Recapitulation of XENO NFT Hub AMA event held at AMA LOVERS CLUB
Date: Thursday, 31st December, 2020
Time: 08:00 UTC
The XENO NFT Hub team was represented by @anthony_difranco. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you briefly introduce yourself to the community?
Ans : Hello all, my name is Anthony Di Franco. I am the President of Xeno NFT Hub.
I have been involved in open source and tech based projects for a good while now.
Some of my previous experience include:
Being the founder of the Open Insulin project - which is a global collaboration to develop an open protocol to make insulin and to supply it via patient-led local organizations at low cost.
Acting as the Chief Science Officer at Yosemite X Inc. - a San Fransisco based blockchain company.
I completed my undergraduate work at Yale University, and received my PhD from the University of California, Davis. In both cases, my primary focus of study was Computer Science.
Now I am devoting my efforts to the success of Xeno NFT Hub!
Q2 : Could you please briefly introduce the XENO project?
Ans: XENO NFT Hub is both a protocol and application layer intended to service the growing NFT space. XENO is being built with Substrate and will run as an independent parachain within the Polkadot ecosystem. This will allow XNO stakeholders to participate in governance and staking on the protocol level.
On top of this foundation, we are building native application logic for the XENO Marketplace which will allow users to create, buy, and sell NFTs.
We are forging partnerships with traditional gaming and entertainment companies to curate a great set of NFT offerings and break into the traditional digital goods marketplace.
It is all very exciting!
2nd Segment: Google Form QUESTIONS
Q1 : From your website, I could see that you are partnered with Real Madrid, Polkadot and 10 others. What’s the reason for these partnerships? Are there more partnerships in the pipeline?
Ans : XENO feels strongly that creating real world partnerships is the correct path to a thriving and sustainable ecosystem. We want to have top quality products offered on our marketplace. Things that have real value to users.
This and the need to have strong tech partners are the primary reasons for our partnering strategy.
Some of these partners already have plans to launch real digital based products through the XENO Marketplace and we want to extend that to other companies, so yes there are plans for more partnership announcements in the near future!
Q2 : Why did XENO choose to build on Polkadot ecosystem? What is the advantage using Polkadot for XENO?
Ans : Polkadot is a blockchain layer that connects other blockchains within its ecosystem. XENO will run as one of those connected chains.
This has two main advantages for XENO:
i) it allows us to be able to interoperate with any other chain in the Polkadot ecosystem or any chain that Polkadot has a bride with (so that users can bring their NFTs to and from our marketplace easily),
ii) it allows XENO to set its own blockchain architecture and parameters to build a solution specifically catered to its own needs rather than being limited and constrained, which is the case for services that run on more generalized chains.
Q3 : I want to learn more about XENO but have found very little information, the community is relatively empty and little information is shared. What strategy does the XENO team have to develop the community and retain users for the long term?
Ans : You can find more information about XENO on its official channels.
XENO has several strategies to foster a strong community including bounty programs, affiliate programs, and community engagement events.
We have a dedicated community manager to answer everyone’s questions and we are happy to listen to our community's thoughts.
In addition to this, XENO is employing a full on-chain governance model for community members who want to be more proactive.
We feel that user retention will depend on two primary factors in our eyes:
i) user incentivisation - XENO is incentivising users to participate in the marketplace by rewarding marketplace activities such as buying, selling, and listing NFTs. Additionally, NFT creators also receive royalty rewards for joining our ecosystem.
ii) product quality - XENO has gone to great efforts to build the most usable and polished NFT marketplace out there. If you have a good product, that is easy to use, and gives users value, then they will stick around!
Q4 : One of the most used methods to demonstrate credibility in a project is to lock funds for a period of time and have a reasonable development fund. Can you explain your plans regarding tokenomics and inventories for hold in the medium and long term?
Ans : Token distributions can be seen on the XENO website
All of these allocations (aside from the sale portion) will be locked and have strict vesting schedules.
- the Team/Advisor/Partner portion will be locked for a minimum of 18 months.
- the Ecosystem rewards portion will be split primarily between Staking rewards and Trade Drop rewards (with some portions reserved for a Validator Support Program and other future incentivisation rewards). These funds will be locked on-chain and released block-by-block as block rewards to participants or managed through the on-chain governance.
- token sale proceeds will be held and used for operations costs, and product development. However, XENO additionally has allocated 9.5% as reserve tokens for any future funding and works needed.
Q5 : With the Development of Blockchain Technology, An Infinite Number of Blockchain Projects Have Appeared on the market. But People Prefer / Will Accept Projects That Have Real Use Cases. Can You Tell US About The Real Use Of Your Project Or The Solutions That Contribute To It?
Ans : XENO’s use case is quite simple.
XENO aims to be an easy to use, and reliable NFT creation and marketplace platform. Allowing users to create and trade NFTs from any blockchain in a single place.
There is a lot of tech and research behind this... but purely and simply we want to create an NFT platform that is integratable and usable enough for traditional industries (such as the video game industry, and entertainment industries) to use as a platform for launching their digital products in the form of NFTs.
Q6 : A successful project is the result of an experienced team, the project will not develop without an experienced team in their respective fields. So, what about XENO NFT? Does your team have the experience to improve your platform? And what about XENO NFT’s mission of bringing blockchain technology to the general public and allowing everyone the opportunity to participate in NFT ownership?
Ans : XENO believes that we have the right mix of experience to accomplish our goals. We have individuals who have great experience in the NFT space like Mr. Gabby Dizon, as well as individuals with technical leadership and project execution experience, such as myself.
Gabby and I are of course supported by development and business teams who also come with a long list of strong credentials.
Our goal at XENO is to build an easily usable product and reduce usability barriers normally associated with blockchain.
Blockchain technology is very powerful but has some growing to do in terms of usability.
We believe that XENO has found some simple but effective methods to help break these barriers and allow NFT technology to be exposed to the wider economy both from an NFT creation standpoint as well as a marketplace standpoint.
Q7 : What kind of games are available on the platform and what is the usefulness of the membership certificate?
Ans : XENO has only announced its partnership with Altitude Games so far.
However, we are targeting the gaming industry as a primary NFT player.
NFTs from existing crypto-games will certainly make their way to our platform, but XENO is really focusing on capturing the digital item offerings of traditional game developers and game publishers.
The games industry is a large space, and we are working diligently to find new partners. Please, look out for more announcements on this in the future!
Q8 : What kind of partners are XENO looking to make deals with so as to tokenize valuable items and support the wider NFT ecosystem?
Ans : XENO’s primary initial focus is to target the gaming(as mentioned above), entertainment and collectibles industries. We may expand this in the future, since ultimately the content and availability of items on the XENO marketplace depends on its users and what they want to trade there.
Partners play a strong role in the NFT offerings of our platform and we want to support the ecosystem with valuable NFT products.
We can’t mention exactly what we are cooking right now, but soon we will release details about further partnership announcements.
Q9 : XENO has the ability to interoperate with a wide variety of blockchains on the Polkadot network. What are these blockchains that XENO is interoperable with? One of the problems regarding interoperability between chains is the slowness of transactions, how do they solve this?
Ans : Thanks for the technical question!
Unfortunately, crypto-verification between blockchains requires some time to be safe and is currently unavoidable.
Moving NFT tokens from another blockchain to the XENO chain and Polkadot ecosystem is a requirement if a user wants to list or trade a token from another source (for example, if they had an ETH based NFT they want to trade).
However, after this transfer is completed, there is no effect on the timing of other market operations.
Trades, listings, auctions, voting, and all other actions happen within the XENO parachain itself and therefore are unaffected by the extra time of cross-chain migrations.
Q10 : NFT is considered the next trend of the crypto industry after DeFi. Could you share your opinion about NFT? Where do you see the future evolution of XENO NFT features and capabilities in the next few years?
Ans : DeFi and fungible tokens have been some of the very first cases for blockchain and crypto because blockchain lends its benefits to these kinds of cases quite easily and clearly.
However, XENO believes that the sheer number of use cases for NFTs is far greater than those of its fungible cousin.
Any kind of digital right can be captured in an NFT. Currently the market is focused on ownership rights, particularly ownership of digital items.
But this is just a small piece of the pie, NFTs can and will be used forcases we haven't seen yet!
We thiink the NFT market could even surpass that of the fungible token market in the medium to long term.
The sky really is the limit!
Q11 : What advantages does XENO offer over other platforms or applications to trade my NFTs?
Ans : Currently, all other services are running within the Ethereum ecosystem. This limits those services in several ways.
For the last 8-9 months Ethereum has been experiencing a lot of network congestion making it more and more costly to run transactions on and difficult to run services on top of. This will continue until the scalability issue is solved, and even then may not be fixed. Admitedly, by tthemselves the scaling of Ethereum is a long ways off.
Additionally, services running on Ethereum are limited to the processing power and speed of processing provided by the network itself, which is relatively slow compared to even an unoptimized Polkadot parachain.
Furthermore, those services are limited to operations within the Ethereum ecosystem only.
As it stands now, Etheurem has no clear interoperability plan beyond its own ecosystem.
XENO will suffer from none of these…
- our application network fees are largely avoided through proxy call architecture,
- our processing and transaction speeds are horizontally scalable through duplicate parachains,
- and Polkadot has a clear path to interoperability within itself and bridging to other protocols to bring bridges to all NFTs elsewhere.
XENO is aiming to integrate all NFTs into a single marketplace, this means that we will support existing token standards such as ERC721, ERC1155, and ERC998.
However, XENO is also doing R&D to create a more generalized standard for the Polkadot ecosystem that can accommodate those and future NFT tokens.
We think that XENO has serveral technical and business advancements, along with a strong incentivisation model that will place it as the top NFT marketplace that everyone will want to use!
If you want more information about the particulars please read our whitepaper at www.xeno.live
Do you have any Final Words for the community, perhaps important links and how we can trade XENO token?
Ans : Thanks for all of the insightful questions!
And thanks to AMA LOVERS CLUB for giving us the opportunity to give some answers!
We will have some big annoncements very soon with regards to our token and our service launch! So please staty tuned!
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