Recapitulation of Luxy PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 30th November, 2021
Time: 17:00 UTC
The Luxy PROJECT team was represented by @Bstr156 who judiciously shared with us detailed knowledge and information about Luxy PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on Luxy?
ANS: I'm Bradley Stephenson, PR Lead for Luxy. I first learned about Bitcoin back in 2011. Became more active in the blockchain scene around 2014. In 2019, I joined the board of the non-profit Syscoin Foundation, another project I really love to this day. My professional background includes over twenty years' IT and dev experience, with much of that in enterprise database development. I recognize good solutions when I see them. Luxy is certainly one of those, so I’m happy to help the project!
Many of the Luxy Core Team members, advisors, and partners, have been involved in the blockchain industry at least as long as me, in some cases longer. Our Core members include professionals from Elint and Pollum - the biggest blockchain solutions developers in Brazil, as well as some other members of Syscoin Foundation. The Luxy project has many excellent partners like BlockDesk Ventures and many more, and some top-notch influencers in the NFT space such as StrongHands.
The Luxy founders came together and formed Luxy because each of them recognized the real need for a better NFT experience for everyone, and saw this as a huge opportunity. Some of our team such as our UI/UX designers are long-time art lovers, some are long-time blockchain geeks and devs, musicians, gamers, and some are all of those. We came together to create something that everyone will love. A much better way to share art, music, gaming items, and the value behind them!
Q2: Can you introduce Luxy, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Comparing Luxy to the other marketplaces that have been considered leaders recently, like OpenSea and Rarible, you’ll notice a lot of differences in Luxy’s favor. Rarible is a pretty good platform as far as being decentralized, but it lacks a really good user interface and it is missing the user experience that is really needed for NFTs. OpenSea has a better UI, but it is lacking on the decentralization front in our opinion. Luxy brings both of those good aspects together; A great user experience, and a strong focus on being decentralized. We also highly value community input on features and the evolution of the marketplace, so we'll be introducing community governance for proposing and voting on new features, accessible to LUXY token holders. Luxy Marketplace will utilize blockchains that align with our overall objectives. As such, we are first launching on Polygon, then later on Syscoin. We open to consider other blockchains as well, and look forward to our community providing input there.
I could elaborate further, but I'll save it for later!
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Our completed milestones thus far are that we have completed development of our decentralized + open Web 3.0 NFT marketplace, and that all the earliest offering rounds (seed, private, community private) have completely sold-out, and the public IDO has also almost sold out - very little remaining far as I know. The marketplace is set to go live on Polygon mainnet in December!
All of our smart contracts (something like 15) have been fully audited
That is a simple overview of our roadmap.
Part of that is introducing the ability for users to have full custody of their own NFT Collection smart contracts for ownership and portability to other open NFT marketplaces if desired.
We are also planning a "whitelabel" program to give projects and enterprises to ability to use the Luxy Marketplace backend with their own branding and tailored user-experiences, which they can pay for with LUXY Token.
Also under discussion presently is introducing a headless API so that Luxy Marketplace can fully integrate with Metaverse platforms. We think that holds massive potential for adoption of our marketplace.
A mobile application for the marketplace is also being discussed but will likely come later, like six months to a year.
Q4: Can you briefly describe your PARTNERSHIPS so far?
We are working with Polygon of course as we are launching on their platform. We're big fans of what they've accomplished with the platform.
BlockDesk Ventures partnered with us after assessing our business model and testing the marketplace themselves. They really liked what they saw. They're providing a lot of general advice and helping with marketing as well.
Syscoin Foundation has also been advising us. Syscoin is releasing its NEVM smart chain very soon and has a rollup-centric roadmap. We've been discussing launching there once that is available. We'd love to be one of the earliest (if not the earliest) NFT marketplace to utilize ZK-Rollups.
We've got a lot of partners and that continues to grow always. Some of them I can just say are advising us on marketing, outreach and in other areas. We're very happy with all of them.
Q5: Finally, let's talk about the governance token
Can you give an overview of the Tokenomics and Utility of $LUXY tokens?
ANS: Sure, LUXY Token first and foremost powers the utility of Luxy Marketplace. It is a deflationary token which began with a supply of 100 million. Events called "The Burning" will continue until only 50 million remain. Most of the fees collected for buying/selling NFTs will be burned. LUXY Token gives token holders access to significant discounts on the marketplace, especially if they buy NFTs using LUXY, or accept it as means of exchange for NFTs they are selling. It is also used to buy services such as ad space, featuring NFTs, or for Whitelabel service. Holders will also be able to participate in proposing and voting on new features.
Luxy is also offering liquidity mining and farming opportunities to earn LUXY LP tokens.
Total Rewards: 10,000,000 $LUXY
The liquidy mining program will have a duration of 1 year in order to attract liquidity to the LUXY protocol, in this way 50% of the tokens directed to incentives will be distributed through 4 farms with a duration of 3 months for users who lock LUXY-USDC LP tokens in the contract.
Farm | Tokens Percentage | Tokens Release
1st 30% 3,000,000
2nd 26% 2,600,000
3rd 23% 2,300,000
4th 21% 2,100,000
Just for demonstration purposes, in case we get 5% of the total Luxy supply in LPS farming in the contract, we get the following APRs:
Farm | APR
2nd Segment: LIVE Questions
Q1: Is LUXY a sustainable platform?I learnt NFTs on LUXY are environmentally friendly. How did you achieve this ?
Great Introduction ! Can I bring my NFT project to LUXY?
ANS: Polygon is a PoS network we are launching on, which is considered green compared to PoW. Also, Syscoin is merge-mined with Bitcoin, which is the only green form of PoW available. So in all ways Luxy plans to remain a "green" option.
Q2: how good is Luxy in terms of security, interface speed and ease of use? What are the positive qualities does Luxy have?
ANS: Our platform has been security audited, the frontend, backend and smart contracts. The user interface and experience is cutting edge and designed by a great team led by Julia Hoffman who has experience in both physical architecture and UX design. It will be a vast improvement over what people have experience on other decentralized marketplaces. The network fees will be very low because of our selective choice of which blockchains to launch on, and our marketplace fees (for buying/selling) are also comparatively low to other mainline marketplaces.
Q3: When would the LUXY Alpha version be available ? I saw a Car featured on your Telegram Channel, is the car available for winning ?
Would artists be allowed to start minting and testing the marketplace while the code undergoing audit and thorough internal testing ?
As recently announced on your Telegram !!! There was a miscommunication where the claim time of PolyLauncher was later than KSM and Axion. Since they could not change the time anymore, we decided that the claim and the start of the trading should be pushed to 3PM UTC December 1st.
Does this mean there will be a different claim time for all IDO participants ?
Would this ensure fairness to everyone ?
ANS: Not sure about a car. Make ask in our Discord? No, that means the claims will all happen at the same time, not different. One of the IDO platforms got mixed-up and we have to compensate for that time-wise to make everything fair for everyone.
Q4: LUXY will be launching on polygon and syscoin network, but LUXY will allow creations using ERC-721 standards, dies that mean that LUXY will also be integrating to Ethereum network later?
And what us the major function of the LUXY token in your ecosystem & why should investors hold it for a long term and not for short term increase in price alone?
ANS: Syscoin in particular is 100% compatible with every kind of smart contract on Ethereum. We do not have immediate plans to launch on Ethereum until perhaps after Ethereum 2.0. Running on Ethereum now would tarnish the user-experience of Luxy, so we don't want that. We choose platforms that align with our goals and vision of a very positive user-experience.
Q5: $LUXY IDO Launching on Polygon Network.
Can you give us more details about this IDO?
Is there any chance we still can participate in it? If so, please tell us how can we do it?
How many $LUXY token will be for sale and at what initial price? What is the min. and the max. amount of $LUXY tokens we can acquire on this $LUXY?
ANS: The IDO token price has been 0.08 USD. It is being held on three IDO platforms - Axion, PolyLauncher and KSM Starter. I'm not exact on the status of each of them, but I know Axion has sold-out, and I think KSM and PolyLauncher might have sold out or have very little left. If you can't participate in the IDO, you will be able to get LUXY on SushiSwap (which works on Polygon). The listing price will be 0.10 USD.
Q6: Hello LUXY! On your website you mention that there is a tiered fee schedule. Would you describe how it works? How can we reduce fees by holding the LUXY token?
Q7: Blockchain interoperability is quite vital future for any upcoming project if you'll agree with me, can you tell us the view of Luxy on this? Do you deem it important to your project as well?
ANS: Sure! Luxy Marketplace was designed from the beginning to be a multi-chain marketplace. Our smart contracts are compatible with most EVM smart chains out there. Once we see ZK-Rollups emerge into the industry, there will be even more opportunities for interoperability and we look forward to that.
Q8: Opensea, Venly and Rarible are marketplaces that have been considered leaders in the space recently. How does Luxy differ from these marketplaces already considered as leaders?
Venly and Opensea are custodial. Luxy Marketplace is non-custodial, and offers a much better user-experience than Rarible and those others.
Q9: Taken into consideration what is ahead of us such as the bear market is what I want to know, can we say that the team is aware of the danger of panic selling?
And are ready to push the project despite market direction?
ANS: Yes, that's been a big consideration from the beginning. Our token distribution and planning is such that Luxy will have resources to succeed despite market conditions, and the founders will do everything they can to help ensure that.
Q10: 💜Luxy has an event called "The Burning" to reduce the supply of LUXY tokens. What does that event consist of? How much is the supply going to be reduced? And how often will this burn happen?
ANS: Burning of marketplace fees collected will continue until half of the initial supply is burned, 50%.
Q11: Tell us about the audit of your token smart contract. Have the audit been done and rechecked again before tomorrow's launch? Which audit firm was charged with the responsibility?
ANS: Yes, Cyrex audited our many smart contracts. When any updates were applied, they were audited again. What will deploy on mainnet will be fully audited with no exceptions.
Ok guys! That's all. Gotta get back to some other stuff. It's been a pleasure.
By the way, we also have an ambassador program for people who want to get involved and earn incentives!
Join our Telegram or Discord and ask about that!
Follow Us On Our Various Social Media Communities For More Update;
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There’s plenty of news on the way. Keep your eyes open!
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