LBank AMA Recap with UMI
Introduction:
GUEST:
I have been involved in cryptocurrency since 2011, first as a bitcoin miner, then an investor, and now a builder.
Umi Digital is a Cross-Chain Decentralized Finance and Non-Fungible Token Farming Project, an NFT minter, and an NFT farming project.
It is built on the Ethereum blockchain using smart contracts.
First five AMA Questions (First Part):
QUESTION 1:
What is UmiToken? What does it do?
GUEST:
UmiToken (UMI) is the utility token for Umi Digital, it used for paying services on the Umi Digital platform.
Use UMI to buy, sell, mint, and airdrop NFTs to your friends.
Also, you can stake your UmiTokens alongside other assets to earn farming rewards on the Umi Digital platform.
QUESTION 2:
Which chain is Umi Digital using?
GUEST:
At the moment Umi Digital is using the Ethereum blockchain.
You can use the Umi Digital platform for lots of different services related to NFTs
However, we are also a cross-chain project. So are expanding and building on other chains too.
We are currently building on the following chains:
Ethereum
Sora
Binance Smart chain
Matic
You will be able to use the Umi Digital token and dapp on any of these networks.
Choose your chain, choose your destiny!!!
QUESTION 3:
Ok so What are the token contract addresses for UmiToken?
GUEST:
The token is currently on Ethereum network.
Ethereum ERC20 contract:
0x61107a409fffe1965126aa456af679719695c69c
https://etherscan.io/address/0x61107a409fffe1965126aa456af679719695c69c
QUESTION 4:
Where is the team from?
GUEST:
We are a really international team. Currently there 6 full-time team members.
They are from Germany, Russia, UK, Japan, Slovenia, Serbia, China and Jordan.
QUESTION 5:
Where can we buy Umi Digital NFTs?
GUEST:
NFTs are available on Opensea and Unique.one market places
https://v2.unique.one/profile/umi
https://opensea.io/activity/umidigital
Soon you can buy on our own NFT marketplace which will go live this month.
Selected five Questions with Answers from the Telegram community (Second Part):
@Faruk112
QUESTION 1:
@Bitcoin_Gaddafi sir
What is the biggest challenge you face currently in terms of becoming a successful project?
GUEST:
Good question. Finding our feet in a busy market.
Thankfully with Umi Digital’s approach to artwork, marketing, promotion & technology we will speak for ourselves
@I-Love-Crypto-Would
QUESTION 2:
What was your motive behind making your project? @Bitcoin_Gaddafi
GUEST:
We are a group of hard-core old skool bitcoin OGs who believe in privacy and the power of cryptographic tools to create social change and bring about a better fairer more transparent society. Also we are all artists who love to create cool NFTs so we decided to create a dapp which can provide real utility for NFTs. Not just something nice to look at.
@Sejanhosean11
QUESTION 3:
Most NFT platforms nowadays are not Artist-targeted and have no promotional offers for smaller artists. What strategies do you have put in place to help promote smaller artists and make the platform an artist-friendly? @Bitcoin_Gaddafi
GUEST:
We will reward artists with governance tokens for using our platform.
Also our coders can help to code utility into NFTs. For example stake an NFT on Umi Digital platform and get bigger APY% farming rewards. We call this NFT farming. Or use your NFT in one of our games designed by coders at Umi Digital.
Once the NFT market place is live, we will open it up to smaller artists to try and play.
We will reward artists with governance tokens for using our platform.
Also, our coders can help to code utility into NFTs. For example, stake an NFT on Umi Digital platform and get bigger APY% farming rewards. We call this NFT farming. Or use your NFT in one of our games designed by coders at Umi Digital.
Once the NFT marketplace is live, we will open it up to smaller artists to try and play.
For us we are all about creating the full platform for physical artists to launch in the digital form, we reward the artists very well for their creations
@Chairmann7
QUESTION 4:
What is NFT farming?
GUEST:
Good Q.
Umi Digital is breaking the mold, by offering you to stake multiple UMI NFTs for high-yielding rewards. Furthermore, you can stake $UMI with this to turbocharge your rewards
@DeniceBeam
QUESTION 5:
Can you give us an overview of Project economics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
GUEST:
Revenue is generated from the sale of NFTs. We share this revenue with artists and the coders.
Also revenue is generated from fees on the Umi Digital when users stake, claim, mint or airdrop NFTs. As UMI is the utility token, there is a discount for paying in UmiToken. UMI collected in fees will be either :
1. Burned
2. Distributed back to farmers
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