Recapitulation of ELON SOCKS PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 6th May, 2021
Time: 14:00 UTC
The ELON SOCKS PROJECT team was represented by @Chrslppn and @Hannon who judiciously shared with us detailed knowledge and information about ELON SOCKS PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on ELONSOCKS?
ANS: Hello everyone, thank you for welcoming us into your community. I am northen monkey crypto, Ive been in and out of the cryptoverse since about 2017. Over the last little while Ive have been part of some projects as a community moderator and have been working my way into playing a larger role on project teams. From a little graphic design and stickers, to dealing with marketing and communicating with influencers and partners, if something needs to be done Ill do what I can to get it completed. Most of all I particularly enjoy talking to community members and helping others. Many people that know me know I’m a strong believer in building a community around a project!
Hello everyone, and thanks for being part of this AMA, I am Hannon, and started getting into crypto the past year. I started with trading alt coins, and slowly started discovering the bsc world, and all the craziness that has been happening. Things move very fast in crypto, and I've found myself in the role of moderator as well as team member on certain projects, and I have to say I enjoy the proccess of helping and participating in the growth of coin. Whilst it is fun to day trade, it is more fulfilling to focus on things long term, to really see how far we can take them. Concerning the personal background, I am part of a music and art collective in Paris, where we do production and design, hence the idea of integrating a creative aspect to Elon's Socks.
Do you still have something to add?
We also have other team members who could not be here with us today, Bronze And Yoojo but their focus is on marketing and finding deals to help grow the project. They have also been super helpful with the communication aspect of the project, taking care of articles, and social media. So far we have to say they have more than delivered, with marketing material already online within a few days of launch.
Q2: Can you introduce ELONSOCKS, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: The project had very humble beginnings, as no one knew that it would have the traction that it had in such a short amount of time. The idea of sending the socks to Elon Musk came about as a fun idea to help hype the project, but as everything progressed, we thought the potential of developping a platform for clothing items and NFTS. The competitive advantage is that we are trying to grow it into a community owned platform, where everyone can submit their designs, and we are looking to propose solutions for people to be able to print and sell their creations.
Does a community member earn by submitting designs to the project?
As of now, the platform tokenomics have not been finalised yet, but ideally we would like it to be a marketplace where creators will be paid for their work. We are thinking of finding printing solutions, so there are going to be fees associated with that, but the main revenue would go to the creators.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Right now we are actively seeking to increase membership, and we already have delivered on marketing with youtube and tiktok videos. We are looking to expand the team and have developpers and designers come onboard so we can fully grow this project into a viable platform for the long term
Coingecko has already been applied for, and as for top milestone, we went from a stealth launch to an ATH of 600K market cap withinn 48 hours.
So the progression was unexepected, but with the growing community, we are really looking to develop this project with an usecase
How old is ElonSocks project?
we are only just 7 days in atm
yes 7 days and 759 holders as it stands at this moment in time.
Q4: I know its a very short time since launch but then considering the growth I will still love to know one or two things as regards partnership
Can you briefly describe your PARTNERSHIPS so far?
ANS: We are in the talks with individuals that want to participate in the project, and as it develops and grows, we hope to have more partnerships to help push the project even further. Right now everything is coming out of our own pockets, and the community has seen that we have delivered on our promises. We already have a partner that has a small printing company, and we are working on the first original collection that will be released soon.
Q5: Can you give an overview of the expected Tokenomics, and the UTILITY of the $ELONSOCKS?
ANS: the tokenomincs are coded into the contracts already yes
Elon's socks is a deflationary token built on the Binance Smart Chain. Elon's socks tokenomics provide a floor for sustainable growth year on year by applying a 12% fee on every transaction, 7% auto-generating liquidity, and 5% distributed to token holders. Buy and HODL in your wallet and earn more Elons socks tokens
Yes. And as for the ecomomics of the platform, we are thinking about a cross betweeen popular NFT platforms, as well as websites that allow users to sell their creations, such as teespring.
2nd Segment: LIVE Questions
Q1: Elon Musk is the owner of the DOGE coin and now we have Elon Socks. Is there any relationship between the DOGE and the SOCKS? And why would you advise that I hold SOCKS over other meme based tokens?
ANS: Right now we do not have any affiliation with Dogecoin. However as previously mentionned, the name was an incentive to surf on the Elon wave that has taken over crypto. As the project developped, we had the idea of sending some socks to Elon, and to continue pushing the project so that we can have a platform that will be sustainable. The incentive is that we are really looking into making this token with a real usecase, and have the community participate with designs, and ideas.
Q2: Elon socks says it biggest goal at the moment is to see Elon Musk himself wear a pair of Elon’s Socks during it Saturday night show that would take place on 8th of this month. I could see that you guys have a well structured strategy in place to make it possible, so let's say Elon didn't get to wear this socks come May 8th, how would you feel? Will you be discouraged and abandon the project or you would continue to strive hard to ensure all your future goals are being achieved?
ANS: We are working hard to make it possible, but if indeed he doesnt get to wear it on the 8th, there is still plenty of time for us to get his attention. As everything progresses and gets bigger, there will always be opportunity for him to one day wear our socks. So as previously mentionned, we have been pleasantly surprised with the current growth, and as it continues, we are looking forward to the community taking part in our goal to expand. And NO, we will NOT be discouraged. We are looking to make this a long term project, not a 24h project like so many coins on bsc.
Q3: One of the things that discouraged investors from investing in most meme project is that majority of them are often run by anonymous team with little or no experience, they end up running away with investors funds. What mechanism have you put in place to help gain trust and support of your community? Can you guarantee safety of investors funds?
ANS: 50 percent of the supply has already been burnt, and we have already spent close to 7k of our own money to pay for marketing. We have been transparent and delivered in the short amount of time this coin has existed, and we will continue to do so in the future. And as this project continues, we will make sure to include members and big holders to participate in decisions, so that transparency remains.
Q4: I have read in your Medium article that Elon's Socks aims to be a full-fledged platform where customized apparel such as socks, t-shirts and other garments can be designed by creators and sold to others. So in the future, will you help branding the products created by artists?
ANS: This is definitely something that can be considered. It will all depend on the growth of the coin, and the implication of the community. If funds are available, the possibility to include marketing in packages is totally viable. Also, we would encourage artists and designers to join us by promoting their designs and products on our website, much like artists have collaborated with other platforms or brands. We are aiming to grow our brand starting by our own socks and then branching into other apparel. By establishing ourselves as a brand it would encourage other artists, brands and projects to join us in collaborative projects.
Q5: I think Elons Socks is a community based platform..How do you promote your product to all people with only three / four hundred people?This has become a difficult issue...So how can you expect from investors to invest in your project?
ANS: We started this project not expecting it to blow up so quickly. So far the team have been focusing on growing our community base. We have already paid for a youtube and tiktok video, and are actively working with marketers to bring in more members. Again, being a community token, everyone has to participate and help with the communication, tweets and comments to give us attention!
Q6: Socks, like Santa Claus with big gifts? What surprises can we expect from Elon's socks in terms of awarding terms for the community, I suppose they will do airdrops as marketing strategies to hook more users?
ANS: Yes indeed, we are working on a first collection of socks as rewards for when we reach 1000 holders, and have other ideas down the pipeline!
Q7: 𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐩𝐥𝐚𝐧 𝐨𝐧 𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐜𝐨𝐢𝐧 𝐚𝐥𝐢𝐯𝐞? 𝐀 𝐥𝐨𝐭 𝐨𝐟 𝐦𝐞𝐦𝐞 𝐜𝐨𝐢𝐧𝐬 𝐞𝐧𝐝 𝐮𝐩 𝐝𝐢𝐞𝐢𝐧𝐠 𝐚𝐟𝐭𝐞𝐫 𝐚 𝐰𝐞𝐞𝐤, 𝐡𝐨𝐰 𝐰𝐢𝐥𝐥 𝐲𝐨𝐮 𝐞𝐧𝐬𝐮𝐫𝐞 𝐭𝐡𝐚𝐭 𝐰𝐨𝐧’𝐭 𝐡𝐚𝐩𝐩𝐞𝐧?
ANS: As previously mentionned, we have big holders that believe in the project, and we want to develop into a platform where users can submit their work. This will insure that it becomes a sustainable environment.
Q8: many cryptographic projects appear with interesting ideas, objectives and proposals ranging from DeFi innovation, charitable tokens, the NFT market and its dynamic variants among other applications, What does your project contribute to the cryptographic ecosystem in general and how the community benefits from your project?
ANS: The ideal progression for us is to develop this into a platform where user can submit their design and sell them. So far this link between retail and crypto has not yet been fully expored.
Q9: What is the secret of Elon's Socks success?It seems most if not all of the projects you touch,turns to gold in terms of ROI.can you share your secret with us?
ANS: We don't know! But the project being SAFU, with transparent Dev and team members, and delivering on promises within days of launch, makes us want to believe we are on a good path! And we want to again thank the community for the support!
Q10: What influence do expect Elon’s Sock wearing to have on the project or do you intend to go into a partnership with him ?
Selling of customized clothing is the intention for global market or just some restricted area.
ANS: If he does wear our socks, I think we can expect the most unexpected. See what doge did with one tweet. If he wears our socks, I can only imagine.
Q11: From where and how can i buy ELON'S SOCK? Is it globally available? And why should i buy ELON'S SOCK? What are the things it has that you think will help it to reach the moon?
ANS: We are in the process of developping a platform where users can purchase merchandise!
Q12: How you ensure that ELON'S SOCK is 100% rug-proof and 100% SAFU? This is the most concern thin for the investors. How you can ensure me that ELON'S SOCK is safe and secure?
ANS: Elon’s Socks is nice and SAFU! This is a big concern for us as we have all experienced rugs and wanted to make something that the community could have trust in. The LP has been burnt and the ownership has been renounced. We have always provided the links for this in our telegram as being transparent to the community is key. We want to end till trust in our community.
Thank you everyone for joining the AMA, and to amaloversclub for hosting, again if you have more questions, join us at @elons_socks and we will be happy to answer them
Yes! As we are looking to expand this project, we welcome any new members who want to contribute, and be part of the team. This is a community token, and as previously mentionned, we are looking forward to more collaborations, to make this project even richer! Thanks again to everyone who was here, and to amaloversclub!
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