AMA Recap: Chair Finance x BSClaunch

On Wednesday, October 13th, Chris — BSClaunch’s Marketing Executive, hosted a live AMA (Ask Me Anything) on BSClaunch Community with two key persons of Chair Finance, answered the questions on the Chair Finance project, Chair Finance’s upcoming plans, partnerships, and much more.

This blog post includes a recap of the live AMA session and features the questions asked by community members, list of winners, along with the Q&A segment with the CEO & CIO of Chair Finance

AMA EVENT START

SEGMENT #1 | Guest and project introduction

Questions 1:

Could you introduce your project?

Mr. Adriel’s answer:

Chair is the first platform to NFTize rights and benefits. As we all know, NFTs are taking hold in art and games. However, NFTs will be adopted across a wider range of industries as the bridge connecting the blockchain and real world. In the near future, the commercial application of NFTs will become widespread, with a large number of assets related to rights and benefits, such as financial assets, digital identification, and digital rights, eventually recorded on blockchains via NFTs. Chair is devoted to the NFTization of rights and benefits, facilitating the arrival of NFT 2.0.

Questions 2:

What is the goal of Chair’s future development? To achive the goal, did you make any strategic scheme?

Mr. Darren Chu’s answer:

The development goal of Chair is to build an entrance to the Metaverse. To achieve this goal, we have made a very clear roadmap of three phases spanning over 3 years.

The development of all basic functions of the NFT trading platform will be completed in the first phase.

Currently, Chair has finished the construction of key modules. Chair’s global communities consist of over 80,000 members distributed over 10 countries, holding around 31,000 wallet addresses. After receiving the official grant of Polygon and its ecosystem support early in July, Chair has launched an initiative to invite over 100 high quality projects on Polygon to carry out joint marketing campaigns and Rights & Benefits NFT auctions. Within only 1 month, dozens of projects have joined Chair auctions, such as Polygon, Pacific, LeekDAO, ONTO Wallet, GameDAO, Apron Network, MyTrade, StarryNift, Standard, Uptick, ZGoat, Daffy Panda, and Uniarts Network.

BYP (Build Your Planet) Program will be online in the 2nd phase of Chair.

The auctioning of stellar systems, planet building, and interstellar energy mining will be implemented at this stage to lay a solid base for the construction of an entrance to the Metaverse. With the improvement of cross-chain technology, Chair will start the construction of an entrance to the Metaverse in the 3rd phase. Users can get access to all other DeFi Dapps through the Chair Dapp instead of visiting different Dapps from different interfaces.

Questions 3:

I have noticed that Chair auctions are very popular now, could you introduce to our community how the auctions work on Chair? 🤔

Mr. Adriel’s answer:

I believe most of you have participated in or witnessed an auction. Traditionally, the winning bidder can get the auction item while other bidders get nothing. Actually, all bidders contribute to the internet traffic and value of an auction item when it’s listed on an auction platform, so it’s not fair that the other bidders cannot get anything while only the winning bidder can get the auction item. What makes the auctions on Chair so popular now is that it’s different from the tradition auctions where bidders who fail in an action get nothing in the end. All bidders, whether winner or not, can earn double rewards by participating in ny action on Chair. All users who place a bid for an auction can get mining rewards and users who dont’ win can obtain auction dividends.

Each NFT listed on Chairwill come with a dividend ratio, which means that a certain percentage oft he hgihest bid will be distributed to users who have not won the auction. For example, if an NFT is listed wit a dividend ratio of 20% and the highest bid is 1000 USDT, 200 USDT will be sharde by all bidders except the winner. In addition, users will receive mining rewards based on the bidding time and bidding price. After the auction, each bid amount that is initially held as deposit is refunded to the respective wallets of those who don’t win the auction. All projects in partnership with Chair can issue NFTs on Chair for acution after being whitelisted, and Chair will provide tokens for the auctions as mining rewards. So far, more than 10 projects have collaborated with Chair to jointly issue special auction items with a high dividend ratio and a large amount of mining rewards which enable these NFTs to be auctioned off in a short time, promoting the projects efficiently. Chair NFT auctions are innovative and decentralized , can benefit all bidders and achieve a win-win situation for all parties involved.

With these rules, there will be a substantial amount of tokens locked. Often, this amount can reach several times or even dozens of times the hammer price. The mining and dividend opportunity will drive demand for the token and support its price. More importantly, regardless of whether you win the auction, as long as you participate, there will be mining rewards and dividends. The higher and earlier your bid, the more rewards will be distributed to you. As a result, all bidders can earn auction mining rewards, and except the winning bidder, can also generate auction dividends. I sincerely hope that all of you can enjoy yourselves by participating in the different auctions on Chair.

Questions 4:

I guess many members are quite interested in the Chair auction after your introduction! Is there any airdrop you prepare for the AMA audience? 😊

Mr. Darren Chu’s answer:

Yes, we have prepared some MATIC gas fees and 1000 XBNCH for anyone who joins the Chair Telegram group to try the auctions on Chair.

As long as you participate in the Chair auctions, XBNCH can become a “gold shovel”. There are auctions of popular coins on the platform almost every day. This is a good way for you to exchange XBNCH for these coins. Chair is collaborating with Polygon further through the organizing of airdrops by high quality projects in the Polygon ecosystem on Chair. As long as you participate in auctions, you can receive these airdrops. XBNCH can be converted to BNCH (Chair platform token) after its listing, which can then be used to trade, mine or buy NFTs on Chair. Join the Chair Group and contact the admin to claim the airdrops! Meanwhile, you can register for the “Squid Game” in the Chair group and it will start instantly when the number of registrants reaches 100. The winner of the game will be rewarded 100 USDT and 50,000 XBNCH.

Game Rules:

  1. Each participant must enter the Dapp of Chair with the address filled in the registration form. Click “Guess Final Price” and enter your price prediction for the NFT auction of a specified token ID within the given time, otherwise the participant gets disqualified from the game.
  2. There are 7 rounds of final price prediction for each game. 50% of the participants will be eliminated from the game after the 1st round, and the participant whose predicted price is the closest to the final price in the 2nd round can directly participate in the 4th round, skipping the 3rd round. The rule is applied in the 3rd and 4th rounds too.
  3. 500 XBNCH and 1 USDT will be added to the reward pool every time a participant is eliminated from the game. The final winner will be rewarded with 100 USDT and 50,000 XBNCH.

Elimination rule: 100 > 50 > 25 > 13 > 7 > 4 > 2 > 1

SEGMENT #2 | Twitter Questions

Question #1 comes from @JwNm8FWX9XF7RZB:

- What’s the token of your project? XBNCH or BNCH? Is it listed? Because I see that you often reward XBNCH in your group.

Mr. Darren Chu’s answer:

The platform token of Chair is BNCH, which we’re targeting to list Oct 20th. In order to provide community members with incentives, we released XBNCH on the MATIC chain as rewarding credits. 10,000 XBNCH = 1 BNCH. So far, there have been more than 31,000 addresses worldwide holding XBNCH.

Question #2 comes from @Brittany_hzzzz:

- Do you think that the NFTs provided by Chair will be able to compete and keep up with a market that is already in full development?

Mr. Adriel’s answer:

We’re focusing on facilitating the less explored possibilities of NFTs. The incorporation of a Metaverse in the future will open up numerous possibilities.

However, with the NFT market not yet particularly mature, its applications are still concentrated in art and games. As the world’s first decentralized trading platform for “Rights & Benefits NFTs”, Chair is the first to introduce this type of NFT.

Chair associates the value of rights and benefits with NFTs for the first time. To promote the sustainable prosperity of the ecosystem, Chair offers mining rewards and dividends within its auctions.

Chair aims to accelerate the arrival of the NFT 2.0 era represented by digital identities, digital assets, digital rights, etc, broadening the industry with more prospects.

Question #3 comes from @VB3Q5THLGf5Zrlx:

- How will the demand of your token increase in the future? or what steps would you take to increase the demand?

Mr. Darren Chu’s answer:

The demand for our token will keep increasing throughout the Chair development cycle. Besides a large amount of BNCH that will be locked up for auctions on Chair, we have designed multiple use cases for the platform token in our Build Your Planet program in Chair’s 3rd stage. In addition, less than 1.15% of the supply of BNCH will be released on BNCH’s initial listing day and the vesting period of the tokens allocated for early investors and the team will be well over a year.

Question #4 comes from @Nadia5401:

- Where can I buy BNCH tokens and what is the current price? What do you think, am I too late to buy? And can you share the details of Tokenomics & Utility tokens?

Mr. Adriel’s answer:

BNCH is estimated to be listed on Oct 20, and there will be IDO on BSC Launch soon! Here are the details of our tokenomics:

Total supply: 70,000,000 BNCH
1st round for institutional investors: 2%; vesting period is 8 quarters
2nd round for institutional investors: 3%; vesting period is 8 quarters
INO within community: 8%; vesting period is 5 quarters
Team: 10%; vesting period is 14 quarters
Mining: 50%
Ecosystem construction: 15%
Future development, risk reserves, and compliance costs: 12%

Question #5 comes from @FelipeA72667284:

- Nobody can guarantee the security of Smart contract. But Audit plays an important role to find out the known bugs of smart contract. Can you tell us describe how strong is your security ? Have you done an audit by any third party?

Mr. Adriel’s answer:

We have passed the audit of Certik. I’m happy to provide a link to the audit report on the Certik website later for anyone interested.

since I have it handy, here’s the link to Certik https://www.certik.org/projects/chair

SEGMENT 3 | Free-asking from the community

Question from @hanghangzizi:

Only the final winner of the Squid Game can get rewards?

Mr. Darren Chu’s answer:

Only the final winner after the seven rounds will be rewarded 100 USDT and 50,000 XBNCH. However, the participant who gives the closest prediction of the final price for each round will get the reward equivalent to 5% of the final price.

Question from @halaQ8:

Do all auction participants can get auction dividends and mining rewards?

Mr. Adriel’s answer:

Good one. There is a slight difference here. All bidders can receive mining rewards while bidders, other than the winning bidder, can get auction dividends and gets

Question from @ABCD720:

Do you have a buyback and burning features to increase attraction for investors and any incentivization reward for long term holders?

Mr. Darren Chu’s answer:

we don’t intend on burning the BNCH tokens, but will incentivize large #s of people to come onto the Chair platform, where those looking to issue/mint NFTs will have to first buy some BNCH in order to get the auction process going, while their fans who they bring onto Chair to buy their NFTs will also have to purchase BNCH in order to serve as a deposit while bidding within each auction.

Question from @jackupton:

Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?

Mr. Adriel’s answer:

We agree! Hence we have taken much effort to form many partnerships in this ecosystem. Some of the projects we partner with include Uptick, Standard, MyTrade and more. Follow us on Twitter for the full list and updates on new partnerships!

https://twitter.com/chair_finance?lang=en

Question from @Dillon_Trimble:

What’s your main focus right now, are you focused on the community or market/Exchange or the products?

Mr. Darren Chu’s answer:

as our auction functionality is live now on the Polygon network, we are just gearing up for our upcoming IDOs followed by our initial DEX listing which will be on the Polygon DEX as well as on PancakeSwap. We are will later look to build compatibility with the BSC network, as well as launch our Build Your Planet gamefied environment, where users will be incentivized further to accumulate BNCH, where BYP will eventually provide an entry into a wider Metaverse that we’re also planning.

                            AMA EVENT END

AMA WINNER LIST

Thank you to all of our beloved members who attended the AMA today. Congratulations to the members named below for their special interest in BSClaunch and Pet TapMe. You are the lucky ones to share our $700 BUSD prize pool, for those who have won, please send a private message to @Chris_BSClaunch (Telegram username) on telegram to claim your prize.

  • Please note:
    - To avoid the use of fake nicks, the winning members are requested to contact us within 24 hours to receive their rewards.
    - 10 winners will share a pool of $700 BUSD, each will receive $70 BUSD

Top 5 best question on Free-asking round

@ABCD720

@jackupton

@Dillon_Trimble

@hanghangzizi

@halaQ8

Top 5 best question on Twitter Questions round

@JwNm8FWX9XF7RZB

@Brittany_hzzzz

@VB3Q5THLGf5Zrlx

@Nadia5401

@FelipeA72667284

About Chair Finance / Chair Finance Socials

CHAIR is the world’s first decentralized NFT trading platform for rights and benefits. On the CHAIR platform, users could tokenize any right or benefits in to NFT assets and sell or auction the NFT tokens on the CHAIR public marketplace. At present, the NFT asset category is highly homogeneous with nearly 99% of them represented by artworks.

Website | Twitter | Telegram Chat | Medium | Youtube | Github | Instagram

About BSClaunch / BSClaunch Socials

BSClaunch is a new and promising Binance Smart Chain-based investment platform, which will enable the most innovative projects to raise start-up capital. The platform will give projects a strong foundation to develop and prosper in a decentralized environment, while also giving investors access to exclusive early-stage projects. We empower our community to invest with safety, freedom, and equal opportunity. To learn more about BSClaunch, refer to our documentation portal.

Website | Twitter | Telegram Channel | Telegram Chat | Documentation

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Next generation DEFI platform with an Ecosystem launcher.