We recently hosted an AMA with Virtualrise, on July 8th at 11 AM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Natty, Front-end Dev at Virtualrise. 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 Virtualrise to our community in layman’s term?
Ans — First things first, we want to put a little context. The deflationnary tokens kinds we speak about in our whitepaper generally have no other purpose than pure speculation and bring no value to the table. They are therefore considered « Shitcoins ». We decided to try and build an ecosystem that can actually bring true value to the table. We thought that the best kind of market to do so is the art world. To be clear our platform is based on a shitcoin. We want to be fully transparent with this.
We still believe however that this kind of token, that is supposed to continuously raise in value, is very interesting in the art market. One thing to note though is that a shitcoin is not necessarily a bad thing. It can be very useful if used correctly and this is our mission. We want to be known as the team who found a real use case for such a token.
Q2. What are the advantages of Virtualrise to other alternatives in the Blockchain field?
Ans — As said previously, I’m passionate about great user experience. I strongly believe that this can make all the difference between a good product and a great one!
At the moment, very few blockchain projects are easy to use and intuitive. Especially in the NFT world. We want to create a platform that is very accessible and that can help new artists share their amazing work and start earning money. We want to put the users first. We want people to use our platform as any other advanced off-chain services, without even noticing that it uses blockchain underneath to make everything work.
Q3. What are the major milestones Virtualrise achieved so far & what are in the future pipeline?
Ans — To be honest we haven’t achieved anything big yet, based on our standards. We will soon have a prototype that will be released for private testing with a few selected members or ouf community. We hired a huge marketing agency-NinjaPromo-that are experts in the field of blockchain and have a great track record. They have been following us and working with us from day one. They have produced such a great work so far, so big shot out to them. We’re also recruited more solidity developers to help us get to market faster. We are also actively working on the auction side of the platform, as we have a few ideas such as the ability to share and invest in an NFT collectively. We’re also hiring a extra designer and copywriter to help us produce content faster. We want (but this is gonna be a big piece of work) add the functionality to buy an NFT with fiat (or stable coins at least). We’re currently experiencing with a bridge that could help us make it happens.
Questions Asked on Twitter For Virtualrise Team!
Q1. At Virtualrise the lending process can have any collateral types including NFTs.
How can NFTs work as collateral of any currency if they are not fungible? The amount of the currency that can be lender would depend of the momentary price of the NFT complete?
Ans — This is correct. However, the lending functionality is not the most important one of the platform. We’re even discussing about dropping it for the moment, as this is not our main goal. Anyway, the NFT on our platform can be fragmented. Meaning that if for example a user own 100% of an NFT, she can use it as collateral. If she fails to repay say 50% of the lended amount, she will lose only 50% of the NFT.
This might sound strange but is based on the idea that getting 100% of one NFT will be harder. This will attract truc collectors who like to hunt every piece of a collection or of an item.
Q2. I could read that investors can be confident of investing in Virtualrise since their tokens will be blocked in a period of 3 years, but how can we really validate that information? And to others, after turning those 3 years, your team will be able to perform Rug Pull?
Ans — The presale will be held on DxSale. This platform has macanisme that locks the token for the desired period. It can be verified publicly on the said platform. If you want we can provide further information about it, but basically the tokens will not be held by the team for the 3 years time but by the DxSale smart contract.
Regarding the possibility of performing a Rug Pull, we believe that doing after having developed the product and worked our asses of for three years would be completely idiotic. We, as team, have way more to earn by delivering what was promised, than waiting for three years to rob some funds.
Q3. I could notice that days ago they made an Airdrop, is it already finished? If so, do you plan to do another one in a short time? If so, where can we obtain the information in time for that event?
Ans — Yes, we’re planning two more airdrops. We had the big one this week as a pre-sale event with 60% of the tokens that were kept for the occasion. We’re also gonna do two more with 20% of the tokens each. One is planned for the first week following the presale and the other one is will be announced spontanously one of our social networks.
Q4. You say that you offer rewards to investors for having tokens, do you mean that there is also a staking program within Virtualrise? What is the reward given to the holders of this token? Is there a monthly or annual percentage (APY)?
Ans — We’re currently discussing the idea of having a stacking progam, but this will not happend until at least Q3 of 2022. At the moment, what we mean by "offer rewards" is the redistrubution that happens on every sales.
Here's how it works. Every time a sale happen, a 3 percent tax is taken on the total amount being sent. Let's say you want to send 100 VRISE, this would represent an amount of 3 VRISE. This amount will then be divided by the total numbers of holders (more precisely by the total value each own) and sent to each holders proportionnaly.
Right now, there is no montly or annual percentage, the rewards are sent on every transaction.
Q5. Many people still don’t have much idea of how NFTs work and how to acquire them, is Virtualrise beginner-friendly in the world of NFTs? Do we have to have advanced knowledge or Virtualrise intuitive enough for inexperienced users?
Ans — As said previously, one of our biggest selling point is that we want to make it as intuitive and simple to use as possible. As soon as our prototype is ready, we will make sure to gather beta testers feedback. We will improve our UX continuously and remain as close as possible to the users.
Questions Asked by our BlockTalks Community Members during live Session to Virtualrise Team!!
Q1. Revenue is an important aspect for all projects to survive and maintain the project/company. What is your plan and way to generate profit/revenue from tokens? In this regard, please explain your income model?
Ans — This is a good question and we actually should include this in our whitepaper. As you may already know, we take a 3% fee on every transactions. This fee will be dedicated to the marketing of our project and this will also pay our rent, salaries and everything needed to keep the company afloat.
When the NFT marketplace will be live we will also take a small fee on each purchase (the amount is still being discussed as it will depend on the type of purchase auction or spot style).
One important thing to note. The 11% will only be taken when sending the VRISE token directly, not when interacting with marketplace.
Q2. A project certainly has a target market that has been a plan since the beginning of the establishment. For that, who and where is Virtualrise’s target market? And why did you choose it?
Ans — Well, first we are targeting the artists that create original and uncommon piece of art. We’re not targeting big artist celebrities at the begining because we want to make sure our platform is accessible to all. This will come later on, once we have matured enough.
That being said, we’re in the process of hiring brand ambassadors that may or may not be celebrity artists.
Q3. Many projects start but get stuck along the way, could you tell me if you plan to stay active and offer projects and opportunities to the community in the long term?
Ans — Yes, we’re planing to be active on the long term. This is one of the reason we decided to partner with a big marketing agency. We want to make sure our community gets all the attention it deserves, while we keep working on the product.
We're also hiring developers to help us build the marketplace as fast as possible. We will take the time needed to create a great product, but we want get to market as fast as possible.
We're counting on the marketing agency to guide our efforts and make sure we stay aligned with the community and the users needs for the long run.
Q4. Does your project also provide a platform for Dex, Staking and Farming in future plans? To increase profits for token holders?When do you think of integrating other blockchain into the project like BSC, HECO? Any plans for higher coverage?
Ans — As stated before, the stacking and lending functionnality are being planned. Right now, they aren’t our main focus, but if we see that the community is passionate about this, we’re willing to pivot as soon as we feel the need.
We're striving to be reactive and we want to have short iterations on our products so we can adjust as we go.
Regarding the integration on other blockchain, we're thinking about maybe going to Polygon (matic). No other big networks are being discussed at the moment. The main challenge we have at the moment, is how we're going to handle the NFT fractionning between blockchain and more importantly, how are we going to make the price of one NFT on one network the same on the other. This is the true challenge right now. As soon as we find a way to handle this, we're gonna integrate progressively on other blockchains.
Q5. In your Medium I saw that there is a short time before the pre-sale begins, so, can you tell me about this? What are the objectives or expectations to achieve with the presale? And where will it take place? Can you still participate?
Ans — The presale will happen on DxSale. The link and the instruction to buy VRISE at the pre-sale event will be shared on our social networks very soon. So, make sure to join us on Twitter and Telegram to get all the latest information.
Also, feel free to ask us any questions on our Telegram, we will try to answer all of them. As we can see, you guys still have a lot to ask, so don't hesitate, we'll clear any remaining concerns 😉