Tuesday, 21 September 2021, 1PM UTC
Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group We’re honored to host an Ask-Me-Anything session with @ShoeFy_Official
welcome to our community Ugyen
Ugyen: Hello every body. its a pleasure to be here
MOD: I will explain a little about the AMA segment this time,
Segment 1: project introduction
Segment 2: Question Twitter
Segment 3: Live Question
SESSION PROJECT INTRODUCTION
Q1, Can you explain to our community what Shoefy is? And how does it work?
Ugyen: Okay sure. So, ShoeFy is an innovative decentralized platform that combines Non-Fungible Tokens (NFT) and Fungible Tokens (FT). It is a futuristic NFT project that utilizes cutting-edge DeFi tools to maximize returns. ShoeFy can amplify the NFTs potential by including both farming and staking to generate passive income.
ShoeFy will have two tokens namely, $SHOE(ERC-20), the native Fungible Token and sNFTs (ERC-721) which are randomly generated on-chain. Each NFT is an algorithmically programmed unique digital pair of shoes on the platform.
Q2, How can we get NFT & FT Shoefy ? What are the other advantages besides NFT farming & stake? Then how do we stake using sNFT on Shoefy?
Ugyen: There will be 10,000 unique sNFTs and a total of 100,000,000 $SHOE tokens. We will mint first batch of 3000 sNFTs as a genesis sNFTs. Rest will be reserved for farming and rewards. The sNFTs can either be minted in our platform or in the Secondary Market.
The FT token $SHOE is setting up for IDO soon. We are expecting to launch early Oct. For now we have raised over 1.75 M in seed and private sales round 1. We are running our private sale round 2 as of now. You can participate in it by reaching out to email@example.com or via our website https://www.shoefy.io/
ShoeFy have a scheme where, the first user to mint the sNFT and if he sells it in the secondary market, the user will be rewarded with royalties every time the sNFT is being traded in the future. ShoeFy appreciates its early supporters.
Also we have the LP boosters called bNFTs. So if you purchase these LP boosters, it will multiply your staking rewards by 1.2x, 1.5x or 2x and more depending on the type of boosters you purchased.If we talk about all our innovative plans, they all deserve to be mentioned here as a unique advantage but for now lets keep it to these basics.
We would have a very simple and user friendly platform where even the beginners can easily use the DeFi tools of staking the sNFTs. We will have the tutorials and instructions of how to stake the sNFTs when we release our product. Stay tuned!
Q3, Can you explain what are Water elementals, Earth elementals, Air elementals, Fire elementals?
Ugyen: oh yes this is exactly what i wanted to share with the community, perfect question
We have an amazing narrative behind our project. Basically the shoes are defined by their 4 different elementals represented by the four elemental characters. We have Phoenix- the fire elemental. Whale- the water elemental. Taurus- the Earth elemental and Pegasus- The wind elemental. We have a story behind these characters which has lead to the birth of ShoeFy.
You can watch about this here: https://www.youtube.com/watch?v=LJ9MSTEy9mk&t=99s
Also you can read about each of the characters individually here:
Q4, Can you explain about the allocation of $SHOE and NFT on the Shoefy platform?
Ugyen: $SHOE tokens will have the following utility in the platform:
$SHOE token will be utilized as the native token to add Utility to NFT via staking, farming and LP which generates the passive income.
$SHOE token will be used for the Governance, DAO.
$SHOE will also be used as the entry ticket to the ShoeVerse (metaverse of shoefy platform) and at the later stage for incentivizing in the play to earn game such as shoe battles, shoe contests and shoe fashion show
$SHOE will be used as the SWAP fee for the NFT SWAP.
$SHOE token is required to be paid for minting/farming new shoe NFT in the shoeFy platform.
As for the NFTS, after the 3000 genesis sNFTs, remaining number will be farmed in the platform. You can stake $SHOE tokens to farm sNFTs. Also you can stake the sNFTs and earn $SHOE as a passive income.
Q5, Does Shoefy have a partnership? If so, what effect does the partnership have on the Shoefy platform?
Ugyen: Yes we have officially partnered with some big names like Duck Dao, Gains Associates, Ex Network and many more. We have more parnership announcements in the pipeline.
These partnerships are so valuable for ShoeFy. Each of our partners are very reputable investors with years of experience and knowledge in the field. They have diverse sets of resources and skills that can boost ShoeFy’s trajectory in the Marketplace. Their vast network and connections will be a big advantage in terms of marketing and reaching out to communities. The advantages are numerous.
here are some partnerships we have already announced
many more on the way!
SESSION QUESTION FROM TWITTER
Q1, From @tanmoy07322405 How is #Shoefy development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Ugyen : We are currently in the second phase of the 3rd quarter in our roadmap, programming the genesis sNFTs and gearing up for $SHOE token IDO. ShoeFy has a long-term vision to innovate and evolve over time. ShoeFy will tap into the different ecosystems of Gaming, Collectibles, and establish a presence in the metaverse, with digital kicks that are unique. Later this will lead to expansion to different other merchandise, partnering with reputable fashion brands. Our marketing team is going aggressive and our developers are working round the clock. We expect to launch in early October.
Q2, From @selvachirpiga : Each project has an intriguing storey about how and why it was constructed and evolved; what was your storey and motivation for creating this project, #ShoeFy? And what does #ShoeFy stand for to you? What is the significance of the project’s name?
Ugyen: We have started ShoeFy with the vision of creating a digital fashion brand, since we acknowledge the growing interest in digital fashion and in game wearables that have the capability to be traded so that’s hence the name, we aim to add DeFi utility on top of having a great NFT.
The concept why we chose to develop ShoeFy was because we are NFT collectors ourselves and seen it as wasted potential which the nft market had. Since with many crypto projects the user can stake them and earn additional yield on top of just purely hoping for price appreciation. That’s how the vision came to life, we wanted to scratch an itch and solve a real problem which we had.
Q3, From @kimterbear A project’s focus scope is very important. So may I know if you plan to focus on making the project a local one or do you intend to expand it globally? To gain more adoption from the mass, what marketing strategies and initiatives will Shoefy apply?
Ugyen: thats a thoughtful question
Blockchain and crypto in general are global initiatives. Crypto does not know any borders and that’s one of its main reasons. Same applies for ShoeFy, we don’t focus on any specific community or geo-location to market our product to. Rather we focus on the holistic vision of the project and try to cater to the global market.
In regards to marketing strategies we have prepared a robust integrated marketing campaign to reach out to both new and existing NFT enthusiasts. We also plan to expand our sNFTs to wearable pieces that the users can wear in any meta verse or preview in real life by using a VR filter.
Q4, From @neel_neel11 Smart contracts are known to be susceptible to errors, bugs or hacks. So How is the ShoeFy security system composed? In addition, has any audit report been made by sources external to your project?
Ugyen: Security is our top priority, therefore we are going to be using a reputable third party audit firm to audit our smart contracts before we launch our product. We have made it a vital requirement to pass all the rigorous assessments of third party auditors, and ShoeFy will not launch unless we pass the audit.
Q5, From @LinhHong211 All project tokens have a Main Utility and can be used in the real world! So, could you tell us about the significance of tokens in your ecosystem? Explain its utility and real-world applications. & Why should I invest in Your token on a long-term basis?
Ugyen: The main utility of the $SHOE token is its versatility in the whole ShoeFy ecosystem. First a user receives rewards in the form of $shoe tokens for staking his sNFT, secondly the user can exercise a new innovation we are bringing to NFTs called NFT Farming, a concept where the user can stake his Fungible Tokens ($Shoe) in a designated staking pool where he lock them away for a selected amount of time, and in return he receives a sNFT whose rarity is distinguished by the amount of tokens and time opportunity cost the user locks the tokens away for.
Also our project is not limited to a single market. ShoeFy can tap into all the different markets like gaming, metavers, collectibles and fashion merchandise..
we are just beginning and the sky is the limit for us..so why should you not join us early and be a longterm supporter!
SESSION FREE ASKING
Q1. From @MikeGilman: What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
Ugyen: Our marketing is going very smooth in the crypto marketplace as of now and on the parallel lines we are also working marketing to non-crypto-users. Because there are countless sneaker fans and shoe enthusiasts in the world out there. what we are trying to do is, market it in such a way that we start from ground up like all the basics from getting their first ethers to doing complex transactions.
At the same time we also have a fulltime developers in our team who are working day and night to make sure that every bits and pieces of our platform and products work perfectly. If we have the perfect product and the right marketing, token price is not much of a worry.
Q2. From @muktopakhituy: I have seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs and what are your goals with the community? Do you consider the community to be a fundamental role in the project?
Ugyen: yes in fact we have a week fully packed and scheduled with AMAs. What we are doing is reaching out to people that yes such wonderful innovative project is on its way into the market. By introducing our project to these AMA masses like this, we get huge exposure and this would help us educate more about project ShoeFy. So the goal right now is to focus on growing our community with right marketing strategies and developing our product to the perfection. All the rest of the good things will automatically follow.
Q3. From @Rabada868: NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us yhe plans of your project in NFTs?
Ugyen: yes NFTs are really hot right now. Besides farming and staking NFTs, in our road map we do have plans to develop our own ShoeVerse, where we will have play to earn games like Shoebattles, shoe contest, fashion shows and also shoe museums. The NFT market has not yet fully tapped into its true potentials. ShoeFy aims to do that.
Q4. From @LeahP890: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Ugyen: Yes it exactly as you have stated. later down the road, we will have our own ShoeFy DAO Governance and token holders will be able to participate in our projects turning point decisions. We will be having our own SIPs (ShoeFy Improvement Proposals) where we would put up our changes and proposal and the governance members vote for the decision to go forward or withdraw the plan. The governance members will be incentivised.
Q5. From @JacquiLeyva: The COVID-19 outbreak has affected every business in the world. Is your project affected by this? Is it in a better way or a bad way?
Ugyen: Its a good question. Projects like ours is perfectly the kind of business models that can counter all the COVID challenges in times like this. One thing to clarify, we are not associated with any of the real world shoe brands which means we have nothing to do with physical shoes as of now. So, you see, ours is fully digital and all the products and features related will also be digital. There is no risk posed by COVID in digital shoes and metaverse world. So yes, our business is perfect for the current situation.
“Thank you for your interest in ShoeFy. We have worked very hard to bring this innovative idea to life and we are very excited to launch soon. Also, we have many great partnerships/events/announcements prepared, and they are ready to be disclosed closer to the launch. Hope our excitement could be shared to all the members here, and wishmany of you could ride on this journey and become a part of ShoeFy.”
Telegram Official group: https://t.me/ShoeFy_Official
Telegram Official Announcement Channel: https://t.me/ShoeFy_Official_Announcements