BlockTalks x Banana Task Force AMA Transcript!
We recently hosted an AMA with Banana Task Force, on July 20th at 12 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by T Hobb, Talent Acquisition Lead by Banana Task Force. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Banana Task Force Ape to our community in layman’s terms?
Ans — We are a collection of 10k NFT’s with 150 unique traits. Our collection sold out in 2 weeks during the most bearish time of the market. We also have our native token BTFA and or Governance token Bandex in our ecosystem which is governed by our LLC Blip Studios.
Q2. What are the advantages of Banana Task Force Ape to the other alternatives in the Blockchain field?
Ans — BTFA provides a deflationary ecosystem through buys and sales of our Governance token Bandex which burns BTFA, gives reflections, supplies liquidity, marketing, and also helps to provide funds to sweep the floor weekly of our NFT’s and thereby burning them making them deflationary as well
Additionally our NFT’s have multiple utilities that I will cover throughout this AMA as well.
Q3. What are the major milestones Banana Task Force Ape achieved so far & what are in the future pipeline?
Ans — 1. Developed an entire ecosystem 7 months prior to launch.
2. Sold out our presale of our native token in a record of 5seconds.
3. Sold out our 2nd presale in 15 seconds
4. Sold out our NFT collection in 2 weeks during a bear market including selling 2K NFT’s in 1hr.
We plan to bring Blip Studios our LLC to mainstream retail by providing a modern day art studio and issuing 20% of the revenue share to all NFT holders. Creating passive income for those holders
Questions Asked on Twitter for Banana Task Force Team!!
Q1. You comment that what makes BTFA special is that NFT holders have exclusive access to Blip Studios events and passive earnings. How much could an average user earn for each Banana Task Force Ape NFT he owns? What does the level of earnings depend on?
Ans —I would be lying if I told you the exact amount of revenue and I don’t like to guess. What I will say however is that we intend to run Blip Studios and the Art Studio with the same competitive fire we have give the defi space so far. If you have confidence in what we have done so far then we will be sure to continue on that pace to maximize the passive income our holders will enjoy
The level of earnings depends on the growth of our art studio and we plan to franchise them in multiple major cities.
Q2. Something interesting what I read about BTFA is that native token holders get special access to the Discord server. But, can you explain me what has to be done after a user buys these native tokens? Where does one have to contact to get into this exclusive server?
Ans — Actually the exclusive server access will be tied to the particular NFT’s you hold. We will have special groups within our discord called trait groups that will act together to increase the floor in that trait group which will in turn increase the floor of the entire NFT collection making your asset worth more
Q3. You point out that native token holders get special access to your Discord server. But, if I am not a token holder and I require advice for a purchase or a problem related to the use of the platform, where can I ask for assistance?
Ans — There will still be a general chat in our discord for holders and non holders as long as you can pass a basic security check set up by our discord moderators
The idea is to limit the amount of spam received via TG.
Q4. How will the BANANATFA team maintain the perfect balance of NFT production and demand in order to keep their market and asset values from plummeting? How will you ensure that the incentive for players remains stable and appealing in order to encourage widespread adoption?
Ans —That’s where the deflationary NFT argument becomes extremely relevant. As we purchase our NFT supply weekly and burn the NFT’s it will lower the supply and increase the demand which in basic economic terminology naturally increases the floor price
That is why the Bandex token is so important to our ecosystem as it provides the liquidity to sweep the floor weekly.
Q5. Vast majority of projects who adopt dual token model end up falling because they find it extremely difficult to maintain and sustain these tokens on the long run. Can you tell us your own reason for adopting a dual token system? If I’m right, $BTFA and $BANDEX are the names for these two tokens, could you tell us how they differ from each other and What roles does each of them play?
Ans — The Bandex token is our Governance token it provides access to our Governance DAO which allows for our holders and community members to make proposals and vote on them to create the change in our ecosystem that they believe can help us grow. We have confidence that the two tokens will be adopted on a mass scale as more and more holders understand the value of them individually and as a tandem
Questions Asked by our BlockTalks Community Members during live Session to Banana Task Force Team!!
Q1. I read that your NFTs are deflationary, so can you explain the deflationary mechanism that your NFTs exhibit? What are the characteristics that make them unique and special? I read that there were around 150 traits.
Ans — I read that your NFTs are deflationary, so can you explain the deflationary mechanism that your NFTs exhibit? What are the characteristics that make them unique and special? I read that there were around 150 traits.
Q2. Can you introduced the BFTA NFTs with us ? have you done any AirDrop for these NFTs till yet?
Ans — NFT’s are available on opensea as Banana Task Force Ape, Early investors have the opportunity to stake in our vaults earning up to 180% apy this apy is high and will not be sustainable as we get listed on Tier 1 exchanges and will need to provide larger liquidity.
Early investors have the opportunity to stake in our vaults earning up to 180% apy this apy is high and will not be sustainable as we get listed on Tier 1 exchanges and will need to provide larger liquidity.
Q3. NFTs are being used Everywhere nowadays, In Traditional Market, What role can BFTA Play?
Ans — Given our NFT’s utilities and define earlier will help separate us from other NFTs that lack this
Q4. I Found that There is also a APE WALLET in the Platform , Can I Know More about this WALLET , What New Features Does this Wallet have and Is this WALLET IS LIVE ?
Ans — The wallet is live and is equipped with an aggregator feature which assist with finding the best price for over 8 different chains. It also accepts Apple Pay google pay and all major cards visa, mc, etc..
Q5. I Found that Users can Earn 80% APY From the STAKING, Could You Please tell me More about the STAKING REWARD Of your platform and How Can I join the STAKING. ?
Ans — Users can earn up to 180% apy by staking in 8 different vaults between the two tokens. That ability can be accessed by visiting our twitter page clicking the linktree and accessing our website. Once you are there click the dashboard connect your wallet and select the staking feature on the left
Q6. what can we do at BananaTFA as NFT holders? and is there any difference in BananaTFA about special or general holders as well as VIP and regular, or in BananaTFA there is no such level?
Ans — Rare and epic NFT trait holders will be airdropped tokens for our sister token as well as have special whitelist spots for future NFT launches
Q7. Are the BTFA NFTs customizable? Can I modify them to my liking once I buy them? Or is this not allowed at all?
Ans — You can modify them with photoshop but they will not be able to be resold in that manner as the traits area tied to the blockchain
Q8. VERY LONG NAME WILL YOU KINDLY TELL THE MAJOR REASON TO CHOOSE BANANA 🍌 IN YOUR PROJECT NAME ? DO YOU LIKE EATING BANANAS Or the REASON IS DIFFERENT FOR CHOOSING THIS AS A PROJECT NAME ?
Ans — The Name came from our passion for saving the Bonobos apes. We have donated over 50k to this organization to help keep the apes there safe. Apes love bananas and the task force is here to save them
Q9. In Phase 3 of your Roadmap I read that there is Charity Sponsorship, will this charity be taken from a community that wants to donate, or is it included in your tokenomics?, and will you transparently publish where the charitable funds will go?
Ans — We used the funds from our NFT collection to donate to the Bonobos ape organization we posted an entire breakdown of all our NFT proceeds and also gave over 150k back to the community we have the etherscan for all transactions posted on our twitter page
Q10. According to what I could read in phase 5 of the BFTS roadmap, it estimates to carry out the Apepalooza (Concert). Can you provide detailed information about Apepalooza (Concert)? Estimated date? What is the goal with the Apepalooza (Concert)?
Ans — The goal is to provide a meet up helping to build community comradely we are in talks now of securing a venue in Chicago and details will be released as they are solidified
Q11. I noticed that BTFA only works on the Ethereum Network at the moment, considering today’s gas fees and system slowness, why did you choose the ETH network? Do you plan to add different networks as your project develops and grows?
Ans — Although gas fees are high in Eth it still is the leader in volume so it was an easy choice. We have plans for moving to other blockchains as the volume increases on those chains and it makes since for the ecosystem.