Kollect x Satoshi Club AMA Recap from 27th of September
Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Kollect, a gamified collection card platform for any branded IPs. The AMA took place on September 27 and our guest was Ethan Chae, CSO at Kollect.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Gold Rocket | Satoshi Club: Hello again, dear Satoshi Club community! We are pleased to announce AMA with Kollect. Today our guest is @ethanchae.
Ethan Chae: Hello everyone. I’m doing great. Excited to be here for AMA at Satoshi club.
Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & Kollect?
Ethan Chae: I am CSO at Kollect. I’m in charge of strategy and business dev. I am in charge of most of the token economics and service design. 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. 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 mutual friends. Vincenzo has done many gaming projects mainly using existing IPs like animations and webtoons, and successfully turning them into games. I have founded and sold e-commerce company 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 gamified NFT platform that can generate yield for the users. I thought his idea was really fascinating as I was very much involved with finance and contents 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 detailed plan for Kollect.
Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?
Ethan Chae: Kollect is a gamified collection card platform for any branded IPs. We can turn any IP into digital collectibles and add gamification to it. At the core of it are two features: collection books and play-to-earn games using our NFTs.
Kollect’s Collection Book system Kollect.book has a unique built-in reward system, allowing users to strategically stake their cards in different collection books to maximize their rewards. Kollect.book enables flexible gamification of collecting activities.
Kollect’s play-to-earn games are seamlessly connected with our NFT cards. NFT cards can be converted in and out of games published through Kollect.game. On these games, 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. Using these two core features, Kollect envisions to become the hub for NFT collectibles and play-to-earn games built around them.
Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?
Ethan Chae: It’s Vincenzo for his expertise in gamification and balancing of gamification features. Me for service development. Harry CTO for his technical expertise in developing games and services. Joy CMO for her insight in NFT. Chang for game planning. Everyone as their own sphere of expertise in our team.
Andrés M. | Satoshi Club: Where we will be able to find the game? Will be available for iOS and Android?
Ethan Chae: In the beginning, it will be mostly web-based. However, each game published will have different focus and platform. Some will be also launched on mobile.
Gold Rocket | Satoshi Club: Tell us about the benefits of Kollect. How is it different from others?
Ethan Chae: 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 (1) Difficulty onboarding new users, (2) Extracting value of owned NFTs, and most importantly, (3) Lacking FUN. We created Kollect so we can help address these issues and catapult the growth that the NFT space has to offer.
(1) Onboarding Non-Crypto Users through Globally recognized IP: 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 lore.
(2) Extracting value of Owned NFTS through reward yielding Collection Books: 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.
(3) Making collecting fun through Play-to-Earn games: 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.
Q1 from Telegram User @Jamesxmen
$KOL is deployed as the project token. As my opinion, Single token model is better than Dual token model. What are the functions & duties of $KOL token within Kollect Project? Is there any reward distribution mechanism to $KOL holders? What is the relation between the $KOL & governance? Is $KOL listed on any exchanges currently? Please share with us a full detail about $KOL token model & it’s adoption in Kollect Project?
Ethan Chae: KOL is essential to actively participate within our ecosystem.
$KOL will be used for following functions and duties:
- Synthesis: Users can synthesize (and burn) the cards for higher rarity card or hidden cards
- Enhancement: Users can enhance their cards (NFTs), like leveling up the card and unlocking hidden recipes that only open under certain achievements.
- Conversion: Users can convert NFT cards into items and characters in games connected to Kollect, and also out of games
- Staking: User can stake $KOL along with NFT for yields. And additional VIP perks.
- 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.
Our public book involves reward generating mechanism for $KOL holder. Users have to stake NFT cards along with $KOL to receive rewards. Also, we plan on giving VIP perks such as access to limited NFTS to long-time holders of $KOL.
In terms of governance, 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. We will have launchpad for new IPs and brands where users can help fund the project together.
$KOL is not yet listed on any exchanges but we will be soon :). In terms of the ecosystem, $KOL will serve as the main currency that connects all the different play-to-earn games and services built around Kollect, and also their in-game currencies.
Andrés M. | Satoshi Club: How higher is the APY for staking?
Ethan Chae: That cannot be said in exact numbers as it all depends on how many users participate during a particualr period in the collection book staking. And also the IP of NFT involved. It’s not the same as in de-fi, as our cards can be synthesized and enhanced, which means they can be burned for rarer cards. This will dynamically change APY. You can find the APY that best fits your collection and your profit model. What we can say for sure is that it will have quite high return.
Andrés M. | Satoshi Club: Are you planning to launch a physical version of the cards? Would be great for collectors.
Ethan Chae: Yes it could be done for some of the projects depending on their policies. When we started we had something like connection of offline cards and online cards in our mind. However, this depends on the openness of content provider. If possible, it will be amazing. More likely will be served as VIP perk
Gold Rocket | Satoshi Club: Do your users need to pass KYC?
Ethan Chae: This depends where service is launched in terms of territory. For mobile it might be required. We would prefer the hurdle to be as low as possible but still following the due legal procedures.
Q2 from Telegram User @konditer_rolex
The list of investors for the project is very impressive and inspires confidence. Was it a private sale only for large funds? What are the options for buying a token for small investors?
Ethan Chae: It was seed and private sale only. We only sought enough funding to develop our project. We do not have any public sales before the listing. We wanted our users who participate in our ecosystem through buying our NFTs and actively using them to be rewarded with $KOLs. In a way, $KOL can be mined only through being part of our project.
Andrés M. | Satoshi Club: Could you mention your most important partnerships?
Ethan Chae: Our main partners in terms of VCs are Soul Capital, FBG, OKEX blockdream, Kenetic, and Infinity. We have strategic partnership with Toei and many more. Our Contents Providers with globally recognized IPs and game studio partners will be disclosed through medium and twitter one by one.
Q3 from Telegram Username @Pavel_Jarosh
Hello Kollect team! I think that the idea of basing your project on Power Rangers NFT might bring good and bad in long-term run. The Power Rangers are well known in Japan and some Asian countries, however for the wider audience, it could be better to enlarge the project by adding some other heroes. Do you plan to open the borders and increase NFT heroes base soon? Thank you!
Ethan Chae: Definitely so as we plan to become the hub for all branded IPs. Some will be known better in some territories and some will be known in others, but there will always be fans crazy about the IPs we bring to our ecosystem
But I want to add that Power Rangers was a sensation in the United States. Everyone knows about it in North America. It is actually global.
We have so far released our partnership for Power Rangers, Ruler of the Land, and Munchie Kings. Ruler of the Land is known for martial art comic fans and also gaming fans in East Asia. 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 long-term relationship with major animation studios in Japan and US, also game studios which are famous 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.
Gold Rocket | Satoshi Club: It’s really amazing. By the way, as a person responsible for the security of the project, can you share with us whether you have conducted audits of a smart contract? or hackathons? if so what are the results?
Ethan Chae: Kollect is still in its early stages and our team wanted to focus on developing the product and the NFTs first. While our audit is still pending, we will make sure all our smart contracts will be properly audited by a trusted third party. After all, security is a high priority for us at Kollect. It is to our utmost concern that our users are safe with their assets and $KOLs.
Q4 from telegram user @splend6ty
I read from your medium that you have closed the fundraising and you are currently building up your global community, accelerating your product development, and getting ready to launch your first round of NFT Sales. And Currently you aim to become the premier hub for NFT collectibles and play-to-earn games. Again YOU want to introduce the Kollect team for the community to get to know the core members pioneering the next-generation play-to-earn NFT platform. MY QUESTION, when are you planning to lunch your FIRST ROUND OF NFT SALES? How do you select a KOLLECT team member to also participate in the play-to-earn NFT platform? What plans do you have to meet before becoming the premium hub for NFT collectibles and play-to-earn games? Have you meet up?
Ethan Chae: I want to clarify some part of the question. So the user is asking how we select our team member is that correct?We have launched our first NFT sales on OKEx marketplace. First offering of our Munchie Kings project was sold out in less than 15 seconds according to the CEO of OKEX himself.
Anyways, I will proceed with the rest of the question. We handpick our members from the best of best. We had a very tough time building our team. We wanted to bring best member from each field and role. They also had to be passionate about NFT and gaming. We had recommendations from all fronts, personal, advisors, and investors.
Our upcoming roadmap is
- Launch of our platform by the end of October
- Launch of our first game by the end of this year.
- Before the end of this year we will have several announcements on additional IP partnerships. That will bring us a little closer to our vision.
Andrés M. | Satoshi Club: Who are the designers of the NFTs?
Ethan Chae: We have illustration/game art studios working closely with us since long time ago. One of the partners is Meta Studio who have designed Munchie Kings for us, the main designer there is Anna (thanks Anna). Kollect wants to become the platform not a CP itself, so we focus on bringing partners to the ecosystem rather than producing our own artwork.
Q5 from Telegram User @Emnking
The Kollect team had conducted an airdrop campaign for users and the responses from the community on Kollect’s first airdrop event was really awesome as the team received almost 5,000 entries during the week of the campaign. Recently the winners list was announced and I discovered that only 100 users out of the 5000 entries made it to the winners list on the spreadsheet released on your website. Is it that most users didn’t follow the rules of the airdrop campaign? Or was it based on a first come first serve basis? What were the requirements that you used in selecting these winners of the airdrop activity? Will there be another airdrop activity in the future or any other campaign for the community? Will there also be an ambassador program to recruit users of Kollect who are willing to be part of the team? What will be the requirements for a user to take part in such program?
Ethan Chae: I’m really sorry to hear that you didn’t receive our airdrop. This is not the case! As stated in our airdrop campaign, anyone that completed the simple rules of following our Twitter, tagging 3 friends, and joining our telegram channel were eligible to win the rewards.
All eligible candidates were entered into our internal spread sheet where we randomly chose the 100 winners. We then did another random draw in which half of those users were awarded with an additional $500 KOL. This was not a first come first serve basis as all eligible candidates were given the opportunity to win our airdrops.
We will come up with more campaigns in the future. If you follow us through our official telagram group and twitter, you will find more events to participate and have the opportunity to win! For the moment, an ambassador program is only an idea within our team. We will update you if we have a concrete plan about ambassador program.
Q6 from Telegram User @JaviSuBs
In Kollect I can Synthesize my cards to get a new card with higher rarity, my question is: how is it possible to Synthesize my cards? Where can I compete to get rare cards and what would happen if I complete the collection? How many books in the collection do I need to complete to receive rewards? You can give us more details and explain these game functions. Thanks
Ethan Chae: 1) Synthesis: For some cards, the user will be given recipes to follow. In the recipes, users will need different cards of different or same rarity. When users collect all the cards required for the recipe, user can choose to burn these cards for the card in the recipe. For some cards, this recipe will be hidden. You can only unlock them when you complete certain missions, like completing certain amount of collection books, minting rare cards, or enhancing certain cards to required levels.
2) Minting rare cards: Minting process might be different for each IP and each series. a) User can use build cards to mint final cards at a random probability. b) User can buy the card directly c) User can buy a pack containing final cards at a random probability. There are many other ways of minting cards. User can also trade for a rare card in our marketplace.
3) Collection book: It depends on whether you are playing for public collection book or private collection book. For public you are trying to claim the slots for very rare cards, so your contribution is done by single cards. In private collection book, you need to complete a collection of cards but usually of various rarities. You don’t need to complete the entire collection book to receive reward, we have different rewards for different completion rate. Also we have many different collection books (like many different missions to complete) for each series.
Collection books will be added along the way as it is with missions and events in a game.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram user @iam12312
Recently, you had NFT sale which was sold out in one Minute, when do You plan to do these kind of sale Again?
Ethan Chae: Yes for sure. We would love to have second sales event. OKEx wants us to drop more NFTs
We will disclose the exact date later but it will be pretty soon. In order to participate you need a wallet, OKEX Wallet, Metamask, Walletconnect. You also need to buy some OKT for the transaction fee. The guide is actually in Kollect Medium so please check out.
Q2 from Telegram user @Pratze
What is “WORLD OF CARDS” and, could you introduce to us about your Hidden NFT? and what are the benefit or reward by joining Worlds of Cards Event?
Ethan Chae: World of Cards is the name of the game project connected to Kollect. It is a card game encompassing all the NFTs in Kollect regardless of the IPs. For example, Power Rangers can fight Munchies and Munchies can fight other characters in World of Cards. It is like the ultimate battle of heroes in card game form
Am I the only one excited?!
Q3 from Telegram user @ashwini_Crypto
Many Gaming Platform only Serves one Activity at a time, but we know, In crypto Market, different users have different Tastes, some are gamers, some are traders, some are Collectors. Do You agree with me? How does Kollect serves for all the users?
Ethan Chae: We are confident that each aspect of our Platform will do so. Our high-level games will bring joy to users and will attract users that want to enjoy high quality games. (Gamers)
The play-to-earn aspect of our game will bring in those looking for rewards and profits (Traders). The introduction of world famous IPs and Brands will bring in their respective fans like Power rangers fans, Ruler of the Land Fans, and the fandoms of our future IPs. (Collectors)
Q4 from Telegram user @Pinky008
Q) What is your plan about globalization? Do you have local Communities for those user who don’t understand English well?What can we expect to see from your platform in the short-term (at some point in 2021) & 2022?And beyond (long-term goals)?
Ethan Chae: Our plan about globalization is to create localized community groups so that a language barrier isnt whats preventing future Kollectors!
We realize that are community members all around the world need accesss to information that is localized and translated for ease so we have created many communities with even more to come!
Below I will attach some of our localized communities for your reference!
- Telegram Global: https://t.me/Kollect_Official_Community
- Telegram Announcement Channel: https://t.me/Kollect_Cards
- Telegram Thai: https://t.me/Kollect_Official_Th
- Telegram Japan: https://t.me/kollect_japan
- Telegram Indonesia: https://t.me/KollectIndo
- Telegram Vietnam: https://t.me/kollectvn
- Telegram Turkey: https://t.me/kollectcardsTR
- Telegram Korea: https://t.me/Kollect_Official_kr
- Telegram Spain: https://t.me/KollectSpanish
- Telegram Germany: https://t.me/Kollect_German
- Telegram Russia: https://t.me/KollectRussian
- Telegram Portuguese : https://t.me/KollectPortuguese
- Secured IPs with Global License
- Completed Seed & Private investment from major crypto VCs
- Working with top 3 global exchanges to foster initial brand awareness
- Expanding distribution channels for Kollect NFTs
- Community building (US, China, Japan, Taiwan, Thailand, Indonesia, Vietnam, Turkey, South Korea, Hong Kong, Singapore, EU)
- Wallet and Token Generation
- First NFT sales with proprietary IP. (Munchie Kings)
- 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
Q5 from Telegram user @Akira236
Its Great to see that Kollect Team has 20+ year of experinece in Gaming Industry. How will this help in building the Platform stronger?
Ethan Chae: As stated earlier in our Introduction, one of the key reasons Kollect was founded was due to Lack of Fun (Low-Quality Games). Our team with 20+ years of experience in the Gaming Industry is here to change all that. 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.
Q6 from Telegram user @Jmagsss
It is very interesting to know that Kollect will be show casing a series of NFT collectibles featuring a hit show for kids entertainment during the 90’s, the Power Rangers. The first thing that came into my mind is about the copyrights and license for the Power Rangers characters. May I now, is Kollect authorized and was approved by the Power Ranger’s team to feature their characters and integrate it on Kollect’s platform?
Ethan Chae: We are authorized by Toei original license holder of Power Rangers for the NFT collectibles using their characters
Q7 from Telegram user @tomo_fan
Real Life Scenario that Every users thinks:- 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 Chae: Well. The question you are asking seems to apply for all types of collectibles. Underlying value of the collectible at hand is sometimes not always transferable in 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 decision, there are not only economic but sentimental value 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 the Fun (Hedonic).
Economic: Our NFTs have fundamental economic value because of the rewards they can generate for the users.
Sentimental: Our NFTs have artistic value that appeals to the memory of the users and special attachment they have for the IPs on our platform.
Hedonic: Like for any games on earth, participating in a society & receiving a recognition gives you sense of achievement and winning gives you sense of satiation.
Q8 from Telegram user @cenkkargin0666
In which blockchain network the Kollect platform is deployed? Can you share with us the reason for your choice? Will you be multichain as Kollect develops and grows?
Ethan Chae: 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 compatible and secure network in terms of DeFi/ NFT. The majority of projects built on Ethereum Network have the same concerns however regarding transaction fees and speed. Although we will start with the Ethereum Network, we will transition to be multi-chained. We have already started development and will let you know of the expected release as soon as possible.
Q9 from Telegram user @chinyere2020
About your staking, will the yield be static or will the yield vary? If the yield will vary, what are the factors that it will be dependent on?
Ethan Chae: The yield will vary based on how much score you contributed compared to all the other users. You will be rewarded out of the same pool, so you are competing to achieve more and contribute more to the collection books.
Q10 from Telegram user @isabella_blackk
Projects die when they do not receive sufficient financial support. Do you have existing partnerships, can you tell us about them? Is your team’s financial resources sufficient? Do you plan to establish large partnerships in the future?
Ethan Chae: Our investors have enough investment fund to follow-up in future rounds if needed. However, we would probably not need their investment for the operation our project. Once launched, will be generating revenue through NFT sales and other fees involved.
Large funding will be needed for the development of games and securing of the IPs. However, this will be covered by the Content Providers and Game Studio partners once we have demonstrated successful cases on our platform. Also, our investors are more than ready to invest in projects connected to Kollect.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Kollect. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
- English Telegram group: https://t.me/Satoshi_club
- Russian Telegram group: https://t.me/satoshi_club_ru
- Spanish Telegram group: https://t.me/satoshi_club_spanish
- Telegram Channel: https://t.me/satoshi_club_channel
- Website: https://esatoshi.club/
- Twitter: https://twitter.com/esatoshiclub
- Telegram Global: https://t.me/Kollect_Official_Community
- Telegram Announcement Channel: https://t.me/Kollect_Cards