Recapitulation of BabylonsNFT PROJECT AMA event held at AMA LOVERS CLUB.
Date: Saturday, 19th June, 2021
Time: 12:00 UTC
The BabylonsNFT PROJECT team was represented by @IKIGAI0112358 who judiciously shared with us detailed knowledge and information about BabylonsNFT PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on BabylonsNFT?
ANS: Let me introduce myself briefly and continue with the rest of the team.
My name is Egemen Hocaoğlu and I am the community manager of Babylons coming from an engineering academic background. My involvement in art started in my own way after absorbing it for years from various artists all over the world while focusing on various aspects of blockchain at the same time.
We are 7 good friends in the core team. I answered for myself already so let me introduce my colleagues. Furkan is the CEO. Ataberk is responsible for the technology behind Babylons. Arda is managing and operating various strategies from business to marketing. Ismail is our solidity master and Yunus is our truly "full-stack" developer and systems architect. Last but not least, Mert is our lead designer responsible for all design matters including the marketplace design.
When we are in need of external help, we also always out-source trusted partners for the extra workload.
Q2: Can you introduce BabylonsNFT, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Babylons is the first ‘truly’ community owned NFT marketplace on Binance Smart Chain with low gas fees, fast transactions and easy-to-use minting platform where a user can create green NFTs, collect from amazing artists and trade with others while being involved in a DAO that uses the BABI governance token to operate and also socialize in our colorful community.
Being built on top of Binance Smart Chain differentiates us from most of the big platforms however, this barely scratches the surface of what Babylons has to offer.
We have a weekly reward system that financially incentivizes the active users of the platform, both buyers and sellers are eligible to weekly BABI airdrops. Almost half of our total token supply will be distributed to the community via these weekly airdrops.
While doing so, we only take %2 from buyers and sellers which also makes us stand apart in the competition with the lowest commissions as well as lowest gas fees. Revenue that is generated through these %2 commissions are also used for deflationary mechanics like buy & burn programs and some percentage of it goes to the stakeholders like dividends.
Most importantly, we care about our community above all. So that we always listen to their feedback and suggestions, which we know that's not the case with most of the other marketplaces
Combined with our roadmap and tokenomics, we feel like we have quite a unique stand point in the NFT space 🙂
Q3: With the use of "truly" means you genuinely carry the community along in every activities of the project.
Do you do this in another way aside VOTING?
ANS: Exactly, currently voting mechanism is not active, but it will partially activate after public launch of BABI, our governance token.
For now, we listen to our community via our social communication channels 🙂
Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: There have been quite a lot! I think the first major milestone for us was to take app.babylons.io online on Binance Smart Chain Mainnet as a functional NFT marketplace
I believe we can also consider the partnerships that we have made as major achievements because they play a key factor from A to Z.
There is also plenty to share regarding our road map, please see our blog post for our roadmap and detailed explanation of the key achievements we aim to have accomplished until the end of this year and further in the link here:
One of the most exciting ones is the VR/AR gallery, we already started working to get this running asap. We also have some partnerships that are yet to be official. One other major development on Babylons will be on crowdfunding by NFTs, keep in mind NFTs can be both non-fungible and semi-fungible. In the long term, we expect to be one of the pioneers in the NFT industry through continuous research together with our wide technology & arts network in both the professional world and academia.
Furthermore, we will be creating an Artists' Fund from our generated revenues to help and incentivize struggling artists anywhere in the world.
We are also in the process of finalizing an audit of our smart contracts by Certik, one of the best and most trusted companies in their field which we can count as a milestone I think 🙂
Q5: Can you briefly describe your PARTNERSHIPS so far?
ANS: Our first partner is Ferrum Advisory Services and our relationship has been extremely fruitful since the beginning and continues to deepen day by day.
We also partnered with Vapor95.com, a vaporwave aesthetic apparel brand from LA, CA to combine physical and digital worlds together through NFTs and fashion.
We have partnered with Noft Games listing their in-game items on our marketplace available to trade.
One of our latest partners is NETVRK which is a social VR platform on blockchain where we will have our virtual HQ.
Last but not least, our latest official partnership with PolyNetwork is going to enable us to bring forward cross-chain support in Babylons!
Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $BABI Token?
ANS: for sure
Our tokenomics are newly updated and adjusted according to the current market conditions approaching the public launch of the BABI token. All percentages and locking periods are available on our website (babylons.io) and blog (blog.babylons.io) as well. We arranged them in such a way that to protect our token holders, our community. Vast majority of the total supply, almost half will be distributed to the community over 365 weeks.
In addition to staking and earning commission paybacks from the generated revenue, token holders will have voting rights to be involved in the decision making process for the future of Babylons. These voting rights will be in effect for various decisions including marketing, management, design, business development and so on.
Of course, there will also be a store value as well because of the deflationary mechanics that BABI has 🙂
Possibilities are endless though, we plan to give more and more utility to the BABI token and its holders via our both existing and future partnerships to be announced.
We have plans for crowdfunding through NFTs like launchpads but selling non fungible tokens instead of fungible ones. We have plans for a tier-based API data usage system. We have plans for in-game advantages for BABI holders, special merch drops and much more via partnerships! Stay tuned to learn more about these in detail as we announce new partnerships, publish community updates, and release articles explaining these utilities
2nd Segment: LIVE Questions 💪
Q1: Babylon leads as the premier community-owned NFT marketplace for creators, collectors and users. Presently what is the population ofnContent Creators on Babylon platform? Amongst these, do you partnerships with popular creators that can promote the popularity of Babylon across the globe and in their local environments ?
ANS: We have currently over 600 creators on app.babylons.io , and we have an Artist Ambassador Program where more popular artists over 30 countries help us carry the word around in local communities as well as all around the world!
Here we explain more about the Ambassador program:
Q2: As we know, income is very important for the further growth of the project. How many ways does your project generate income? What is the revenue model? How does it benefit for users too?
ANS: Our main revenue model is centered around %2 commissions that we take from both buyers and sellers, and through our profit sharing mechanism, these commision revenues gets used to develop our business, pay dividends to stakeholders and maintain buyback&burn mechanism.
We are also working on some B2B solutions, more about B2B side will be revealed very soon 🙂
Also there are more plans for future use of Babylons Systems like tier-based API system and more, these are all explained in our roadmap in our blog.babylons.io
Q3: How is Babylons going to support upcoming artists and new users coming into the Babylons NFT space. And will Babylons integrate into BSC Market place and be a part of the BINANCE NFT market place soon?
ANS: We are giving away BNB to every creator who reaches us through our communication channels in order to incentivize and compensate their costs when trying Babylons for the first time. We will have a Babylons Artist Fund where we will work with our Ambassadors to find out and support emerging artists from all over the world.
About Binance NFT marketplace, since we operate on BSC network already and have cross-chain plans to deploy very soon, we think it will be very easy to integrate when Binance launches their own NFT marketplace because NFT standards that we use, are the same which are BEP-721 and BEP-1155
Q4: 42.5% of $BABI in tokennomics will be given, will it be given to NFT holders or $BABI holders? And is there a plan so that the NFT owned is not only WORTH SATISFACTION but has more value, such as Stake NFT to get lots of rewards?
ANS: %42.5 of total supply of $BABI will be distributed to those who buy and/or sell NFTs on app.babylons.io according to their respective volume made compared to weekly totals.
However, $BABI holders will get paid by BNB earned from buy/sell commissions.
Also about the utility of NFTs, we have very exciting plans to start to take place very soon. For example, certain NFT holders will get high APR on Babylons partner DeFi projects, also certain NFT holders will be eligible for Babylons partner project token rewards as well as eligible for exclusive and physical rewards, memberships and much more. We certainly think that NFTs are here for a lot more than just satisfaction of ownership and swagging 🙂
Q5: In order to enter the babylons network, it is not necessary to verify ourselves as a user, which could cause scammers to enter the platform, thus affecting the experience of other users, how do you plan to avoid situations such as scams in order to protect your users ? https://twitter.com/NSZR16/status/1406052716049321986
ANS: We have a verification system and verificaton form where true creators can apply and get verified within a week. Of course it is recommended that to trust on users that are verified by Babylons, which is indicated with a small verification badge on their profile.
Also if non-verified users are copy-minting our stealing from other artists, through our continuous monitoring of the marketplace and close knit-community and their feedback, we can detect such non-verified scammers and ban them from Babylons and this was the final question, thanks everyone for joining, it was a great AMA session, you can find me or other Babylons team members at https://t.me/BabylonsNFT anytime of the day, if you have further questions or anything else that you would like to discuss 🖖
Follow Us On Our Various Social Media Communities For More Update;
OFFICIAL BABYLONS LINKS:
Babylons Main Website: https://babylons.io/
Babylons NFT Marketplace: https://app.babylons.io/
Babylons Discord Server Invite Link: https://discord.gg/s7wSuVc92e
Babylons Telegram Community Invite Link: https://t.me/babylonsnft
Babylons Twitter Account: https://twitter.com/babylonsnft
Babylons Instagram Account: https://instagram.com/babylonsnft
Babylons Blog: https://blog.babylons.io/
Babylons Youtube Channel: https://www.youtube.com/channel/UCIn3zZbUSYgt0rdJS8AnWkg
FOLLOW AMA LOVERS CLUB ON:
Telegram Group: https://t.me/amaloversclub
Telegram Channel: https://t.me/amaloversclub_channel