Drops AMA Summary Recap with Shin Chan Community
We held a live AMA with Darius Kozlovskis, Founder of Drops on 20th April 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
JH | Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Darius Kozlovskis: Sure! I’m developer with a background in mobile and web apps development. In 2017 founded crypto development agency, in 2019 created a CRM for medical clinics and in early 2020 got back to crypto. My friend and cofounder Nick has financial background, worked at Morgan Stanley and Goldman Sachs. Our product team consists of 7 seasoned developers with background in cybersecurity and fintech. In last years October we fair launched Node Runners NFT game, things we’ve learnt about NFTs and DeFi we’re now implementing in Drops.
JH | Shin Chan: Do you have any news/update about Drops would like to share with us?
Darius Kozlovskis: Recently our community has chosen a mascot idea which is an astronaut.
Now we have an ongoing meme competition, best Drops astronaut meme creator will win $600 USDT.
You can start here:
Also IDO date is going to be announced very soon.
AMA Twitter Section Begin:
Q1: Drops unlike many NFT platforms you have decided to develop on Matic Network. What motivated you to do so? What advantages does the structure of this chain offer you?
Darius Kozlovskis: Mainly it’s the high gas costs on Ethereum which are associated with NFTs. Interaction with NFT is more gas heavy than erc20 tokens. Polygon has built out a great infrastructure for NFTs and we see moving more NFT projects joining it.
So we will be able to have first mover advantage there and have partnerships with NFT games and other projects.
Q2: Could you really explain a bit about the usefulness of dPoints tokens? Can they only be acquired through bets and vaults? or could you buy it in a swap with DROP?
Darius Kozlovskis: dPoints are earn from staking NFTs, then users can use dPoints like coupons to buy NFTs from the platform.
They are non-transferrable and can be obtained only from staking. 1 dPoint will be equal to 1$ at the platform.
Users will be able to stake DROPS tokens to earn dPoints as well.
Q3: NFT is the foundation for the next crypto industry trend after DeFi. Can you share your opinion about the NFT? Where do you see the future evolution of NFT’s features and capabilities in the coming years? And how can I save and at the same time.
Darius Kozlovskis: We’ve seen a rise of public awareness about NFTs. It’s great for the crypto and DeFi industry. NFTs will be a gateway to crypto for retail investors. Currently we are seeing more technology usecases within NFTs as well.
Q4: Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?
Darius Kozlovskis: We are building the infrastructure for NFTs, which will help to sustain NFTs value in the long run.
Just like ICO boom has given a birth to DeFi, we believe this current NFT popularity will give birth to new products that give value to NFT holders.
Drops main goal is to increase value for NFT holders, and by helping users our ecosystem will have benefits from it in the long run.
Also our product launches are scheduled for the next 2 months, so it’s going to be exciting to see them live.
Q5: The mechanism to generate Drops liquidities is impressive and very attractive, reading your website I also saw that for each purchase, you can get up to 5% cashback in DROP tokens, this reward is immediate for each transaction or you enter as in a draw?
Darius Kozlovskis: Yeah each time user buys NFT at the platform, can get immediately a cashback in DROPS tokens. This feature will be available on Polygon 😊
Telegram Live AMA Begin:
Q6: Only getting users or investors is not everything in crypto space.
In my opinion, a project needs to deal with solving real world issues or problems. So, what is the problem that $DROPS project primarily focuses on?
Darius Kozlovskis: Collectible NFTs are great, but soon there will be too many NFTs with too little utility. At Drops we are creating more use-cases for NFTs and increasing their value.
Q7: Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Darius Kozlovskis: fees collected from the platform will be used to buyback DROPS tokens and add more liquidity to DEX.
Q8: In the medium it is written that one of the goals for the drops is to add utility to the NFT asset. Can you explain what the addition of utility looks like? And what has Drops achieved so far?
Darius Kozlovskis: At Drops platform users will be able to obtain a loan for their NFT, use it to farm new NFTs or stake them in NFT vault and earn real yield.
Q9: You unify all NFTs in different groups (eg PUNK-ZOMBIE), issue synthetic tokens for each group and track these tokens with current market prices via oracle (TWAP)? Is that true?
Darius Kozlovskis: Yes, that’s right. These tokens will be then acceptable as a collateral for our Trustless loans protocol. Additionally users can choose to obtain erc20 tokens while retaining the ownership over NFT.
Q10: Is this project a Global project ? Can local communities partake in it ?
Darius Kozlovskis: We aim to build a local Drops communities around the world. So far we have Vietnamese, Chinese, Turkish communities and still more to come 😊
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