Recapitulation of Origyn PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 18th May, 2022
Time: 12:00 Noon UTC
The Origyn PROJECT team was represented by @Daniel_hau who judiciously shared with us detailed knowledge and information about Origyn PROJECT.
1st Segment: INTRODUCTION
✨✨QUESTION1🩸: Can you please introduce yourself and your background, also introduce the team working on Origyn Foundation?
👉ANS: Hi Sure! I was born in Switzerland but grew up in Boston. I joined the Big-4 firm EY after University as a Jr. consultant and spent the next 20 years traveling the globe working in Financial services.
When I returned to Switzerland in 2014 I was a Partner at EY. It was then that I started working in BTC and blockchain. After 20 years in the global financial system I was in love with the immutability of the blockchain. I knew it was the future. I have been working professionally in blockchain as a founder or CEO since.
Our team here is one of the best I have ever worked with. Starting with our founders. Gian Boschler, serial entrepreneur in crypto, co-founder of DFINITY as well. Mike Schwartz, Ex head of Boston Consulting Digital Ventures, with a history of building unicorns in tech. And Vincent Perriard with over 20 years of Luxury experience.
They have set up ORIGYN foundation with a long term vision and mission.
That makes a difference.
At ORIGYN people work on a mission. There is no equity structure, and everything is done to fulfill the mission of being the global standard on Identity, authenticity, and proof of ownership for items of value. The team is motivated by contributing something to this cause. And the reward is for all token holders.
EY, is that the Audit firm.
Meaning: Ernst & Young.
✨✨QUESTION2🩸: Can you introduce Origyn, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
👉ANS: It’s actually so simple it’s a bit boring.
We provide a guarantee of authenticity. If something has an ORIGYN certificate of authenticity turns out not to be authentic, we pay. Simple.
Now how we do - that is quite complex.
We use Computer Vision, Machine Learning, Artificial Intelligence and microstructure traceability to create these Certificates. So basically once we have minted an NFT of a luxury item, say a Rolex, we put these ultra high resolution images into the ICP blockchain. From there, we can validate the authenticity through a number of ways, including, soon, your smartphone.
we like to speak about computer understanding. learning that a round object is not always a watch, it could be a pizza. understanding what to look for to recognize a watch, and then to narrow down the possibilities until it understands the watch has a certificate on chain (or not).
so the pain that this solves is something really basic. We have all been ripped off. And I dont know about you, but it fills me with a cave-man like rage. Really dont like it. even for a little amount. So in a world where you can point your phone at something and have a gaurantee of authenticity, well that’s quite cool.
And because its the NFT format, we can mix digital scarcity in the metaverse with real world assets. So the rewards you get in game can be turned into real assets and vice-versa.
✨✨QUESTION3🩸: So Origyn is on the ICP chain, I think that's due to the nature of the concept 🤔. Is that correct?
👉ANS: We couldnt do what we do without the ICP. Its the only decentralized architecture out there powerful enough to handle it. We can stream 4k video from on chain resources.
that is cool.
its really a step change in the power of things.
we see others trying to tinker with the first gen protocols and its like trying to get netflix from your fax machine.
Fax machine and chill…
✨✨QUESTION4🩸: Can you briefly tell us some key achievement of Origyn since commencement and what is to come in the nearest future?
👉ANS: Yes yes yes!
We had Token Genesis in November, as well as raising 20m at a 300m valuation. With the token Genesis we had the launch of the governance platform.
We launched ORIGYN Luxury, ORIGYN ART, and ORIGYN Collectables verticals.
We secured some top ecosystem players in each, like WatchBox, UEFA, and some top Galleries.
Now we are going to be listed on the SONIC DEX as well as centralized exchanges soon.
In the near future we are launching a captive insurance vehicle that will allow us to issue insurance on all our items that we certify.
We will launch a market place called Impossible Things, where you can buy some truely unique NFT’s and authenticated real world objects.
We signed so many awesome talents, including the Kobe Bryant estate. So one of the first things you can see after listing will be the Kobe NFT drop with real authentic collectables, never before seen items from Kobe, and of course a whole NFT narrative.
✨✨QUESTION5🩸: Can you briefly describe your PARTNERSHIPS and BACKERS so far?
👉ANS: We are working with some of the top names in the industry. Including UEFA, Luxury brands, retail distributors, as well as CPO. In ART we are working with some of the best Galleries and artists. We also have some amazing investors, like Bill Ackman, Polychain Capital, VECTR VC, Global Blockchain Fund and others. Of course as the biggest project on the ICP, and sharing a co-founder, we have great support from the DFINITY community.
✨✨QUESTION6🩸: Finally on this segment
Can you give an overview of the Tokenomics and Utility of NFT & Origyn tokens?
👉ANS: Of course. The Foundation is not for profit and does not have an equity ownership. So if there are proceeds from operations the foundation uses these funds to buy back tokens and burn them. This is the deflation.
ORIGYN enterprise is for profit, and we try to make money getting these certificates out there. If we do our job well, then we make too much money, which is paid to the foundation.
The token itself is used to buy the certificate life span. Basically it pays the internet computer (ICP) to remember that the certificate exists. So for a watch that might be 100 years. For a soccer game it might only be for a weekend.
Depending on the certificate, and the complexity of minting it, they have differnt costs. A basic watch certificate might be 50 USD, where one for a painting is 50k.
Tokens also let you vote in governance decisions on the platform. Staking is rewarded as is voting.
✨✨QUESTION7🩸: Any link to read about token economy? & The distribution?
2nd Segment: LIVE Questions
✨✨QUESTION1🩸: Why is ORIGYN a Foundation? What does the Foundation do? And what is a Governance Node?
👉ANS: great question. Swiss foundations are unique in that they have a council board and no equity. the board has to fulfill the mission (or go to jail). so thats why you have things like doctors without boarders and other big global foundations registered here.
Stops Elon from buying us up. Stops Wallmart from buying itself a luxury brand
Nodes are ecosystem players in the verticals that are staked and do the authentication (we certify).
✨✨QUESTION2🩸: You recently had an interview with "DUWAYNE DUNHAM",
What was this interview all about? Please tell us more about this interview?
👉ANS: ORIGYN works to protect items of value. In the Digital Media space this is also content in the metaverse. Alot of artists are seeing their items copied, and struggle to get it to their fan base. So Origyn DM lets them stream straight from on chain resources to their people with their own fees and charges.
✨✨QUESTION3🩸: Origyn is a decentralized community for the fine art market on blockchain but I would like to know why they decided to use blockchain technology and how they plan to reach all the communities that appreciate art? What would be your potential customers?
👉ANS: ORIGYN ART opens the ability to invest in ART to many more people than currently have that option. It also breaks the strangle hold that a very small number of players have in dictating the next big thing in ART and allows new artists to protect and earn on their creations in a way that was not possible before.
✨✨QUESTION4🩸: 🔴 You say you issue digital certificates of authenticity through a non-fungible token, also known as a digital twin. Does this mean that in your platform there is no theft or plagiarism of any art or NFT? Can you tell me what is the digital twin and how do you achieve authenticity of the artwork through it?
👉ANS: There is no theft or plagiarism on our platform. Content is authenticated by NODES, who are staked. Any disputes would put stakes at risk.
The Authenticity is done by the NODE. They are the experts (in art, watches…). ORIGYN captures the images required for identification through the minting process and placess these in a special part of the NFT. On top of this authentication structure, our node partners choose then to create a deeper narrative for the NFT, then this is also possible.
✨✨QUESTION5🩸: I understand that Origyn wants to unlock abundant liquidity for the art world through its project, so could you explain to me how you will manage to unlock this liquidity? What are the steps to follow to reach that goal?
👉ANS: Our first fractionalized art piece is a 8m USD Kieth Haring. Its really amazing piece 2m by 2m. Now you can buy a small piece and hold on to it. So there are a whole bunch more people who can invest in it, and watch it appreciate than before. And there is a liquid market because you dont have to wait until the whole piece is sold or bought to enter and exit the investment.
✨✨QUESTION6🩸: May say that,
In long term, NFT will have very less real world utility,
how do you see this ?
And how does Origyn Foundation aim to solve this problem?
👉ANS: I think its quite the opposite. Its just the beging. You will soon be using NFTs as access to experiences and gated communities and you will be trading among friends to get the whole pack of collectables to unlock your next reward.
✨✨QUESTION7🩸: While creating an NFT or Any contemporary masterpiece,
how do you take permission from the original painters or artists,
how do you start this conversation with them?
Can you please discuss about it?
👉ANS: of course, and we have a whole team in NY from the industry that is dedicated to nothing but the copyright and making sure that the intake of the art is clean. Also we accrue a “foreever-earning” part for the artist in all NFTs, and we always contact the artist or artist foundation or rights group to gain clearance before hand.
✨✨QUESTION8🩸: I saw you created the nft UEFA Foundation and tweeted by Ivan Rakitic can you explain the results of the seller and what the funds are for?
👉ANS: UEFA Foundation gives hope to children stuck in refugee camps. their stroy is sometimes hearbreaking, and they can spend up to 14 years in these camps. Sometimes football is the only structure they get. The UEFA Foundation gives equipment and training to them in the camps. All the money went to the UEFA Foundation for Children.
We are actually working on copyright protection solution. However that is not the Watches solution. its under discussion.
✨✨QUESTION9🩸: How users can believe that, every NFTs authenticated through ORIGYN Foundation platform is really valuable And its Original or not a fake authenticated NFTs?
👉ANS: because we gaurantee it. There is a claims process which people can follow if it turns out to be fake. We havent had any claims. We are a data science company workign with amazing most powerful computer infrastructure; there are easier places to try to make a fast con than trying to fool our team.
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