NFT Alley x Satoshi Club AMA Recap from 6th of May
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from NFT Alley and our guest was @AbhijithDattatreya, Co-Founder at NFT Alley. The AMA took place on 6 May.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with NFT Alley! Welcome to Satoshi Club
D. | Satoshi Club: today our guest — @AbhijithDattatreya !
welcome to our club!
Abhijith Dattatreya | NFT Alley: Hey All, excited to be here! Let’s have an amazing AMA
Mary | Satoshi Club: Welcome here
D. | Satoshi Club: good to have you here! sounds awesome!
and let’s begin with intro!
Abhijith Dattatreya | NFT Alley: Yep! Sure
Mary | Satoshi Club: Please, tell us about yourself and how did you get into crypto! And of course tell us what is NFT Alley
Abhijith Dattatreya | NFT Alley: Hello, I am Abhijith. Co-Founder at NFT Alley. I handle the product and operations aspects at NFT Alley.
A quick intro: I have helped formulate product/business strategies for Fortune 500 companies over the past few years. I have also been an active NFT user/enthusiast since the early crypto kitties days.
D. | Satoshi Club: do you still have some crypto kitties?
Abhijith Dattatreya | NFT Alley: Quick intro on my crypto journey:
It started out with BTC and ETH mining and on NFTs we started with crypto kitties and we were playing some NFT games! It was all fun when eth was trading at 200 dollars and gas costs were minimal.
As we all know, currently, it is quite expensive to mint an NFT or to do any NFT transactions on ETH due to the insane amount of gas fees. NFT Alley aims to help artists/collectors mint/transact an NFT for a fraction of the costs incurred at present on ETH. For our V1, We will be a dedicated marketplace on BSC with custom minting options.
Mary | Satoshi Club: Sweet kitties
D. | Satoshi Club:
Abhijith Dattatreya | NFT Alley: Nope, have a lot of random nfts now
D. | Satoshi Club: nice! we with @madamlobster also a big nft fans and have tons of them
Mary | Satoshi Club: Nice goals, we need help with ETH
Yes, we are nft hunters
Abhijith Dattatreya | NFT Alley: That’s great to hear
Mary | Satoshi Club: It’s important AMA for us
When did you start to work on NFT Alley?
Abhijith Dattatreya | NFT Alley: Q4 2020 was when we started! Good old times
Mary | Satoshi Club: Ahaha, in crypto we count one year like two
Abhijith Dattatreya | NFT Alley: True that!
Mary | Satoshi Club: We have collected some questions from our community and are ready to ask them
Do you want to add something to your impressive intro or we can go to the questions from our community?
Abhijith Dattatreya | NFT Alley: We can go ahead with the community questions
D. | Satoshi Club: thank you! let’s do this!
Q1 from Telegram user @cryptofollower
You have successfully completed an IDO on Kickpad recently with multiple rounds. How much funds did you raise from you IDO and are there any tokens left or all sold out? I also want to learn about vesting about these rounds. Did you lock any $ALLEY tokens for these rounds? And what’s your vesting strategy overall?
Abhijith Dattatreya | NFT Alley: We raised around 157bnb (100k) from the kickpad IDO.
1. 123457 tokens were allocated for these round, out of which around 14k tokens were return to us.
2. Public sale tokens are 100% unlocked.
3. Private sale is 15% unlocked during tge and remaining is released from day 30 for next 11 months. Linearly.
Foundation, team, ecosystem, advisors tokens are vested from 6months to 3years.
For detailed explanation of all rounds check out : http://bit.ly/nftalley-tokenomics/
Mary | Satoshi Club: So, your total supply is 10mln, right?
D. | Satoshi Club: thank you! so you have 10mil token in total…have you planning to implement a burning mechanism in your tokenomics?
Abhijith Dattatreya | NFT Alley: Yes total supply is 10million, current circulating supply excluding liquidity provision is less than 400k.
We don’t have plans for token burn yet, we’ll announce on our announcement channels if there’s any update on the same
Mary | Satoshi Club: Thank you for your answers! Everything is clear for me! Ready to proceed?
Abhijith Dattatreya | NFT Alley: Yep
D. | Satoshi Club:
Q2 from Telegram user @NataliyaKil
In Q2 you plan to launch NFT Marketplace on BSC (V1), and in Q3 you plan to launch NFT Marketplace on other networks (V2). At the moment, there are a lot of NFT Marketplaces on the market with various incentives for users. How can you interest us, what will be so special in your NFT Marketplace, different from the competition? And Marketplace is already ready to launch, have you worked through everything, tested all the processes from the moment of user registration to making a deal?
Abhijith Dattatreya | NFT Alley: To compare with our competition..
We offer couple of advantages:
1. Super low fees to create/transact NFTs as we are on BSC
2. We will also be the first dedicated marketplace on BSC with custom minting options.
3. Also, right now an NFT is only unique on the blockchain it was minted on. What we would do after we scale to multiple chains is create a multi chain NFT registry which will enable collectors/users to verify the authenticity across chains.
On the testing aspect, we have tested out the marketplace flows internally and they are working fine in all aspects. We are doing more internal reviews and are planning to open up the testnet for user feedback next week.
Mary | Satoshi Club: Third point is the most impressive for me
Can you explain how it will work?
Abhijith Dattatreya | NFT Alley: To explain in brief: Using APIs, we’ll be collecting image hashes across multiple blockchains, store them in a database, where they can be compared when a user is planning to review the authenticity across chains.
Mary | Satoshi Club: That’s interesting! Did anyone before you try to do this?
Abhijith Dattatreya | NFT Alley: Nope! Currently, we are the only people who are trying to achieve this.
Mary | Satoshi Club: That’s cool! I wish you success in this!
Thank you for your answers! Are you ready for the next question?
Abhijith Dattatreya | NFT Alley: Yes
Q3 from Telegram user @andrey_seleznov
Hi NFT Alley!
You are advertising an incredibly tempting gasless transactions that will allow users to execute multi-chain NFT trades with near zero costs. Please tell us more details, how do you plan to achieve this especially when trading across multiple chains? I wonder because all major layer1 chains are all requiring fees, ETH the most. Thank you!
Abhijith Dattatreya | NFT Alley: We are planning to start multi chain transactions across POS or L2 chains where fees will be close to zero for multi chain trades.
For ETH, currently we are doing some POCs on how we can reduce fees and incentivise users. We’ll share the details once our POCs are complete.
Mary | Satoshi Club: Which L2 chains are under your radar?
Abhijith Dattatreya | NFT Alley: Currently we are looking at polygon
Mary | Satoshi Club: Good choice!
Thank you for your answers! Ready to proceed to the next question?
Abhijith Dattatreya | NFT Alley : Yes
Q4 from Telegram user @neverencryp
Recently, in NFT market place we are always having some issues like copyright issues, do you have a way you look at the issue of copyright in your NFT market or do you have any plan of creating a p2p that enhance communication among users that sells and buys in your marketplace.
Abhijith Dattatreya | NFT Alley: Yes, this is a valid concern across multiple NFT marketplaces right now. What we offer right now to combat this issue:
1. Verified Artists Feature
2. Report functionality which help us to delist counterfeit NFTs from the platform.
What we will offer in the future?
1. AI based probabilistic models which can detect similar NFTs
2. As mentioned previously, right now an NFT is only unique on the blockchain it was minted on. What we would do after we scale to multiple chains is create a multi chain NFT registry which will enable collectors/users to verify the authenticity across chains.
Mary | Satoshi Club: You will verify artists by yourself? How this will work?
Abhijith Dattatreya | NFT Alley: For now manually verified by NFT Alley, will be done via governance in the future
Mary | Satoshi Club: Also, do you plan to make automatic delisting or this will be partially manual process?
Abhijith Dattatreya | NFT Alley: Similarly, for delisting as well.
Mary | Satoshi Club: Understand!
What about governance? When do you plan to implement it?
Abhijith Dattatreya | NFT Alley: Q4 2021
D. | Satoshi Club: got it! thank you for answer! ready for the next question?
Abhijith Dattatreya | NFT Alley: Yes
Q5 from Telegram user @Jonahapagu
NFT Alley is said to be thriving towards filling the vacuum between creators and collectors by ensuring multi-chain trades, information symmetry and hefty rewards for investments.. Hefty rewards for investments is something every investor will be interested in, what kinds of rewards are you talking about here and what are your plans to not only provide this hefty rewards as stated but ensure the continuity of such kinds of rewards on your platform…
Abhijith Dattatreya | NFT Alley: We will offer the following rewards:
1. LP mining
2. ALLEY rewards for Creators and Collectors. We’ll have good rewards for top users.
3. Platform fee discounts for holding ALLEY.
To do all these things, we have allocated 45% of the token supply for the ecosystem and rewards.
D. | Satoshi Club: do you planning such a function as NFT staking?
i know some projects offer this
Abhijith Dattatreya | NFT Alley: We’ll have staking of NFTs for loans/price discovery.
Mary | Satoshi Club: Yes, this will be attractive!
It will be on your platform?
Abhijith Dattatreya | NFT Alley: Yes it’s part of q3 plan
Mary | Satoshi Club : Oh, we will be waiting for this event!
D. | Satoshi Club: [
thanks for the answers! and we have the last question from this part, ready?
Abhijith Dattatreya | NFT Alley: Yep
Q6 from Telegram user @Ajpaa
NFT Alley Liquidity mining (LM) from one of your post said to have captured the imagination of dozens of protocols as a better way to distribute tokens and will soon be flourishing in NFT Alley platform too. Can you explain this and how it will flourish on your platform. Thanks
Mary | Satoshi Club: Is this wrong info?
Abhijith Dattatreya | NFT Alley: We are planning to launch the LP program soon, and we’ll offer attractive APYs, which we believe would help us bolster our liquidity pool.
Not entirely our product info, but I’ve answered how liquidity relates to us.
Mary | Satoshi Club: Gotcha! I really waiting for thus day, LP programs almost always profitable
Also, we want to ask you to tell us about your platform security
Did you make any audits?
D. | Satoshi Club: your favourite question?
Mary | Satoshi Club: Yes
Abhijith Dattatreya | NFT Alley: Yes our token contracts are audited and we’ll be auditing our mainnet contracts once we receive testnet feedback.
Mary | Satoshi Club: Awesome! You care about security!
Btw, do you see clouds on the sky?
Storm of live questions is coming
Abhijith Dattatreya | NFT Alley:
D. | Satoshi Club: are you ready to hear them?!
Abhijith Dattatreya | NFT Alley: Yep let’s do this
Mary | Satoshi Club: Let’s go
Part 2 — live questions from the Telegram community
Q1 from telegram username @highpee
Your total allocation of 123457 tokens to kickpad IDO is somewhat unique. Are there any reasons why you chose that number? And since your said about 14k token were left and returned , are you planning to conduct another IDO or what do you intend to do with this left over token?
Abhijith Dattatreya | NFT Alley: We’ll be using them for community rewards. Things like meme competition, referral program etc
Q2 from telegram username @lionel_Ahmet
Apart from AMA What other marketing strategy are you having in kind to putting in place to aid project development and growth?
Abhijith Dattatreya | NFT Alley: 1. We have hired social media interns who are reaching out to artists. We’ve got some good response in that direction and we’ll be onboarding them on testnet to mint some of their work and reward them for referring more artists.
2. We are bringing in a drops section where popular artists or upcoming artists can exclusively drop their NFTs to collectors.
3. We are also actively in touch with multiple NFT platforms for partnerships, which would be announced shortly. This would help us further to drive community adoption.
4. We are also collaborating with some of the top YouTubers to bring more traction to our platform
Q3 from telegram username @alptrader
Please tell about your team what is the experience of your team and what experience do you have for art and blockchain topics? ALso why don’t you have any CEO?
Abhijith Dattatreya | NFT Alley: You can find the detailed Team’s info on the website (nftalley.io). We are a team of 12: 2 Co-Founders, 1 Director of Product Development, 1 Lead Solidity Dev, 1 Full stack dev, 2 Frontend Developers, 1 UX Designer, 1 Technical Advisor and 3 SocialMedia/Research Interns.
Q4 from telegram username @andrey_seleznov
Hi NFT Alley!
Your Roadmap has an interesting point NFT Governance. How will it work? Will there be specific NFTs that users will need to hold in order to participate in the governance?
Abhijith Dattatreya | NFT Alley: We’ll be using $ALLEY for voting power/governance.
Q5 from telegram username @Aqillaa
Binance has high transaction speeds and low gas fees. Are you planning to launch the mainet or switch to another blockchain in the future?
Abhijith Dattatreya | NFT Alley: Once we launch our v1 marketplace on bsc, we are planning to launch on other L2 chains like Polygon.
Q6 from telegram username @pavaaaaaan
What are the current payment methods that are available and is there any chance to look at accepting other currencies?
Abhijith Dattatreya | NFT Alley: We offer BNB and ALLEY as support. More currency support will be added based on future partnerships.
Q7 from telegram username @kimzyemma
Talking about youe transaction fee, Where does NFTALLEY get its income since its transaction fee is very low?
Abhijith Dattatreya | NFT Alley: The way we are going to generate revenue for the company is by collecting a platform service fee. We are confident that once our platform gains traction, our platform fees would be enough to help us sustain for the long term.
Q8 from telegram username @gendisgladis
How can I buy your token? Is it currently available at $ ALLEY?
Abhijith Dattatreya | NFT Alley: We are listed on PancakeSwap:
Q9 from telegram username @xperia3
Can you explain about Clean NFT feature of your project?
Abhijith Dattatreya | NFT Alley: We at NFT Alley, have been working to build a platform where sustainability has a prime importance. Even in the most minute aspects of its design (for example : by primarily maintaining a Dark theme on our platform) NFT alley has been putting focussed efforts towards ecological well being.
We are also built on BSC which uses POS which is much more eco friendly than ETH’s POW.. So yes, NFTs minted on NFT Alley will be a clean NFT
Q10 from telegram username @nassiruddin
️ Can you list all your Social Media where I can follow you and see your Updates and announcements??
Abhijith Dattatreya | NFT Alley: Official Social Media Links:
Announcement Channel: t.me/nftalley_ann
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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