Jigen AMA Summary Recap with Shin Chan Community
We held a live AMA with Founder and Senior Operation Advisor, Filippo Ricci from Jigen on 17th January 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Mika | Shin Chan: Before AMA start, can you introduce yourselves and the team background?
Fil — Jigen: Yes, of course! I’m Filippo Ricci and I’m the Co-founder and Senior Operation Advisor of Jigen. I’m also business owner of an Italian sneaker brand. I previously worked in big luxury companies like Gucci and such experience helped me a lot to grow professionally. Moreover, I’m a crypto enthusiast since 2017 and I followed all the evolution around the NFT space, that gave me the input to create Jigen!
Nicolò is the other co-founder and our CEO and he has strong tech knowledge, being also an early adopter of Bitcoin for many years. The rest of the team is composed by very talented individuals: a top lawyer specialized in Intellectual Property and FinTech Law, a sales agent for luxury brands with 10+ experience and an experienced product manager who worked for a big development agency in the past. And we are also adding a new member, we’ll share soon the info within our community 😊
Mika | Shin Chan: can u tell the community what is jigen in short =)
Fil — Jigen: Jigen is a unique project of its kind, that aims to be the first NFT gateway for fashion and luxury items in the metaverse.
We want to deliver a unique experience for our users, offering them users asset-backed NFTs as representation of physical goods that they can also bring to different metaverses as wearables.
We focus on solving typical problems for brands through the use of blockchain technology such as counterfeiting, while allowing different players in the fashion and luxury items industry to venture into new ways of sharing unique designs of their products using NFTs.
Mika | Shin Chan: Do u have any upcoming news or events that the community need to keep an eye on?
Fil — Jigen: Well, we’re finally close to the IDO! Oxbull will be the first of our launchpads to be live tomorrow.
The other scheduled launchpads for the week are Enjinstarter, Astronaut and Gamestation. We’ll post later a recap for our community.
I know there are many scammers out there impersonating us and our launchpads, so please follow only our official announcement channel to stay updated: https://t.me/jigenapp_announcements
Besides the IDO, we’re already working hard on the platform and the first NFT drop with a well-know brand and I hope we can announce it soon once all formalities are finalized!
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Q1: I have read about your history that you are a business owner of an Italian sneakers brand (RFR Fabiano Ricci) and a crypto fan since 2017 right? So,what convinced you to make the leap from just being a “penggee” and now being part of the team that built this Jigen crypto project?
Fil — Jigen: Because since the end of 2020 / beginning of 2021 I was very impressed by the emerging NFT world and I immediately understood that the potential of this sector could be enormous and go well beyond the artistic one. Even then, fashion and luxury seemed to me to be the perfect segments for the future of NFTs and their use cases.
So I started to think and work with my brother about what to do and how to create added value for the brand and potentially for other similar business and we finally decided to start Jigen.
Q2: I recently discovered that the physical product equivalent of Jigen NFTs may be claimed in the claim section, which I think is extremely cool. But, assuming that’s the case, what happens to the digital item once its physical counterpart is claimed? Will it be charred or not?
Fil — Jigen: Good question! Keep in mind that once the NFTs are claimed on our dapp, the smart contract changes the metadata associated with the ERC721, making the NFT dynamic.
This gives a lot of advantages compared to the traditional method of burning the token used by other protocols because the NFT holders can be made eligible for airdrops, special discounts and even more activities that we’re working on.
Q3: You aim to establish a launch pad for NFT. Jigen has a different market, can you tell us what sorts of NFTs will be released here? Will it only be well-known fashion labels? What will be the qualifications for participation? Is it going to function all the way through the levels?
Fil — Jigen: We’ll cover multiple areas with fashion and luxury and even if our initial focus is to onboard fashion labels, we expect to release different kind of collections that might involve famous artists or NFT communities to diversify our proposals.
Yes, JIG holders will be eligible to purchase our exclusive items depending on how many JIG tokens they have. And a cool feature is that users in the highest tiers will have a big chance to obtain rare NFTs with special traits, this will incentivize our community to hold our tokens and be rewarded in the long term.
Q4: Do the token holders have right to part in the governance of the project? On what kind of decisions can they vote on about the jigenapp, project?
Fil — Jigen: Yes, we’re working to build in the near future our own governance. Once it will be implemented, holders will participate in the process of NFT creation. For example, we might propose some options regarding the drop theme or alternatives between emerging NFT artists that can have the chance to partner with a specific brand!
Q5: Are there any token burn mechanisms or some other deflationary metrics to make sure regular player incomes don’t tank in bad market conditions
Fil — Jigen: Yes, of course. As stated in our whitepaper, $JIG token will be used mostly for the exclusive access in the platform, staking and governance. Besides that, we planned to buyback and burn the 60% of all fees collected from each NFT trade. This feature will definitely help the entire ecosystem with a steady upward pressure to the price in the long term, especially when we will be at full capacity, with many NFT collections available scheduled for the upcoming months.
Telegram Live AMA Begins
Q6: Can I create my own NFTs in your platform? If yes please tl me the requirements how to create the NFTs. Or if no then is there any plans for creating NFTs in your platform in future?
Fil — Jigen: Thank you for the question! Actually It will not be possible for users to create their own NFTs on Jigen from the day 1. We want to keep a selective process and high standard of quality to ensure that each NFT drop will create value and benefits for our holders. But this is something we already discussed and that we might consider in the future as extra feature on our ecosystem!
Q7: Important Q: Do you have a long-term listing plan on major tier 1–2–3 exchanges?
Fil — Jigen: Yes, we’re in discussion with important exchanges for the Jigen listing and we’ll definitely do something in that direction in the upcoming weeks. I cannot tell you more at the moment :)
Q8: In my personal opinion, being a Multi-chain platform is an obligation to be considered a competitive project. So can you explain who you can support?
Fil — Jigen: You’re right! That’s why the Jigen ecosystem is designed to be multichain. We’ll target all the major EVM solutions like BSC, Fantom, Polygon and Avalanche. We also settled a crucial partnership with Scotty Beam in order to ensure a seamless experience for our users, that will be able to teleport their NFTS on multiple chain and potentially use their wearable in our metaverse partners!
Q9: In regards to QuillAudits’ audit of your smart contract, I’d like to know… Why did you chose this company over others in the market to deal with? What were the findings of the audit? Please elaborate.
Fil — Jigen: QuillAudit is one the major company offering auditing services and we’re really satisfied about our collaboration. Regarding the audit, you can find the report here: https://bit.ly/32KPEyD
Q10: Tell us about your marketing approach to attract investors and users of your platform? Why do we (as investors) prefer to put our money on your platform? And What sets you apart from competitors in terms of advantages and features?
Fil — Jigen: Actually few protocols are already exploring the merge between physical and digital and there are no solutions ready for brands that want to approach the blockchain and the NFT space. And I believe that Jigen can be a game changer for all those fashion and luxury lables that want to enter the sector without having infrastructure and connections required to hit the market with their products. We’re giving them support in all fields, from the creation of smart contracts to the marketing exposure in the nft communities.
Q11: I read that,60% fee from the NFT trades,will be used to buback and burn the $JIG token.
Of the total 100M supply,how much will be burned in this manner?
also,what happens when the burn limit is reached,and also could u add on how the rest 40% of transaction fees will be used up?
Fil — Jigen: The burn rate will be progressive and as the collections released in our ecosystem increase, the scarcity of the token will increase over time. it is therefore essential for Jigen to lay the foundations with the right NFT partners and brands to deliver value to our holders in the long term. The rest of the fees will be used to expand our treasury and support our development, although based on the agreements signed with some brands we could also plan to leave them % of the fees
Q12: I realized that the NFT on the Jigen platform is backed by real-world luxury assets. Can you tell us some of the benefits that real-world asset-based NFT offers users? Also, can you tell us the technology you’ve developed to help combat counterfeiting?
Fil — Jigen: Great question! Asset backed NFTs can be used to fight against counterfeiting of luxury items and at the same time they allow to create a new liquid market for luxury items on the blockchain, where it is possible to build a wide range of defi applications, if we think for example to the fractionalization of expensive luxury goods that can finally become accessible to the masses. And of course you’ll be able to bring your wearables into the metaverse thanks to our partnerships.
Q13: What does your project mean? Jigen Japanese, why did you choose this name? Can you tell us the Bengali meaning of Jigen? And what is the history of the Jigen project? Can you share feedback on the Jigen project?
Fil — Jigen: What does your project mean? Jigen Japanese, why did you choose this name? Can you tell us the Bengali meaning of Jigen? And what is the history of the Jigen project? Can you share feedback on the Jigen project?
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