BlockTalks x Polkally AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Polkally, on March 2nd at 02.00 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 Chloe Bigot, CEO at Polkally 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 Polkally to our community in layman’s term?
Ans — So as I said earlier, Polkally is a P2P Marketplace for Creating and Selling NFTs on the Polkadot Network. The platform is not live yet, we’re currently closing our Seed Sale.
We have our own cryptocurrency, the $POLK — which is used as the native currency but also the governance token of our ecosystem
The main goal is to bring NFTs to the mainstream, in order to achieve this goal, we’re looking to build a platform that will be as interoperable, scalable & easy-to-use as possible, So our choice to use Polkadot is definetely a great bonus in the equation :)
Q2. What are the advantages of Polkally to other alternatives in the Blockchain field?
Ans — Commission-free
The possibility to get verified artists through a decentralized KYC
Being able to take part in major upgrades related to our protocol thanks to the $POLK token & the Polkally DAO
Another really exciting feature we’ll offer is to whitelist trusted art galleries. Then these same art galleries will be able to mint NFTs backed by Real-World artworks
The goal is to make Polkally as much decentralized as possible, even if we can’t decentralize the shipment tho. Would love to see some P2P drones someday.
Q3. What are the major milestones Polkally achieved so far & what are in the future pipeline?
Ans —We’re currently closing our Seed Sale. We fundraised +$50k USD so far. Looking to fundraise up to $100k USD through our Seed Sale before closing it
Then we will open our private sale & kickstart marketing stuff.
Questions Asked on Twitter For Polkally Team!
Q1. How do you plan to spread awareness about your project in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Ans — We are already in touch with a few PR firms which are going to help us in order to spread the word about our project, We’re also participating to AMAs as you can see
Regarding this point, we’re just waiting to close our Seed Sale first, So we can use the amount we raised as a marketing argument
“Polkally the groundbreaking NFT marketplace project just raised $100k USD through its Seed Sale!”
Would be hell of a cool title, right? Haha! Contacting influencers is also in the pipes.
Q2. The liquidity of a project is what investors are interested in. How will you solve the liquidity problem of Polkally ? Do you have plans to list on major exchanges like Binance or Houbi?
Ans — Yeah, having an healthy token is definitely a must
You can not have a great ecosystem if your liquidity sucks
Liquidity and token scarcity are so much important
Having a bad one would obviously impact users’ experience
That’s why we decided to implement (as soon as possible) incentive protocols such as staking & yield-farming, We are in touch with a few projects such as Ferrum so staking & yield-farming could both be available once TGE is completed (Q2 2021)
Q3. $POLK has a Maximum Supply of 100 Million Tokens, which I think is very high.. Do you think this won’t have a bad impact on the token price? please describe your scenario regarding this.
Ans — 100M tokens as a max supply is quite low if you compare it to projects such as XRP, EOS or even DOT
$POLK tokens from our Seed & Private Sale will be vested over a period of 3 months. Staking & yield-farming will also be a good way to reduce the sell pressure, while increasing liquidity of the token, That’s not an issue imo
Especially since we will lock the funds being raised through our IDO into the POLK/ETH Uniswap pool
So yeah, selling (or buying) our token should not be an issue at all.
Q4. It is reasonable that Polkally choosed Polkadot to build it’s P2P marketplace taking in advantage a great infrastructure and transaction fees, will the interoperability of this network be a feature on this project aswell?
Ans — But we need our marketplace to be as much scalable and interoperable as possible in order to go mainstream. Polkadot is not live yet, so we do not know how much it will be interoperable. but Polkadot’s interoperable nature will obviously make things easier for us.
Q5. Dear Managers as you know, NFT projects are very popular these days. What is your most important feature that makes you different from other NFT projects / competitors? Can you explain briefly, please?
Ans — In a few words: seamless use, no fees, trusted artists & community-driven project.
Questions Asked by our BlockTalks Community Members during live Session to Polkally Team!!
Q1. This P2P has a secure dispute system to avoid fraud since many times We distrust third parties, So tell me will it have the essential security of both our assets and our personal data?
Ans —All our TXs will go through smart contacts and be settled on top of the Polkadot network
On the other side, personal data storage will be handled by IPFS, with additional privacy layers (such as Aztec which is based on zk-SNARKs)
To take as an example, our decentralized KYC will be based on top of IPFS. But buying NFTs will happen in an on-chain way.
Q2. That’s why we decided to implement (as soon as possible) incentive protocols such as staking & yield-farming” What other ways can holders of your token generate passive income?
Ans — I guess that the best way to get “passive tokens” would be to contribute to the platform by providing & selling NFTs
Q3. The erc20 network currently has very high fees to make transactions, which they call the network of the rich, so do polkally have plans to migrate to another blockchain network with less fees?
Ans — As I said at the beginning of the AMA, our project is about to get built on top of Substrate
As soon as Polkadot goes live, people should be able to swap their ERC20 $POLK in exchange for Polkadot-based tokens.
Q4. Binance Smart Chain (BSC) is trending right now. Is Polkally interested or is there a plan to enter the world of BSC?
Ans — We had to remove BSC because of its centralization, we do not want our NFTs to be exchanged in a centralized way