AMA with ProjectX - an NFT/DeFi platform with high liquidity on PolkaFoundry’s Telegram channel

On September 6, 2021, PolkaFoundry’s team held an AMA with ProjectX in PolkaFoundry’s Telegram channel. Mr. John Slyusarev - CEO participated in this AMA session to answer questions about the project’s features and upcoming plans.

The AMA format included:

  • Section 1: Warm-up
  • Section 2: Twitter questions
  • Section 3: Live Community questions

Winners will share a pool prize of $250 :tada:

Let’s review the recap of the AMA session

Host: Welcome everyone to another AMA Session :raised_hands:
I would like to greet our today’s AMA guest, CEO of Project X - Mr. John Slyusarev

Mr. John Slyusarev: Hey guys, nice to meet all of you! You are an amazing community!

Host: It’s go time! Can you introduce yourself, how did you started your journey in crypto and position on the team?

Mr. John Slyusarev: Yep, sure

I am the CEO and Co-Founder of ProjectX. I am also a Managing Partner at NYC-based VC SMC Capital, and the ex-CMO of ICORating (grew the company’s revenue and market share 20+ times for 1.5 years) . I am a Venture Capitalist who has delivered returns of 55X to the LPs of my VC for the last 3 years, and have been quoted by the likes of Forbes, WSJ, and Cointelegraph. I’ve been around since 2016 , so almost for 5 years and made 100+ different deals, worked with the vast majority of leading market players almost since their inception.

Host: You’ve got a superb background! :clap:

Mr. John Slyusarev: Thank you!

Host: For the next question, can you explain more about Project X?

Mr. John Slyusarev: Sure, would be happy to.

ProjectX solves the problems associated with the lack of transparency and complications in the NFT market by making NFT investments liquid, accessible, and secure through its unique and dynamic NFT-pegged pools. It is a launchpad for NFT issuers. Celebrities, KOLs, or other recognizable people can set up pools of NFTs and raise funds for it by doing a public sale (IDO style).

Additionally, it makes NFT collecting more lucrative and beneficial for all by offering an array of liquidity mining & rewards farming programs. Due to the NFT/ DeFi nature of the project, ProjectX in particular addresses the market of cryptocurrency trading and yield-based investments (specifically to the DeFi and NFT market). It provides instant liquidity to NFT owners (they put NFTs in the pool and get ERC-20 tradable tokens that are pegged to this pool).

By further developing the use of pools and indexes, it aims to create different themed pools of NFTs - which include Music, Digital Art, Sports Cards, and KOL-issued NFTs within its unique platform. This development will assist both Institutional and Public adoption - driven by hundreds of large-scale and Tier-1 entertainment corporations.

Host: Thank you for the explanation :raised_hands:
In correlation, what are Project X’s advantages from its competitors?

Mr. John Slyusarev: Yep, so first of all we are solving those 3 fundamental problems ( liquidity for NFT owners, transparency of price discovery process, and the way how to easily get exposure to the NFTs) that all the problems the NFT market participants suffer from, but nobody is solving them now.

Our 3 main advantages are:

  1. We have liquidity pools of NFTs, where everyone who has an NFT can add them to these pools and we will issue the ETF. This brings users instant liquidity, and a simplified and fair price discovery process for their NFTS - done with the pooled nature of liquidity aggregation.

  2. One of the most important parts of our platform is the closed-door NFT-issuance platform for A-level celebrities and influential people. We believe that the NFT issuance platform is not just complementary, but a highly synergetic part of our product. This is due to the high percentage of NFTs being issued on this platform, which can be added directly to the pools, and eventually issued alongside NFTs pegged to those pools. We are gonna do those drops IDO-style, that will allow all the NFT issuers to triple their revenue from the drops, and will make their super rare NFTs accessible for everybody with even a $1 budget. (Fractionalization)

  3. The unique charity aspect of our platform helps to give users the option to donate to any cause of their choosing, by simply directing portions of their perpetual royalties to our vast network of 58,000 causes and more. Users can now truly track the impact and location of each of their donations, which now takes the mystery out of the process.

Host: Let’s go ahead for the last question for Segment 1.
Are there any big marketing/community building activities that will come after IDO? If so, please share more details with us.

Mr. John Slyusarev: Just imagine you will be able to buy one liquid token that will be pegged to 100 of high quality, rigorously selected by Curators, Music-related NFTs, or Sportscards or Celebrities NFTs. So that’s how millions of ppl would be able to get a high-quality exposure to the NFT market in 3 clicks. ETF-style.

Yes, there will be an array of marketing activities which we will be implementing after the IDO. We are a community-driven product and believe that having a vibrant and well-engaged community is one of the most important aims which each project in the Blockchain space has. To begin, on a regular basis we will be doing educational campaigns for all 150k+ of our participating users in our campaign. The educational campaigns will have lucrative rewards paid out in our $XIL token.

Secondly, we will be collaborating and forming cross-promotion with leading Blockchain companies in the ecosystem. We have currently signed over 10 partnership deals, with plans to add many more exciting partners to our journey. This will help to not only accelerate our overall growth but will bring us much-needed exposure to several quality groups and segments.

Finally, we will be producing a lot of content. This includes but is not limited to video, text, audio, and engagement with key figures who will be producing content as well. There will be a lot to come in the following weeks, so stay tuned to find out more!

Host: Very excited for the future of Project X! :muscle: Now let’s go for the 2nd Segment which is the Twitter Questions.

In the 2nd segment, Mr. John Slyusarev answered 5 questions picked from the AMA Announcement Tweet.

1. NFT MarketPlace is becoming so competitive. Big companies like Binance and others make their entry into the market. So It’s becoming so difficult to stand out. How ProjectX aims to stand out in this competitive market? What makes you confident in ProjectX?

That’s a really good question, thanks for asking!

So I’d say the fact that all of the major platforms are expanding into the NFT market and doing their best to get into this segment, as well as considering how many key global figures are getting involved means that this market will continue to see growth for years to come. And we can confidently say that it has multi-billion dollar potential.

Considering that all the marketplaces and celebrities are our partners, not competitors, and all of them are able to use our technology to provide even more value to their users, we don’t worry about the competition from this end. We actually see a huge demand right now from marketplaces (negotiating with 5 leading platforms now) and celebrities (have onboarded around 30 big names already).

This growing trend you mentioned, shows not only the potential of the market but will help us to build a solid user base while being able to build a synergetic ecosystem for all players in the market. We are solving fundamental infrastructure problems such as liquidity for NFT’s, the fair price discovery process, and the overall ease of use of the technology. Being that our technology will help market players within their respective use cases work together, this will in turn help us to deliver value to users from the leading marketplaces that have not been addressed.

2. How did you come up with the idea of creating your Project solution? Was it due to impermanent loss or some similar personal experience that made you understand that there would be room for such a solution?

That’s my favorite story actually!

In 2018, I was attending a conference in San Francisco, where I was on a panel with Michael Arrington (founder of TechCrunch and crypto fund Arrington XRP). At that time, Michael had asked what the best use cases for Blockchain were at the moment, so I told him at the time that DeFi and NFT’s were the best use cases for the blockchain industry. Although NFTs were one of the best use cases at the moment, the demand was not sufficient until the recent bull market. In 2020, I realized that the market has the same problems it had 3 years ago (liquidity, price discovery process, and complexity) and it was at this time that I met with Josh (Co-Founder) to bring forth the creation of ProjectX.

3. What ProjectX revenue model? In which ways do you generate revenue/profit? So many projects just like to speak about the “long term vision and mission” but what are your short term objectives? What are you focusing on right now?

Our business model is simple:

  1. We charge commission from every fundraising / pool. (Up to 10%)

  2. We charge a fee for redeeming a specific NFT form the pool . (5%)

  3. We charge trading fees from every pool. (0.1-2%)

  4. This project has taken the lead in terms of incorporating charity to the project. It is very novel and commendable. It’s worth emulating. My question now is: how can charity organizations around the world leverage this opportunity.

We believe that NFT’s are insanely beneficial for charities. It’s one of the best ways how to fundraise for them. And also, the perpetual royalties mechanism, trading fees generated from each individual pool will provide charities with the almost perpetual stream of funding.

For example, notable figures and charities around the world are now given a transparent and efficient way of viewing and monitoring the movement of their donations, while being provided with an easy-to-use interface for finding avenues to give back to thousands of causes. This is why we have decided to partner and integrate our platform with Little Phil, a world renowned Blockchain Charity organization with a network of over 58,000 charity organizations.

5. ProjectX is building decentralized NFTs for minting, purchasing, and selling digital collectibles seamlessly? Which is indeed interesting, so how will users be able to mint digital collectibles on your platform, what will be the requirement, and will this be open to any user?

The fundamental aspect of our platform’s functionality is that we do not allow everyone to make drops whenever they want. We do a limited amount of drops for highly demanded NFTs from super famous people or from experts in their field we call those people Curators. So they can launch a pool of NFTs, raise funds for those NFTS, automatically fractionalize the ownerships and issue tradable tokens that are pegged to those NFTs. So everybody can buy a token on Pancake, Uniswap, etc, and get exposure to the collection. Think about it as a launchpad for DAOs or a launchpad for companies like Whale for example.

In the last section, live questions were picked from the PolkaFoundry community to answer.

1. Most investors just focus on the price of tokens in the short term instead of the real value of the project. Can you (as a Steady State Team) tell us the motivation and benefits for investors in the long term?

So, I personally believe that every venture investment should be long-term. That’s how the most successful VCs manage their investments. And that’s great that we live in a time when RedKite allows everybody to buy tokens at almost the same price as large VCs buy.

So why does it make a lot of sense to hold XIL token for at least 1 year?

  1. When we launch the platform we will start releasing NFT pools with world stars, super famous artists, musicians, athletes, companies, etc. And each next drop would be with a more popular person. We have signed 30 A-level celebs and we are getting more and more interest from them. That’s like a snowball effect.

  2. Platform growth. We obviously will be growing the number of our users aggressively during the first 12-24 months, and as more users, we have as higher the demand on our token would be, and since the supply is gonna be limited, our token price will go up. That’s how we designed our tokenomics.

  3. That’s just the beginning of the NFT market. I think in the next 2 years it will be 10 times bigger, so all the good companies will also increase their market caps significantly.

2. What problem Project X is trying to solve to help users Cryptocurrency easier?

  • First, the liquidity problem for the NFTs

  • Secondly, we wanna make a price discovery process transparent and fair

  • Thirdly, we wanna simplify and democratize investments in NFTs and make them efficient and easy to use.

3. What are your marketing strategies and how will you have a global expansion and adoption for your project where English is not spoken? What are your next upcoming priorities? What is in your roadmap ?

We heavily rely on our community, and we have not only our English community (120k + followers in Twitter, Telegram, and Discord) but we also build our local communities for example in China, Vietnam, Korea, Spanish speaking countries, and Turkey.

To begin, on a regular basis we will be doing educational campaigns for all 150k+ of our participating users in our campaign. The educational campaigns will have lucrative rewards paid out in our $XIL token.

Secondly, we will be collaborating and forming cross-promotion with leading Blockchain companies in the ecosystem. We have currently signed over 10 partnership deals, with plans to add many more exciting partners to our journey. This will help to not only accelerate our overall growth but will bring us much-needed exposure to several quality groups and segments.

Finally, we will be producing a lot of content. This includes but is not limited to video, text, audio, and engagement with key figures who will be producing content as well. There will be a lot to come in the following weeks, so stay tuned to find out more!

4. What is your strongest advantage that you think will make your team leading the market? and In contrast, what is your weakness? How do you plan to overcome it?

Definitely, the technology and the product itself, because we are building the completely innovative, and which is a more important, super useful and relevant solution for the NFT market. And the interest we are getting from the leading NFT players (to partner with us, to use our solution, integrate, etc) is the best proof of concept. Also, I would like to mention that the second biggest factor is the team, we all have a lot of experience here, have thousands of connections, built a few successful businesses before, and we are market players, so we know what this market needs.

That all about the AMA session with ProjectX!

Need more information about ProjectX and PolkaFoundry:

:white_check_mark: ProjectX’s Official Channels:

:white_check_mark: PolkaFoundry’s Official Channels: