Poly Network AMA Recap With WITCH
On Oct 22, WITCH (@witchwitch_sns), one of the most popular NFT projects, officially announced its partnership with Poly Network (@PolyNetwork2). WITCH was then invited to AMA on 4th November in the Poly Network Telegram Community. From the Live AMA with Joey, Global Business Director of WITCH, this recap fully covers topics discussed during the AMA.
Moderator: Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $14 billion USD involving more than 270K cross-chain addresses on different blockchains.
Joey: Witch is an all-encompassing NFT platform built for music and NFT fans. Fans from the music community can collect unique, single-edition NFTs of their favorite artist and NFT fans can participate in various gamified auctions of highly sought-after NFTs.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1：Would you like to share the founding story of WITCH?
Joey: About a year ago, our CEO John and I both used to work for a cryptocurrency news and data aggregator platform. Shortly after the “Defi Summer” of 2020, NFT made its public debut through NBA Top Shot. Top Shot’s runaway success triggered a massive growth of the NFT space. It was at that very moment, John saw this as a revolution in the way content is consumed and monetized and founded WITCH with a vision to create a new vibrant metaverse economy fueled by NFTs. The project was set out with a vision to transfer real world assets we love to the metaverse in the form of NFTs. Our tools to realize this vision are threefold: Wcraft, Witch Auction, and Wiver. Wcraft is a NFT marketplace that connects artists of all sorts ranging from musicians, cartoonists, dancers with fans through NFTs derived from their artwork. Witch auction is a gamified NFT auction platform where users can participate in NFT auctions with an element of entertainment. And lastly an interactive NFT wallet , Wiver, where NFT holders can listen to, view, and display NFTs stored in their wallet.
Q2: I noticed that recently Witch Auction was launched and became a hit. Could you tell us more about it and explain how users get involved?
Joey: Witch auction is an NFT auction with a twist. Some of the largest auction platforms like Opensea and Rarible were met with enormous success. We wanted to add a layer of entertainment to the already existing auction systems. The first series of our gamified NFT auction is NFT Dutch auction where curated NFTs, mostly sourced from ranked NFTs on Opensea, are listed at market price and the price drops every 10 minutes until a bid is placed. Whoever places the bid first gets to win the NFT on auction. You’ll have to play a little game of psychology with other auction participants to win the NFT at a price you want. More auctions such as lowest unique bid auction, where an unmatched lowest bid wins the auction, and more are scheduled to launch in the coming months!
Q3: With the growing interest in the metaverse industry, how will WITCH align the business model accordingly?
Joey: We were fortunate enough to join hands with an industry-leading CGI (computer generated Imagery)/VFX (visual effects) company, Studio Lennon, to help us create the highest quality NFTs. Through this cooperation we plan to help create NFTs for businesses looking to expand their business to the metaverse. We believe the larger the metaverse industry grows, the higher the demand will be for NFTs, which are the commodities of the metaverse economy, among businesses. Witch will help businesses tap into the metaverse economy leveraging our team’s extensive experience in NFTs and capability to produce NFTs of unparalleled quality.
Q4: Why did WITCH choose Poly Network for partnership?
Joey: WITCH tokens serve as the backbone of the three of our products. Some of the utility includes means of payment, governance, whitelisting and rewards. A portion of our tokens allocated to marketing will be used to attract more users to our platform. Since the WITCH token is ERC20 based, we have been exploring different chains that will allow us to use our tokens in a more efficient and economic manner. This is where Poly Network comes in. We needed a trustworthy partner that would be able to offer seamless token bridge services and we could not think of none other than Poly Network.
Q5: Do you have any road map you’d like to share before we open the floor for live community questions?
Joey： We have been working hard to make sure the NFTs that we help create to enrich the metaverse stays valuable and liquid. For this reason, we are currently developing a peer-to-peer NFT lending protocol where NFT owners can borrow loans by putting their NFTs up for collateralization. As avid NFT collectors ourselves, we concluded that lending protocols is the right solution to truly add utility and liquidity to some NFTs that are left in the wallet with no use.
COMMUNITY LIVE QUESTIONS
Note: 5 questions were chosen and answered by the AMA guest in this session. The AMA Rewards for this session was $500USD in total.
Q1: Can you explain how is your Tokenomics Distribution? How many tokens will be minted ? And how many tokens will be locked by the team?
Joey: The total token supply is 100M. 20% team, 5% sale, 10% partners, 50% ecosystem, 5% marketing, 10% reserve. The tokens allocated for team is locked for 12months after TGE followed by a 20-month linear vesting.
Q2: What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Joey: We have partnered up with noticeable IP suppliers that will allow us to supply marketable NFTs that we can onboard on our NFT marketplace. We have several big-name artist in our pipeline looking to drop their NFTs on our platform. Some of our partnerships include Warner Music Korea, Uncutpoint and Grigo Entertainment, most of which will serve as our IP suppliers.
Q3: When was Project created? What is the most ambitious goal of the project? What should the community look for in the project?
Joey: Our project was put together in November last year. So it has been exactly a year. We have a very clear goal of bringing about mass adoption of NFTs through our products which allows users to interact with NFTs in entertaining ways. I think the community should most look forward to the interactive NFT wallet, we won’t let you down with some of the cool features.
Q4: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Joey: Currently, we have 14 members in our team, 4 in business development and marketing, 2 designers and 8 developers. Most of us are seasoned blockchain entrepreneurs with various backgrounds including business, marketing, and computer science. Our CEO, John, especially has extensive career in the blockchain industry. Started at a crypto accelerating firm then at a crypto data aggregator platform and now at WITCH!
Q5: How important is the community to you? And how can we collaborate or help you for the development of the project?
Joey: Community is everything. That is why we have included governance utility to our token. The more you hold our tokens the more voice you have in determining the direction of our project. One of the ways you can participate is by becoming our projects ambassador. you can find more details about the ambassador program in our medium (https://medium.com/witch-official).
The cheerful AMA with WITCH was successfully concluded. Please stay tuned with a new round of AMA coming this week!