must be carefully curated and accounted for to bring the best experience to our community :)
Hopefully this answers your question!
KOLLECT Admin: Last question before we move on to the 3rd segment of our AMA! 💥(Question #8 from @gaquay)Do you have a roadmap?
Ethan: Yes we do! I will provide below the tentative roadmap along with our recent milestones!
- Secured IPs with Global License (Complete)
- Completed Seed & Private investment from major crypto VCs (Complete)
- Working with top 3 global exchanges to foster initial brand awareness (Complete)
- Expanding distribution channels for Kollect NFTs (Complete)
- Community building (US, China, Japan, Taiwan, Thailand, Indonesia, Vietnam, Turkey, South Korea, Hong Kong, Singapore, EU) (Complete)
- Wallet and Token Generation (Complete)
- First NFT sales with proprietary IP. (Munchie Kings) (Complete)
- Sold out first NFT Sales ok OKEx in less than a minute (Complete)
- Direct listing on OKEx Exchange (Complete)
- Listing on Uniswap (Complete)
- Further Listing on CEX/DEX
- Alpha test for Kollect.market and Kollect.trade
- First ‘Season 0’ launch of Kollect.market — (Power Rangers)
- Smart contract Audit
- Beta launch for Kollect.market and Kollect.trade with first IP
- Launch Kollect platform (Kollect.market, Kollect.books, Kollect.trade)
- Launch World of Cards
- Launch Kollect.game
- Publish first game on Kollect.game
- Launch additional IP projects
- Publish second game on Kollect.game
KOLLECT Admin: We are definitely looking forward to all of those! 🥳 Alright that’s it for Part 2 of our AMA!
Part 3 : Live Questions (5)
(1) @nickmaii: Do you consider your project in non-English regions and building strong communities so that people can better understand the Kollect project? Do you have an ambassador program?
Ethan: We absolutely consider this as gamers, collectors, and investors are not limited to one region or one english! We understand this is a critical area which must be addressed which is why we have started expanding our communities to be more global! We have teams that are helping us translate the articles and all our news to different languages so we can help those all around the world get more informed on our project!
As of yet, we do not have an ambassador program that is up and running. This is an idea that we are currently formulating so that we can get more ambassadors involved around the world and help spread word of our project.
Here is a link to our tweet where we tagged all our current communities!
(2) @laydoqua: Can I buy your tokens right now and also which wallet supports your token?
Ethan: Absolutely! Right now $KOL is listed on OKEx and Uniswap! I will attach links where you can go buy $KOL
To answer the second part of your questions, right now, $KOL is supported with ERC-20 wallet! We will be updating our community for further developments regarding token Listing and wallet development so please stay tuned!
(3) @jakibest: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Ethan: Initially, we are centralized in the beginning stages of our projects because we will be managing which IPs and Brands enter our ecosystem. Once our platform is actively running and we have a strong community, we will hand over the governance of our platform to DAO in which they will vote and decide which brands and IPs can enter our ecosystem.
They can also bring up different key components that they find within the overall ecosystem and have more of a voice in the direction that Kollect heads!
(4) @Hoanganhq8: Focus on building and developing or getting customers and users, or partnerships?
Ethan: We believe that all three are crucial for an ecosystem to survive, especially in the constantly evolving space we called the Crypto/Blockchain Industry.
We have a strong team in each of Kollect’s department that are experienced and are doing their best to address all the issues you just proposed at once. We are not handling each issue individually, but doing them simultaneously with experienced team leaders!
(5)@zackviey: If Any users buys token, they buy it because of its Fundamentals & real life usecases, But If any users buys NFT,s, They don’t know what is its value?What fundamental this NFT has, How has Kollect thought of this issue? Please give Your Views?
Ethan: Well. The question you are asking seems to apply to all types of collectibles. The underlying value of the collectible at hand is sometimes not always transferable from another person’s point of view. It’s like when we see those baseball cards get traded for millions of dollars. But why? This is because behind decisions, there are not only economic but sentimental values attached to the collectible. There are people out there for whom it is worth so much 🙂
I think the NFTs on Kollect appeals to both values. Economic and Sentimental, maybe in addition to the Fun (Hedonic).
Economic: Our NFTs have fundamental economic value because of the rewards they can generate for the users.
Sentimental: Our NFTs have an artistic value that appeals to the memory of the users and the special attachment they have for the IPs on our platform.
Hedonic: Like for any game on earth, participating in society & receiving recognition gives you a sense of achievement and winning gives you a sense of satiation.
KOLLECT Admin: That’s it for Part 3! Thank you very much Ethan! ☺️
Ethan: No problem! There were so many amazing questions. Im sorry I wasn’t able to get to all of them! We will devise a way to help answer more of your questions!
KOLLECT Admin: How does it feel to finish our first in-house AMA today? Did you have an amazing time with the Kollect Community? 😊
Ethan: Truely an amazing time! So glad to know we have a community that is so interested in our project! It makes us want to work even harder and design an ecosystem that will satisfy everyone!
KOLLECT Admin: Wuhoo! We’re so glad to hear that from you! Again, thank you very much for your time Ethan! ☺️
KOLLECT Admin: Our AMA has officially ended! 💥 Thank you to all the wonderful Kollectors who participated in our first in-house AMA today!
Kollect is a gamified collection card platform for any branded IPs. Its Collection Book system Kollect.book has a unique built-in play-to-earn feature, allowing users to strategically stake their cards in different collection books to maximize their rewards. Kollect.book enables flexible gamification of collecting activities. The games published by Kollect through Kollect.game are where users can put their collected NFT cards into real actions. Each of the branded IPs can have their own games and in-game currency. The first game in the Kollect ecosystem will be a play-to-earn battle card game with PvP and PvE combat modes. Kollect envisions to become the hub for NFT collectibles and play-to-earn games.