Maze&VBM AMA Recap
VBM Ventures: Welcome VBM Group, Thank you for your time on VBM.
Maze Platform: Hi, nice to meet you all here!
VBM Ventures: First, can you tell us a little bit about yourself and share with us a general introduction to Maze?
Maze Platform: Hello, I’m a member of the Maze Team, mainly responsible for project operation. Recently our team launched NFT marketplace: Maze platform.
It’s the world’s first marketplace that is equipped with radical trading mode. All NFTs or crypto Collectibles are on sale, they will be sold once the new bid reach the price, no matter the owner agree to sell or not. This mechanism greatly improve the liquidity for NFT. The CryptoSanguo Hero NFT series, mint by the team, has been online for only 15 days, with a trading volume of 1,670,000 $BTM. And a number of well-known artists are already on the platform.
VBM Ventures: Thank you for sharing. I would recommend today’s AMA format. Today’s AMA has 2 parts:
Part 1: 3 good questions from the community
Part 2: Live questions from community
Now let’s move on to part 1 of AMA.
Question 1: user question @MdParvejHosen7
Currently, NFT is in great demand in the crypto space, many projects come to this field & create a great development in both technology and practical application. So how can Bytom compete with NFT platforms like open sea, …, can you name the difference that you are most confident about bytom?
Maze Platform: Our team is very bullish about the prospects of NFT. Opportunity come along with challenge,to seize the opportunity, we have launched our own platform: Maze platform
It’s the world’s first NFT marketplace that is equipped with a radical trading mode. All NFTs or crypto Collectibles are on sale, they will be sold once the new bid reaches the price, no matter if the owner agrees to sell or not. This mechanism greatly improves the liquidity for NFT.
The reasons we use radical trading model are:
1/ Now, the biggest headache for the NFT marketplace is the lack of liquidity and over-valuation of NFTs. The current rules of the trading platform allow buyers to purchase NFT and then choose to hang orders to keep it circulating in the market, or choose to monopolize private ownership themselves.
2/ There are also cases where NFT cannot circulate because the private key of the wallet where NFT is stored is lost, on the other hand, there are deviations in the valuation of NFT between buyers and sellers, and sellers hope to over-value NFT, while buyers are discouraged by seeing high prices, thus resulting in no deal and an inflated price that cannot be reached at a reasonable price.
To solve these two problems, the maze platform has two underlying logics:
1: 24/7 auction
In a radical market, there is no monopoly of private ownership, and everything is in a permanent state of auction, where the highest price goes to the highest bidder without end. As a result, no one can really own an item, but only keep it for the next bidder.
2: Holding Costs: Margin
Users are required to pay 10% as a margin at the time of pricing. The margin mechanism on the Maze platform guarantees the reasonableness of the NFT price.
Of course, the margin will be returned after the NFT is sold.
Question 2: user question @DavidDrong1
One of the main problems with smart contracts today is that there is a very high risk of bugs that allow Hackers to Steal the Funds and incur significant losses for project and its users. Can you tell us about the solutions that Bytom_Official offers to prevent this?
1, Bytom uses a wallet programme with 3 layers: cold-warm — hot(or online).
Most assets are stored in cold wallets and are not connected to the network, warm wallets are multi-signature wallets to prevent the risk of a single point, and hot wallets only store enough assets for daily use.
2, Bytom has deep cooperation with experienced blockchain security teams, such as SlowMist and PieShield, and regularly conducts code audits to ensure the security of the system.
Question 3: user question @bijoy_mamud
Many investors who could not know crypto market they are very important for mainstream adoption.How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case?
Our platform is open for everyone and has a relatively low barrier to operation. As with other nft platforms, you only need to download a wallet (Bycoin/byone) to experience all the features of the platform, which is very convenient.
Besides, a series of programmes have been tailored to attract people don’t know NFTs.
Such as artist recruitment, to attract more users through artists’ paintings
Giving NFT more to play with to attract interested people
For example, we launched the CryptoSanguo NFT series, where we set up a rarity mechanism that will be associated with mining in the future
And, we will also expand our visibility with events so that more people will see Maze on other media platforms.
Of course, we also welcome people who have the ability to become our overseas promotion ambassadors and builders of the platform.
VBM Ventures: Thank you very much, the quality answers to part 1. Now we move on to part 2 of today’s AMA, I will open the chat in 3 minutes, you can ask anything.
Gamma: Do you have any ongoing or upcoming reward program events, please let us know in detail &do you have any ambassador program as well as your project? More communities hold events to attract more people. That is also the main thing to attract project investors.
Maze Platform: Later, we will launch nft mining activities, in our platform whether trading nft or holding nft, will gain revenue, giving us nft contributors rewards. And our nft is with rarity: SSR/SR/R/N, the higher the rarity, the easier it is to get high earnings.
OOonnna Olsen: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Maze Platform:The project needs the support of community users to run, and we have opened channels for users to give feedback or make suggestions. Regarding the ideal users of the platform, our initial intention was to make the nft in the hands of users mobile. High liquidity means that a large number of users are needed, so we want to attract as many users as possible. In terms of product design, we also try to weigh the difference between radical trading models and common trading concepts as much as possible, so that the product becomes more accessible.
Leo Grayson: Many blockchain projects today are only on paper and do not have any product or product that does not have a practical use case. Could you please introduce us to the current practical products of your project that are in use?
Maze Platform: We have our own chain Bytom, and we have developed our nft platform on this chain, also have our own wallet, you can check out the website to use our products.
By grace through faith: What are the competitive advantages of your project? What advantages do you have over competitors? What would be your project secure most similar contender in the market today in terms of scalability, security, features, and adaptability?
Maze Platform: As I said before, the trading mechanism of our platform is different from other platforms, and the aggressive trading model ensures the continuous circulation of NFT.
Patsy Perez: Currently from where I can buy? It is possible that I can get only by holding it?
Maze Platform: You can buy on our maze platform: https://maz.network/. The original intent of the platform’s trading model was to encourage the circulation of NFT, so NFTs will have selling price. But after that will be launched [seal] function, through the seal can achieve the purpose of collecting NFT.
Among the platform’s NFT projects, there are NFTs called CryptoSanguo which is our own project.
You can read this article to get more information about them:
Usha ADA 10%: What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Maze Platform: Our vision is to become the personal identity portal of the metaverse, coupled with our innovative asset trading protocol and attribute NFT to connect the real world with the metaverse, we will later launch the metaverse reproduction protocol and other gameplay, what we can reveal is that these are using infinite game thinking and are worth looking forward to.
Thank you very much for questions, as there are too many questions, I can not answer them one by one, I hope that the few questions I have selected can solve some of your confusion.
VBM Ventures: Thank you for your time in the VBM community.