AMA Recap With Bytom Team: Maze platform & CryptoSanguo
Highlights: How to join registration event/ use of attributes of CryptoSanguo/ radical trading/ meaning of margin
Maze: Hello, welcome to the AMA abou Maze platform and CryptoSanguo NFT which has been announced on Dec. 27th. We are all excited about this news.
Today, we invited Bytom’s Product Manager Victor and Technical Manager Martin to talk with us. Welcome!!!
Maze: Could you briefly introduce Maze platform?
Victor: Maze platform is a metaverse asset trading protocol using radical trading, which allows NFT assets to be permanently in a global flow state, fair and open to all, solving the current pain point that the value of NFT cannot be quickly reflected and NFT assets are monopolized.
Martin:Radical trading mentioned above, let me explain briefly: the concept comes from “Radical Markets” wrote by Eric A. Posner and E. Glenn Weyl, attempts to use more market-based mechanisms to achieve public reform of private property rights, centered on endless assets auctions and the Harburg tax.
In a radical market, there is no monopoly of private ownership, and all goods are permanently priced for auction, to the highest bidder, and never ending, so that no one can truly own a good
All asset holders would be required to publicly bid for their assets and pay an annual tax based on a percentage of the valuation, known as the Harburg Tax.
The Maze platform is designed based on this theory, and we changed the model to a margin model to reduce the cost for users.
Maze:As we are seeing that Bytom is launching Maze platform & NFTs which is really great thing so, should we assume that its the first step towards Metaverse?
Victor: Sure, we consider the metaverse an infinite game and we will give some NFT assets for free to the users in the community, and there are many tricks for playing NFTs later.
Maze: What do you consider to be the best features of Maze platform? Are there any features that Maze has that we can’t get on any other platform?
Victor: It can be better reflect the real value of NFTs, and can promote the trading of NFTs to prevent the monopoly of assets, and is very friendly to both NFT owners and artists. The biggest difference is the trading model, we adopt an radical trading, NFT is always in the auction state.
Martin:The liquidity shortage of NFTs has been a pain poit criticized by the public, one of the reason is the number of NFT is scarce, the game between buyers and sellers is not sufficient, sellers want to sell higher so that they are not willing to accept a reasonable price, but buyers do not want to buy NFT at such a high price, thus making the transaction impossible. The price of NFT is inflacted. Maze platform can be a good solution to this problem, because sellers need to set the selling price at the beginning of receiving NFTs, and due to margin, setting price mean more cost, so sellers tend to set a reasonable price, and buyers can buy their favorite NTFs.
The advanteges of Maze platform are:
① Promote the efficiency of NFT transactions
The traditional NFT market uses bidding for transactions. Sellers bid high prices and buyers bid low prices. It requires repeated games between the two parties to reach a transaction, and the transaction efficiency is low.
Through aggressive transactions, NFTs are in transactions all the time, and sellers invest a certain cost in exchange for better liquidity.
②Better NFT price discovery
In traditional NFT pricing, sellers tend to increase the price, while buyers tend to obtain it at a low price. For a piece of NFT pricing is vague, its market value cannot be formed quickly.
Bytom’s radical transaction introduces a margin model. For sellers, setting an excessively high price means paying more margin, but the margin is actually not profitable, which means paying time and opportunity costs. Of course, if the price is too low, it will be quickly taken away by the buyer, so the seller will tend to choose a more reasonable price.
③Creators can get royalties multiple times
In the traditional market, creators only get the proceeds of the initial issuance during the transaction process, and no amount of follow-up transactions will be shared with the creator.
Radical transactions can allocate a royalty to creators for each transaction, so that creators can continue to receive income from subsequent transactions, thereby incentivizing creators to create better and more works.
Maze:How can we motivate more NFT artists or ordinary people to create NFTs, and is it possible to lower the the threshold of becoming an artist on Maze platform?
Victor: Artists can mint NFTs on Maze platform without cost, as the use of radical trading can accelerate the liquidity of NFTs, each transaction will generate royalty income for artists. We will conduct an audit of artists in the early stage, and artists who pass the audit can mint NFTs. And we will gradually open the threshold of being an artists on Maze platform.
Maze: How does project ensure the NFT’s value, liquidity and utility ?
Victor:The value of all NFTs depends on the market, the price of single NFT depends on margin deposited by holders. Selling price = margin*10. In order to solve problem of the liquidity shortage of NFTs, we use radical trading. This trading model can improve trading efficiency.
Maze:How does margin work?
Victor: Margin is an asset locked in the NFT by the user, and the selling price of NFT is determined by the amount of margin, which is entirely determined by the market; we will create more tricks for margin.
Martin: Based on radical market theory, margin is a disguised Harburg tax. To put it simply, you need to lock in a certain amount of assets for your NFT holdings, which means paying the time cost and opportunity cost of capital. This cost increases as you price the NFT higher. This allows sellers to trade off between pricing and paying the cost so that NFTs in the market tend to be more reasonably priced rather than inflated.
Maze: Recently you launched the CryptoSanguo NFTs airdrop activity? Can you briefly introduce the IP of CryptoSanguo? How should users participate in this activity?
Victor: Yes, we will giveaway some CryptoSanguo NFT to users. CryptoSanguo are 2,100 on-chain NFTs created in the image of the heroic characters of the Three Kingdoms. Each NFT is unique and comes with different attributes, these NFTs reprensent a king of culture. Users can go to the Maze platform(https://maz.network) to participate in the activity. Invite friends to get points and you will have the chance to get CryptoSanguo NFTs.
Maze: Do users have rights to set the price on marketplace for the nft we get in airdrop?
Victor: Sure, our NFTs airdrop is different from others, radical trading protocol is to solve the problem of NFT asset monopoly, and the rules for airdrop follow this underlying logic. Users are required to deposit margin to set the selling price when receiving the NFTs, if the selling price is too low, NFT can be easily bought by others. Setting a higher price allows users to own nft temporarily, but at the same time users‘ cost of ownership will be higher.
Maze:What is the difference between CryptoSanguo NFTs and other NFTs? How to empower CryptoSanguo?
Victor: CryptoSanguo NFTs are not just pictures like traditional NFTs, CryptoSanguo NFTs have both Textual and numeric attributes, as well as a unique JPG image and a unique culture. CryptoSanguo NFT holders will have a range of community benefits. Reproduction protocols will also be applied to the CryptoSanguo IP.
Maze:How the 11 attributes could be used or re-designed on Maze platform, could you elaborate on that？Or just give a simple example would be much appreciated.
Victor: There is a lot of imagination in this part. Although the attributes on chains are determined, they can play its different values in different cases and ecologies. For example, in games, the attributes of these NFTs can be resolved by rules and form a set of values, and these cannot be tampered with by centralized institutions.
Maze: Can CryptoSanguo NFT be trade on Maze platform? Can I send my Sanguo NFT to other users in the Maze platform? how much does it cost?
Victor: Of course, the holders can gift NFT to their friend, and the margin will be given together. The act of giving NFT is equivalent to an on-chain transfer, the gas fee of our chain is very small and the cost is negligible, which is our advantage over other chains.
Maze:If I want to buy the CryptoSanguo NFTs, how to select figures with different attributes? which attribute are most weighted one, or they are equally weighted?
Victor: You can choose the NFT with higher overall attributes, but the most important thing is to choose the NFT that you like. Attributes are not weighted.
Maze: What is the project direction of development in the future?
Martin: Our team has been building community in discord server, which means that we will take the governance model of DAO and give our members more rights and benefits as a community. Welcome to join in CryptoSanguo discord: https://discord.gg/vbr9uuya3n
Maze: What are the rights and benefits that holders of CryptoSanguo will have?
Martin: Community members holding CryptoSanguo NFTs will have the right to initiate proposals and participate in voting to determine the future development and direction of the brand. The more they hold, the greater the voting power. In addition, community members also have the right to make a secondary CryptoSanguo IP creation, improving its ecosystem together, so that community members can truly own the brand itself.
CryptoSanguo NFT holders will also enjoy multiple community benefits, such as qualifications for participating in various online and offline high-quality activities, exchange vouchers around the brand’s related products, and admission tickets for large-scale online and offline art exhibitions. Not only that, but holders of CryptoSanguo NFT also have the priority to receive the next round of NFT airdrops. In addition, active contributors to the community will have the opportunity to become the brand ambassadors of CryptoSanguo to participate in the construction and management of discord channels and receive rare NFT airdrops.
Maze: While you build your project, do you take into account community feedbacks and demands?
Martin:The team will give more consideration to the feedback and requirements of the community. The last question has also been answered. Community members have the right to initiate project-related proposals, and community members holding NFTs have the right to vote. The discord server also has a special suggestion and feedback channel, which will be sorted out regularly and given feedback to community members.
Maze: When I was reading in Medium post I saw the sentence “allowing NFT to empower the community and create CryptoSanguo IP” What does this means, “CryptoSanguo IP”?
Martin: This means that CryptoSanguo is not only a commodity that can be traded and has investment attributes, it is also a symbol of community consensus, with a certain identity, and then extending more cultural connotations.
Maze: What is the most ambitious goal of the project? What should the community look for?
Martin:Our vision is to become the personal identity portal of the metaverse, connecting the real world to the metasomes with our innovative asset trading protocol and attribute NFT. In the future, we will launch the metaverse reproduction protocol and metaverse chemical elements and other gameplay. All of these are using infinite game thinking and are worth waiting for.
Maze: Thanks for patient answering. The next part is 15 minutes Q&A. If you guys have any questions, feel free to ask.
Q: Currently NFT is developing and becoming a new innovation in the Blockchain world. However, many Artists/Creators still don’t understand how to create NFT. Do you have plans to educate about NFT to Artists outside of Non-Crypto? What are the measures to increase awareness of your project in non-crypto space?
A:Of course, we will make NFT casting very simple. Artist casting does not require any cost, so the threshold is very low. We are also cooperating with well-known artists.
Q: As 2021 has been a great year when we consider NFTs and Metaverse and big opportunities are waiting for us in 2022. So what new launches we are going to see and aspect in Q1 of 2022?
A: Next, we will release 2100 NFTs for free to everyone. Our NFTs will have different attribute values. We will also develop reproductive protocols based on NFTs and have an external ecosystem to cooperate with us.
Q: About your NFTs, Can you explain further about the utilities of these NFTs within your platform? Are they meant to be held as simple collectibles or will they have additional benefits? Also, will you have your own marketplace to sell and buy the your NFTs?
A: Holding NFT can enjoy some of the benefits of the community, which represents a symbol of status. In addition, other games can be compiled based on our NFT and cooperate with external ecology; we will have our own market for trading and will be launched next week.
Q: When artists display their art, they are able to observe people’s instant reactions to their art pieces through facial expressions, mimics, etc. However, with nft art, this is not possible. What do nft artists feel about it? Because they won’t be able to see these reactions.
A: We can develop user message and comment, so the artists can get the response from the user, but not real time
Q: Hey overall the project is impressive hoping to grab rare NFT to be part of the club..
And the questions are
1)do we have any plans about NFT staking in future and if yes then on which network ?
2)do we have rights to set the price on marketplace for the nft we get in airdrop :)
3) offline benefits for joining club Cryptosanguo…
A: There is no plan for staking at present, we will seriously consider the suggestions of the community; users can set the price of NFT, but the setting price needs to deposit a deposit; join us in the future, we will offline community benefits
Q: What major partnerships does you project intend to use or how does your project bring its products to the average consumer — especially non-crypto users?
A: We will cooperate with senior artists and well-known brands in the future. We try to make the product experience as simple as possible so that ordinary consumers can also experience our products.
Q: My question about your competitors. Since NFTs are a hot topic right now, we’re seeing a lot of NFT marketplaces.
E.g.; Refinable, Binance’s own NFT marketplace, etc — How do you plan to solidify yourselves as the go-to marketplace?
A: Our trading model is different from the nft trading model on the market. We adopt an innovative and aggressive trading model that will solve some of the pain points of current competing products in the NFT market
Q: Regarding about NFT we know for sure the current trending topic in the market..
So, what are your plans for developing NFT and how will CryptoSanguo incorporate it with DeFi..??
A: Next, we will cooperate with more project parties to empower nft, and we are also adding DEFI gameplay under the current transaction mode, which will be launched soon
Q: Please tell us more about the Audit of Artists!
A: I find this topic very interesting and useful for the NTF Art market! The buyer is interested to know that the author of the painting is not an accidental person, but a person who is building his career in art! This is important to understand the prospects for changes in the cost of his works in the secondary market!
We will review the artists in the early stage, and only those who pass the review can mint NFTs on the platform, so we will ensure that the NFTs on the platform are some high-quality real NFTs.
Q: What is CRYPTOSANGUO’s revenue model? In which ways do you generate revenue/profit?
A: Our revenue model is transaction fee, we can get profit sharing from transaction. actually all the artist can get profit from the transaction
Q: What do you think about the brilliant development of the NFT + DeFi Consortium, which has attracted great attention from the world? How can CryptoSanguo take advantage of this fact?
A: Both DEFI and NFT are indeed very popular. We will also increase the gameplay of defi on the basis of NFT to allow more people to participate.
Q: What is the biggest challenge you face currently in terms of becoming a successful project?
A: We need to popularize our innovative trading model to attract more users and artists
Q: Now that artist certification is required before minting NFTs, and this approval-like system is too centralized, how long will it probably take before minting NFT rights are opened up to regular users? After all, if it was based on a centralized model, probably initially CryptoPunks would not have been born.
A: In the first period, in order to ensure the quality of nft will be approved. When the platform gradually matured we will be open the threshold.
Q: I hold a few NFTs and enjoy the benefits of community. But according to the radical trading rules, when my nft is bought out again, will I still be entitled to benefits？
A: We will consider a variety of factors such as the length of time of holding NFTs and the type of NFTs to determine community benefits.
Q: The Bytom team has recently put a lot of resources into the international community, which may be correct in light of in the current form, but the international community (especially the Western users) is not too sensitive to the Three Kingdoms genre. May I ask if the main target users of Maze platform are still domestic users? If it includes users from the international community, Why not consider themes that are acceptable to both international and Chinese users?
A: Currently, the main focus is on overseas, as a Chinese team, using the more familiar Three Kingdoms theme is also a way to differentiate from other overseas nft projects. Besides, due to some Three Kingdoms games, there is still some audience overseas. So this theme is not unacceptable for international users.
Q: You just said that the low cost of Gas is the platform advantage, in fact, is a pseudo-advantage, the user really cares not Gas fee. What users really care about is the circulation of NFT, users worry about not being able to buy the products they want, and worry about not being able to trade out after buying them. Please tell us what the team will do to increase the number of users and improve the quality of platform and the quality of NFTs?
A: By creating a Three Kingdoms themed ip, and a subsequent nft series, more users and artists will be attracted to the platform, while artists have a audit mechanism to ensure the quality of the platform
Q: Why did you choose the pixel style?
A: The 100 rare hero NFTs are beautiful NFTs designed by professional artists. Of course, the 100 Rare hero NFTs will also be available in pixel style.
Q: Are team consider taking the initiative to contact some of the more active artists of China or cooperate with some famous domestic brands to launch co-branded NTF?
A: We are in contact with the artists and co-branding you mentioned, they are all in our plan.
Q: Will several artists invited to the previous AMA event prepare their works for the Maze platform? Will their works be available when the platform opens?
A: We have been in contact with some artists, and our works are also on the platform.
Q: Which crypto can I currently buy and sell NFTs with?
A: Currently, BTM is supported, and the mainstream ctypto will be opened later.
Q: What are the advantages of Maze compared to other platforms? Does the platform have an artist support program?
A: Yes. You can contact our officials for support.
Q: Does the gas fee change depending on the volume of transaciton? Will the BTM gas fee be burned and publicized?
A: The gas fee is currently fixed at 1%, which is already very low compared to other platforms, and will be subsequently adjusted according to the market situation. The revenue of gas fee will no be burned, and maybe used for subsequent promotions and activities.
Q: Does Maze only support image format, or is it the same as OpenSea, which is a multi-asset trading route?
A: Currently support the format of pictures and gif, later we will open to add video, audio and other formats.
Maze: Today’s AMA is over here. Thanks!