On July 22th 2021, our community had a chance to welcome Mr. Duc Luu, Chairman of Spores Network to join in an AMA to give fruitful information about the key features and roadmap of Spores Network – a cross-chain DeFi-powered NFT marketplace defining decentralized pop culture.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, our guest directly greeted the community and provided detailed information on Spores Network as well as some key products and future plans.
Time: 06:00 PM (UTC + 7) on Thursday, July 22th, 2021
Airdrop: 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Question for Part 1- Project overview
Question 1: Can you briefly describe what is Spores? We would like to know the reason why Spores was born and how it works.
Mr. Duc: Spores Network explores the extensive nexus between NFTs and DeFi markets. It is necessary to show readers a deeper look at Spores NFT-DeFi model, which basically combines NFT marketplace and DEX. Spores targets to erase the barriers and frictions caused by blockchain technical issues, then help artists, designers, game developers efficiently monetize their works via DeFi space.
Furthermore, Spores facilitates DeFi traders with financial gamification in the NFT space, then helps them to enjoy and earn from collectibles, game items, digital cards & other creative content. Spore’s DEX is specialized for the NFT market, roughly speaking, to provide the most optimized liquidity and financialization for all NFTs in accordance with the native governance/utility tokens of NFT platforms.
Spores aims to build a marketplace with low and efficient fees (supported by a layer-2 scale solution) which seems now the biggest pain-point of NFT market.
Gamified royalty sharing: Royalty sharing for NFT creators, incentives for users & traders with transaction mining T-DeFi: Fractionalizing multiple NFTs, utilizing LP mining on DEXes, lending & staking, to improve overall liquidity Batch minting & transfer: Bundles of NFTs can be minted and transferred with minimal fees Cross-chain trading: NFT swaps & wrapping across major blockchains (Ethereum, BSC, Polkadot) — erasing market fragmentations User friendly: Everyone can create NFTs without coding skills and trade without underlying blockchain knowledge NFT drops: Free NFT drops from notable & exclusive creators to users and LPs.
Question 2: Could you please elaborate more about your tokenomics? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
Mr. Duc: Our full tokenomics are disclosed on our website: spores.app , please feel free to check it out. Thanks!
Question 3: What are the unique features does Spores provide compared to the other projects? Mr @CuratorD
Mr. Duc: Gamified royalty sharing: Royalty sharing for NFT creators, incentives for users & traders with transaction mining
T-DeFi: Fractionalizing multiple NFTs, utilizing LP mining on DEXes, lending & staking, to improve overall liquidity
Batch minting & transfer: Bundles of NFTs can be minted and transferred with minimal fees
Cross-chain trading: NFT swaps & wrapping across major blockchains (Ethereum, BSC, Polkadot) — erasing market fragmentations
User friendly: Everyone can create NFTs without coding skills and trade without underlying blockchain knowledge
NFT drops: Free NFT drops from notable & exclusive creators to users and LPs.
Spores Network: A blockchain agnostic DeFi-powered NFT marketplace defining decentralized pop culture
It chooses to be primarily Asian-centric and is willing to focus on and promote industries with heavy Asian participation such as:
Digital Fine Art – we are bringing back elements of the gallery experience and focusing on upper-midend to high end price points. Our curated artists will have had solid reputation in the digital art or commercial art world.
Gaming – we want to be the number one marketplace for in-game items and digital art for blockchain and traditional games, where gamers of all games can trade their collectibles.
Animation/Anime – we are huge fans of animation and anime and look to work with legends and top animators to NFT publish their archives, new work, or even commission work/projects that Spores will own and self-publish.
Celebrity – Film/TV/Music are a culture intersection that NFTs will revolutionize. We will work with celebrities, influencers, musicians, movie studios and music publishers to NFT archival music as well as the newest releases. Hollywood, Bollywood, China Media, K-Pop, we’re all in.
e-Sports – We believe that e-sports is hottest new arena of sports and we’re excited to support stars and team in this field through special NFT collaborations as well as sponsorships of new blockchain games.
Questions for Part 2 – Pre-collected questions from Twitter:
Question 1: Recently, NFT is being talked about a lot because of content restrictions set by the platform. How does your team’s intelligence respond to this? So, what other benefits do artists who tag their work on #Spores get that they don’t get on other platforms? @DngGiaPhong2
Mr. Duc: Spores Network: A blockchain agnostic DeFi-powered NFT marketplace defining decentralized pop culture.
What does that mean? We curate high quality NFTs and creators so that our customers don’t have to. When you go into Diamond Plaza in HCMC or Trang Tien in Hanoi, why do you buy? Because you trust the brands and quality that exist there. We want to be the same. We don’t care that anything can be minted as an NFT. We only care about sexy, cool, collectible things that can be NFTed. So that’s what you get. Highly skilled curators giving you the BEST NFT goods in the market, across our 5 entertainment and pop culture verticals.
For the Vietnam market, we’re signing over a dozen top celebrities who will produce NFTs for the Vietnamese market. You’ll be super excited when they come out next quarter!
Question 2: Currently, famous KOLs are having a great influence on the crypto community. Do you plan to use their images to promote for Spores, not only in the local market but also outside of it? If yes, in what form and advertising campaign? @Jzciz
Mr. Duc: Sure, we have announced two partnership in the gaming space with
1. SparkPoint – Defi/NFT gaming project that is amongst the largest in Philippines with a large communities.
2. Chainguardian – an NFT gaming project that will do cross listing of their in-game item on our marketplace.
we have signed with at least 6-8 other major blockchain gaming companies, that waiting to be announced soon. Also major partnership with TOP blockchain projects and non-crypto are also in the pipeline for announcement. One of the major partnership announcement is actually coming out in a few hours. so please tuned!
oh, and did i mention Vietnamese celebrities? yes, we have celebs who are gonna do NFTs! Join our community to get advanced notice!
also, I write for Vietcetera!
check out my articles!
My BIO: Duc comes from an edtech, proptech, and marketplace POV: Duc built and sold an Edtech startup in Hong Kong, sold it to Bain Capital Private Equity China and then took the parent company public on Nasdaq in 2017 for over $1 billion valuation. He spent the next two years as Chief Strategy Officer looking at Edtech M&A and incubation opportunities worldwide. The last two years he’s moved back to his homeland of Vietnam to build the country. He served as COO of Propzy, a proptech play, where he helped raise $25 million from Softbank Ventures Asia, Gaw Capital, and Insignia Ventures. The company currently has over 20 stores in Vietnam. Soon he was poached by One Mount Group’s venture OneHousing to lead strategy and operations as COO, looking to scale another proptech play with backing by Vietnam’s top two billionaires of Real Estate and Banking. He’s a contributor writer for Vietcetera, TechinAsia, and keynote speaker in Edtech, Proptech, and now Crypto.
Question 3: Spores will have Crypto & Fiat Payment between multiple chains. Does this mean that the tax on transactions and GAS will remain very high? Or do you have a system to reduce the cost of transactions for users who use this tool? @Harrypee10
Mr. Duc: great question: we are going on Polygon and BSC so that gas fees will be lowered to near zero. We will add otehr blockchains like Cardano and Wax where fees are much lower than Ethereum.
Follow me on Twitter BTW for more Crypto and VC insights: https://twitter.com/AskDuc
Question 4: 4.The utility of the token is one of the factors that evaluate the credibility and potential of the project. So what are the utilities and roles of $SPO in the ecosystem? What mechanism will you deploy to keep the token value unaffacted by the market condition? @MiraaTrann
Mr. Duc: SPO Token Specifics
SPO token: The native token of Spores Platform is designed for community governance and DeFi utilization with NFT-creator-centricity and DeFi-community-driven purpose.
Incentivization: SPO is used to incentivize NFT creators, buyers, agents, liquidity providers across the ecosystem.
Transaction fee: Distributed to NFT Creators, SPO stakeholders, Spores Foundation, and the Reserve Fund to buy back tokens and to grant development proposals.
Royalty sharing: Create items and trade NFTs on Spores to earn streams of income through royalty.
Question 5: Spores Network aims to bridge the following major blockchains for frictionless NFT minting and exchanging: Ethereum, Cardano, BSC, and Polkadot; can you tell me why you’ve targeted these blockchains in the first place? How effectively can they contribute to Spores Network NFTs? @tunumia020
Mr. Duc: Ethereum is obvious as the first smart contract blockchain. Cardano has been very committed to bringing us on as their first NFT marketplace. We’re proud to be working with IOHK/Cardano and Cardstarter. BSC, Polygon, Wax and Polkadot all represent far lower gas fees and a different ecosystem of NFT and De-Fi partners we can work with
we are committed to being chain agnostic!
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1:How many active users does the Spores platform currently have? How many users do you expect to use your platform by the end of this year 2021? What goals have you set for yourselves in this regard?
Mr. Duc: We already have over 30k active users in our community. we want to increase that amount to 100k within the next three months. to do that we’re doing/spending a lot on crypto and non-crypto marketing to bring investors/traders/nft collectors to our marketplace. we have a big marketing campaign planned for China, Korea, and Vietnam!
Question 2: Does your project have worldwide support? Do you have a local community of China, Vietnam, Indonesia, Malaysia, Singapore, Korea, India… to best spread your project? Please tell me more about your local communities.
Mr. Duc:we have worldwide support in tons of languages! Spanish, Russian, Chinese, Korean, Vietnamese, Tagalog, Bahasa Indo and more! We want to be Asia’s NFT marketplace!
Question 3: What is your motive behind the creation of this project?
Mr. Duc: Spores Network founders deeply believe that a digital “metaverse” is being built today that will revolutionize our thoughts and behavior with respect to living, owning, sharing our physical and digital lives. Spores seeks to empower creators to create, exchange, and communicate their life’s work. To do so, Spores envisions an NFT platform which is both feature-rich and cross-chain interoperable — allowing users to issue NFTs, auction and exchange the assets and utilize other DeFi products without any barrier. Spores leverages the blockchain and uses smart contract technology to authenticate NFTs, track their ownership records and buy/sell history, securely decentralize their trading procedure, while fully complying with intellectual property & copyright licenses to protect the NFT creators’ & owners’ benefits. Spores is equipped with the full range of features to facilitate and benefit all participants (artwork & content creators, game developers, entertainment producers, clubs, collectors, celebrities and fans, etc) to promote a creator-centric, frictionless, borderless, and community driven ecosystem.
Question 4: What competitive advantage does the #SporesNetwork platform have that makes you feel most confident? Does #SporesNetwork have plans to recruit ambassador programs for different countries to raise awareness of your project at global level and non-English speaking countries??
Mr. Duc: good question: we’re doing two things. one, is airdrops to special partner communities. if you’re part of one of those communities we’re partnering with, you can participate. two, we’re launching our ambassador program next month. join our community to see how you can make money and be proud that you’re building our vision for a new metaverse!
Question 5: MONETISATION OF ART
Sir Duc, I admire your ealth of experience. Spores seeks to monetize creative works of art by printing them into NFTs. How does this printing happen, I’d like to know.
Also, what kinds of works of art are not captured within this project?
Mr. Duc: we are talking to tons of GREAT, FAMOUS artists and we’re bringing them to our platform. In the next couple weeks we’ll announce their names and you’ll know how amazing they are and what they plan to do on Spores Network. We will also promote student artists from top art institutes around Asia. We are highly selective so as long as you’re crazy talented, you’ll be selected!
For all of the questions that have not been answered yet, guys feel free to search for more information or ask directly to them on the links provided below:
➡️Telegram Ann: https://t.me/sporesofficial
➡️Telegram VN: https://t.me/spores_Vietnam