Thank you to the Bang Pateng Community for participating in Ask Me Anything (AMA) with UniqueOne Time on December 24th, 2020. This guest star Mr.Unique G (Co Founder, CMO and Developer) | @un1qu. If you were unable to join the live AMA, no worries, here comes our 32th AMA recap!
Hello Mr @un1qu Welcome to the Bang Pateng community, It’s an honor to invite you to our community
Thank you for welcoming me to your great group here
Before we start our first session can you introduce yourself, your background and your team if you have a team working with you on Uniqueone @un1qu
I am Unique G and I am the admin for our Telegram group. We are a group of crypto purist and we have mainly been investors but also have been involved in crypto projects in this space for several years. We say we are purists in the sense that we abhor any involvement of corporations in this space. The ideal crypto project should belong to the community and not by a handful of people and certainly not profit seeking corporations.
Thanks for sharing your background. Good. AMA let’s get started.
Well we will continue to the first session, in this session I will give a question about UniqueOne, if you feel you have enough to give an answer, you can say “done”.
SESI 1 (Poject Introduction)
Q1. Can you introduce UniqueOne to our community?
Unique.One aspires to be a truly decentralised digital art marketplace that supports Artists. We are non-profit seeking and have a net-zero fee policy. We believe in supporting Artists and do not charge Artists for creating work. Unique will be governed by a DAO for true decentralisation. The ultimate objective for Unique.
One is to create a vibrant true decentralised marketplace independently operated by the Digital Art community which will offer new and professional Artists a place to socialise and push their creativity to the limits in a fair and level playing field.
Q2. What are the core features of UniqueOne? How are you different and unique from all other projects out there?
Unique One is the purist response that a pure non profit net zero fee community run platform can succeed.
Other NFT Art marketplaces are run as a business and not as a community. They are also charging artists and charging expensive platform fees. Some are exclusive and not accessible to new artists, their model is similar to a traditional art gallery. Censorship and bans are also common.
Below is a summary of our features.
Net Zero Platform Fee – For collectors/buyers we charge 1% platform fee which will be used to buy $RARE from the market and airdropped to existing $RARE token holders. Net-zero platform fee.
Artist No-Fee Policy – We don’t charge commission from Creators. Artists get full price for their work.
Creation Mining – Unique.One will be the first platform to reward Creators for publishing their artworks on the platform. 10% of our $RARE token supply is reserved for Creators.
Usage Mining – Users (Buyers and Sellers) of the platform will be incentivised with $RARE tokens on the basis of transaction count + volume.
Artist Contests – Unique.One will hold weekly Artist contests providing Artists with an opportunity to win $RARE. 1 million $RARE tokens are reserved for this.
Liquidity Mining – Liquidity providers will share 1 million $RARE tokens for providing liquidity on Uniswap and other exchanges. More details will be released closer to launch.
Q3. I saw that UniqueOne has its token named $RARE, can you explain what the token is $RARE? What benefits can we get if we hold tokens $RARE? And how to buy?
$RARE token is the Governance token for the Unique One platform. Token holders will have the following benefits, $RARE token holders will be able to:
- Vote on Governance Proposals
- Used to qualify as a member of the Governance Committee
- Vote on Artist Contests
- Earn distribution of $RARE from the buy back using 1% Platform Fees
- Use as staking in DEX LP Reward
- Stake on Biki Exchange for 13.88% APY USDT rewards
- Use to provide liquidity as Grid Trading on Biki Exchange
Q4. Nowadays Farming or staking is very popular. Have you provided your Farming or Staking Facility to $RARE Investors? if you have, can you explain how to staking and farming $RARE?
For staking, we will have several different programmes. For the first week we are working with Biki Exhange to offer a $RARE staking on Biki Exchange for 13.88% APY USDT rewards.
We have plans to do this in the future. We are working on an NFT farming game in collaboration with NFTwrapper where we issued an ERC721 NFT which can be deposited into a Vault and issue an ERC20 token.
Q5. Could you please explain, what are your upcoming plans in a couple of month/years?
The Unique One project is actually the first project in a series of projects that will democratise NFT marketplaces. We will also have a special model for governance which has not been seen in Crypto space. Members of the Unique One community will continue to benefit as these new projects are launched.
In addition, we will be sponsoring ETH Denver 2021 VR Art Gallery and will make a major announcement there. Superrare and Opensea will also be participating in this event. It is a purely digital event that last 24 hours for 7 days and free to the public to join. It starts on 5th Feb 2021 and we hope everyone can join in. We believe this event will put Unique One on the map.
SESI 2 (Twitter Question)
Yes, we are an NFT platform that is governed by a DAO and we will have collaboration with NFTWrapper for DeFi capabilities. Other than being community run and also a net zero fee platform. Early adopters of our platform will benefit as we have greater adoption and the platform generates more fees. Our marketcap is only USD400k right now and we believe there is a lot of room for the value of the platform to grow.
Unique One objective is to be the biggest NFT Digital Art platform in the world. We are confident of this because we are a net zero fee platform and many other platforms are charging more than 7% per transaction and this fee goes to a for profit company instead of going back to the community.
In terms of support, we have support from a well established blockchain incubator and accelerator, but due to the nature of this project. We will not advertise this. We will also reach out to projects and communities to launch their NFT on our platform.
The Unique One platform only has buyers fees on our platform of 1%. So this 1% in ETH will be collected and be used to buy RARE from the market. This will have the effect of increasing the RARE price. Then the repurchased RARE can either be redistributed to all token holders or we will decide to burn it and reduce the overall supply.
Volume mining is only one part of the lucrative reward that users can earn for using the platform – users can also earn Transaction mining and Creation mining. Here is an example where the user can win USD1.5k just for using the Unique One platform.
Volume mining means the total contribution of transaction value from the buyer and seller on a platform. For example, there are 100 Eth of transaction volume in a month. Let`s say you bought NFT work a total of 10Eth which is 10% of the total volume. Under this model, you and the seller will share the reward, which is 5% each.
So if the reward for the month is let’s say 14,000 RARE, then you will be able to earn a reward of 700 RARE.
But this is not all, because you made 10 transactions, and there were a total of 100 transaction. If your share is 5%, you will earn another 700 RARE.
And if you created the artwork, and lets say you created 10% of the artwork. You will earn 1,400 RARE.
So the total reward for you using the Unique One platform is actually, 700+700+1,400 = 2,800 RARE (which is USD560 at today`s price).
We also have Artist contest, which is voted using $RARE tokens. So if you win the first prize, then potentially you can earn another 5,000 RARE (which is USD1,000 at today`s price) for a total of USD1.5k
There is absolutely no risk of this happening. Keeping the data of users is a heavy responsibility and has the potential for privacy violations. We are a decentralised project and do not keep any of our users data. Users log in using Metamask wallet.
The NFT artwork is stored on IPFS and the locked content is provided by links provided by the creator. There is no data that is required from the user unless they decide to complete their profile or provide their information.
SESI 3 (Telegram Question)
Siswa R | @siswa
Q1. Regarding the originality of a work of art, especially NFT. Does Unique One have a mechanism to differentiate between original and copying other people’s art? is there a way to complain about copyright? and is there any punishment for copying other people’s art?
Q2. Currently there are several projects that are similar to Unique One, such as Opensea and Rarible, and they have already been known. What is your strategy so that the relatively new Unique One can compete with other projects? What advantages does Unique One have compared to others?
Q.2 There are a number of different NFT art platforms, Opensea is more of a general NFT aggregator, the host NFT that is created on other platforms and does not allow creation of NFT on their platform. There is also Superrare which is operated like a gallery where they only allow a limited number of artist to display their works for sale. There is also Rarible where you can create NFT tokens and also buy and sell. The difference is that most of these platforms are corporate and backed by VC and they charge heavy fees which is kept by the company.
Unique.One is non corporate and is a non profit collective. The other key difference is that Unique One does not charge artists. We also have a net zero fee. So when a buyer buys a digital art NFT, they are charged a 1% platform fee. Now this fee is collected and goes towards repurchasing $rare tokens from the market. And this tokens are redistributed back to circulating supply token holders
The other major problem we solved is with the reward model. For example on Rarible, they reward based on the value of the transaction. So this means the popular artists who has the highest sales will earn most of the tokens. So they have a big problem with wash trading. On our platform, every artist will get a share of reward for creating an NFT without selling it. If they sell it, then they will get it more reward and if the value of their work is high, then they get more rewards.
Vivo | @vivo1224
NFT is considered the next trend of the crypto industry after DeFi. Could you share your opinion about NFT? Where do you see the future evolution of NFT features and capabilities in the next few years? @un1qu
NFT can be used not only artwork but also financial instruments such as insurance and bonds. This is why we are working with NFTWrapper which is a protocol that takes NFT deposit and fractionalise it into erc20 tokens which can be traded. Although our first project is based on a Digital Art marketplace, we also plan to create other marketplaces in the future including a financial instrument marketplace.
For now, the simple way for DeFi to use our NFT platform is to place vaults of crypto coins into our locked content or to offer airdrops through NFT. The mechanism is the same and the application is endless.
The best example is the Uniswap vs Coinbase situation where Uniswap with only 5 employees can beat the volume of Coinbase with more than a thousand employees. This is the future, you will see decentralised, Uber, Airbnb, Amazon. No traditional business in the world can challenge a smart contract.
Dinda | @Amijim1
The Ethereum blockchain is having some problems with its transaction speed and high gas fee,but why does $$RARE token still use Ethereum blockchain?Do you have any plans to convert to other blockchains?
We decided to deploy on Ethereum for the same reason that many DeFi protocols are built on Ethereum. Most of the capital in Crypto exist on the Ethereum blockchain and this is also why it is expensive and slow. Our team has a multi project plan and we are watching Polkadot and Kusama closely. We also like Sora and Polkaswap project and want to integrate with them at some point.
The technological development now is only between Ethereum and Polkadot. Ethereum 2.0 might take many years but we are confident they will improvement at some point even with temporary solutions such as Layer 2 xDAI and Optimistic Rollups.
But the next 6 to 12 months, especially when parachain slot auctions are being concluded. We expect to see more improvements on the Polkadot/Kusama ecosystem. And we are ready to expand our platform of platforms idea to this network.
Salman | @Mutupatlu
Many investors hit and run in the sell and sell session after listing on the first exchange, How did Your project prevent early investors from selling their tokens and what benefits would Your project give them?
We only raised USD200k during private sale even though the interest total was close to USD500k. So the result is that everyone only obtained a small part of what they asked for. We are listed for a few days now and the prices have stablised at about 20 cents which is our listing price and our valuation of this project.
Usually, people who dump will do so at the very beginning and we believe we do not have this pressure anymore because there are currently programmes on Biki Exchange such as Grid Trading where you only need usd30 to win potentially hundreds of dollars over the first week promotion.
We will also start the Uniswap LP reward after this so that token hodlers are incentivised to hold the tokens. This is all in addition to the ability to vote in governance and artist contest. Of course, the token holders also enjoy the entire reward from the platform fees. In short, the token holders are the owners of the platform.
Asep Suryana | @vjaccep
Smart contracts are prone to bugs, and even recently three big new DeFi projects fell victim to them, consuming user funds. So, how efficient and secure are your smart contracts, and do you ever audit them through external parties?
We are having a smart contract audit done and we expect the report to be published in a few days before the mainnet launch. For codes, when we refer to open source, it is often the smart contract portion that is open source. We still have to create new code for the website and interface.
We studied the rarible code and used a large part of it with the exception of a few parts and made some changes to it. There will be a difference between us and Rarible in the sense that all our codes will be fully open sourced. This is good in the sense that the code has been in the public for some time and any vulnerability should be detected.
The other advantage is that the contract does not store any crypto unlike DeFi protocols. So the biggest risk we see is that the contract does not operate as designed.
But it will not result in a catatrophic failure. For this reason, we are also hesitant to roll out a smart contract for LP token for the Uniswap LP Reward. The responsibility of taking custody of other people`s money is too heavy and we cannot afford it.
Thank you, to Bang Pateng team and everyone for your time. The team will inform me who are the winners and the project will send the rewards out. We welcome you to our group. See you there!
Well… We declare AMA’s Series Bang Pateng with UniqueOne, is Done. 🥳🥳🥳🥳
thank you to the participants who have attended this event to the end. the winners will be announced soon🥳🥳🥳
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