Recapitulation of Clout Art PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 28th September, 2021
Time: 11:00 AM UTC
The Clout Art PROJECT team was represented by @Thecryptolaw and @Jurez who judiciously shared with us detailed knowledge and information about Clout Art PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on http://Clout.art?
ANS: Would love to! My background is mostly in startups of all sorts, but generally they all revolve around something cutting edge, latest tech, etc.
In 2013 I was part of a team that built the first mobile business intelligence tool called Databox, and that was when everyone was talking about data and big data
3 years ago, I was fortunate enough to be a part of the team that built the first NFT protocol for NFT authenticity validation
(btw, our team was heavily involved into finalizing the ERC-721 standard)
right now, we’re all about NFTs and how we can allow anyone to mint their own for free and have a new revenue stream
But the team… they’re the real rockstars. We have people onboard who have built platforms for 100M+ users, audited some of the biggest crypto exchanges, advised to biggest banks on tokenisation… so there’s plenty to talk about every time 🙂
But most importantly it’s a team that believes in what we do and in the future of NFTs with http://Clout.art 🚀
How big is the http://clout.art team?
The extended team with all subcontractors and advisors is now 30+, the main team is 13 people, most of them full time.
Is the team doxxed?
Everyone is publicly available on the website (techies also on Github)
Q2: Can you introduce http://clout.art, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: So Clout.art is, generally speaking, a minting platform and marketplace for social media post NFTs.
We’re starting the platform on Instagram, but later want to enable anyone to mint their NFTs from their best social media content, be it on IG, TikTok, Youtube, etc.
At the core of Clout.art, however, is the web3 creator economy model that is powered by SWAY token… but let’s get deep into that a bit later.
Re problems it solves: The problem with many content creators on social media platforms is the absence of control over who gets the actual revenue from ads for the content. This is exactly what Clout.art seeks to address.
First and foremost, we want to help creators in monetising their content. When it comes to Instagram specifically, we all sit on endless amounts of content that is just stuck in our timelines. We believe Clout.art can help creators breath new life into their long forgotten posts by turning them into NFTs and making them available on an open marketplace.
Secondly, it’s not about the creators alone anymore. With Patreon, but later with Onlyfans as well, it’s become obvious that there is a special relationship between creators and fans where both can benefit. NFTs are an important enabler in that and with Sway Social protocol and SWAY token, that is the backbone of Clout.art, we’re allowing fans and followers to also participate in this economic model.
We are not a social media platform, but sit on top of Instagram and other existing social media such as Tik Tok and Instagram. Our hypothesis is that it would be extremely difficult to have people abandon their current communities without a good reason. NFTs are not a good enough reason yet for people leaving legacy web2 social networks.
But we are aware of a lot NFT social platform out there… the space is getting crowded!
Also… Clout.art is free to use (we even pay for the gas on Polygon!) because it’s business model revolves around the SWAY token ecosystem and the way it empowers creator economies 😉
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Definitely. The most important milestone is the product!
We’re one of the few projects out there that have a working product before we have a token. So the airdrop participants are already able to mint NFTs
The next important milestone for us was the pre-IDO on Launchpool. On a $250k allocation we managed to get $8.3M staked from the community. We broke their previous record by far!
So we’re now moving forward with full throttle, getting more people interested before we release it to wider public as well
Next up is a simplified experience for user onboarding, TikTok integration and a mobile app
But before that, the SWAY gets listed… very very soon 😉 Stay tuned!
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: We have numerous partners onboard… from some really prominent investors like Alphabit, AU21, LucidBlue Ventures, 01 Capital, etc...
to Polygon, who’s grant we’ve received
and then CoinPass, the first fully FCA-regulated exchange from UK
or ImpactScore, our carbon offsetting partner, that allows us to mint NFTs, not only carbon neutral, but carbon negative — giving back to the environment even more
It’s an amazing group of people that support us 100%, but we’ll announce even more partners very very soon 😉
Q5: So the native token of Clout.art is $SWAY?🤔
ANS: Yes! SWAY is actually part of the Sway Social Protocol (swaysocial.org), the underlying technology of Clout.art that allows creator to build and own their own creator economies based on the NFTs they create.
Awesome, I was about to ask for some clarity 😄
SWAY came after Clout.art and we wanted to make sure it captures value for Clout.art short term — but then will be able to support creators who sell NFTs on other decentralized NFT platforms as well, not just Clout.art
Q6: Can you give an overview of the Tokenomics, and UTILITY of $SWAY token?
ANS: Let’s start with utility 🙂
In short, the native token of Clout.art SWAY is used in staking to replicate following:
1. Content creators establish individual pools for their NFTs.
2. Users stake SWAY tokens to the pools (content creators) they wish to support.
3. Staked SWAY tokens share in the revenue generated from their specific pools.
So every creator runs his pool, and his fans can stake with him.
By staking, they support him! And everyime he sells an NFT, they get a small portion of the reward
By analogy, the SWAY token holders are providing a social underwriting facility for content creators.
For a deep dive read more about SWAY here https://medium.com/cloutdotart/social-capital-a-new-asset-class-f532e4205d21
In terms of tokenomics we have a really good structure and a small initial market cap.
Total token supply:
Initial Circulating Supply:
Amount being raised (total):
Market Cap on Launch:
We’ll also be announcing where we launch really really soon 👍
2nd Segment: LIVE Questions
Q1: What happens in a situation whereby an account that has already converted a post into an NFT gets banned or deleted from the social platform? How will such NFT be stopped from being in circulation bearing it in mind that once an NFT is in the space, it spreads around?
I applied for the Private Sale waitlist but I am yet to get a response. How will I know if my application is successful or not?
ANS: Once the NFT is live, it is up. Even if the account is suspended, removed, cancelled. Unless we get a complaint around the content (that it is not original content, or without the consent of original artist) we would leave the NFT intact. Otherwise we would freeze it.
If you signed up for the private list, please stick around for a little while… however, we’re very selective of who we want on board at this stage.
Q2: When we digitalize our content from social media, does Clout Art acquire the copyrights and legal authority also? Do these social media allow Clout Art to gather such contents away from their platforms? Can you talk more about your legalities and copyright matters?
ANS: No, we actually at no point in time own any of the content of the NFT. We act as a tool to help you transform your content into an NFT and the moment you mint it, it gets stored in your wallet. It is completely up to you what you want to do with it.
We even don’t take a commission for selling it on our platform (like OpenSea does).
The legalities are sometimes a bit tricky, because we have no way of assuring the content being minted is original. But we have some mechanisms to ensure protection of buyers and a reputation system.
Q3: We know that the Clout.art platform has been opened to the public in August, and you said "will add more surprises in the next few months", so can you explain what kind of surprise you are giving users/investors? Where can I find it?
ANS: That is true, we have been open to our airdrop participants since August and we’re still onboarding them (100k+ have signed up).
As for surprises, there is a lot we’re working on right now and if I disclose it all, it wouldn’t be a surprise, would it? 😄
One of them was definitely the fact that we pay for gas fees so it’s completely free to mint.
But wait around and you’ll see how amazing the mobile app will be 😉
(ups, did I disclose too much? 😂)
Q4: An increasing number of NFTs are being created across platforms such as music, art, games and collectibles. So how does #CloutArt differ from other multi-chain NFT marketplaces?
ANS: I think the way $SWAY works is just mindblowing. Like mentioned above, please go to https://swaysocial.org and read more about the token, creator adoption mining, dynamic staking, etc. This is the real gamechanger.
Q5: I have several noteworthy Artworks displayed on my Instagram page and even some local curator from the National Institute of Arts and Culture have called me to show these pictures in an Art Fiesta. I was excited to hear that I can monetize this art content on on CLOUT.ART platform. Is this true, can you guide me on a Step by Step manner of how the get these contents monetized ?
ANS: We’d love to work with you. That’s exactly why this platform was built for. Can you send me a dm and I’ll get you in.
Q6: Clout.art is a platform focused on enhancing the social media experience, so I think it's important for the project to have a solid marketing strategy. How do you plan to attract users and influencers to your platform since most still don't know about NFTs? Will the user experience be easy for NFT and crypto beginners?
ANS: Wonderful question!
Agree, most people don’t know about crypto and NFTs. But enough people have already heard about NFTs to have their interest.
Our goal is revolving mostly around how to build the easiest experience to create your first NFT
That’s like Coinbase — their onboarding experience is: how do we get the user to buy his first crypto
And since everyone has social media, we’re the best fit for it 😉
Q7: When minting a content NFT, do users have to provide their credentials like username, email and password of the social account? What are the requirements for minting a content NFT in your platform? Also, does the account have to be verified by the social platform before using it?
ANS: None of that. Only thing he needs to do is validate that the account he listed is really his. He does that by pasting a short code into his profile bio (he can then delete it).
To mint you need to have at least 150 followers and the Clout.art score of the newly minted post should be min 10.
You don’t need a verified profile to get started, but just a “real” profile (no fakes!)
I’m sure most everyone can do it, it’s really that easy 😉
Q8: Can we stake and hold the token of Clout art project or we can mint the NFTs on this platform?
Who will create the NFTs of the successful Instagram post? The owner of the post or the team of the Clout art Project?
ANS: The owners themselves need to create the NFTs. We’re their tool to do that. We’re like Word for documents. We allow the utility of the platform, but what you do with it is completely up to you 😉
Q9: An increasing number of NFTs are being created across platforms such as music, art, games and collectibles. So how does #CloutArt differ from other multi-chain NFT marketplaces?
ANS: We don’t and we don’t want to differ. On SWAY level, we want to work with them! Clout.art does not want to be a marketplace, but rather the best way to mint your social media post. So a minting tool that takes into account all the social media post data and captures the web 2 value to turn it into web 3 value.
With SWAY however, if it’s a decentralized NFT marketplace, we get to plug in and work beautifully togther 🙂
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