Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Drops. The project is created with the aim of connecting digital collectors with creators, while adding more utility to NFT assets. The AMA took place on April 22 and our guests was Alpha Noder (Founder).
The total reward pool was 500$ + 2 whitelisted addresses and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Gold Rocket | Satoshi Club: Hello, dear community! We are pleased to announce our AMA with Drops.
Andrés M. | Satoshi Club: Our friends from Drops are here, @alpha_noder welcome to satoshi club.
Gold Rocket | Satoshi Club: How are you doing?
Alpha Noder: terrific, excited for the launch!
Andrés M. | Satoshi Club: How many days left?
Alpha Noder: soon you will find out.
Gold Rocket | Satoshi Club: We are very excited upcoming AMA and we want to hear more news from you, then let’s start in order.
Alpha Noder: We’ve close our private round, and investors will be announced soon, we’ve received a great support from the community, indeed, the foundation is there.
Gold Rocket | Satoshi Club: Btw introduce yourself. How did you get to be involved in crypto & Drops? Tell us please about yourself and your position in Drops.
Alpha Noder: My name is Darius, I’m founder of Drops. Have a background in mobile and web apps development, in 2017 founded crypto development agency, in 2019 created a CRM for medical clinics and in early 2020 got back to crypto.
My friend and cofounder Nick has financial background, worked at Morgan Stanley and Goldman Sachs, our product team consists of 7 seasoned developers with background in cybersecurity and fintech. In last year’s October we fair launched Node Runners NFT game, things we’ve learnt about NFTs and DeFi we’re now implementing in Drops.
Andrés M. | Satoshi Club: Great background, it’s an honor to meet you, so what is the essence of Drops and how did the project come alive?
Alpha Noder: Drops brings DeFi solutions to NFTs, enabling holders to obtain a loan and earn yield with NFT assets.
Q1 from Telegram User @NataliyaKil
For each purchase, I can get up to 5% cashback in DROP tokens. Does cashback accrue instantly from each purchase or after a certain period, for example, a week or a month? What determines the% of cashback accrual and are there any situations when it is not credited at all or burns out? And where can I then spend my cashback?
Alpha Noder: Cashback is obtained when users buy NFTs from the NFT Drops, the reward is sent after the purchase transaction, it’s controlled by the smart contracts.
The level of cashback depends on how much liquidity the user is staking, so the more liquidity is staked, the higher cashback plan will be, up to 5%.
Andrés M. | Satoshi Club: So, what are the main use cases of $DROP?
Alpha Noder: It can be used as payment to by NFTs. Get whitelisted to rare NFT drops. Additionally, fees collected from the platform are used to buyback tokens from the market and increase liquidity. so DROP gives you access to rare NFTs and has a buy pressure coming from platform fees.
Andrés M. | Satoshi Club: How do you deal with fees? How much is the fee for each purchase?
Alpha Noder: 20% of purchases is allocated to treasury. There are also fees on NFT fractionalization, loans and vaults.
Q2 from Telegram User @Andrey_Seleznov
Drops deck mentions plans of bridging NFT assets from other chains. Cross-chain support is a huge step to becoming a global project IMO! What chains do you plan to expand to? Do you already have some planned partnerships based in other chains?
Alpha Noder: We already have partnership in Polygon, we are also big believers in their impact on NFT space, gaming industry, second chain we’re going to integrate is BSC, that’s for the nearest 3 months.
Andrés M. | Satoshi Club: Do you have other current partnerships?
Alpha Noder: We’re partnering with NFT projects, there is a number of them in the pipeline. Some names to mention is Doki, Eth-Men, Cometh spaceships.
Andrés M. | Satoshi Club: Do you have your own NFTs designs? could you share them with us?
Alpha Noder: We will have our genesis sneaker NFTs, you can check work in progress on out Twitter.
Q3 from Telegram User @lukacy
One of the features of drops I will like to ask questions about is the “NFT loan”. To get a loan, we will have to put down a collateral which includes NFT. Apart from using NFT as collateral, what are the other assets we can use as collateral? NFTs are non-fungible tokens and there’s a way we can convert it to fungible tokens and then use it as collateral. Can we use any NFT as collateral? I also
saw a place you talked about dNFT token, how can it be used for obtaining a loan? Will you need any KYC or any other form of verification?
Alpha Noder: Great question!
For collateral we use dNFT tokens – erc20 that represent the NFT, so at first users lock their NFTs to obtain dNFT (erc20) which then can be used as collateral. In a similar way as in Compound or CREAM. Only whitelisted NFTs that have liquidity at Drops will be usable as collateral, there won’t be any KYC, everything is permissionless.
Gold Rocket | Satoshi Club: I see you have thought it through in sufficient detail!
Alpha Noder: yes, we actually gonna launch testnet in a few weeks, most of the work is done already.
Andrés M. | Satoshi Club: Congratulations for that, do you have any announcement channel to follow the big news?
Alpha Noder: we won’t miss you! https://t.me/dropsnft.
Q4 from Telegram User @Winner_don
You have successfully completed your private sale which is a very good development. We could not participate in the private sale but of course, a Public sale is opened for everyone. We are anticipating the public sale. You don’t have any public announcement about it but can you give us a hint about it here? On which platform will you have public sale? Will it be an IDO or an ICO or any other form of offering?
Alpha Noder: Public sale will be in early May; it will happen on a Launchpad. Within next few days we will announce the details!
Andrés M. | Satoshi Club: Actually, one of the rewards for this AMA is to be whitelisted right? Can you give us some details on how to participate?
Alpha Noder: Yes, indeed! Also give us some hints please.
Q5 from Telegram User @Gutike95
You point out that the Drops platform will be built on the Matic Network, offering a no-gas experience, but how will MATIC really relate the NFTs to an ERC20 tokens if it is really part of another chain?
Alpha Noder: Matic network have NFT bridge, which will be released very soon, so it will allow users to move their NFT assets from Ethereum to Matic, we already have DEX on Matic like Quickswap and Sushi, so creating liquidity for erc20 representing NFT won’t be a problem, integrating smart contracts from Ethereum to Matic is quite easy, so no challenges there.
Andrés M. | Satoshi Club: It is a great progress. Btw, to increase the user trust is important to focus the security, have your project been audited?
Alpha Noder: it’s being audited now by Certik also we will have second audit from Zokyo.
Q6 from Telegram User @testercoin
I see when research about the DROPS I see that you already have really good partnerships and projects like Polygon, Cometh, Eth-men, Doki etc… Can you tell us what are the relationships and achievements these partnerships and projects are bringing to DROPS and what features do you want from a project for selecting it as a partner?
Alpha Noder: The main goal of the partnership is to give our partner’s NFT holders more benefits, we are doing this through NFT staking, liquidity, also it helps us to raise awareness about Drops and attract NFT community members.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @boradam
Why the name is Drops? Why choose this name?
Alpha Noder: Drops is related to NFT Drops – event when NFT lands on the platform.
At Drops we will accommodate NFTs from many industries, game items, collectibles and financial NFTs. Hence Drops is place for all NFTs.
Q2 from Telegram User @JoxesXIII
Can all NFTs be eligible for loans? or someone any criteria or requirements for it? So how is your valuation marked?
Alpha Noder: NFTs that will be usable for loans, will have to have NFT liquidity pool at Drops and have a sufficient amount of liquidity. Valuation of the NFT is based on the NFT fractions, which will have liquidity at Uniswap.
Q3 from Telegram User @topind7
How do I get to participate in DROPS ARTWORK RAFFLES?
Alpha Noder: To participate in raffles, users will have to be whitelisted. There will be conditions for participation, one of which would be staking DROPS tokens.
Q4 from Telegram User @centoscu
Which NFT’s can be staked on the platform? Can I use every NFT or with your partners?
Alpha Noder: Initially it’s the NFTs from our partners that will be usable on the platform. Eventually we will create a more permissionless way for NFT staking.
Q5 from Telegram use @rockmorti
Drops is a good concept, but how will you integrate the community directly with the project? governance, forums, DAO? or will it just be centralized?
Alpha Noder: Drops token will have governance weight, will be able to decide which projects to integrate at the platform, what fees should be set. Community is at the center of our project, we have a framework for engagement.
Q6 from Telegram User @Robotliker1
Are your team anonymous completely? I could not get detail team info please help me? Are you public or not?
Alpha Noder: our team is not anonymous, the information about the team is on the pitchdeck and our website.
Q7 from Telegram User @KeymerS
Talking about your dPoints tokens, could you tell us what utilities it will make? And besides this, could you mention them on which platforms are they listed? or can we really only get them by stake and foolishness?
Alpha Noder: dPoints are obtainable from NFT staking and can be used to buy new NFTs. They are not tradable, can be used only within the platform.
Q8 from Telegram User @cindy_crypto
How can I buy your tokens and how can I win for whitelist?
Alpha Noder: tokens will be on sale at DEX after the public sale. You can win the whitelist by completing Quiz at Satoshi club.
Q9 from Telegram User @ronaldo_super
How can I get being whitelisted to your rare NFT’s?
Alpha Noder: you would have to stake Drops and participate in a raffle, more details will be announced soon.
Q10 from Telegram User @RosemaryBianco
Did you like the AMA with the Satoshi Club community?
Alpha Noder: Love it!
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Drops. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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