Hello and welcome to The Ether. Today is Monday, January 3rd 2022. This episode of The Ether is brought to you by Orbital Command, a community validator on Terra dedicated to educating, expanding, and promoting the LUNAtic community. Follow Orbital Command on Twitter using the link in the show notes below to receive regular threads on Terra protocols and yield strategies, news, resources, and Twitter Space discussions. You can also support their community efforts by considering them next time you’re delegating or re-delegating your LUNA. This space is hosted by StarTerra. And it’s a chat they had with Luart, little AMA action. Let’s take a listen.
All right. And as the clock turns 7pm UTC, we are getting the show on the road. My name is David, I am the CMO of StarTerra. With me today is Szymon, the CEO of Luart, along with his trusted confidant, Aston, who will be joining me in this conversation where we’re going to be discussing Luart, their IDO, a little bit of the roadmap, taking a few questions as well as giving away a few prizes here. Szymon, welcome to the StarTerra Twitter Spaces, and Aston, you will now have a speaker license, I guess you can call it that. You have the ability to speak whenever you wish, but yeah. Tell us a little bit of Luart, the first NFT… The first gamified NFT marketplace.
Yeah, gamified. Because there’s other marketplaces, but we are the first gamified under Terra so, yeah. I think it’s a funny story, because as you are the first IDO platform that Terra ecosystem is gamified because we didn’t have the gamified platform, any on other chains, right? You’re the first IDO platform. So we are in same scenario as you are, I think.
Yeah, and the marketing is doing pretty well as well on that end, too. So hats off to you guys.
Understood, yeah. He’s making good job with you guys. So yeah, so I will make to the point, and the thing is, what we are building as whole perspective of Luart is building the gamified platform. And the whole point of gamification is like, okay, maybe we’ll deliver something like gamified platform and being something another platform, another marketplaces are like, for example Talis or RandomEarth, they’re usually marketplaces that only allow you to buy and sell. Our platform is like being something another layer to NFTs, and giving the utility to NFTs indeed. So what is my and our whole team perspective is, okay, we got usually NFTs that their main thing and they got lack of utility because they don’t have a roadmap. So we will give that additional value to them in the way of gamified that people will be able, for example, to earn points and some scoring system on our platform we call LUA Power, and basically with that you will be able to be in the leaderboard in the future that we didn’t present yet, because we today, as you know, we got an IDO on StarTerra and Thorstarter.
And after that the gamification is based on a scoring system we call LUA Power, right, and as I mentioned before, so if we get enough LUA Power, you will be able to be in the leaderboard and you will be able to compete with another people from our marketplace and the whole platform that we are building. It’s not only from marketplace connect, because it’s connected to our launchpad that we got, for example, previous mint with HellCats that sold out in 30 minutes, it was one of the best launches on Terra so far. I think Aston maybe can share you more details about the platform indeed. So Aston, let me speak with you and share with another your ideas, and how from consumer behavior we are better than, and what we are making better than others, right?
Yeah. And before Aston touches on that I just want to let people know that gamification, because there was a lot of confusion with StarTerra, this isn’t just some sort of game where you’re pressing buttons. This is using your mind using game theory to increase your chances of winning, whether it’s the loot boxes, which we’ll talk into, or increasing your LUA Power, right?
First of all, it’s not like LUA Power, loot boxes indeed. We got the scoring system, but you are able to be in the leaderboard and you’ll get airdropped, weekly via tokens. So buying tokens and being active on our platform is giving you more money. So yeah, so it’s simple way.
Aston. Are you there?
Yeah. Can you guys hear me?
I think it’s middle of night over here. So yeah, he can sleep.
Yeah, it’s 3am where I am, but yeah. Like Simon says, we want to build something more here at Luart compared to other current platforms, just not Terra, but in every other ecosystem. So yes, gamification is one aspect. But the main idea around it is that layer of instant utility, as he’s mentions. A lot of projects, they have really good art, or really strong roadmaps. But a lot of what they want to develop takes time, it takes weeks or months after the mint to actually materialize, right? So with the LUA Power, in a sense, what users get is an instant layer of utility for their NFT project, and it’s an instant guarantee. So the community itself benefits from the get go, from day one, which is what we really want to provide. Of course, aside from that, we also have a really strong focus on building relationships with NFT projects. We don’t want to just launch their product and leave them on their own. We want to assist them from day one leading up to the lunch and after lunch as well, because we know that if an NFT project is successful, that’s the most important thing for us. The most successful projects we bring onto our platform, the more people are going to use our platform. So our number one priority is to ensure the community and the projects are in the best possible place possible when using the Luart platform.
And you know, that just brings more similarities, just as we are a launchpad for projects launching on Terra as your project, Luart, is planning to be a launchpad for NFTs. Can you touch a little bit more on on how…
We will plan, we are just… We are a launchpad right now because we got first mint already so. Yeah, we first… First thing is like funny thing is, most of the product raising funds through IDO and public sale or private, they are not giving us it in the long term vision of product, because they’re delivering, okay, I’m raising money, we are not delivering anything, and only promises it’s based on. What we wanted to deliver is, we first deliver the MVP product. So what the thing is like, we started with launchpad and, v.0 version of marketplace. And I think it was a very convenient way because if we fuck up something in the future way and it won’t work perfectly in the future, our raising funds will be in that point level, in that scale, right. So launch, what we have the previous mint and everything like that was okay. We launched the first like, HellCats was our first launch and it was, I think George was like, we can see HellCats got a floor price I think like 2.7 LUNA right now. And maybe Aston will present you whole their analytics thing from their perspective like customer behavior, right?
Yeah, I mean, regarding Hellcat, it’s the prime example of what we want to do when it comes to building relationships with projects, right. When HellCats first came about, they had a very high mint supply high and a high price, which then we did our best to provide analysis to them to give recommendations based on their roadmap. We don’t want projects to rush into a mint or rush into a launch without analyzing, of course, their community, the current market sentiment, and how things are looking likely to behave. And what we do at Luart, essentially, is understand what every project wants to do, what their roadmap is, what their long term or short term goals are, to match it. And in HellCats’ case, we spoke to them and explained to them that having a lower mint supply and guaranteeing a sold out mint will provide a much better, much stronger leverage to develop their roadmap in the future, because what they’ve essentially done is shown that they have a high demand because if let’s say you sell out a mint at 2500 versus selling 5000 mints, but only 50% of a 10,000 supply, a sold out mint would impact so much more psychologically to the community. And this is one key area that we’ll bring in at Luart as well. We want to bring in this benefit of having this cognitive or consumer behavior analysis that we provide for projects to help them understand the best way for them to become successful with having their own roadmap in mind. So we want to so called, assist them in reaching the right direction to contribute to their overall long term and short term goals.
Well, that’s great and the analytical tools, which actually brings me to a question we have, a giveaway here 50 UST to five questions asked. And the first question, which I think fits perfectly into the current conversation, is from Aloha, if I pronounced that incorrectly, apologies. But what he or she asked, is I’m missing a Recently Sold function or a Floor Analytics tool from current marketplaces. Is this coming to Luart, and maybe can you tell us about other planned features, such as the analytic tools?
Short answer, yes.
Yeah. The thing is, we got in the version right now is v.0. So the thing is, our roadmap is long term. And right now what we wanted to deliver is like basic product that it will work perfectly from the basic function like buying, selling, and whole UI and UX will be on that good level, that we can prevent some glitches in the future. So another things like analytics tool like floor price, so chart things like you can follow your price discovery of some NFT that have been sold before and something like that, it’s already developed from the UI and UX perspective, and it’s already done on the front end side. But the thing is, what we wanted to deliver is MVP v.0. so, another things we want to deliver is second will be the bidding system, tools like, as you mentioned before, the price history, the floor price, we will see. As every option is open, for example, from our competitor on Ethereum, like OpenSea on Ether right. And another will be the, in Q2 will be the… Or Q1, something like that, yeah Q1 I think, it will be the loot boxes that we will implement and our avatars collection like we call NFT collection, our own NFT collection that we called avatars. And through avatars, you will be able to have, for example, your own avatar that, it will be 100 pieces of them and you will be able to put on your profile, and do everything from presenting way, right. So maybe Aston got something to add to my little speech?
No, I think Simon covered most things. I mean, one additional function you probably didn’t mention that we’re looking to build into as well, is the opportunity for users to also make offers on NFTs that are not listed for sale. And we know this could be a big thing for all users, especially those that have a lot of NFTs in their wallets. Because quite often some people might have 50, 60 or more NFTs and they might not remember every NFT they have. So the idea of being able to receive an offer for an NFT without realizing like… Or without remembering they have it is beneficial to them. Because even if let’s say you hold a Galactic Punk that you really, really like, right. You don’t want to sell it, but someone says, “I’ll give you 400 LUNA for it,” or something like that. You kind of list it, you sell it, you’re happy, the guy that buys it is happy. We just basically want to provide all these extra details to the platform that improves the user experience overall. And that’s really our biggest focus here.
Yeah, I mean, personally, I know people that have spent over 2,000 ETH on NFTs over the last year, and they probably have no idea what their collection consists of. So having this type of feature where someone can place a bid on an NFT that you may own, I think that’s that’s a great competitive advantage that you guys can have. You guys mentioned a little bit about your Luart boxes, right? So I know that’s a little bit later in your roadmap. But question comes from Andreos81, what kind of NFTs buyers can expect from Luart boxes?
So the Luart boxed, what they’re gonna be used are going to be tiered boxes. So an example would be, there’s for example five tiers, with each tier ranging from maybe 0.1-1 LUNA, 0.5-2 LUNA, 2-10 LUNA, etcetera, ranges like this, where users essentially… There’s two ways you can get it. You can, one, use LUA Power, or two, use UST to purchase and NFT… Or purchase box. Now with LUA Power, you can do this one tier per month, so up to five boxes you can open each month. And UST, you can open additional if you want to, if you want to purchase the boxes. Now within the boxes itself, every NFT within it is completely random. We are self purchasing these NFTs from the marketplace. So you could open anything from, example, a LunaBull, next to a Crunk and extra Solhunter, next to a GP depending on the tier of box you open. And we believe this is like a fun way, in the sense of, basically randomly generating an NFT for them. It’s going to be a transparent box. You can see what’s in every list so you know what you can get and what you can’t get. And the most important thing, the secondary benefit of it is, it acts as a marketing tool for NFT as well, because you may receive an NFT that you’re not familiar with, but you might really like the art. And that in itself may make you run down your own rabbit hole, right. And that is not only beneficial to you, but benefits that project that we’ve put into the box. So it’s a double bonus at the same time.
Yeah, of course, with having the transparent lists, of course, it makes it easier for people to want to buy into it, because as you said, first and foremost, you have the marketing aspect, which is great for the NFTs that are launching through your marketplace. But secondly, let’s just say 80% of these Luart boxes have been sold, and you still see that there’s a Palactic Punk in there, in one of these, I think that raises the hype level for the boxes themselves in a way that, obviously, just having no lists, or just telling people, “Hey, this is what this is what you can get, but potentially, we don’t really… We’re only giving you a little bit of what’s available,” wouldn’t be able to do. So that’s pretty amazing. So in terms of having these these projects, are there going to be any… And this question actually comes from J9wj9w, which is does Luart have any plans to support individuals, artists, who are planning to release one-on-one collections, like something very unique?
I think we want to support each one, each project should be supported from the same level of emotionally involved from our side, and we want to support each one. So, basically, yeah, but the thing is, we refuse a lot of project that they came into us, and they wanted to be listed on the launchpad, because the thing is like, NFTs and whole perspective of NFT is like, what is the community behind it right? So for example, as we and you know, that the community behind the project is the something primary and the thing is like, without community projects cannot be successful, for example, HellCats did, or another Galactic Punks, right. So, I think, yes, we want to support and be open to every artists, music producer in the future, everyone, painter, whatever you are making some NFT, and it will be… If you are thinking that it will be worth and you got community behind it that can support you, we are happy to list you and help you with whole building given the community, and helping with marketing things, giving their knowhow to build great NFT collection with from perspective like business behavior and consumer behavior, right. So we want to support everyone and being… That’s in our roadmap that we want to be able to, for example, open for the cross-chain and capabilities from another chains. That’s why we want to bring for example, artists from Solana and Ethereum too so, yeah. The answer is yes.
Okay. Yeah, I mean, I think a lot of people, where they fail is not understanding the community aspect, whether it’s projects, NFTs, or protocols, whether, coming to StarTerra or Luart, there has to be community support, it has to be some substance because if they can’t build a community, well then the growth for the project, the creating of end users, or in this terms collectors, isn’t going to be there. And this actually leads us to another great question by Sunsun77 which is did you consider community feedback requests during the creation of your product in order to expand on fresh ideas?
Yeah, it was our baseline that we are started with making research with user from the Twitter Space, from the Discord, from Telegram and we wanted… For example, we launched their launchpad and marketplace, and our fixes are based on the community engagement, for example, community say, “Okay, something is not cool.” So, we are fixing in few hours from the giving the feedback or something like that, or basically our point and whole perspective of building product is building product for community indeed because community is behind product as I said before, right. Our major goal and major point was, okay, we are looking for you and your feedback and we are implementing in our launchpad marketplace. So maybe Aston gets… Because he’s from consumer behavior, Aston was the background, it was his nine to five job that he was working with businesses and analytics perspective, and I think he’s very good at it, like scaling and looking into the product life. Maybe Aston do you have something to share with or maybe knowledge and something that the community can…
Yeah, for sure. I mean, the way we set up the product is, as I said, super heavy on consumer focus. We’ve taken…. Of course, we’ve taken ideas from RandomEarth, Knowhere, Talis, and every other platform outside of Terra. But what we’ve really focused upon is understanding what they didn’t do. What do people want and what they didn’t… What they’ve done, what people want from them to do, and what people don’t want from them, and try and factor that to build what Luart really is. What the key aspect of those situation is, what will make a consumer happy when they’re using our platform. And that’s what we try to focus on. And first impressions are everything. This is why throughout this version zero that we’ve launched, any bit of feedback we get, we immediately take it on board, and we see what we can do to assist in developing it and to see what you want. Of course, a lot of things that people are requesting for doing the current version zero, are already in the roadmap, which is great, because at the same time, we’re getting feedback from this, knowing that what we want to put out is something that we already have on the roadmap. So we’re going in the right direction. And the idea behind the consumer insight, consumer response is so that end of the day, without a happy consumer base, without a good platform to utilize, no one wants to be on it. And this is a massive thing, it’s kind of like comparing RandomEarth to Knowhere. Kowhere might have been the first platform to come up, but RandomEarth had a better UI, and therefore they out did Knowhere very quickly. And this is something we’re also focusing upon, everything we build on the platform, we want to sit down and build it from the perspective of what a consumer really wants, and not what a platform wants to do. Never from a revenue perspective, but always from how a user would sit there and actually use each step, step by step from one all the way to purchase, or all the way to sell, right. We want to make every bit of it as streamlined and user friendly as possible, whilst providing a very friendly experience and very nice to look at UX, basically.
And that’s a great perspective to look at it from, what are we going to do to attract users versus what is going to attract revenue. And I think most projects where they fail right now is trying to attract revenue, versus getting that user base that will stick through them, whatever situations come up, whether it’s good or bad, you have to have the users that want to partake in your projects. Which kind of leads me to a question coming from myself, which is, aside from being able to generate yields and LUA Power and things of… Collecting the staking, what other functions, what utilities, does your token have? How will it be used within your platform?
Well, firstly, if we look at the long term goals, we are also building a DAO within Luart itself. And this is where we want a lot of users to… This is where we’re going to really build out towards the users and really see what do they really want from an NFT platform. It’s great for us to build based on our own insights and understanding and what we gather, but we really want the users to then really come and contribute to our groups directly. Because end of the day, us as a platform, we’re nothing without the continued community, we’re nothing without these projects. We want to know what each and every one of you really want from us, so that we can provide the best platform, best experience, and make you happy where you are. And this is the main focus, we want users to interact with us to hold these tokens, right, because then we know that you are directly… Have an immediate connection to us as a platform in order to help us build for the future in terms of, it could be anything, for example, you say the fees are too high, fees are too low, you want to see a specific kind of project on the platform. For example, we recently just done an internal study, just just a poll within our Discord. And we had about 400-500 response on it to see what kind of NFTs the committee really wants. And right now, yes, we’re doing it via the Discord, but eventually, when the DAO does get created, this will be done through that. And it makes it a much easier way for us to understand from a personal level, a one to one level, what you really want as a community. And this, we believe that’s the best way because users that hold the tokens have a direct relationship to the platform, because they know that if we do well, they benefit by the token’s value increasing. So that’s kind of why we want to do that in that sense, as well.
Yeah. And I think that brings us back to the the projects, the NFT projects that you’re helping launch on your platform, what level of incubation, what participation, how much do you have to say within these projects? Does it vary? Or is it kind of where you have certain projects that, you have to have… Meet these guidelines in order to even qualify first, and then going on from there there’s different things that you look at?
So within the projects that come on board, there is a huge… It’s a very extended KYC system that Simon and marketing team does…
Aston is taking charge of the talk because just like to speak with customer behavior, and he could speak all the time about it, you know?
That’s good. That’s good.
Yeah, he is… I’m sorry for breaking the script of this, because yesterday, we got AMA with someone and the question was from customer behavior, he could talk about one hour and about one thing. [chuckle]
Well, it’s shows the passion. So we’re deeply appreciated.
I know, with him, like the team is so passionate, how the team is so passionate, I needed to disturb it, sorry, because it was so funny. So, okay, maybe I will let you, Aston, talk about this, or I will speak with firstly. So the first thing’s like, as I mentioned before, community behind it, and our product that we are looking at is we’re making deep review of whole perspective of the project that they can be listed on our platform and what’s the support. For example, if you want to have great product from NFTs point of view, and you can be listed on our platform, but the thing is, you need community behind because someone needs to buy it, right. Because as I mentioned before, each product needs a community behind it. So the thing is, you can have great NFT collection, 10,000 mints, but if you only have, for example, 10 followers on your Twitter, nobody will sell it, nobody will notice your product that it will be good. I think the community needs to believe that, okay, this NFT is something rare, I can buy it, I can hold it, I can use it in the future on my pfp or something in the metaverse game. And I think Aston did a great job with researching and helping each product that they’re building on our… They want to be launched on our platform, because each product got end to end support from us, from the marketing point of view, from even the analytics of how many mints or what’s the price that we can bring it to. So I think we want to give a chance to everybody that they deliver good NFTs, good products, right? But as you for example, as IDO platform, you are not taking someone who, okay, I will give you our roadmap, but you know, they got one that, for example, they bought and, okay, that’s all you know. But you are making some reach of the product, you want to be glad, community will be glad that they will invest in some kind of product, right? So now you can Aston proceed with your speechless talk.
No, I mean, as Simon says, and we are very much happy to bring any projects on board, we do quite a long KYC process where we really want to get to know every project one to one. We sit down with the team have a half an hour to one hour call to understand what their goals are, what their roadmaps are. And we never… One thing we don’t do is we don’t give any projected confirmation date of their launch. The reason for this is firstly, we want to see the project develop their community first on that… We don’t want to launch a project where they might have really insane art, really insane roadmaps, but they didn’t put any effort into the community development, and there’s no community behind the project. Because then no matter what your mint is, your project is going to fail because no one’s gonna mint it. The key driver behind HellCats’ success was the amount of effort they put into their community development, understanding what the committee was after what they really wanted, and build it in that direction. And this is what we really want to do at Luart. We want to bring projects that we know have put effort in, develop the right ecosystem and the right community to have a successful launch. Because end of the day, if we launch a project, and it does really crap, right, it’s not just the project that suffers, it’s not just the platform that suffers, or the community suffers. Every NFT within Terra will suffer with each failing project. And it’s something that we’re really against when we saw some platforms launching projects and watching them fail with 10% or 20% mint supplies.
Because end of the day, the more projects that screw up or fail or mess up, the bigger the fear the sentiment is within the Terra NFT space. And people are just eventually going to go and move to Solana and Ethereum. And we don’t want that we want to bring more projects in more people to come into Terra and want to purchase NFTs from us, from the Terra ecosystem. So the best way to do so is to help these projects be as successful as they possibly can. And in a sense, protect them from themselves, protect them from minting too early, from launching too early before they’re even ready. And that’s one thing we want to do. We’re not here to just take your money and walk away. We want to ensure you have the most successful launch possible because it benefits you, your community, and us not just in the short term, but the long term as well. It’s always about the bigger picture. It’s never just about how much money I can take from you today and walk away. We want way more than that. We want to provide a road where everyone can move from step one to the end together and grow the overall Terra ecosystem, particularly in our case, when it comes to NFTs.
I think it’s a beautiful, beautiful approach to it. Not launching when a project feels that they’re ready. But when you guys have determined that the analytics are there, the community engagement has been lively, then the projects are like, “Okay, here’s the date, here’s where we want to fit you in.” Because what that essentially does is that puts the power in the community’s hands, right? Because as you said, if a project fails on NFTs, well that itself is a bad look on the whole. And the more successful the projects that we have on the Terra ecosystem, whether it’s NFTs, or even for us StarTerra, the better the ecosystem grows. So I definitely… I love that approach that you guys have to that. But when we’re talking about cross chain here, how do you guys plan to integrate projects from other chains onto your platform?
Basically, it’s the technical question that it’s tough to… Because no one did the direct swap, for example, of any assets, right? So our main vision is like discover how we can do it in proper way. And how we can bring NFTs from another chain. We wanted to think something like synthetic assets that we can bring on Terra and make something like Mirror version of NFTs. It was our first idea how we can bring them into our platform. And for example, you can have CryptoPunk from Ethereum directly on the Terra ecosystem, and you will be able to buy it or sell. And if you want to make, for example, CryptoPunk or something that… Or another NFT from Ethereum or Salana, whatever, you will be directly burn the NFTs on Terra and redeem it from Ethereum. But it was only like… Our developers and the whole development team looking for great solution from a user experience point of view. Because we are thinking like user experience should be on the first priority to each platform. Because end of the day user are not something like, okay, we’ll give you the super advanced technology that you can use, but if you want to make the trade, you need to use the CMD terminal or something like that, right. So the thing is like, the product should be easily comprehended for user experience side. Maybe Aston from… Because he is coding in CSS. So maybe you have more additional questions to it.
So please don’t ask me on this.
Yeah, exactly. We were today on the talking and he said that he is developer of CSS and everyone was… Aston, maybe you will share with something with your experience on development.
No, thanks, I do not do any programming or development when it comes to crypto space, and my knowledge within that is very limited. So I’ll stick to very much consumer research and its insights. Thanks.
An honest answer. I love it. Love it. So let’s talk a little bit about your roadmap, the third phase specifically. We did touch on the DAO platform, the marketplace, the launch pad. What about the auctions? How do you guys envision those working?
It will be simply like bidding and everything like that. First of all, our first major product is we want to deliver working good, like on the top security level from each side, that user will be very fascinating about using our marketplace and launchpad first of all. Second will be the advance systems like filtering and making more features from the perspective like people will be… The analytics tool that you mentioned before. And third part will be the delivering the boxes, our NFT collection, integrating with Metaverse that we want to bring in the next… End of this year, we want to bring the gaming directly on Terra and… Our vision is long term. My vision and whole team is it’s not focusing only on pfp model of NFTs, we want to bring Metaverse and gaming like normal thing. And we want to explore gaming studios with, for example, Vietnam, with Ukraine that they will be able to build the games with us and you will be able to trade items of the games in our platform. So maybe Aston got something more to share with because I’m starting talking and Aston maybe you filling my app with some new ideas. I really appreciate his additional work that he’s doing because most of the calls that we got and everything like he’s pointing my point of view and I really like it.
No, I mean, as Simon says, we have a quite a long term roadmap when it comes to this type of gamification, of Metaverse side and everything. However, if your question is regarding more the immediate impact of what features are going to come to the platform in that roadmap sense, when it comes to auctions, we do. We are planning to bring an auction as well as Dutch auctions. But this is very much in version two of the platform. So what you’ll get in version one is everything you think you’re missing will be done in version one. And everything that is additional feature of our platform will be arriving in version two. Just to calm everyone’s confusion, LUA Power is already implemented, so when you come on, you’re already getting it. You probably can’t see it now because of version zero. But everything you’re doing, you’re actually accumulating LUA Power when you engage with the HellCats at the moment. When v.1 comes, that’s when you probably have all the other features that you’re missing at the moment, for example, your profile interface, your bookmark function, the bidding functions, and make offer functions. All of these will be there eventually. It’s just, of course, I guess what we can say is our dev has taken a very nice holiday after his two or three months working non stop. So he’s taking this week off, where he’s having his rest, and then once we’re back, we expect the official marketplace launch to be this middle of January.
Middle of January, you guys heard it here first. You know, I’ve noticed that there is quite a synergy amongst you Szymon, Simon, and Aston… Aston, I’m sorry. This next question comes from Pontas, because I mean, noticing this chemistry, this synergy. Can you tell us about your team members? What brought you guys together? A little bit about how you guys developed your structure? Because I mean, I personally have been dealing with your team and I know you guys are demanding in a good way that these are… This is a project that has demanded more from StarTerra than any other project in terms of accountability, in terms of roadmap and everything. So can you guys touch upon your team and what brought you guys together?
Maybe I’ll start because I’m from the scratch and I started building with four people. First day of building Luart and everything like that was four people. It was Barry from UI/UX, it was two developers, and one marketing. So it was five people right, so with me is five people. And we started the thing like I met Barry on… It was funny thing because I met from Facebook, he was a very good profile picture and I see okay, he will be a great UI/UX designer. And the thing is like, he actually is because he was working with biggest company in Poland. And he started building the whole platform from… First of all, he started building the landing page and giving you a whole brief introduction what we will be building, so everything that you are seeing is approved by Barry. Another thing like I met Dawid and Dawid is our marketing strategist. He’s from performance and whole how to embrace our… Talk to you from directly like how we are talking… For example, his invitation is hashtag #PutYourHelmetOn on all introduction, on emails, newsletter he is writing it with Jordan.
Jordan is met from Twitter directly. He was working on Terra and he’s I think in long term, like one year right now in Terra ecosystem. He was very… He’s native English. So he’s helping with whole content writing and whole content managing. Kasha, I brought her I think like two months ago to our product to building the whole marketing strategy and heading the whole marketing team. Because it was lack of organizing things so she came into and she organized whole processes and right now it’s working very well. She was used to work in companies like Revolut or another one. So it’s someone with great experience with good backgrounds, so we look on stuff like that. Aston was the person that are we, and I think Barry, he brought him from the Twitter, asked him like her point of view that what we can bring on our platform that they… Another platform didn’t want to talk with him, so he was in a very sad about it that another product that and projects from space that they wanted to talk with him. And he came to us and he joined and he first of all give whole brief introduction about him. He made some 100 words article how we should do it because he’s writing a lot, if you are collaborating with him, he is making speechless talk. He’s very passionate about the NFT space. And he joined it. And right now he’s leading whole partnership and project relations on our team.
And developers are, I think it’s not introduction. Alex is from RedStone Finance, and he’s very experienced in blockchain development. Mainly his vision is like making blockchain decentralized as possible as we can, for example, with our back end and stuff like that. So his vision is to deliver great things. So he delivered our whole platform with our front end developer, Full Stack developers in I think, 10 weeks, so you can see how fast and how we can build things and what we have delivered in that time. I think it was the brief introduction, what each our member, who are we, and what is our background. And me as a CEO, I was building companies before, for example, SAS company, software as a service from e-commerce. I did some software houses and e-commerce platforms that I was selling something. So basically, I got background with development. My experiences line was I was developer for four years from Full Stack development… And after that, I started building businesses indeed, and right now, I’m investing from 2017 in crypto space. And right now I’m building product on Luna.
I think it’s our cut, our… Aston, maybe something about you?
No, I think Simon covered the basics about me. I think my background is just in consumer research, as I said, so in consumer insight and cognitive behavior. But I think I won’t need to tell my full story here. Simon’s covered most of the team very well. And yeah, I think we have what, something like 17 people on the team now, something like that? So probably one of the biggest on Terra working with us in total.
That’s amazing. Yeah. I mean, as you guys hear, Aston is so concentrated and so passionate about the NFTs and the consumer analytics that we’re not going to talk about… He’s not going to brag about himself here. We let Szymon here give a synopsis of the team, which I think was great. And I think the key, here, aspect of it is that most of your team has already been focused on the decentralized space, meaning Luna, the Terra ecosystem, and that you have experience in these spaces. And what it takes to not only be a successful project from a business standpoint, but from also the investor side of understanding where there are lax, where there are holes in projects, and then filling that in a way that is bringing something new and unique into the Terra ecosystem, just like at StarTerra, we wanted to be the first gamified launchpad, you guys are taking the gamification and then taking that beyond with with what it sounds like you’ve already brought to the table and what you’re planning to bring to the table. So I’m super excited about what’s going on. So if you guys can maybe talk a little bit about the long term vision beyond the current roadmap where you maybe see yourself three years from now, four years from now, five years from now. Do you want to take over the NFT planet, or proverbial NFT planet? What is your guys’s long term vision?
We will be the best platform NFT, so it’s shortcut what we want to do.
Shortcut, that’s it, plain and simple.
I’m just kidding, but we want… Of course, we want to compete with the big guys but the thing is like our main vision is to deliver great product right now. And it’s looking, okay, we are delivering in right now. And first of all, we want to be community will be happy that what we are delivering they will be proud of that they can use our platform. I’m very excited, for example, of our idea of our launchpad, of everything. So the thing is right now I’m focused on what we are delivering our next steps and their roadmap and what we will be in the five years, we want to keep compete with the big guys, we want be compete with biggest NFT marketplaces platforms not only on Terra ecosystem, but only on Ethereum on Solana. So yeah, maybe Aston something add because I’m speaking all the time right now, so maybe Aston will… Because he’s impatient, I think. Four AM and he wants to go.
No , I mean, as Simon said, we’re taking thing step by step at a time. Yes, we have bigger goals when it comes to of course competing with the likes of OpenSea. But it’s just that we’re keeping our feet grounded, we’re taking things step by step. We want to build with the community. We want to educate the community and expand what NFTs are towards the wider audience. I think it’s no stranger to say the NFT… Everyone knows crypto is a very small part of the world, right. And NFTs are even smaller part of crypto. So that just shows how much room there is to grow. And we’re very much focused on building our platform, educating and support NFTs. And eventually, of course, when we go cross-chain, slowly build out and hopefully fight OpenSea and provide a platform that can cover every ecosystem. But as you said, we’re going step by step, we’re ensuring that everything is functional, everything works as it is before we get ahead of ourselves.
Okay, okay, so let’s let’s go back to the first step, which is what attracted you guys to the Terra ecosystem in the first place?
Aston wanted to make a lot of money so he invest in LUNA in $30.
Why you gotta call me out for investing late? What the hell? [chuckle]
It’s still early, it’s still early by predictions.
Yeah. So the thing, why Terra ecosystem. I think, there’s no other chain that delivered that good things like Terra. There is like, great community behind it. There is decentralized stablecoin that you know the fees of sending to your wallet, you can use any token that you want to, for example, pay in LUNA, you can pay in LUNA, you can pay in Korean won, or UST directly. So I think my major points was that UST and decentralized stablecoin. There wasn’t a lot of protocols that they’ve been built on the Terra indeed. There wasn’t good and user experience friendly marketplace that we wanted to build them. And the third part is, I think, like, you know that Terra is growing so fast, and why, for example, StarTerra. StarTerra chose Terra. I think everybody knew that it will be one of the biggest chains on the whole ecosystem. We are after Ethereum right now, if we are calculating by TVL. So it was the answer is simple. If not Terra, I wouldn’t build the NFT marketplace, I think. And maybe Aston, why you come to the Terra?
Well, I mean, I came to Terra more to do with the UST function and how LUNA was pegged to it. But regarding if you’re asking about why we’re building an NFT platform on Terra, I think the answer is very obvious because the current marketplaces leave a big gap into what should be offered to projects and the community. And we feel that we must fill this gap. It’s a big issue missing out, projects are not getting the what they should be getting and the community isn’t really benefiting from it. So we want to come in and just take this and ensure that everybody can get what they deserve and grow the community based on that.
Okay, and is there anything that stands out about the Terra community itself that you see that kind of separates it from ETH, Solana, Matic, all the rest of the chains?
I think the key word is family, right? Everyone on Terra is like a family. Everyone wants to be together. Everyone’s always collaborating, working together, wanting to help each other improve and get better. It’s not like Ethereum where everyone’s gonna kill each other for money, rght? In Terra, no matter what you do, someone’s there to support you give you advice. If they don’t like what you do, they will tell you, they won’t just watch you fail. Everyone wants to grow the community ’cause it’s so small. It’s tiny. Compare it to the Solana, compare it to BSC, Ethereum. Our community is what, barely 20%, 30% of the overall volume. So that just shows how tight knit everybody is and how much room there is to grow.
Yeah, Austin wants to always kill me if I’m, you know, not paying at the time, so.
I mean, if you look at the Terra community, it’s almost… I don’t want to say this in a negative way, but cult-like where people are really following every project, they understand what’s going on. They understand the nuances. They either agree with you or they don’t agree with you. And they will, like you said, make it known to a point where you’re not just here to watch someone fail. They’re making sure that, hey, if they don’t like something, they’re going to tell you about it in the hopes that you’re going to make improvements to adjust and to help grow the ecosystem as a whole. So in the terms of what you guys have been talking about, the IDO that is going on currently with StarTerra of Luart, that has started earlier today and will be going through the January 8th, of course. We have already given the five questions that deserve 50 UST which we’ll be sending to the people who ask those questions, their Terra Wallets. Is there anything right now that you feel like you would want to talk about to the community that’s listening right there? Is there anything that we might not have touched on? Or any any kind of pieces of information, maybe some alpha that you’d like to reveal? If I… I don’t mean to put you on the spot for that.
I’m thinking… I think like you mentioned everything that we wanted to say because the talk with you was on great overall, great talk with people with open minded and talking with community. Maybe community wants to ask something? Maybe?
Yeah, if… We have about 10 minutes here left. And I still have a few exciting announcements that to add about the IDO itself. So if anyone wants to raise their hands, you get a shot at asking the Luart team a question. So if you’d like to raise your hand, go for it. If not, I will go on and move to what we have. Oh, here we go, we got one request. Fajar, I hope I said your name right. As you connect, the floor is yours.
fajar ferdiansyah 51:46
Migration is a win most of the NFT based project are out there with no real life use case or application just jpeg image traded and played with. Can you outside and better prove to us here and now that your project has a meaningful impact on user end gamers? Thank you.
Well, I mean, I can take this question. The real life use case use case of NFTs really revolve around the project team and what they want to build, right? I mean, there’s a lot of NFTs that have a goal of having a use case, for example, what they’re building towards games, building towards comics, they’re very much in their own spectrum of what they want to build towards. And remember, NFTs are very new, really only been what a year or so of where NFTs really started making waves. And if you want to ask on what Luart wants to bring to the table in terms of real use case, we are adding an immediate layer of utility to every NFT project through the LUA Power system. And the idea of being gamification to win cash prizes on the LUA Power leaderboard, or winning new NFT through the loot boxes, etcetera. That’s what we’re bringing in terms of immediate value in a real life use case. But in terms of if you’re saying NFT projects in general, I can’t really answer you that question because it’s really dependent on project specifics, what they really want to build. Every project is different, their roadmaps are different. There are ones for example, if you go to Ethereum, like Bored Apes, I mean, they’re doing live events and doing giveaways and all these things which are huge. You go to… In Terra, you go to HellCats they have weekly poker games where they’re giving away real prizes and everything as well. So what you define as real life use case can vary for user to user. Some people want physical gains, some people want monetary gains, etcetera, or even just fun things to do. It’s very subjective, and based on the project on what they want to build.
Yup, 100%. And I’ll add to that, that we don’t even know what kind of use cases there can be out there at the moment, right? All our StarTerra NFTs, they’re gonna have utility, we know what they are. But I’m sure there’s going to be projects that are going to come up with some sort of utility that it’s just going to blow people away. And it’s obvious for these projects that are releasing NFT that most need to be more than beautiful graphics, right? And most have some marketing post their mint that allows them to expand their reach and raise their floor price, but not all of them need to be, right. If some something is just so beautiful, it could stay that way. And if people want it then that’s its use case. It’s just there to express it’s beautiness or… It’s uh… I’m just making up words now. But yeah, that’s all I’ll add. I’ll add another speaker here before I start stumbling over my own words. Andrzej, the floor is yours. You’re just gonna have to unmute yourself. Andrzej, there you go.
Okay. So I have one questions by the way, thank you, because David you already picked one of my questions. So I will hit with a second one. So it doesn’t matter who’ll answer the question, of course. My question is, what guys are you going to do to minimize the selling pressure, especially starting from the third month, after the… During the vesting?
We won’t sell any tokens. That’s easy. [chuckle] No, the thing is like, the selling pressure will be always and we want to evaluate like choosing right partner from private side. And we want, as a team, be respectful for each member of community that they invest in into us. So our… We cannot prevent selling pressure, because it’s the thing like, it is normal for each token. It got inflation and we cannot do anything, but we can prevent the like, for example, making burning tokens or another things like, we can, for example, gratitude people that they will invest into us. And we want to be sure that token won’t drop and dump on the community because our major goal and major point is like, we want to have healthy tokenomics in long term vision. And we want to build product long term, not short term. So it’s… I think it’s like my response to it, because it’s like, you cannot do anything like, because people will always buy or sell and it was based on sentiment and everything like that. So it’s like maybe Aston got some answer for it.
You have to remember that the way a token price moves, at the start it’s always going to be volatile. If you’re a trader, you would already experience this where you can only apply technical analysis so much in the beginning until the tokenomics itself plateau to a certain certain degree. So all we can really do as a platform is build towards our actual goals. Build towards, for example, the utility of the token. Build towards the long term cross-chain that we want to focus upon and bring value to the platform, which is very much pegged to the token value at the same time. So it applies the same logic with NFTs you cannot… There’s no way you can force people to maintain a certain price point if they don’t want to, right. It’s up to the community to decide what they deem our product to be valuable as based on what we built. Likewise, technical analysis charting all of this, yes, they apply to people buying tokens. But that really comes in the long term when you’re looking at like one year, over a six month period of time where the chart actually makes sense. Like in today’s world, you can’t even go to Psi or Kujira, or any of these tokens and do a proper technical analysis to buy or sell on it. Everything is running on fundamentals, right. And also, you have to remember what the overall crypto sentiment is, if bitcoins going to go and do what bitcoin does, we are all going to have to follow what it does and suffer accordingly. There’s only so much a project can control the price point upon. So what can we do? We can just build and prove to you a product that we actually have. And hopefully the company takes that on board with the price point. We can’t control the tokens. Same as StarTerra, they can’t control when people buy or sell their tokens. They can only continue to prove to build a product, to make people want to buy the token.
And on top of that you have your DAO structure, which is going to allow the people who are holding the token to create and determine how the flow of, whether it’s the fees, the funds or even potentially burning of tokens down the line is going to affect the price of it. So I think the answer is here. Obviously, you cannot predict it. Their mission as the platform is to continuously deliver. And as they deliver as their roadmap becomes completed, adding on to that, updating to that through either the DAO or through inner workings of themselves. And I think that is really what’s going to determine the health of the token. Right, we got a couple more questions here opening up to Dylan. When you connect, just unmute yourself and the floor will be yours. Dylan, you gotta unmute yourself.
Yeah, sorry about that. I was just connecting. Hey, what’s going on guys, happy new years. I have a question for the team about onboarding new projects. And I’m totally new to the LUNA ecosystem. And my first mint was on Luart actually, with the HellCats. What made the first initial project so successful, you think, in your opinion, and why did you choose HellCats would be the first project to run on Luart? And what do you think from this project you learned, what worked and what didn’t work moving forward? That’s it.
Simon, you want me to take this one for the HellCats?
Yeah, you can take it. Thinking it’s one month we’ve been so it’s like, brother and sister there.
Yeah, I’ve been working quite closely with Taylor and Dimitri from HellCats. So the reason why we chose HellCats was the way in which their vision was and the way they were structured. We immediately understood from the get go that HellCats wasn’t just a one off mint end goal situation, they have an actual roadmap they want to follow through. And also they had proper community development, which we saw even before all the structural changes came in after they joined us, right. And the key for projects to be successful, NFT projects to be successful is to focus very much on community development. Because there’s only so much decent art is going to bring you in terms of to your NFT project. The days of just having good art sell out, especially on Terra, is long over. Projects need to develop their community, develop a roadmap, develop utility, to help them create success that people want to be part of. And the main thing is without the community, without developing the community, your projects gonna die, right. We’ve seen many projects on RandomEarth or Knowhere, they may have good art. But their mint comes up to 10% or 20%. And that’s really just because there wasn’t enough effort put into committee development or support given to the project.
When it comes to us selecting projects, or choosing projects, or approving them to launch with us, the same thing applies, we want to see these projects really put effort into what they want to do. Because we only want to launch projects that we know are there for the long term, not even long term. If they want to just be a collectible launch, and then that’s it, full stop, that’s fine. Communicate with us, let us know so we can help assist you in creating the best route for both marketing purposes, to help you reach your goals. And this is something that we do at Luart, we want to build this relationship to understand every project, what their roadmap is, what they want to do, to ensure the best possible success for them. We can’t guarantee every project’s success. That’s a given. Not every project is going to be like HellCats, not every project’s gonna be like Galactic Punks. It’s really up to the project team, there’s only so much that we can provide as a platform. And this is also why we have to turn down a lot of projects. We’ve turned down, I think, 15 over the last five days that have applied just because they’re telling us they want to mint in three weeks, and they have 5000 supply and 200 followers on Twitter and 100 people in their Discord. And we’re like, “Where the hell you’re going to pull the other 9500 mins from?
So I have a question on top of that question, if you don’t mind. So is there like an onboarding team separate from… You said you have about 17 people working on the Luart team. Is there like an onboarding team that goes through and sees what projects that you’re going to put through? Because I know you guys had an announcement in your Discord, saying that in January there’s going to be 10 new projects. So is there like a team that picks through these or how’s it normally work?
Yep. So on NFT partnership side, I’m leading the team with Taylor. So Taylor from HellCats, has now joined us. So previously, it was me that essentially trying to handle the 50 odd projects that are coming to Luart. But now Taylor has also come on board. So there’s two of us that is really working together with every project to help both on the insights, as well as onboarding them to what Luart is, and what we want to do. And establishing whether the project really matches the ideology and the concept that Luart wants to bring to the Terra ecosystem.
Okay, awesome. We’re gonna have two more questions here. First, we’re going to open up the floor for Wahyu Prastio, if I said your name correctly, two points for me. If not, I’m sorry. But you just got to unmute yourself. Wahyu… How do I how do I say your name, first and foremost?
Wahyu Prastio 1:03:53
Hello, hello, everyone. Can you hear me?
Yes, we can.
Wahyu Prastio 1:03:58
What Luart plan to do to maintain constant interest and prevent NFT Luart from getting lost in the sea of new NFT projects?
Well, we work with basically co-collaborative marketing with these NFT projects. And first and foremost, we are not a platform… We’re not here to stop a project from falling into their depths, we’re here to provide them as much support as they can. End of the day, how a project performs, especially in a secondary market is purely from how the project team wants to develop their project. If the project team does not develop their project further, does not continue engaging the community, it goes without saying that project, demand wise and engagement wise, will drop. And that’s a given. There’s only so much as a platform we can provide and LUA Power is one of those cases. But really, this has to be turned back to the project team because as the platform we do provide co-marketing, as I said, but if the team doesn’t provide us the information they give out and doesn’t communicate with us directly. We can’t really do much for them as well at the same time. So yeah.
Yeah, make sense. All right. So the last question is going to come from Effy. All you have to do is unmute your mic. And the floor is yours.
Hi, good evening. Can you hear me?
Yes, we can.
All right, thank you very much. So I’ve heard a lot about what this Luart team has been doing, vetting projects and supporting new NFTs and making sure they have a successful launch. But my question really boils down to the Luart holders. I decided to partake in the Luart IDO, and I get a lot of tokens, aside the governance and making decisions and contributions, what are the benefits do I have, or do I enjoy for holding the Luart token long term?
Okay, so one thing I can explain is LUA power. Oh, okay, Simon go ahead.
Yeah, I will do it. From the buying token, first of all, you can put into the LP as single asset staking, so you will get rewards daily with our token. So it’s classic scheme of DeFi right. Second will be, if you will put into the LP and staking it single asset staking, you will get the LUA Power instead. So LUA Power, you can use on our platform, for example, for being in the leaderboard that I mentioned on the first minute of our talk, and if you will be in the leaderboard, you will get airdrop with prize rewards weekly. So I think it’s the part of gamification that we are giving. Another thing of LUA Power is you will be able to redeem box of NFT once per mouth and you will be able to drop unusual NFTs that you won’t be able to buy them, or you know the price of them is very high. So, you will be able to buy them directly. Of course the LUA Power will give you the ranking system on your profile that you will have the additional features on your profile that there is now for classical user is allowed to like, for example, you will be able to put your avatar on their profile, someone will click on it and you will be seen how it looks, and okay, he’s very cool, because he got very unique avatar on his profile. So, we want to have people with incentivizing user of being user on our platform. Additional features that we want to bring is like for example, if we will get some special collections on NFTs and it will be… You will need to have LUA Power for participating in it like for example, there will be some special collection that for example 100 pieces of very rare NFTs. So, if you will hold and have LUA Power for that, you will be able to participate into it. And I think whole perspective of LUA Power is connected directly to the token because token will give you the LUA Power. So it’s the kind of way. Maybe Astom will explain you how to earn LUA Power in another way.
Yeah, I mean, if we’re talking about the LUA Power aspect, of course, we know that if you mint and you purchase NFTs on the secondary market, you are given LUA Power. But also as Simon said, when you stake it, single stake or LP stake, you are also given LUA Power. And I guess one thing we can disclose is, there are different level, different multiplications of LUA Power given on different aspects. So what we can say is of course, LP staking will give you the highest return of LUA Power, followed by single staking, and then followed by NFT connections. So that is the benefit that’s given back towards token holders where they are getting more rewards on our platform by holding and staking the token with us. And that’s a key aspect behind the gamification because getting more LUA Power means you can play more for the leaderboard and if you participate in that case, we’re giving what, like 500 UST worth of cash prizes every two weeks. And I think the first leaderboard that will come out is like a two month leaderboard, which is like 5,000 UST in prizes. So the prize is for the first place, sorry, and it still scales down to the rest. So really just having LUA Power in itself is like getting rewards, getting free money in a sense. Not even including the frontal council. Yeah.
Thank you very much.
Awesome. Awesome. Well, I want to thank everyone who partook in asking questions in the AMA or conversations itself. We have started the Luart IDO earlier today, it will be running through January 8th. We will also be doing a YouTube live here with some different type of information coming on the 5th. So join our YouTube channel for that. We’ll be putting out links here in the coming days, I also wanted to touch on social power for this specific IDO. So some of you who may or may not know, as part of the StarTerra gamified IDO process, we have a pool, a gamified pool for the factions where faction members get to battle it out to gain a higher allocation in Luart. And so what we’re going to be doing now is we’re going to be taking to Twitter and the social power is going to be a competition, where every day there’s going to be a different theme for you guys to collect points for your team. And as a heads up, we will be releasing all of the details for that tomorrow. But day one, just to give you guys a little sneak peek for the people that attended this conversation on Twitter Spaces, it’s going to be memes. So get your meme game going. You guys are going to be like basically fighting for the gamified pool to get yourself a higher allocation. And we’re looking forward to giving you different topics, different subjects every day. I personally, and on behalf of the StarTerra team, love to thank all of you for attending but specifically Szymon and Aston of the Larrt team. You guys have been amazing. We’ve got over time, but I felt that this was absolutely essential to get everyone’s questions in. And I love the conversation that we had today. I hope you all enjoyed it as well. Remember the IDO registration ends on the 8th. Get in before it’s too late. And we’re looking forward to seeing you guys, Luart team, again little bit later in the week, as well as some of the audience and the participants in the StarTerra IDO. So as is customary, do you have any last words or thoughts? Szymon or Aston.
Yeah, I will just summarize it. Thanks you guys for having me and having Aston, the whole team. So thanks, David, for one and a half hour, I think, yeah, one hour of the talk. So it was really nice. And I think we will make so many many in the future, too. So thanks, guys, and take care of yourself.
Aston, do you want to say anything about consumer analytics?
No, I’m gonna go to bed now, it’s 4am.
It’s 4am for Aston. He’s in a different time zone. So we’re gonna end this here. Once again, thank you all. Check back on Luart’s Twitter channels, their website, we’re gonna post all of that here shortly, just to make sure everyone has it. And then of course, check back with us later in the week where we’ll be having more discussions with the team. Thank you all.
Thanks for checking out another episode of The Ether. That was the StarTerra AMA chat with Luart. Recorded on Monday, January 3rd 2022. This episode of The Ether is brought to you by Orbital Command, a community validator on Terra dedicated to educating, expanding, and promoting the LUNAtic community. Support their community efforts by considering them next time you’re delegating or re-delegating your LUNA. For terraspaces.org, I’m Finn. Thanks for listening.