LBank AMA Recap with JPEG
On 3 June we held an AMA with the JPEGVAULT 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.
Been an entrepreneur for 5 years and in crypto about the same. I’ve tought blockchain and crypto as well as done conferences in Europe
Was only an investor but made the switch to Buidler last year to start JPEGvault !
I’m more of the vision / business lead for the project (+ oversee the development of our decentralized NFT investment process )
I’m Cosmos, also known as Chris. I’m co-founder of JPEGvault. I’m in charge of implementing our strategy and our vision along with turning them into amazing products for our community.
Regarding our project
We started working on it back in September and we had our launch on Avalanche in March. To understand what JPEGvault is, here is a resume:
JPEG token is the first cryptocurrency backed by NFTs. By owning JPEG you share ownership and utility of the NFTs held by The Vault. Each time an NFT sale happens, the benefits are redistributed among the holders according to the number of token they hold. Passive income are shared with the JPEG holders and NFTs can be used by the community to enjoy their benefits such as P2E access. The project’s goal is to move toward a fully functional DAO and all the important decisions are already discussed with the community and submitted to votes. By entering the JPEG ecosystem you’ll get access to a community of dedicated people willing to get the best of the NFT space and that are happy to learn and share their knowledge with others.
If you want a very very brief sentence to describe it : shared ownership and utility of NFTs
And we do everything as a DAO (and probably have the best community out there) : so everyone can organize partnerships, people can sell the project and make money through an affiliation based system
Investors seeks more attention towards project when the token had more utlility, So what makes users to hold your tokens for their benefits, is there any loyality program for holders?
Holding the JPEG token have many benefits and different utilities.
- You can benefit from NFT sales
- Access our community of NFT expert
- Access our growht program, allowing anyone to make money from an advanced affiliation system
- You share owneship and utility of NFTs in the vault and can use them in scholarship program for example
And that’so only the tip of the iceberg
Awesome question, straight to the point
The obvious first utility : you get paid when we sell an NFT (already 6 ETH distributed since trading started) + When we rent them out in the future or when our gaming guild generates revenue
Then, of course since we’re a DAO, governance : holders can participate in key business logics, decision making, investment decisions. ANd super important : we listen to you. You can go ask anyone in our discord, anyone from the community who has feedback will be listened to
Loyalty : YES. While we build we’ve launched a staking smart contract distributing $JPEG (JPEGVAULT on LBank) rewards so that early adopters are rewarded (we’ve already distributed overs $200k at current market cap
One thing of the top of my head that we’re setting up : an alpha calls channels to know what NFTs are popping off to do some flipping and make quick $$$
NFT is in top trends in crypto world right now. What do you think about this? Does your project have any plans to add NFT to your ecosystem?
NFTs are at the core of our existence. So with us you’ll see two things :
1. By owning $JPEG (JPEGVAULT, again) you own a share of the amazing NFTs owned by the community. If you believe in NFTs, if you believe they — like we do — that they will be a key to the metaverse and of this new economy that is being built, then JPEGvault is the perfect investment for you (because we’ll own all of them 😏)
Our objective is to onw $5B worth of NFTs by 2027 !!!
2. You heard it here first (🤫) there will indeed be a JPEGvault NFT collections that $JPEG holders will have access to at a discount and with a higher priority
The 2. looks like a leak to me
Could you introduce briefly about$ JPEG tokenomics? And tell us more about Total supply and Starting price per token? How many tokens will be minted in future and how many tokens will be locked by the team/Investors?
Of course! Let me give you more details on that
Our tokenomics has been built to match our use case, invest in NFTs and give the opportunity to the community to benefit from it.
It works as follow:
- We have 10% fees on each transaction.
- 6% (60% of the fees) are for NFT investments
- 2% (20% of the fees) are for liquidity and listing purpose
- 2% (20% of the fees) are going into our maketing & development wallet to ensure the project moves forward.
Our circulating supply is currently 625 000 000 JPEG and the total supply is 1 Billion (1 000 000 000) and will never exceed that.
As you may know, we’re currently trading on Trader Joe (DEX on Avalanche). We had a launching price of 0.0012$ back in March.
As for the team, 5% of the total supply is reserved and will be release over time (it hasn’t even been minted!!).
As for LBANK launch, price per token will be set at around the DEX price on the day of launch this Monday.
(might have added: Minting of the remaining supply will be done to match the needs of the project, listing, staking etc.)
And always discussed with community first!
What are the attractive features in your project? What is the vision and goals in your project that you want to achieve in 2022 and beyond? Tell us about your future plans and roadmap. what have you done?
All kidding aside our vision is to create a new way for people to share assets and to benefit from them
NFTs are amazing and owning them together is going to greatly benefit all of us : Only 1% of Ethereum users own an NFT, what do you think that says about this side of the space ?
But we’re not stopping here ! We want to put these NFTs to work so that they generate as much value as possible.
It’s why we are also building software products for the future of this space.
We have amazing talent on this team, whether it is front end or smart contract or even our design team, and so far we’ve been working with little money (bootstrapped, no VCs), imagine what happens now that volume is picking up … ?
We will be at the center stage for this space, building tools that all NFT users will eventually use
Our biggest focus for 2022 is to lay out the foundations :
- Have a decentralized growth structure (already in place, now strengthening it)
- Have a decentralized NFT investment process (well on it’s way)
- Build partnerships with as many people as possible
- Start building up our portfolio
When the next leg of the bull market starts, we’ll be ready to take flight and we’re taking you all with us.
There is no perfect project. Most projects always have a flaw or a missing piece. For a project to be continuously improved, it must be incomplete. Based on this idea, what is missing from this project and how do you plan to complete it? In simpler terms, is this project perfect? If it is not how are you going to make it perfect?
Ahah tricky one!
We’re surely not perfect, but we’re improving every day, we value transparency and the community. To become a true DAO (even if we are already doing a lot!) we need to step-up some process, make sure that everything remains under the control of the community.
For the NFT investment part, we already are working with them and the team to improve the process of vetting collection and find blue-chip during their early stage. It has shown some incredible results and the process gets improved everyday and with every investments. It’ll never be perfect I think, the NFT space is moving fast and what was good yersterday can become really bad in few days. Stay alert and don’t take anything for granted!
I also think that our main strength is that we’re all ears. We never shutdown anyone who speaks us but rather encourage it and we adapt to any situation or suggestion that could help the project move in the right direction.
We’ve gathered so much talents in the team and in the community, having the ability to listen to them and exchange with them in real time is a real chance that only web3 is capable. I think for every project founder out there, there is one thing that can make the difference: listen to the community and build bonds with them.
I LOVE this question.
Imperfection is a part of life and any person or organization claiming to be perfect is a fake.
We wear our imperfection as a badge of honor, we make mistakes and own up to them and correct them thanks to the community that helps guide us.
We’ll never achieve perfection because we keep moving forward and taking calculated risks.
We emit hypothesis, we prototype, test, measure and iterate.
It’s a cycle we’re starting to master as a team and we’re more and more efficient every week.
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Guest 1 :
Community feedback is at the center of everything we do. We consider the community of holders to be an extansion of the community (a few people from the community have actually joined the team)
We very rarely make unilateral decisions and when we do, it is only where we truly believe our expertise is relevant or that it is the right course of action because of our understanding of the project.
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
This project is for anyone and everyone.
We’ve had people invest $10 but join the community and go on to earn a lot more by participating in community actions (earning WLs for the project, finding amazing NFT projects to invest in, even winning poker tournaments haha)
The amazing thing about this project is that there are countless way people can get involved, not just by investing !!
Is your platform suitable for Crypto beginners? Or is it only appealing to professional users?
I kinda like this one!
At the beginning, we decided to launch JPEG to ensure everyone starting with the NFT market could have a good entry point.
The advantage of JPEG is that you hold NFTs without carrying the risk of choosing which one to buy. Our community and team of expert will do the buying and all the research. You just have to hold JPEG token to benefit from it.
Also, you can learn a LOT by speaking with people in the community, that’s a big advantage if you begin.
So yes, you can come give us a look and ask all the questions you have to learn from us even if you’re a beginner.
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
Of course !
The core team currently consists of about 10 people who all have an amazing track record :
- Our smart contract developers are incredibly talented (+ have mentors to help be more efficient)
- We work with an amazing design studio (look at our website and dashboards…)
- One of our team members also works at Boson protocol and is being sought out by huge companies you all know
Every person who joins is 1. aligned with our values 2. Extremely competent.
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
That’s indeed a good concern. And so far we’ve managed to deliver.
JPEGvault was built on an idea being to redistribute benefit each time a NFTsale is made and we had the chance to do that.
We released a Dashboard with staking pool that is the main entry point of the ecosystem, by staking the JPEG you benefit from rewards in JPEG and also from the NFTs sales in ETH.
As for now we already made 3 benefits redistribution including one this week! You can also have a look at the entire collection and access the affiliation program from there.