Recapitulation of Jigen PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 30th November, 2021
Time: 14:00 UTC
The Jigen PROJECT team was represented by @Fil_Jigen who judiciously shared with us detailed knowledge and information about Jigen PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Jigen?
ANS: Sure! I’m Filippo Ricci and I’m the Co-founder and Senior Operation Advisor of Jigen. I’m the business owner of an Italian sneaker brand (RFR Fabiano Ricci) and I’ve always been part of the fashion industry because of my family tradition. I previously worked for Gucci in the Supply Chain and such experience helped me a lot to grow professionally.
Moreover, I’m a crypto enthusiast since 2017 and I followed all the evolution around the NFT space, that gave me the input to create Jigen and challenge the luxury sector! Our team is spread worldwide from Canada to Japan and is composed by a mix of backgrounds in blockchain (tech-business side) and luxury.
Q2: Can you introduce Jigen, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: To make it short, Jigen represent the first NFT gateway for Fashion and Luxury items in the metaverse and gaming ecosystem. We want to deliver a unique purchase experience, offering to our users asset-backed NFTs that they can also bring to different metaverses as wearables, generating a new economy for the luxury goods industry.
Jigen focuses on solving typical problems for brands through the use of blockchain technology such as counterfeiting, while allowing different players in the fashion and luxury items industry to venture into new ways of sharing unique designs of their products using NFTs.
Moreover, Jigen creates a new liquid market for luxury items on the blockchain, where it is possible to build a wide range of defi applications, if we think for example to the fractionalization of expensive luxury goods that can finally become accessible to the masses.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: The next month will be exciting for our community: we are focusing on marketing to spread the awareness of Jigen worldwide. We’ll also announce several partnerships that we built in the recent period. Our IDO is coming for the end of December!
Regarding the product, we already developed our MVP and shared it with our partners, but we need more time to finalize the platform. In addition to this, our smart contracts will be customizable according to the specific needs of brands or NFT projects using our launchpad. Therefore, we’ll make sure that everything will be perfect for the official release. Currently we expect to culminate in Q1 2022 with the public launch of the platform.
Jigen also aims to be a borderless NFT ecosystem, so we are committed to achieving native integration with the main blockchain networks such as Ethereum, BSC, Avalanche and Polygon by the first half of 2022.
We look forward to completing our ambitious roadmap by Q2 2022, including activating our governance for the platform through the native $JIG token.
Q4: Can you briefly describe your PARTNERSHIPS so far?
ANS: We have ample of big names in the industry as our strategic partners, like Oddiyana Ventures, Synapse, Fera, Oracle Investment Group and many others that we’ll reveal daily.
We also have excellent advisors that have great background and been heavily involved in the crypto industry, like Sundeep, from Trustswap, and Maximilian Dier, head of Gamestation launchpad.
I’d suggest you to follow our official channels, since we’ll release every day new info regarding backers and amazing partnerships. What I want to point out is that we are focusing on the development of big collaborations with gaming and metaverse projects. Only embracing multiple communities, the use cases for our NFTs will grow exponentially in the long term!
Q5: Finally on this segment, Can you give an overview of the Tokenomics, and Utility of $JIG tokens?
ANS: Yes, of course. There will be a total supply of 100M $JIG tokens. Our token will be native on BSC and it will be used mostly in three ways: exclusive access to our NFTs and privileges within the platform, staking and governance (in the future).
An exciting feature to be mentioned is that 60% of all fees collected from each NFT trade on the secondary market will be used for $JIG buybacks and burns. It means a steady upward pressure to the price in the long term, especially when our ecosystem will be at full capacity.
You can find all other details regarding price and vesting for each round in our medium article posted few days ago 😊
2nd Segment: LIVE Questions
Q1: How does Jigen ensure that each NFT minted by a user is completely random? Also, what are the various tiers that exist on the Jigen platform and what are the benefits associated with each tier?
ANS: Thank you for this question! Our smart contract implements a modified version of the Fisher–Yates shuffle algorithm and interacts with Chainlink to ensure that each NFT minted by the user is completely random, although the rarity level will be affected by the user’s tier. In addition to this, all the metadata associated with our contracts is always stored in decentralized solutions, such as IPFS. The tiers are not available to the public yet, so please stay tuned in our announcements channel for more information about them!
Q2: Can we say that $Jigen ecosystem support cross chain? And what about it NFTs are they compatible chain with EVM?
ANS: Yes, our ecosystem will be cross-chain and we’ll deploy on the major EVM solutions like Binance Smart Chain, Polygon or Avalanche. We also settled a crucial partnership with Scotty Beam in order to ensure a seamless experience for our users, that will be able to teleport their NFTS on multiple chain and potentially use their wearable in all our metaverse partners!
Q3: I notice you've not announce any partnership with fashion and lux brand. Any plans for that? Can your NFT be exchange for a wear in a brand like Gucci or Prada? Would that be possible in future of metaverse?
What interest you in fashion & luxury? Any plans for interoperability?
ANS: Together with metaverse and gaming partnerships, brand collaborations represent another crucial factor for our ecosystem. We’re currently discussing with many brands, thanks to our network within the industry. But it’s too early to make announcement regarding this, also because the nature of the agreement is totally different from crypto collaborations and there are many more legal aspects to take into account 😊
Q4: I read that one of Jigen's missions is to build its own brand, can you tell us more about this? What advances are there in relation to your own brand?
ANS: Yes, Jigen brand building is one of our main goal for the future. Actually there are almost no competitors in this field because fashion brands haven’t explored yet the metaverse. We can leverage “Jigen” starting with co-branding strategies and gradually expand our reach in several ways. NFT merch is definitely one of the biggest trend for the upcoming years and we want to be there as first mover!
Q5: Hey 😁
I am confused with meaning of "JIGEN" name. Can you tell us the meaning of JIGEN name and why did you choose this name for you project?
ANS: Thank you for this question! Jigen stands for “dimension” in Japanese and the name was given because the project itself is focused on bridging the real and the virtual dimension. Also looking at the logo design, “IO” calls to the binary code as connection point to the two worlds :)
Q6: Hi 🙋♂
As I am a NFT Lover and I do NFT trading, Can I do the same in Jigen NFTs?
ANS: That's right! You will be able to trade Jigen NFTs on secondary market like Opensea, and 60% of all the trading fees collected will be used for buyback of the JIG token! Not only by trading our NFTs you'll be making profit but you'll also be able to support our ecosystem.
Q7: Hello ✨👋
Jigen NFTs will be Luxury NFTs and as we all know Luxury are items are very expensive, So NFTs will also be expensive?
Will it be affordable for a Small Investors?
ANS: We’ll cover multiple areas within fashion and luxury, so not all NFTs will be expensive. We want to diversify our offer as much as possible to give everyone the chance to enjoy some NFTs from our collections 😊
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