AMA Recap With NextVerse (January 8 2022)
We recently hosted an AMA in our official Telegram Community on 8 January, 2022 at 03.00 PM UTC. This session was phenomenal. If you have missed then, here is the precious AMA transcript, for those who missed the live session this will enlighten you for sure.
Tammy: Greetings to all of our NextVersians. I’m Tammy, NextVerse’s Marketing Executive, who will be your host throughout this AMA Session. If you want to learn more about NextVerse, please follow our social media platforms via the link below May I introduce Mr. Canh Ho, NextVerse’s CTO will be our guest today.
Canh: Hello everyone.
Tammy: How’s everything going Mr. Canh?
Canh: All is good here, hope all of you had a great new year holidays
Tammy: From NextVerse Team, we wish you all the best in 2022. Thank you for your full support to our community, our product, in general, our NextVerse. Let’s go to another year with full force!! Also, we’ll go through 3 parts of our AMA Session, which are:
Part 1: NextVerse’s Introduction
Part 2: Pre-Collected Questions From Google Form
Part 3: Live Questions From Telegram. Send questions to have a chance to receive 20 USDT each, up to six winners!
Tammy: Are you ready Mr @canhversehub, as we’re going to move to the first round in just a few seconds?
Canh: Yup let’s go
Tammy: Q. Please give all Nextversians a short introduction about our NextVerse?
Canh: NextVerse is a social-oriented Metaverse built on blockchain network. It is also a VR-ready open space that allows users to present themselves, immerse in communication, and many ways to earn assets by doing daily activities.
Tammy: For Nextversians who are not already familiar with the project, can you give them a very high-level overview of what #Nextverse is and what competitive edge it brings to the Crypto Universe?
Canh: NextVere is a social network oriented metaverse that is powered by using the advantages of VR/AR technologies as well as Blockchain technology, the metaverse allows users to present themselves, have immersive communications and interactions, and also own their own assets through doing daily activities or trading.
Tammy: Very interesting!
Tammy: Q. As many NextVersians want to participate in the project, what are the basic requirements for them? How do holders of the NextVerse Tokens benefit from the ecosystem? What power within your model do individuals hold?
Canh: There is no requirement to participate in our project. The most significant power for NVER token holders is to participate in the governance, voting for important decisions in the metaverse such as monetary policy, treasury management, socialization decisions, fee on features, development targets, etc. They can also earn interest by staking their tokens.
Tammy: Thank you, let’s move to the second round.
Tammy: Q. I heard that you guys are developing NextVerse to become Social Network 3.0. However, I think this seems like a completely new concept that has never been mentioned before. So why did Nextverse decide to go in this entirely new direction? Is that too big of an ambition? Also, can you elaborate more on what’s new in Social Network 3.0 (Nextverse) compared to existing social networks?
Canh: There are several reasons why we are doing this now.
Firstly, we are foreseeing that social network users will need a proper way to communicate with each other on social networks, not only by text, video, image, but they also need a new way of remote communication that makes them really present and immersed.
Secondly, VR and 3D technology have been developed significantly in recent years and it’s almost ready for commercialization now, making general users able to afford the devices. And lastly, the metaverse is not only a trend but also a movement, so there is no reason why we are not doing it.
The terminology is defined by ourselves, so definitely it hasn’t been mentioned anywhere else before. We use that term to distinguish between the metaverse that we are going to build with the social networks that people already have. In this Social Network 3.0, we featured immersive communications and users’ ownership. For more information see our website and pitch deck on https://nextverse.org/. We understand it is a great amount of work to get the big thing done, and we have a long-term plan for it.
Tammy: Q. What are NextVerse top priorities in 2022? Could you share some plans for this year? Which part of the project are you most focused on right now? Congrats ahead NextVerse Team
Canh: In addition to finalizing our smart contracts for the coming IDO in February, we are focusing on building our NextCity, the main city in the metaverse, as well as building some satellite cities for our business partners. We are also focusing on building our web-based marketplace which is expected to be released in Q1.
Tammy: Yes, we have a lot of things which are ready to be announced soon!
Tammy: Q. According to my research, NextVerse will be a metaverse project, but with integrated Play-to-Earn elements. So who are NextVerse’s competitors? Specifically, Axie Infinity, or Decentraland and The Sandbox in the metaverse? (from @vietpa2510)
Canh: From my personal point of view, Decentraland and The Sandbox have the most similar product features to ours, although they are not supporting VR technology. However, I don’t really see other projects in the metaverse industry as our competitors. The metaverse industry market size is huge, and it requires great efforts from multiple teams from multiple countries to contribute to this movement. In this new industry where good and bad practices haven’t been clearly defined yet, it’s great to learn from each other
Tammy: Q. Defi and NFTs are one of the hottest and most sought-after topics in the blockchain space right now. Do you think DEFI and NFT will disrupt the current financial system? What is the NextVerse approach to the Defi and NFT sector? (@Sapan_a)
Canh: Decentralized and centralized/permissioned financial networks have different pros and cons and serve different purposes. I lean more towards the idea of using decentralized platforms to support the current financial systems. In fact, some big companies or financial institutions are investing in researching blockchain technology to create a hybrid financial platform.
Tammy: Q. Which one of these aspects is important for you? 1-Increasing Token Price & Value 2-Empowering Platform Development 3-Building Community Trust 4-Expanding Partnership Globally In what order? (@DavidMide)
Canh: We are prioritizing building a technology platform as well as building a belonging, inclusive and helpful company culture. These things are prerequisites in developing a big product in a long-term journey. Regarding the token price increase, although this is very important to us, it still depends on many subjective and objective factors of the market that we cannot influence. However, we will be delighted if the value of NVER token increases. It shows the appreciation of the market in general and investors in particular with Nextverse’s potential.
On top of everything, our community and investors/customers are the most important, as we are putting our best effort into the product to bring them the best experience.
Tammy: Yes, I totally agree with that. Anyway, thank you Mr.Canh for answering questions from our google form. Please note that all Telegram users who attached their Telegram user name in our google form will be able to get 20USDT each!
Canh: My pleasure. Thanks for the questions
Tammy: Thanks so much for your interest in NextVerse. We’ll choose 3 questions out of all 300+ questions that were sent a few minutes ago!
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Tammy: Q1: At present, there are many projects related to metaverse and GameFi in the market, so the competition is fierce. What are the advantages of NextVerse compared to other projects? Why are you confident to launch the NextVerse project at this time when the market is already a little saturated?
Canh: I don’t think the market is saturated, the metaverse market size in 2021 is estimated to be about $150B, and is forecast to grow 10-fold by 2030. There is a huge amount of funds and human resources pouring into the industry, creating a lot of opportunities for all of us. Our team has been doing VR/AR/3D research and development for a few years, we have released previous commercial products.
We are having a close and strong partnership with GameFi and Redkite to build our blockchain platform. We understand NextVerse is a huge project and couldn’t get done overnight, but I’m really confident in the team’s capability to build it in a long-term plan.
Tammy: Q2. Could you describe for us what the #NEXTVERSE token model will be, will it be a deflationary token, will it have burning mechanism to continuously decrease the supply? (@binhthanh1312)
Canh: NextVerse uses a dual token model to minimize the inflation in GameFi projects. Specifically, the main NVER token (DAO token) will have a supply of 1 billion, while NOXY(tokens which players receive through Play2Earn activities and use for in-game features such as upgrading items, buying and selling goods, using services, participating in social activities, playing several lucky games, etc. will have infinite supply
We do have a mechanism for token burn, will reveal more detail about it soon.
Tammy: Q3. Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us about the current partners, plans for partnerships, and what everybody stands to gain from these partnerships?(@Stomkk)
Canh: With NextVerse, collaborations and partnerships play a very important role. In our vision, NextVerse was created to bring the virtual world closer to the real world, rather than to replace it. So we’ve partnered with a lot of (real-life) brands to get them into the NextVerse metaverse. Most recently, BOO — the leading youth fashion brand in Vietnam signed a cooperation agreement with us. After BOO, some other brands will also be revealed soon. Let’s wait and see.
In terms of technology, we are having a close partnership with Icetea Labs, the owner of GameFi and Redkite. They are also the lead investor in our seed funding round.
Tammy: Well, that’s a wrap folk. Thanks, Mr.Canh Ho for being here, your presence means a lot to us.