BlockTalks x Epik AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Epik, on May 12th at 12.00 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 Gary Ma, COO of Epik & Darren Smith, VP of Epik. 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 Epik to our community in layman’s term?
Ans — Epik is an NFT platform working with AAA gaming platforms and giant entertainment IP brands to create in-game NFT goods and marketplace.
Epik is the leading NFT crypto company coming out from stealth since 2018.
We work with over 360 clients including half of the top 25 video game companies such as Tencent and Garena and global brands like Warner and Universal.
We specialize in unique NFT drops with many coming out this year from some of the biggest names.
Q2. What are the advantages of Epik to other alternatives in the Blockchain field?
Ans — Epik is different because we are both an NFT technical platform and the world’s leading digital agency that has already been producing in-game drops worth millions of dollars for the last 3 years.
Epik solves the problem of content creation with our network of games, brands, celebs, artists, and influencers - creating unique, one-of-a-kind, and valuable content becomes simple with our massive network and experience.
Lastly, as the leading digital agency, we help solve the pain and complexity of licensing agreements between all parties.
Q3. What are the major milestones Epik achieved so far & what are in the future pipeline?
Ans — Over the years, we’ve achieved a handful of milestones Epik that are significant.
When we started building our company we had no clients. Slowly we built up a robust 2-sided marketplaces consisting of games and brands. So from 1 client, to 5, to 20, to 100, now we’re over 350 clients and the #1 largest enterprise ecosystem in the world. (The second I believe is R3 with 200+ financial institutions.)
We’re also a profitable revenue generating company. That first dollar of revenue, and that first $1M in revenue are all significant milestones.
Our first NFT smart contracts were minting on mainnet over 600+ days ago, another meaningful moment for our product.
About the future.. Too many good stuff. Expect some more drops, more collaborations, more ultra-unique NFTs that give users value and utility beyond just the visual asset.
These could be in-game utility (i.e. Imagine buying a stormtrooper NFT that looks great, but also becomes a playable character in a game for the owner of the NFT. Or buying a Lady Gaga NFT and with it the owner gets VIP tickets to her concert tour).
Questions Asked on Twitter For Epik Team!
Q1. How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Ans — Epik is a global platform, and global network.
Unlike a singular marketplace that need to acquire customers one by one. We scale by tapping into the user base of our client network. Let’s say we drop an NFT item into a Game that’s big in China.
We get automatically get Chinese reach and users. If we drop in a marketplace in North America. We get access to users in north America. Epik is a network of
marketplaces. We leverage the users of clients and the fanbase of the IP. If the drop is with Justin Bieber
we get exposure to Beliebers.
Q2. Can you tell us more about your experience working with the gaming industry? Tell us a little bit about your background.
Ans — I worked for Nintendo for 20 years. I was a Director there.
In 1990, I started as an engineer working on an online game service for the original 8-bit NES. Throughout my career there I worked on the development and launch of game consoles from the Nintendo 64 through the Wii and 3DS, as well as all of Nintendo’s online game services (multiplayer game service, Nintendo’s eShop, Netflix for Wii, Facebook for DSi, etc.). I also developed a game with Mr. Miyamoto (PilotWings 64), produced some products for Pokemon, and all of the pre-installed apps for the Wii.
I was very fortunate to work alongside many of the greatest minds in the videogame industry, not just Mr. Miyamoto, but also Mr. Iwata Mr. Takeda, all of the teams at EAD, Rare, and so many others.
One short story: One of the first times I met Mr. Miyamoto was to discuss how we were going to create the controller for N64.
He needed something to draw on, so I handed him my notepad.
He drew Chain Chomp, and explained that he wanted Mario to be able to swing him around with a circular motion. He handed the pad back to me. We designed the controller based on that key feature. I still have the drawing. Maybe I should make an NFT of it.
Q3. What is your long-term vision about the industry which you are working on? Are you afraid some day there will be another project with more innovative technology can replace your project?
Ans — History has shown that it’’s not always the best tech that wins in business. It’s execution. It’s prioritizing your customers. It’s having a good product. It’s many things. Tech is just one item but not the only item.
Not only do we have the best tech and the best-in class engineers like Darren Smith, and Will Entriken (lead author of ERC 721), we have built a robust business, with significant network effects. That is Epik’s moat and power.
Q4. The markets for NFTs and marketplaces are now very competitive, will Epik create it's own marketplace? how will your NFTs be traded with other collectors from other marketplaces?
Ans — We have our own marketplace where users can buy and sell premium branded NFTs, and by working with games, we empower their marketplaces too.
Epik is a network of marketplaces, including the in-game estores of your favorite game, other NFT marketplaces, collectible apps, metaverses.
We collaborate with everyone, from crypto companies to mainstream gaming. So our collaborations and our NFTs will be everywhere.
Q5. NFTs are the booming trend of the moment in the crypto space, in this scenario what is Epik Prime developing that will make it be sustainble long term, and not just flow for a while with the hype and then fade away?
Ans — We’ve been doing NFT since before it was cool; and I’m certain we will be doing NFTs long after this initial hype is over.
To give you an idea about our expertise and commitment to the space; our CEO, who’s a computer programmer and following blockchain for many years, flew down to Dallas for the final ERC-721 code review. That’s when the standard was passed. Also, Will Entriken, the lead author of 721 is on Epik team. So, we’ve been involved with NFTs pretty much since its origins.
In 2018, Epik started working with brands and games on a mission to produce premium digital items because we believed that digital items were the future of consumer products and would play a central role in ownership and the way we express ourselves individually. We see collections of digital items as representations of personal memories and achievements while conveying attributes like status, identity, membership, class, and performance.
We still believe in this mission. We’re here for the longterm.
Questions Asked by our BlockTalks Community Members during live Session to Epik Team!!
Q1. As a NFT marketplace, what does Epik have to offer to owners of NFTs that can’t be found in the countless competitor marketplaces? How will you attract them?
Ans — Epik works WITH other crypto NFT platforms/marketplaces and works WITH mainstream games. They are not our competition. We collaborate.
If they need brands and IP, they can come to Epik, because Epik is also a digital licensing agent. we help companies big and small get brands. For example, Tencent is our client.
Q2. What is Epik Prime and what are the benefits of having an Epik Prime membership?
Ans — Epik plans to automatically enrol its customers into Epik Prime as their digital item purchases accrue. Customers who meet the minimum spending thresholds will receive Tokens, and therefore qualify for a membership in Epik Prime. Members of Epik Prime will have access exclusive items, rewards and services that would otherwise be unavailable, or available at an additional cost, to a user who is not a member of Epik Prime. Members who hold more Tokens will have the right to enjoy more rewards on future purchases.
Q3. I read that you guys Have started the development of Epikverse, can you tell us more about it, what makes it unique and how can i as user benefit from it?
Ans — Epikverse is like a gateway to all metaverses (both crypto and non-crypto meaning mainstream platforms).
Epikverse provides interconnectivity between other metaverses, so that users, commerce and items can happen regardless of which metaverse you are in.
Q4. Brands and Digital platforms find it very difficult to navigate the world of licensing, and find the appropriate partner to collaborate with, how does Epik intends to come in and help solve this issue for them?
Ans — Aside from being a blockchain technology company, Epik Prime is also a leading digital licensing agency.
Licensig definitely is complicated to navigate. Which is why Epik helps other digital platforms when they need access to brands and IP.
Often, we get asked if this competttive, when say a Terra Virtua or Ethernity are doing branded drops.
Our answer is absolutely not. Platforms like this would be like Clients of ours, that we could help with IP.
Q5. So far I could understand your new feature LOCKR app will work as a wallet but for NFTs, what will be the in-app currency to use and will be any KYC or security protocol to access?
Ans — LOCKR is a mobile experience. Think of it as your home for all of your digital merch and collectibles. From NFTs to virtual goods from your favorite mainstream games (i.e. League of Legends, Counterstrike, etc).
Q6. It benefits both games and various brands through premium content, but how does Epik really benefit mainstream users? will it simply be the chance to get NFT from each brand’s games only?
Ans — Consumers will get access to premium digital collectibles created through our relationships with game publishers, brands, celebrities, musicians, artists, and influencers. Some of these will be offered in games, others will be dropped in our marketplace and elsewhere.
Q7. Epik has a wide experienced team from recognized companies like Nintendo, Pokémon and more, and it says on your website you have over 350+ business partners, what are the most important facts that you can highlight from your experience to make Epik a successful network?
Ans — Over our 3+ year journey to reach where we are at today with a robust enterprise network, some of the things we learned were..
listen to you customers
As a company, we survived the ‘crypto winter’ and had to figure out a scalable business model. These are all important milestones in a company’s growth. We were able to achieve that by making sure we offered tremendous value to our clients. stayed nimble and moved fast.
Q8. I read Epik have an incredibly advantageous position as the industry leader in the B2B space for NFT’s. How do You plan to keep this advantage un long terms? How do You handle the competition?
Ans — Our approach is to collaborate. We work WITH everyone. Crypto companies, other NFT marketplaces, mainstream gaming.
Our mission is to bring mass adoption to blockchain. We can’t do it alone. We will help others grow, so we all grow together.
Q9. I read somewhere that Epik official team has a lot of experience working with many gaming companies, so can you give us a summary about you experience of this Field?
Ans — Yeah we have over 300 game company clients. Including over half of the top 25 game companies. Household names like Garena and Tencent etc.
Q10. Epik shop is coming soon so can you give us any idea and overview about the shop that you are going to launch? How will this shop be accessible and safe to purchase with? What are the item will be available in Epik shop?
Ans — You’ll be able to buy NFTs from Epik, as well as buy & sell NFTs with other users, and participate in the community there.
Q11. Is the concept of Epikverse like a gateway to all metaverses?
Is this means that that users, commerce and items can happen regardless of which metaverse you are in?
Ans — Epik is buildig the infrastructure to provide interconnectivity between other metaverses. Mainstream and crypto metaverses.
It will be cross platform, cross chain. People in the Epikverse will be able to buy/sell/transact items, socialize, enjoy shared experience (like streaming), etc while connected to the Epikverse.
Q12. Could you tell us about the characteristics of your NFTs? Will all be completely related to the brand that Epik is promoting? Or will Epik really create the amount of NFT you want and with the design of your choice?
Ans — EPIK NFTs will feature premium brands, celebrities, artists, musicians, and influencers. We will not be supporting user-generated content.
Q13. How does EPIK Prime plan to remove existing barriers to user interaction with the decentralized economy? How to close the gap between cryptocurrency and real users?
Ans — We believe there is not one-size fits all solution.
Decentralized economies, and P2P are great in some situations
mainstream ‘real users’ may have different needs and preferences. I.e. convenience and efficiency and lowered friction are important.
Epik is removing the boundries by reducing those barriers, to onboard mainstream. abstract the complixities and keep those under the hood.
Q14. What is the advantage of Epic Prime bringing HEAD to Avakin Life for avatar items? Can players decorate their custom created characters with HEAD style?
How do you bring together more than 1,000 iconic brands and over 350 business partners? What is the importance of increasing the number of active users for a strong market?
Ans — The HEAD x Avakin Life collaboration was amazing. Players were able to purchase HEAD fashion items to dress their avatars with.
Future collaborations will have unique NFT wearables. Buy and own NFT wearables in the game, and keep the NFT as your own digital collectible.
Q15. Epik has some membership levels that give access to special and exclusive services, so can you mention about which are these services?
Also how can we get the better membership level?
Ans — Buy more, hold more, stake more EPIK.
Q16. About Tokenomics Can you give us an overview of Tokenomics, Are tokens designed to go up and down successfully? And which market are you aiming for?
Ans — $EPIK only goes up.
Here are some important links of Epik👇
🌎 Website: epikprime.com
📱 Twitter: twitter.com/EpikPrime
📢 Telegram: t.me/epikprime
📚 Medium: medium.com/epikgg