LBank AMA Recap with FND
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On 9 August we held an AMA with the FND team, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
INTRODUCTION
I am also founder of The Rare Antiquities Group based in Dubai, UAE.
Rare FND is a new token as part of our Rare ecosystem.
Under the Rare Antiquities group, we have multiple business incorporated in the UAE. Our Rare Antiquities Software Design house is incorporated in DED Dubai which is where we first started.
We initially started the development of a true fractionalization platform that enables to configure and fractionalize pieces of art worth millions making it accessible to everyone no matter where you are in the world or what budget you have.
This is not to be confused with tokenization where shared ownership is distributed as tokens.
Fractionalization allows us to distribute shared ownership as individual NFTs.
As a result, we went on to incorporate 4 additional companies across Dubai and Abu Dhabi for our NFT Marketplace, MetaVerse, Dex and now our crowdfunding platform which is our Rare FND company.
Rare FND utilizes components from all the technologies we’ve already built, using fractionalization for crowdfunding so that upon a successful crowdfunding campaign we are able to distribute NFTs to contributors.
We also use a new technology called steganography. One of the first times in 15 years since I graduated that I could put my Computer Forensics degree to work.
Steganography is the act of hiding an image inside another. We use this for NFTs and hide images inside the NFTs which can only be revealed with the encryption key.
We used this for art to encrypt the Certificate of Authenticity inside each and every NFT fraction even if the NFT only showed a pixel or 2 of the piece of art.
We have then implemented this into our crowdfunding platform to allow charities and startups to deliver their incentives or rewards by encrypting them inside the NFTs upon a successful crowdfunding campaign.
Question1:
Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieving the goals set. What is your strategy to attract new users and Investors to your project and keep them long-term?
GUEST:
We have already done ALOT of marketing worldwide through Weibo e.g. https://weibo.com/ttarticle/p/show?id=2309404797756953986072&luicode=20000061&lfid=4797756956217549
Yahoo articles, bitcoinist, u.today and lots of your mainstream marketing.
We have partnered with a few Telegram crypto call channels and have held AMAs on the likes of the well knows groups with Caesar, Venom, The Solitaire Room, Rude’s Crypto Lounge and more.
We have a loyal Rare FND army of over 13k in our Telegram community 🇬🇧 https://t.me/RareFnd
And over 40k followers on Twitter at twitter.com/rare_fnd
The initial marketing campaign was all about building a strong community which we have succeeded in doing so far
Over the coming weeks, we will transition into mainstream marketing, after all, our competitors are mainstream competitors as we are the only end-to-end crowdfunding platform that uses our token to raise funds.
This will include the likes of billboards worldwide, TV and magazine ads, continue with Press Releases and Articles with a move from the crypto-based media to mainstream media.
Influencers and more.
The primary goal will be to target charities and startups so that they will use rarefnd.com over the likes of GoFundme or Kickstarter.
And it’s a pretty easy sell as to why they should use our platform instead.
The likes of your mainstream crowdfunding platforms take a commission on the final amount raised which is crazy when you think about them taking money from a charity. GoFundMe takes 5% from the total amount raised and they also charge a fee to the person donating.
At RareFND, through the use of crypto, it means we don’t take any commission or fees whatsoever.
We will even be running our marketing campaign for the first 6–12 months whereby we will start all charities and startups with 10% towards their crowdfunding target.
That’s a pretty good incentive if you ask me.
Not only that but through the benefit of automated staking, any funds donated or contributed will be automatically staked at a 240% APY means that all crowdfunding campaigns are able to hit their target quicker!
Finally, even though the gas on BSC is rather small, we have also partnered with Biconomy based in Dubai also for Rare Antiquities group.
This allows us to offer zero gas fees when making a donation or contribution towards a charity or startup.
In the long term, the marketing is then driven by the charities or startups crowdfunding on our platform.
One of the mistakes made when crowdfunding is not enough marketing is done before the campaign starts. We also help in this regard in that we have a HUGE community that will be made aware of each and every charity and startup using our platform for crowdfunding.
In addition, we will offer advice and packages to those looking for that little extra help.
Question 2:
What strategy will you take to keep $FND stable in the midst of the Bearish market conditions that we are currently experiencing? because most investors only focus on the token price in the short term rather than understanding the true value of the project. Can you tell us about the motivations and benefits for investors to hold $FND long-term?
GUEST:
Where we differ to the majority of other tokens is that we have a mainstream utility.
Our token is a utility token in its purest form.
Our token was deployed through our partner Lossless.io as we don’t need any gimmick-type features that are often seen in crypto these days such as rewards/reflections, burns, LP etc etc
It is a very basic smart contract because it is nothing more than a utility token. In vast contrast to our smart contract on Rare Antiquities which is so complex it takes 2 weeks to audit.
On this note, we have also partnered with Hacken for our dex who have audited all our contracts.
I would urge anyone to look into Lossless.io to see how we have secured everyone's funds even if you were to fall victim to a phishing attack and give away your seed phrase.
Through this partnership, we are able to freeze stolen FND tokens and return them to the rightful owner.
But back to the question…
We have a mainstream utility and our target audience is the mainstream, NOT CRYPTO!
As such our token price is dependent on us onboarding charities and startups to use our platform to crowdfund. It is not dependent on crypto investors investing in the token.
FND must be purchased in order for the end user to donate to a charity or contribute to a startup. That means that the price of FND can ONLY go up.
We have also accounted for the end-users who don’t know how to buy crypto or buy FND.
On our platform we accept fiat payments. So for the end user who doesn’t know about crypto or how to buy FND, they are able to make a payment with their credit/debit card.
The user flow for this end user is, Pay with credit/debit card, donation made, crowdfunding campaign met, incentive/reward received via email.
The actual flow in the backend is, Payment by credit/debit card, FND purchased, wallet created and linked to email, crowdfunding campaign met, NFT deposited in wallet, Email sent to end user.
So the price of the token relies solely on the mainstream rather than targeting crypto investors.
Of course, crypto investors would benefit, especially if they choose to buy now before we’ve put any crowdfunding campaigns on our platform which is due to happen this week with a total of over $10m looking to be raised in crowdfunding through just 3 startups.
Q3:
It is interesting that a project clarifies doubts about its tokenomics. I would like to know, what will be the Total Supply of $FND tokens? Will RARE FND allocate a $FND Total Supply offering to marketing and development through a DAO Treasury? That is, do users have the right to participate in a DAO, participate in voting to approve designs or other innovative products in the ecosystem?
GUEST:
The total supply is 325,000,000 but only a small % of this is in circulating supply currently. So our market cap is actually at around $1.5mill not the larger fully dilated mcap you see on https://coinmarketcap.com/currencies/rare-fnd/
The reason for this is we have a long-term roadmap and one of the key features of our crowdfunding platform is the automated staking of donations and contributions. This will remain for the lifetime of our platform so we need to have an adequate supply set aside for this key feature.
I am glad you mentioned a DAO. We will utilize a DAO to further engage our amazing community.
That means that by holding the FND token, not only do you benefit from the ever-increasing price of the token, but you also get to participate in voting on your favourite charity or startup.
That means you don’t necessarily need to donate or contribute to support your favourite crowdfunding campaign, but you are able to vote on which campaigns we give extra exposure to through email campaign highlighting certain charities or startups, highlighting campaigns in the spotlight on our platform, and many other way in which you can help through a DAO voting system.
Q4:
Collaboration and partnership are the key factors to help a project enter a new market and increase its adoption. Please name some of your current partners, expansion plans, and what can be looked forward to through these collaborative relationships?
GUEST:
Indeed they are.
It is impossible for me to answer this without mentioning one of our key advisors, CEO of Dubai Blockchain for the Dubai government, Dr Marwan Alzarouni:
Dr Marwan is one of the most high-profile names in the crypto space and advises governments worldwide not just in the UAE.
He has joined Rare and will be bringing the biggest possible projects in the UAE our way.
We already have partnerships in place with the Louvre Abu Dhabi, and multiple charities of which I am unable to mention until our business activity for charity fundraising is finalized for our business in Dubai.
As you are aware we also have Lbank Marketing Partner, Sonny Vereuco on our advisory board also who has been key in creating great connections also.
Yesterday we finalized the commercials for one of the world's most well-known philanthropists to join us who will also be bringing charities our way.
Over the coming weeks, our partnerships with some of the biggest names possible will be revealed which is largely down to our key advisors which is why having these HUGE names on your advisory board is so important to any project.
Q.5
On your Website, I read that you offer to reach your target quicker with 240% APY on all contributions. If I may ask What are the ways that FND generates income/revenue to maintain your project and what is its “Revenue Model”? How can it make benefit win-win to both investor and your project?
GUEST:
Yes. Through the advantage of blockchain we are able to offer these amazing incentives to charities and startups which should bring a lot of campaigns our way over the mainstream crowdfunding campaigns.
The crowdfunding sector is absolutely huge and is expected to double over the next 5 years to $60 BILLION.
FND and the platform is set up in a way so that it ONLY benefits the price of the token. The more charities and startups that use our platform, the more people buy FND (whether they know about it or not if paying with fiat), the higher the price of FND goes.
In terms of funding, most certainly in the first 12 months FND is non-profit for us as a company. As mentioned FND is part of the Rare Antiquities ecosystem so all development of the platform is done by our software house funded by the Rare group.
We did have a seed round and a presale on PinkSale with the harcap of 600 BNB selling out.
The funds required for the seed round and presale were already calculated and a 3-year forecast was put together by a Deloitte contractor whereby the forecast gives us a 25 months runway for the funds raised during seed and presale. This means that we don’t require any funding or any profits from the platform for 25 months.
25 months is a long time which gives us ample opportunity to onboard 100s if not 1000s of startups and charities. By which time the platform will be self-sufficient and other than continuous improvement of features and functionality, won’t require any spending as all marketing will be conducted by those running crowdfunding campaigns on our platform.
Q 6.
What are your plans to reach out to the global community on building and getting customers or users for partnerships that I should expect in these 2022 and 2023 years? How do you intend to solve the problems your target market has?
GUEST:
As we are based in Dubai it is very easy for us to have the monopoly on charity and startup fundraising very quickly, especially with the connections we have here in the Middle East.
As mentioned we have a new advisor joining us who is based in the US.
The way our platform works is that it connects to the charity database API so that only approved charities can have crowdfunding campaigns in their name.
Over the next few months, we will be scaling the platform worldwide utilizing the charity APIs available to us.
We already have Lbank and Sonny helping us with the Asian community and we will build key contacts in this space.
The goal is that we are worldwide by q1 2023 allowing charities on every continent to use our platform for crowdfunding.
Some of the problems with crowdfunding that exist are resolved by our platform which is why this is such a unique opportunity not only for investors, but for charities and startups.
Having a detailed project plan is a big problem in crowdfunding. During our application and KYB process, we ensure that startups provide a detailed project plan with a schedule of spending.
Not only does this inspire confidence in those contributed that the startup has planned for its success, but the schedule of spend also forms their vesting schedule.
So once a crowdfunding campaign his their target they can’t sell all their FND in one go negatively impacting the chart. The funds are vested and only released upon the previous milestone being hit e.g. month 1 10% required for a warehouse, month 3 20% required for machinery, month 6, 20% required for a workforce etc etc
We have already touched on the lack of marketing before a crowdfunding campaign starts so I won’t go over this again and how Rare FND helps in this regard.
Our platform is mainly targeted at rewards-based crowdfunding of which 71% of crowdfunding is made up. The problem with this on the mainstream crowdfunding platforms is lack of fulfilment or guarantee of reward.
Through NFTs we are able to guarantee of fulfilment is met. Upon a crowdfunding campaign hitting their target then their crowdfunding NFT is fractionalized and distributed to all donators/contributed. Each NFT fraction is in a different tier and has their reward or incentive encrypted inside the NFT e.g. If you contribute up to 10$ you receive a cinema ticket, up to 100$ a month-long pass to Museum of the Future, up to $5000 a season ticket for Chelsea FC for example.
These NFTs can then be sold on the NFT marketplace where we implement ratbits.com into rarefnd.com
So if you still have 4 months left of your Chelsea FC season ticket then you can sell that NFT. This adds a whole new element to the rewards-based crowdfunding aspect.
SECTION 2:
@goddybrown05
#RareFND is the first end to end Innovative Crowdfunding Platform backed by the power of #crypto & #NFTs,
What are your plans to maintain this top spot and withstand competitors in future? Thanks
Guest:
To start, it took us 10 months to develop fractionalization technology. NO-ONE else has this technology. There are some that fractionalize a piece of art into 10,000 EQUAL pieces but they contract a media company usually and it takes 3 or 4 weeks.
We can fractionalize a piece of art into any number of NFTs with EVERY single NFT being of a unique size individually, so we could have any range of between 0.01% — 50% fractions for example, and they would be minted to our NFT marketplace within minutes not weeks.
@Jama_Rush_71
Do you guys feel satisfied by seeing your progress and achievements till now, when you look back to the day when you started this project?
Guest:
For sure!
All you have to do is attend any crypto expo in Dubai where Dr Marwan is a guest speaker and see the crowd of people following him around for hours after he gets off stage with the hope of being able to have just a few words with him.
He is on our advisory board helping our project with his contacts and connections which are the absolute BIGGEST not only in crypto, but in Dubai too.
@pieman35333
Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now, where can we Join it?
Guest:
https://rarefnd.com/wp-content/uploads/2022/07/Rare-FND-Litepaper-v2-1.pdf
@Alisamorrisr
How does project increase the token’s value, liquidity and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?
Guest:
In order for the end user to donate to a charity or contribute to a startup then FND MUST be purchased. With every purchase, the price of the token goes up. It's a pretty simple concept at a high level.
@tarling1990
Hi, @DubaiRAT Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Guest:
Token holders are able to vote for which campaign we give extra financial help to on a quarterly basis, which campaign holds our spotlighted spots on the website, which campaigns receive extra exposure through our email newsletters and more!
This is important for our community just as it is for charities and startups so we are making sure engagement is a high priority.
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