World Token AMA with Multi Chain Apes
On May 4th we had World Token team over our telegram for an AMA. The team was very transparent and well prepared. They answered all our questions in a very professional way. Here you will have a summary of the AMA between AJ and Benjamin.
AJ: Hello and thank you to all of our community members who are joining us for this AMA with World Token!
We’re glad to have you here. May we start?
Benjamin: “Absolutely, ready to go when you are.”
AJ: ~ Can you please introduce yourself? What is your background? When did you start crypto and for how long you know the rest of team?
Benjamin: “My name is Benjamin, my main background is a mix of retail, finance, and e-commerce cybersecurity. I’ve been around crypto since mid 2015, stopped for a bit after 2018 like most, then restarted again in early 2020!
I’ve known the team for different amounts of time with the core team and lead dev the longest followed by the new additional devs who are fairly new to me (just this year) but the lead dev has vouched for them. All of us are publicly anonymous.”
AJ: ~ Is this your first project together? Is the team located in the same time zone?
Benjamin: “All of us together, yes this is the first. Definitely the biggest thing we’ve all done as well. All the main members of the team are from the Philippines so yes same timezone!”
AJ: ~ Are you guys privately doxxed to any audit company?
Benjamin: “Yes, also doxxed with Solidity Finance, and Chainsulting!”
AJ: ~ How many people are working on this project at the moment?
Benjamin: “Along with all the devs we are a total of 8 team members now.”
AJ: ~ Are you looking to hire more people in the near future?
Benjamin: “If the team needs more devs, my lead developer has made it clear he’s willing to scout more people he can vouch for as both reliable workers and trustworthy. The latter is a big thing because we’ve all seen those rogue devs ruin projects before.”
AJ: ~ Can you tell us about your project in few words? What is your mission? What makes World Token different from other projects?
Benjamin: “World is a crypto e-commerce ecosystem looking to build a strong foundation for both simplicity and security for sales on the blockchain! The goal is to make a seamless yet newbie-friendly experience for the future of crypto based e-commerce.
The main difference is that a lot of the other projects aren’t as focused on security of funds (hence our escrow on transactions), and still require quite a learning curve for crypto transactions. If we want crypto based payments to have a strong chance at mass adoption, we’ll have to keep simplifying the process as much as possible. The heart of the project lies in security and convenience being balanced and pushed forward together.”
AJ: ~ Can you explain us the tokenomics in few words please?
Benjamin: “Tokens themselves simply have a 3% tax that gets redistributed to holders, merchants, liquidity pool providers, and our marketing/development fund.”
AJ: ~ By how many companies are you audited so far?
Benjamin: “Solidity Finance, War on Rugs, and Chainsulting!
The contracts for the marketplace will also be audited before going live.”
AJ: ~ When is the marketplace going live? Do you have an exact date?
Benjamin: “No exact date yet, but once the development on our end is finished, we move into audit phase and I should be able to get an ETA of when we can deploy the marketplace live! Currently we have “May 31st or earlier” listed on coinmarketcal”
AJ: ~ You started out as a project on Ethereum, but now you’ve added BSC for your token as well. Why did you make this decision? Is it difficult to maintain the token on two different blockchains? Is Ethereum still the main blockchain for the project?
Benjamin: “There was a time that gas was consistently in the 200–300 range so we added BSC mainly to cut some of those fees. Because of the nature of a marketplace, there was really no reason to force users to put up with $60 for a sending transaction and even worse, up to $400 for a trade on uniswap. However, now that BSC is a little bit more mature we see an entire audience settled on that chain, which now are all potential customers for merchants who sell on the platform. I think it was a move that will largely be beneficial for us in both the short and the long run.
ETH is the main blockchain as all our testing is being run on the rinkeby test network. We’re still more comfortable with ETH chain as that’s what we’ve all operated on for the longest time.”
KW: ~ How would you benefit from World token the most — does larger marketcap increase the speed of said marketplace launch or are you mostly unphased with market situation of the coin pre-launch?
Benjamin: “Larger marketcap does help regarding marketing expenses as the higher token price helps us higher larger personalities however the speed at which the development happens is unaffected. The devs are paid per phase so during development price fluctuations don’t affect that part much. Right now we’re fairly comfortable at this price but of course higher helps hire more people for exposure.”
KW: Good one — Im actually e-commerce businessman and struggling to bring my products eu-wide. How would incorporating World marketplace help me to broaden my horizons and expand my business for example. Or are you focused mostly on digital sales?
Benjamin: “Unfortunately for most of the current plan it is digital goods and services only. There’s too much fraud we can’t avoid in the early stages not to mention logistical issues. In the future after the P2P exchange is developed and launched, we would look toward allowing physical products be listed bit by bit but that may be a long road ahead still.”
AJ: ~ You have Treasury with an interesting system of buying with Vesting. Please, explain more details about the features of this system. What are the advantages of buying this way?
Benjamin: “The treasury is our way of proving on-chain that we never dump tokens on our community. Should we need to raise funds, we sell some tokens on our treasury on the website at a discount! Since these tokens are discounted, they are locked for 28 days, but are able to be released slowly once the first 7 days are up. At the 7 day mark, you can release the first 25% along with any frictionless rewards earned by that amount.
Any raised funds always go to marketing/development expenses. Devs are paid in ETH to lessen any selling pressure. Some of them have bought their own World tokens with their money of course. We all have skin in the game :)”
AJ: ~ Let’s go back to the marketplace one more time. Will anyone be able to buy and sell there? What is the difference between merchants and ordinary sellers?
Benjamin: “In v1 only pre-screened merchants will be able to sell on the platform. in v2, we have a vendor bond system, so in case there’s any malicious behavior, the team doesn’t have to compensate victims, but the vendor bond will cover it and the seller would be banned after too many reports. Vendor bond means they would have to put up ETH and WORLD in a contract as collateral. After a certain amount of time and trust gained (number and volume of sales without issues), this bond may be withdrawn and selling would still be allowed
Just more anti-fraud measures :)”
AJ: ~ If a merchant previously sold physical items, and now wants to create and sell NFTs, what opportunities will be provided for this? Will NFTs be listed in Marketplace as well?
Benjamin: “NFTs will be available to be listed for sale starting from v1! NFTs will also be mintable on our site in v2 (as I mentioned v2 is focused on convenience and extra features).”
AJ: Let’s jump on our last but not least topic of the AMA, Marketing
~ Who are your partners at the moment? Do you have any new partnerships coming up?
Benjamin: “We have a gaming youtuber of 600k subs helping us reach out to other non-crypto youtubers to help ramp up exposure! All happening in the background and he’ll be announced publicly soon enough.
We have a strategic partnership with Shopping.io as well, so aside from sharing contacts and resources, WORLD can also now be used on their platform and receive an additional 2% off on Amazon, e-bay, and walmart purchases!
We’ll be announcing some merchants who have been approved in the coming weeks leading up to mainnet launch!”
AJ: ~ How will ensure stability of $WORLD in long term?
Benjamin: “To clarify, do you mean the uptime or price with regards to the sales happening on the marketplace?”
AJ: I mean the uptime, since you will have farming launched soon…How are you going to stay competitive in the market.
Benjamin: “The farming is mostly a bonus for those who choose to support the liquidity pool but isn’t a major aspect of the project. So we’re not really looking to compete for major liquidity to be added immediately either. As volumes from sales and trades tick up the farming pools would have more to reward over time as well.
Señor: ~ I have always sort of thought of world as a competitor to SPI but after looking into it more and reading your response above it seems you are working with them? Could you dive a bit more into that partnership?
SPI one of the hottest cryptos out there right now.
Benjamin: “Yes, so as you know SPI is heavily focused on big box merchants such as amazon and walmart and aliexpress. However, they do not allow just anyone to sell items to users in exchange for crypto, and that’s exactly the space we fill in. Kickstarter projects, indie and small sized game studios, NFT artists looking to get some exposure, certain items that can’t be sold on SPI (such as gift cards and GPUs) can be bought and sold on the World marketplace. We were initially painted by crypto twitter to be competitors but over time we realized we’re doing the same thing but for different users/merchants. Hence the partnership :)
On the admin side, we also share information and resources such as contacts when need be, so it’s been a wonderful partnership so far! And we see it only growing as both projects continue to flourish and innovate.”
Questions from the Community
- Question from @Shinra000
“Can you develop the adult part of the marketplace? Are you already in touch with adult content creator?”
Benjamin: “haha yes, so this is highly anticipated by some early members of the community since it was first brought up in the WOR AMA.
Currently scheduled in v2 release is a paywall structure sales system, similar to that of onlyfans or patreon. A consumer would pay for say a week or a month of access to a creator’s content and then the wallet would be revoked if the timer runs out without a new payment. I think for crypto this is also a first for the space that we build this sort of sales structure.
The adult industry is a huge volume mover and the commissions existing platforms take are in the 20–40% range per sale. Huge opportunity to onboard them for the World marketplace. As for who we’re already in touch with, I will have to invite all interested parties to follow our announcement channel! https://t.me/worldtokenann
When the time comes, the parties involved will be revealed :)”
- Question from @AJ777Josh
“Can you talk about the future plans of implementing L2 (gasless NFT sales) and when this will make the roadmap? Imo I think this will be a gamechanger as compared to any other digital marketplace out there”
Benjamin: “Yes the L2 solution for a largely gasless experience on the marketplace is reserved for v2 as well. v1 is mainly about getting the initial working product with escrow and livechats on sales. v2 is where the convenience and fees reductions come in :)
Website is currently being updated to reflect the roadmap’s v1 and v2 releases! Should have that up soon.”
- Question from @IQ257
“I’ve seen that a large gaming personality is a big fan of world, can you give some insight into what role gaming will play in the marketplace? For example in game items/skins/ all of these virtual items. I see you spoke about gift cards recently on an interview, do you see a big future in the gaming industry for such a marketplace?”
Benjamin: “Yes, given that we have escrow and a livechat for sales, the marketplace is perfectly suited to facilitate sales of in-game items. Open a trade, do the transaction in the game, then release the escrow. You can communicate with your buyer/seller on the livechat even if the game involved has no direct chat feature.
The gaming industry itself has a huge underground economy especially for things like lootboxes and csgo skins, and we could definitely cater to that especially once the gasless sales are live! Some of these items go for a few dollars so even bitcoin transactions won’t be healthy for them anymore.”
- Question from Henrik
“What would be the best motivation for an merchant to apply to be a part of the world ecosystem?”
Benjamin: “The best motivation for now is an early mover advantage. As the first version is only going to be available for pre-screened merchants to create listings, there will be a limited (as opposed to an open market right away) number of merchants to choose from. Establishing your store early on will help gain eyes from the early community and I see sales scaling along with the growth of the marketplace and community.”
AJ: ~Anything else you would like to add Benjamin?
Benjamin: “For those of you who are on tiktok, we have a contest where we’re giving away $10,000 worth of WORLD, so you guys could come join if you’re in that scene!
Also I do invite you guys to join the main chat as well, https://t.me/worldtokenofficial
Every friday we do a little game night where the top scorers win prizes!
As always we’re open to questions on the main chat or on twitter. Thanks again for having me on, it was a pleasure to be here!”