Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Red Fox, a blockchain based tech company that identifies and builds successful business models for the emerging markets. The AMA took place on May 30 and our guest was Ben Fairbank, CEO and co-founder of RedFOX Labs.
The total reward pool was 500$ 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 Satoshi Club community! We are pleased to announce our AMA with RedFOX 🦊Today our guest is @benfairbank!
Ben Fairbank: Hi there, Thanks for having me.
Mary | Satoshi Club: How’s going?
Ben Fairbank: Going great thank you.
Mary | Satoshi Club: Ben, could you please introduce yourself and tell us more about RedFOX?
Ben Fairbank: Sure. I’m Ben Fairbank. CEO and co-founder of RedFOX Labs. RedFOX Labs is a Southeast Asian based venture builder (otherwise known as an ecosystem builder). We have ventures covering the 4 fastest growing sectors of the internet economy, including gaming, NFTs, ecommerce, emedia and etravel.
Mary | Satoshi Club: How old is RedFOX? Why did you decide to found it?
Ben Fairbank: We’ve been around for nearly 3 years now. We saw a real lack of products people could use and just a platform battle. So we decided to build a suite of companies and products anyone can use. We started with kogs.gg and RFOX Games, launched rfox.finance and soon we will release a metaverse based in space and serving globally famous retail brands.
Mary | Satoshi Club: That’s true, cryptoworld needs your services! Can you also tell us more about your team? Who is working on RedFOX?
Ben Fairbank: We have an all-star team. Including Philip our CMO who worked on the World Cup Campaign in SA. Lei Dong our new CFO and former Huobi and NEM CFO, Glen the co-founder who has worked in numerous SEA based marketing and finance based roles, Wade the COO who has worked with me for 25 years around the world, Pete our CTO was formerly of Texas Instruments and Fadz our GM for Games is a seasoned gaming pro and rolled out many titles. We also have Brian Cu cofounder of GRAB, GoJek and Zalora and Mike Novogratz as an investor.
Mary | Satoshi Club: How many employees do you have?
Ben Fairbank: Around 33 core staff and we also have 20 plus contractors and agency staff.
Just that we are releasing our 100% on chain mobile game in the coming weeks so look out for that and get some play to earn rfox too.
Q1 from Telegram user @Jonahapagu
RedFOX acquired MYMEDIA Digital which is Myanmar’s largest digital marketing platform that connects consumers directly to brands and influencers across different industries, it is also said to be one of the most heavily visited platforms in the country, this is a very huge acquisition for RedFOX. So what does RedFOX intend to do with this acquired digital platform, and what new features and functionalities will this acquisition bring to RedFox and the users of your platform.
Ben Fairbank: We are rolling out RFOX media across the whole region and using the Miss Universe contestants and other top influencers to attract users. We are rolling out RFOX media across the whole region and using the Miss Universe contestants and other top influencers to attract users.
Mary | Satoshi Club: How many users do you currently have?
Ben Fairbank: We will do massive giveaways, referral campaigns and roll out our streaming platform there too. We haven’t launched media yet but currently we have around 13K users across the platforms and this will grow rapidly with the launch of the game. We aim to have 100K users just in the Philippines by the time the Miss U starts in the 4th Q of 2021.
Q2 from Telegram user @Dinc3
As a Gamer myself I am really excited when I see Game integrated crypto projects in the market. Can you little bit tell about the RFOXGAMES? What kind of games will be inside? What will be the role of $RFOX in this feature? And very interestingly, will Play$Earn be available in RFOXGAMES?
Ben Fairbank: Yes, great question. KOGs SLAM will be the first game, it’s a remake of the 90s phenomenon POGs or Milk Caps. The NFTs have already done 10M in secondary trading volumes. All games we produce will incorporate RFOX soon and also KOGs our NFTs can be used in all games. Our second game is about 90 days from release also. You will be able to play to earn RFOX in competition mode, esports tournaments and also play to win and play to keep KOGs NFTs. Our NFTs are fully interoperable and will soon be seen on multiple platforms.
Mary | Satoshi Club: As I know KOGs NFTs now available on WAX, right?
Ben Fairbank: Yes that’s correct, you can go to atomichub.io or go to kogs.gg
Q3 from Telegram user @Ajpaa
The REDFOXLABS’ Virtual Space is divided into 2 distinct categories: which are the Virtual Space token holders and The Shop Owners. There will be 120 shops in total for vendors of products and services in the space, such as 3D developers, payment providers, and other asset producers. My questions are What are the criteria for becoming a shop owner and is it possible for a shop owner to lose his right of shop ownership? who decides the price of products and services of the shops and what’s the modality the shop owners receive payment for their products and services? Can a shop owner customize his shop? Will the total numbers of shop remain fix at 120 or is it subject to change in the future?
Ben Fairbank: Shops will remain at 120. You can buy at auction using RFOX tokens. Shops will need to offer items and not sit stagnant. We will provide the rules shortly. They set the prices of digital items but each of the 4 qrts have a quartermaster and their job is to make sure the rent costs are controlled, shops are open and maintained and they also host events and help the shops to customise their look.
Mary | Satoshi Club: Which kind of items users will be available to sell in their shops?
Can you give us examples?
Ben Fairbank: Anything digital and soon vIRL meaning you can go to a food court and order a burger and it gets delivered to your door in real life. Cool thing about this is some of these restaurants will only be available through the virtual space. They might sell NFTs, wearables and NFTs that act as receipts for real life item redemption, such as a pair of shoes or a jumper or hat.
Q4 from Telegram User @andrey_seleznov
Hi RedFOX Labs!
Please tell us more about the RFOX DEX. I know you used RFOX DEX to launch the $VFOX token. I think it is only natural to use your DEX for the farms and pools to generate yield rewards. Other than yield generation, what future plans do you have for the DEX? Do you have any partnerships that are looking forward to use RFOX DEX to launch their tokens? Or maybe you plan to launch more exciting products for your own ecosystem? Thank you!
Ben Fairbank: Yes, rfox.finance has been great. You can still get over 1000% in the farm and 390% staking. We will of course release new pools and partners very shortly. We see this as an important part of our ecosystem. We will look at working with others and in various different models.
Mary | Satoshi Club: Can you tell us more about VFOX token?
Ben Fairbank: The VFOX token has only 21 million total supply and will be in full circulation in just over 4 months from now. 1% of all transactions plus a share of the land sale will be divided amongst the holders of the token holders. It was a fair launch with no team tokens and no project tokens. 100% for the public through farming and staking. No pre-sale, no Launchpad, just pure fair launch.
Q5 from Telegram User @NataliyaKil
Is it true that goods with the RFOX Games logo presented on the shop.rfoxgames website can not only be bought but also received for free? Tell me, what should we do for this? Do you organize delivery to all regions and in what time frame?
Ben Fairbank: We are looking at options for this now, yes. We will do giveaways and prizes for sure. Re logistics it depends on your countries customs during COVID, seems to change daily. But generally they arrive in less than 2 weeks.
Mary | Satoshi Club: How are things in your store? Where most buyers are from?
Ben Fairbank: They range. Generally, our audience has been mainly US and AUS but now Indonesia, Japan, Vietnam and Philippines are the fastest growing regions.
Q6 from Telegram User @victorogb
It is interesting to know that RedFOX Labs employs what it terms as a proprietary 9-step funnel process also known as “RFOX Funnel” to determine the business models to replicate. As stated, this model removes all emotions from the decision making process, thereby presenting a concise business idea that is solely influenced from hard data collected during market research. Therefore, for a well informed decision, what are the 9 step funnel processes, and how do they ultimately lead to best business choices? Considering the tedious process of market research and data collation, how does RedFOX effectively use blockchain in providing an accurate and precise data?
Ben Fairbank: Great question. We keep most of it under wraps but they are roughly, are we 3rd to 5th to market? Don’t want to be 1st in most cases. Can we find the talent? Can we scale to 250M in revenue by year 4? Is there a unicorn example we can model from and improve on? Does blockchain enhance the offering and provide a competitive advantage? And can we protect our idea? These are the general ones.
Mary | Satoshi Club: What do you think about your competitors? Do you have them now?
Ben Fairbank: Not many doing all of what we do, no… but many doing a part of what we do. I deeply respect all of the competitors and admire the things they do well and capitalize on the things they do poorly.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram user @Karoceh
On chain mobile based games usually reduce graphic quality to get a smoother game. How will RedFOX balance both graphics and speed? and what are the minimum specifications to get optimal game play?
Ben Fairbank: We have solved this issue. Will be tough to tell you’re on chain. You’ll need a smart phone and best to have one of the latest iterations.
Q2 from Telegram user@cryptofollower
On your main page of the website you are showing as the only way of swapping for RFOX is with metamask. So is it not possible to swap with trust wallet or wallets like math wallet etc.?
Ben Fairbank: We now are also on BSC so you can use Trust to buy on the BSC chain side. You can’t currently use Trust to bridge however.
Q3 from Telegram user @Jodasf
How is REDFOXLABS in the field of security, how much importance have you given to this point and how can you demonstrate it, that is to say, being a project that creates companies, how are you managing to protect each of them in a satisfactory and totally efficient way?
Ben Fairbank: We use Hacken for outside protection and Blackpoint Cyber for inside protection. This is run by the former head of the NSA during the Snowden administration. We take this very very seriously.
Q4 from Telegram user @ysasoma
I read that RedFOXLabs was founded in 2018 with the intention of being the first blockchain company builder, so I would like to know, since then, how many companies have you built and what is the contribution you consider you have made to blockchain technology?
Ben Fairbank: 2 so far with 4 in development. I think we have made many breakthroughs in tech and also remained agnostic and looking to branch to multiple chains.
Q5 from Telegram user @vedamatrix
When do you plan to add BSC support for RedFOX project and what layer 2 solution do you plan to use before doing it?
Ben Fairbank: We have this now already and are looking at several other chains now.
Q6 from Telegram user @Gen_Block
Does RedFox has plan to expand and compete with other famous Marketplace in Asia? How do you think like Shopee or Lazada, Alibaba? Do you think RedFox able to compete them?
Ben Fairbank: Yes, we 100% think we can take on all the big boys. We are already an affiliate of Lazada.
Q7 from Telegram user @csgonub
China has banned to be able to purchase with Bitcoin. And you have shops. What do you think about this event? Do you think people still can use your shops?
Ben Fairbank: Yes, we aren’t location based. No single country can change or impact our plans.
Q8 from Telegram user @highpee
You said you already released one GAME and will release another in the next 90 days. What type of game did you already release and where can we ACCESS it? Also, will your gaming focus on entertainment only or do you plan to combine it with some play-to-earn features.
Ben Fairbank: 100% play to earn, competitions, esport and win. Play to earn is a massive part of what we will do going forwards.
Q9 from Telegram user @Tahsinahmett
The ups and downs of the crypto world will be affected by the $RFOX coin. What fundamental impact can the changes have on the Redfox Labs business?
Ben Fairbank: We believe we can ensure that the RFOX token becomes market resistant as it will act as a settlement on the second layer for all of our ventures.
Q10 from Telegram user @soarspace
Please give your statement about the role of the community? Do you think they are helpful enough for the growth of your project?
Ben Fairbank: Yes, they are vital. We need many more community members and we are working to grow them now. There you go. That’s 10.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about RedFoxLabs. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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