AMA Cryptoscreen With Chair Finance

On 15 july 2021, Chair Finance conducted an AMA in the Cryptoscreen Community. Our guest is the Darren Chu of Chair Finance.

Lots of questions as usual from the Community about Chair Finance progress. The Chair Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen community. If you missed the AMA in person, read this recap for a deeper insight into Chair Finance.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION

Kim Zoung :
Before I start the first segment, could you please introduce yourself to our community members first?

Darren Chu :
Sure. Hello Everyone.

My name is Darren Chu, and I come from the traditional finance industry where I used to work for the derivatives unit of the New York Stock Exchange’s parent group, where I serviced hedge funds, banks and commodity trading groups.

After 4 years with NYSE Liffe, I decided to go the entrepreneurial route and launched a business of selling investment analysis to many of these hedge funds and trading groups.

As I later discovered crypto in 2017, I began covering this space with a weekly research piece on Bitcoin, Ethereum and Ripple, highlighting how traditional industry players adopt crypto.

After coming across NFTs, I realized there was an opportunity in this segment of crypto that was too important to not jump headfirst into, and that’s why I co-founded Chair.Finance.

Kim Zoung :
Thank you for your introduction. I heard that Chair is finally coming to the public beta test after a few months’ technical development and it’s going to issue 10,000 Privileged NFTs to benefit the initial backers. So I’m going to ask questions about the Privileged NFTs and the rights & benefits represented by them. If you finish your answer, please say “Done”.

Darren Chu :
Sounds good

Kim Zoung :
Let’s start first Session

First question, could you please tell me which rights& benefits the Privileged NFTs include during the public beta test?

Darren Chu :
Good question! Privileged NFTs represent the following four rights & benefits:

1) 10 BNCH

2) Airdrop priority within the Chair platform

3) Guaranteed access to invest in the upcoming INO and IDOs

4) Being among the top 10,000 residents on BYP (Build Your Planet) planets

There will be five rounds of Privileged NFT sales on Chair. Only 200 Privileged NFTs will be available for sale in the first round at $1 USDT each, and the price of these NFTs will keep increasing in the following rounds.

Kim Zoung :
Q2. I know BNCH is the platform token of Chair, what’s the value of it?

Darren Chu :
The total issuance of BNCH is 70 million, and there will be no additional issuance. The economic model is finely designed with only 5% of total tokens released in the first quarter. Additionally, the use cases for BNCH are diversified ranging from NFT minting and auctioning to redeeming goods and services in the BYP metaverse during the second stage of the project. Multiple BNCH use cases and few unlocked tokens provide a solid foundation for the price of BNCH. Our founding team stipulates that the tokens distributed to the team will not be released until the price of BNCH reaches 17 USDT following the initial listing.

Kim Zoung :
Q3. Sounds like you have much confidence in Chair platform, here is my third question: what is exactly the airdrop priority of Chair platform about?

Darren Chu :
First of all, Chair will airdrop BNCH from time to time, where those who purchase Privileged NFTs will be informed of the details around the airdrops in advance to ensure they have access to the airdrops.

Secondly, the business zone on the Chair platform provides services for project owners. For example, a project owner can launch an INO on Chair or purchase NFTs representing a KOL’s promotional services. Project owners will eventually use the Chair platform to distribute airdrops. Privileged NFT holders will be the first users to get access to the airdrops, allowing them to potentially recoup the cost of the privileged NFTs after one or two rounds of airdrops.

Kim Zoung :
Q4. Good idea! The proceeds gained from one or two airdrops might be way more than the price of a Privileged NFT. And could you help the community to understand the preemptive rights of investing in an INO and IDO?

Darren Chu :
That’s great you’re knowledgeable about the way an IDO works. As you may be aware, many cryptocurrencies increase in price by 10 to 50 times throughout their IDO. The quota is hard to get. Chair keeps a good relationship with many well known IDO platforms. Holders of Privileged NFTs have access to investing in the IDOs of Chair’s platform tokens. Additionally, NFTs issued by the IDO platform will also later on Chair be sold first to these holders. You can see how attractive it can be to gain access to these IDOs.

The INO (Initial NFT Offering) is an innovation by Chair. Through an INO, investors can directly turn locked assets into a NFT. Chair will reserve 10% of the total BNCH for the INO. The lock-up period for the INO will be 15 months, with releases available six times over five quarters. Only 5% is released in the first quarter, and the remaining locked 95% is represented by an NFT which can be traded on Chair and cashed out in advance without risk. Privileged NFT holders will have priority to enjoy this risk-free opportunity to cash out. The same approach will be applied with other project INOs on the Chair platform, thereby reducing the risk for investors.

Kim Zoung :
Q5. The two ideas are so creative. This is gonna meet the demands of many investors. Now my fifth question is: What does it mean if I have the privilege of being among the top 10,000 residents on BYP planets?

Darren Chu :
BYP (Build Your Planet) is a program that will be rolled out in Chair 2.0. It’s a grand Metaverse ecosystem built by Chair. Everything in BYP can be NFTized. There are a number of use cases for BNCH in BYP.

Users who purchase a privileged NFT will become among the top ranked residents of the planet. Generally speaking, the higher you are ranked, the more you will earn in the future. In addition, holders of privileged NFTs will enjoy discounts when purchasing items including NFTs, along with BYP interstellar hunters and spacecrafts.

Kim Zoung :
Q6.Looking forward to it… next question: Will you continue to issue Privileged NFTs in the future?

Darren Chu :
Good question! We launched a Twitter promotional campaign for buyers of Privileged NFTs.

The 1st to 50th buyers who retweet the pinned tweet of @Chair_Finance, @ 5 friends, and get at least 20 likes and 20 retweets, will be rewarded $10 USDT.

The 51st to 100th buyers who retweet the pinned tweet of @Chair_Finance, @ 5 friends, and get at least 30 likes and 30 retweets, will be rewarded $10 USDT.

The 101st to 200th buyers who retweet the pinned tweet of @Chair_Finance @ 5 friends, and get at least 40 likes and 40 retweets, will be rewarded $10 USDT.

You can see that the earlier you buy Privileged NFTs, the easier it’ll be for you to get $10 equivalent in USDT.

Kim Zoung :
Q7.Last question. Is there any promotional campaign for your first issuance of these Chair Privileged NFTs?

Darren Chu :
You bet.

The first round of Privileged NFTs will go on sale at 9pm, July 16th (UTC + 8) and last for only 30 minuntes until 930pm.

There are only 200 Privileged NFTs on sale in the first round.

Each address can only purchase one NFT.

The rights and benefits represented by Privileged NFTs could be worth over 2000 USDT in the future.

Kim Zoung :
thank you very much. Let’s move to the next segment.

Darren Chu :
Just wanted to add one last item…for more details around the Privileged NFTs, please join the Chair Telegram channel.

Kim Zoung :
Okay, we move on to the second session, which is a question from Twitter😊

Darren Chu :
Sure

QUESTION FROM TWITTER

Kim Zoung :
Q1. What makes you feel confident about the survival & sustainable success of Your project in the near future?Do you have a Token Burning plan to increase Token value and attract Investors to invest?
@Bergiend6

Darren Chu :
We don’t have a burning plan, but are ensuring strength in the project by attracting a large list of KOLs (Key Opinion Leaders) who will be incentivized to come onto the Chair platform to better monetize their following through the minting of NFTs representing “rights & benefits”.

Darren Chu :
Specifically around the tokenomics, we’re keeping the circulation low, and have enforced mechanisms (such as lock in periods on management token sales) to keep the management team interests aligned with that of the investors.

We also are introducing incentives for the fans of KOLs to follow them onto Chair. Those fans who participate in auctions initiated by KOLs on the NFTs representing rights & benefits, but who don’t submit the highest bid, will automatically still earn a portion of the winning bid of each auction.

We call this the auction dividend, which is predetermined by the minter of the NFT. It could be for instance decided by the KOL that 10% of the highest bid (e.g. USDT 200 equivalent) becomes the auction dividend to be split among those bidders who don’t submit the highest (winning) bid.

In order for participants to bid, they’ll have to first buy BNCH (the Chair token), which drives demand for BNCH. Those auctioning are bidding in BNCH, and once the bid is submitted, the BNCH is locked by Chair for the duration of the auction.

The minter (i.e. KOL) would also have to purchase BNCH in order to begin the minting process. Some amount of BNCH will have to be locked by Chair representing a deposit. There’ll also be some fee that Chair takes, which could be some small percentage of the winning bid amount.

Chair has plans to introduce far more use cases that will drive demand for BNCH, including the popular DeFi type investment opportunities you often hear of on other platforms. For instance, Chair’ll eventually offer yield farming, collateral lending, and liquidity mining to name a few.

Chair is also reaching out to startup / project owners who need to raise funds…generally they have a tough time attracting the attention of VC (Venture Capital) groups. Some of these business owners are willing to pay to have a meeting slot with a tier 1 VC.

The VCs or other capital owners would of course be able to mint NFTs on Chair, which could then be auctioned off or traded among other interested parties post-auction.

We’re basically looking to apply the NFT functionality/concepts to a wider range of assets, and not just that of digital art, collectibles or in-app purchases.

Kim Zoung :
Q2. What is the way Chair Finance generates income to sustain your project and what is the revenue model? How can it be mutually profitable for your investor and project?
@defarzi

Darren Chu :
As with any other NFT marketplace or exchange, we charge a small fee for each auction as described above, where we take a small percentage of the winning bid amount.

Once the auction has completed, the NFT that has been freshly minted can still be traded in the secondary market among participants on Chair. These subsequent transactions also incur a small fee, in the same way seen when trading crypto on any exchange after a coin goes live.

With all the DeFi investment opportunities briefly alluded to above, there’ll also be small fees that Chair generates on each transaction.

Some income can be generated through BNCH that ends up being locked through yield farming or similar lending situations, where Chair may be able to within the lock in period generate returns in excess of yields offered to the yield farming investor.

Kim Zoung :

Q3. Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform?
@rara_dera78

Darren Chu :
The most distinguishing idea I’d like you to all walk away with today/tonight is that Chair offers the ability to NFTize items of value other than digital art, collectibles or in-app purchases.

Anyone including those new to crypto can through a simplified interface on Chair, define an NFT they’d like to offer up through an auction or limit (sell) order to those on Chair.

Besides the NFT use cases described above, an NFT can be on intellectual property (for instance, a patent), or on certain data, on property or on the benefit of being able to unlock value in previously locked assets.

To expand on the last point, a common pain point for institutional investors is the lock in period they have before they can sell some stake they have in a project/company.

Through an NFT on Chair, this locked in token for instance, which might not otherwise be possible to sell for another 12 months, could be represented whereby some other investor might be keen to buy this access to the future sale of the token for perhaps a slightly discounted price.

These are just a few examples of how NFTs can be minted on a numerous range of items of value.

Kim Zoung :
Oke,next Question

Q4. Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
@vivobook12

Darren Chu :
Definitely. Many of the KOLs we’ll be courting won’t necessarily know much about NFTs or crypto more broadly speaking initially. Some of their fans we can assume will have some knowledge, or perhaps even expert knowledge of NFTs, but many will need to be educated, and that’s something Chair will spend a lot of resources into achieving.

Through AMAs like this one, as well as our frequent updates on other social medium like Twitter and YouTube, we’ll be providing greater understanding for the project.

Kim Zoung ;
Okay next question, This is the last question in segment 2

Q5. What do you view as the potential barriers to the success of the project? In the next three to five years where do you position your company among other strong competitors?
@AryadinataKevin

Darren Chu :
There’s certainly a lot of competition among NFT platforms, and we’ll be looking to stand out by focusing on the areas mentioned above that have to be NFTized, where we’ll look to pioneer NFT 2.0.

One of the projects that I alluded to earlier that’ll help achieve this differentiation is through the launch of a metaverse that we call BYP (Build Your Planet).

This will be yet another means of driving demand for BNCH, along with everything else described already.

LIVE/FREE QUESTION

Question 1

Do you only want to be on ethereum blockhain ecosystem or are there any plans for Chair Finance to create cross-chain integration between other blockchains? BSC20 Maybe?

Darren Chu :

We’re in talks with a provider of cross chain integration capabilities, and can adapt the current platform within a day of making that decision to the new provider. Up to now, we’ve been developing on the Binance Smart Chain.

Question 2

Southeast Asia is a very vibrant market and many project developed here so with your project What do you think about Southeast Asia and do you have any plan to develop here?

Darren Chu :

I along with fellow Chair co-founders reside here in Southeast Asia, specifically in Singapore. Once there’s regulatory clarity from some of the regulators in the surrounding region, we’ll look to expand efforts in these nearby countries

Question 3

Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?

Darren Chu :

We have several instruction videos in the pipeline, as well as other educational material that in due course will be available from our YouTube channel and website.

Question 4

sir,,⏩From where can I buy your token? Is it available on any exchange (CEX)?

Darren Chu :

The token isn’t live yet. We’re targeting a late July or early August launch, where the INO (Initial NFT Offering) will take place on Chair. The BNCH token will initially be quoted against the USDT. After the INO, the plan is to provide further opportunities to purchase BNCH through IDOs and listings on potentially other DEXs and CEXs.

 

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