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Lisk Ecosystem Spotlight 🔦 – Colecti
Recorded: Nov. 23, 2023 Duration: 0:47:19Space Recording
Full Transcription
Test, test, microphone test.
Test, test, microphone test.
Test, microphone test.
I'm waiting for the request to talk from those particular candidates.
And yeah, if you have any questions, please write in the chat.
And yeah, if you have any questions, please write in the chat.
And yeah, if you have any questions, please write in the chat.
So, ColexX, I've added you as a speaker.
If there's anyone else who would like to speak, then please let us know.
A lot of people in the room.
Thank you for joining.
I suspect this is a price related, but we're not talking about any of those issues.
We're talking more about ecosystem spotlight today.
And we have another request.
Yeah, perfect.
Okay, Lucas.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello.
Hello, Lucas.
Good afternoon, hello.
Welcome.
Hello.
Just inviting Jure.
Yeah, okay.
So, how's everything?
How's everything?
We meet after quite a few months in the spaces, and you just had an election as well?
Yes, we had a political earthquake in the Netherlands.
It's been an exciting week from that perspective.
But yes, happy to be here.
And indeed, it's been a couple of months ago that we talked about collecting and collectics here in the LISC spaces.
So, happy to be here again and to share something about where we are and where we're heading.
Yeah, wonderful.
We timed, you know, we planned and timed this call for the election to have that very small icebreaker for us all.
So, yeah, it's good to have you here anyway.
And maybe we can talk about or start shooting straight away into events that you've been to.
And over the summer, I think there were a couple of events I saw just trawling through your social media.
That was VivaTech and blockchain days back in the bear market.
We seem to be making, you know, getting a lot of enthusiasm and changes to the market.
So, those were as far away, you know, the summer events.
But how did they go?
Yeah, it was an interesting summer from that perspective.
I think, so we went to VivaTech in Paris, was in May, so just before summer.
And basically, I think one of the biggest European events when it comes to startups.
So, from that perspective, a very interesting place to be and for us as well to meet and talk to a lot of different startups.
And actually, we were there because we were part of the Dutch Trade Association mission to this event.
So, we could jump aboard with their mission and they had a big stand representing startup the Netherlands.
So, that was quite exciting.
And I think, as you said, regarding the bear market, what we noticed was that VivaTech in 2022 was blockchain and crypto NFT-oriented companies were quite prominent.
And in this edition, that was a much smaller section, less represented.
So, I think, at least for us, it was not necessarily a negative thing because it means that the people that are interested, they are drawn to you as a startup a little bit easier.
So, I think that's the upside.
Overall, I think it's a sign of the market that we were in back then.
And I think another one, which is very interesting to mention, at least what was interesting as well for us, was as we were part of the accelerator program of CV Labs, we also visited the CV Summit and CV Friends and Family event in October.
And I think both of them were great opportunities for us to further invest in our network and to meet a lot of inspiring people and also listen to some thought leaders on that.
So, yeah, it's been, I think, very interesting and insightful months in terms of events, for sure.
Yeah, great.
Thank you for that.
I'll just pivot really quickly to, I know there'll be, given the numbers in this room already, there'll be a lot of people interested in trading.
Just a little Bittrex warning.
Sorry to do the quick pivot there, Lucas.
But Bittrex will be doing, implementing a change.
They'll also be doing a wind down and we have a mainnet coming 5th of December.
So, even though the wind down on Bittrex will take some time, it's a good idea to get your LSK off Bittrex, if anyone still has that, is using that exchange.
So, just a little heads up for people.
Yeah, now that's out of the way.
Thank you, Lucas.
Sorry for that.
So, maybe you could go into how, I don't know, if you've noticed NFTs getting a bit of a change in reaction or kind of, how would you say, the, sorry for the drilling in the background.
How do people, how receptive are people to NFTs back in, let's say, the bear market days during the summer?
And is that changing?
Is there still a kind of a core USP that you see people understand?
And how is that kind of, the reception of NFTs changing?
Yeah, I think that's a very good question, especially looking at the way that the NFT market has evolved over, let's say, the last two years.
I think we've, also because of the bear market, but we've passed the hype cycle in NFTs.
And I think it means two things, that I think the hype around NFTs has been a great way to put the NFT technology out there and to really get people involved and to get some volume into this market.
But what we've also seen is that when NFTs became big, that the promise around NFTs was also very, very big, meaning the utility and the practical use of NFTs in our day-to-day lives.
And I think what you see also because of the bear market is that the practical applications, the utility around NFTs, I think that's something that we haven't seen reach the global audiences yet.
And I think that's also what we notice in talking about what we are doing with people that are into Web3, but also people that are not into Web3, is that the collectible part of NFTs will always be there.
But I don't think the market is as big as we've seen at the top of the hype cycle.
But that doesn't mean that this technology will not change the way we interact in a digital way.
And I think that's where the real value lies of NFTs.
And that's also what we notice in the discussions that we have with people, is that as soon as you talk about the potential that this technology has, everybody starts to understand why it's interesting and why we are doing what we are doing.
But it's still very early.
I mean, NFTs are in the public area now for three, maybe four years.
So it's a very, very early phase for a new technology.
And what I expect and what I hope for, also for Collecting and Collectics, is that we will start seeing use cases of NFTs becoming more concrete.
And that's also might be a nice bridge as well, a little bit why we decided to split the two platforms that we are building, Collectics and Collecti, also to facilitate this focus towards more utility for NFTs.
Thanks.
Thanks.
Maybe you could go more into detail for the split.
So Collectics and Collecti, what was behind the split and where do you see it going in the future?
Yeah, sure.
So basically, Collectics is the NFT marketplace that we are building for the Lisk ecosystem.
So it's an NFT marketplace that's very easy to use, focused on usability and focused on the community behind the Lisk ecosystem.
So that's the main platform that we are building and that we will launch on a short notice.
And next to that, the decision that we have made early this year is to also build a second platform.
And that's Branded Collecti today.
So that's why there are the two brands.
It's a separate platform and it's a platform that focuses on crowdfunding.
So it's reward-based crowdfunding, meaning that you invest in a startup or in a project and you get a reward in return.
And the reward can be exchanged for a product or a service in time when the product is there.
And the idea there is that this crowdfunding solution should allow us to address a much bigger audience than we would be able to address with the NFT marketplace focusing on Lisk solidly.
So we would be able to address a much larger audience and by integrating our own NFT solution, it could be the accelerator bringing the utility that it was talking about to NFTs and also to our own marketplace.
So that's in a nutshell why we made that decision, basically because we also saw that an NFT marketplace in a blockchain ecosystem is a very strong technological solution that plays a pivotal role in, I think, every blockchain ecosystem.
But it's also very much reliant on the community there and it's difficult to bridge to other ecosystems.
So that's basically why we made the decision to build a second platform that's able to reach a much larger audience, not only people that are into Web3, but it should also be able to onboard, let's say, Web2 users.
And then let them experience the benefits that NFTs can have with our own marketplace in the background.
Nice. So still following that thread, how would, let's say, a Web2 user jump into that marketplace?
And if you could briefly go through the journey.
Yeah. So basically what it means is that Collecti is a crowdfunding platform.
So it means that it allows everyone, whether you're Web3 or Web2, to participate in crowdfunding campaigns.
So you can pay either with crypto or with fiat up to you.
So it's technologically, it allows basically everyone to use this platform.
So that's the that's the first step.
Then as soon as a crowdfunding campaign has become successfully funded, it's up to the startup or the project that's behind the campaign to to make use of the NFT functionality in the platform.
So basically what it means is that if you participate in a crowdfunding campaign, you will receive an NFT as a reward.
And this NFT can then be traded on the Collectix marketplace.
And what it brings for people, whether you are an experienced Web3 user or not, what it brings is that if you are into traditional crowdfunding today and you participate in a campaign, you get a reward and you're stuck to your reward for basically until the project actually delivers what they promised.
There's no flexibility there and there's no flexibility there and also there's also no engagement.
Nothing happens between getting your reward and actually getting the final product.
And that's what we aim to change by using this NFT as a reward in between to do two things, to let the startup or project add engagement and utility to this NFT,
making it a valuable asset for the user and also to allow the user that participated in this campaign to trade this NFT.
So to sell it to somebody else if they have second thoughts or they just want something else or they don't want to wait anymore.
So this is a layer of flexibility that is not existing in traditional crowdfunding today and that we can basically offer just by allowing startups or projects to use this NFT layer in our crowdfunding platform.
And then if people are open to the fact that they are able to trade their reward, their NFT, that's a great introduction into the world of NFTs and into the world of how a NFT marketplace works.
So that's a little bit of the strategy behind.
So I think it's important to emphasize that Collecti and Collectix are two separate platforms that are also delivered separately,
but will on the mid to long run definitely support each other in bringing new traffic into both platforms, actually.
Okay, thank you.
I was just thinking as you were explaining that, for example, donating, when you donate in traditional kind of ecosystem sphere, right?
All you get usually is a thank you email.
And then it makes me think about, do NFTs need to be traded?
Because you mentioned that as a key factor, right?
Yeah, yeah, no, that's a very good question.
So the simple answer is no.
Basically, you purchase or you participate in a campaign because you love the idea or you love the rewards that you will get for your donation.
And that should be the main driver of you participating in such a campaign.
And what we do with the tradability is we lower the threshold because basically by giving you the ability to actually sell it if you want to,
the risk of you getting stuck with the rewards that you don't want to have anymore after a couple of months is a lot lower.
So basically, by adding this tradability layer, we lower the threshold for people to participate initially already.
So that's the idea because I fully agree with you.
It should not be the main driver of people participating in a crowdfunding campaign to then be able to sell it.
That's not the idea beyond crowdfunding.
And that's also not how we envision people using our platform.
Yeah, totally.
Like, yeah, interaction for sure.
Engagement interaction is the main thing.
Are there any examples of NFTs that you've seen in other ecosystems or spaces that, you know, are great uses and see as an example of how it could be really well used, great community or something like this?
Well, I'd like to use the example of NFT now, you might know it.
They really used an NFT to basically also fund their existing platform to give people a little bit more, a little bit richer experience around the NFT now platform.
And I think that was at least a use case that got us thinking about the approach that we've now taken.
So from an inspiring point of view, I think that that was an important one.
And I think that's also why we started this mission and why we started also building this second platform is that real utility and use cases that support and reach a big audience, they are relatively rare still today.
So you see that a lot of NFT projects are very much oriented at the Web3 communities, which makes sense.
But from an adoption point of view, I think it's also it's also a missed opportunity.
So I think the approach that we've taken here is definitely aimed at bringing together the people that are already into NFTs and already into Web3 together with people that are not into Web3 yet.
But are basically still have the same needs as other people as other people.
So, yeah, I think that's that's basically the mission and the vision behind Colexi as a whole.
OK, thank you.
I see also so utility token.
We've got to talk about that today.
How does coal come into play distribution and yeah, how how does that come into play?
Yeah, that's a that's a good question.
So we we did a community sale of the coal token this spring.
And basically, the coal token is really focused or really aimed at making life easier for the people using the NFT marketplace.
So the main purpose of the NFT marketplace is to be a marketplace for the community.
And the coal token is is an important element in that because it allows you to get discounts on the on the commissions that you have to pay on the platform.
And it will also allow you in time to to add additional services and to improve your experience as a user on the platform, meaning that you could have premium services or premium functionalities on the platform as a token holder, for example.
So bringing real utility to people to people owning these tokens, that's that's what we aim to achieve.
So, yeah, that's that's an important element.
And what I was saying about the NFT marketplace is being a community driven marketplace.
I think that's that's a very important element, at least it's an important element for us.
And it's also an important element in how we build build out this this this token and the marketplace itself, because what we aim to do is to really onboard the community in the way we we bring the marketplace forward.
So from the start, we will split the commission, the profit that comes via the commissions on the marketplace, we will split that between the the collectics company and the validators behind the chain.
And of course, the coal token will play a pivotal role there as well.
And we we we actually envision collective to become a DAO driven marketplace in time where the coal token should be a very important way for people to to vote and to to drive this DAO forward.
So that's that's that's that's how we envision collective or collect or collectics moving forward and to really center it around the the the list community and the people using our marketplace.
If I can jump in with a question, I'm interested, Lucas, in the network design, what kind of consensus protocol and how is it designed collect X collect X, I mean, if you can.
So that's that's that's that's a good question.
I think I'm going to pass this question to you.
I think he's also able to speak today on on this on this session.
Are you there?
He's he's been invited to speak, although I don't think he's clicked.
Yeah, OK, he's on his laptop like last time.
He needs a little bit to connect over his phone.
We can wait or just go to another question can come.
Yeah, maybe maybe we can come back to your question at a moment, Boris, when Jure is online.
Great.
Oh, he is.
Jure?
Yeah, hello.
Yes.
OK, sorry.
Can you repeat the question?
Sure.
Sure.
So I'm, of course, as a tech and data guy, really interested in the design of the network.
So what kind of protocol you used and how it's the decentralization set it up.
Let's put it like this.
Can you talk a little bit about the tech and the design of your protocol?
OK, I'm not sure if I understand the question exactly, but I'll try to explain how we are
building it at this point in time.
So we are using the LISC SDK as a to build our own blockchain protocol.
So basically, we are building a side chain of the LISC ecosystem of the LISC main chain,
which is like conceptual, you can see it just like Cosmos, that everybody has their own chain.
And our chain has different modules that inhibit the logic of the blockchain.
So we create different modules where the actions are stored, but one before that.
So with the LISC SDK, we can actually build our full blockchain network with JavaScript, TypeScript.
And therefore, we have to create a customized blockchain protocol.
Is that what you were looking for as an answer?
Exactly, exactly.
Yeah, the design of the whole network of CollectX.
Cool, cool, cool.
And I assume there are also validators.
How can I imagine the decentralization of your protocol?
Yes, of course.
So because we are building our own blockchain network, we, of course, have to validate indeed.
We have to make sure that it is decentralized and that it is safe.
We have 51 plus two validators, and they participate in consensus so they can run the nodes.
And with the LISC SDK, you get like out-of-the-box features, which you can fine-tune to set up the proof-of-stake or to use a proof-of-stake protocol.
And what we added is that we want the validators also to actually participate in our business model.
And that's what Lukas already explained a little bit, that they are not only validating and forging blocks, but they are also participating in the share of the revenue.
Great, great, great.
Okay, thank you.
You're welcome.
Thanks, Boris.
And I'm curious, maybe this is also a bit of a tougher question, but if you have a plan on how to, what kind of layers of community-driven, how you would introduce a community-driven marketplace into Collectix?
Yeah, do you have a kind of a vision, general vision at this point, how you would bring in and activate a community?
That's a good question.
I think basically we've started the moment we started building, and especially also around the community token sale that we did.
We saw that the interest in what we were doing spiked, and I think that was a great starting point for us in starting to build this community.
And I think one of the key elements there is to really involve people in what we are doing and what we are trying to achieve.
So that's also what I was mentioning about how we envision the future, bringing Collectix more into DAO, is to really involve the people that use our marketplace in the way that we further develop the marketplace.
And I think that's the key elements in building a community-driven platform, that, first of all, you involve people, you listen to them, but you also give them the right to really make decisions and to really be part of the adventure that Collectix is.
So that's, it's a little bit abstract answer, maybe.
It's not a very concrete action plan, but at least that's how we envision it.
And at the core, of course, there's the marketplace being on its own chain with its own validators and with a very fair, I think, principle of sharing the profits with the people that actually support our network.
So, yeah, I think that's how we envision this.
Yeah, no problem.
Things change also very quickly and adoption comes quickly.
So I totally understand what you mean.
So, but in that vein as well, so you're based in Holland.
Do you see any kind of businesses looking at, you know, trying their hand with NFTs or perhaps VivaTech, you said it was a huge event.
What kind of people approach to you and who does it seem like would be putting their toes in NFTs, you know, earlier rather than later?
Well, I think what, so first of all, if I answer your question about the Dutch market, I think what we see here is that the number of companies and the number of communities around Web3 and NFTs, they are growing, but they are still relatively small.
So we are based in Utrecht and in Utrecht and in Utrecht, there are a number of companies that are working on blockchain related solutions.
And basically every event we go to, we meet the same people.
So that's pretty funny every time.
But what you see is that these communities are still relatively small.
And I think what's interesting is to be able to bring the story out there, what this technology can actually bring also for startups and for projects that are not necessarily into Web3 or NFTs today.
And I think that's also why we were at VivaTech this year.
And I think that was one of the things that really surprised us, that there was actually quite a lot of interest from all kinds of startups, mainly tech related startups, but not necessarily blockchain tech.
All kinds of tech startups that were interested in the concept of doing crowdfunding and also definitely interested in the combination of using technology like NFTs to start building their own fan base and to engage with these people in a different way.
I think that's something that really works and that also really works with startups that are, as I said, not necessarily into Web3 today.
So I think that's, yeah, that gives us at least the confidence of moving forward in this direction.
And we are very confident that there will be lots of projects and startups out there that are interested in solutions like the one we offer.
Yes.
Okay.
Your explanation made me think about this event.
And I went to Cologne that I can't remember the name of, but they had a Web3 vision space.
So it was a really big tech event, general tech event, a lot of the classic Web2s, you know, people.
And one thing that was very prominent was clothing, was, you know, all the kind of high brands, fashion people.
And just slowly seeping the message that NFTs and NFCs, I'd be interested to know, like, the difference between those that you see.
But they were basically kind of, you know, oozing this message out to people.
And I think with time, people get this.
It's interesting, you know, given the AI interests, for example, that in a way, a little bit painful, or the crypto has gone through such a long period of growing with a lot of, you know, scams in the middle, misinformation, purposely seeded misinformation as well.
And there's probably also stunted its quick growth, but the AI seems to have gone quickly.
I mean, it depends who you talk to as well, because it's been around for quite a while.
I think it's the 60s or something.
So there's always caveats.
But I guess what I'm saying is that at this Web2 event, this really big one, that people seem to be understanding that there's a lot of interesting angles for engagement with your customers, engagement with clientele, or, you know, supply chain, and end users, of course.
So there's a huge market out there, huge potential.
It's just that it's taken people quite a long time to imagine it, which is kind of weird as well.
But such are things, right?
Yeah, yeah, I fully agree.
And I think it's also a part of a generation switch that we are experiencing here.
That was also something that we noticed, that if you speak to young startup founders that don't have a startup that's related to blockchain, they are still very interested in what blockchain and what NFTs can bring their company.
Although they don't have a Web3 oriented target audience, they are very, very open and very interested in what this technology can also bring their company.
So I think, well, basically, as I said, at the start, this whole industry is still very, very young.
And I think what we will see over the coming years is that much more startups will start embracing this technology.
And not only Web3 startups, but also other tech startups that just want to make use of this emerging technology for all kinds of purposes.
But what we've been hearing is that especially the part about engaging with your own community and building up a fan base is something that really resonates.
So, yeah, I completely understand what you're saying.
Maybe as we wrap this up, so I invite people to write any questions they have in the chat, the classic text version.
So, actually, I have two questions.
One would be about, sometimes it seems like a silly question, but could NFTs just be another way, like we have WhatsApp now, for example, and we're chatting through their system, their servers and all this kind of jazz.
Could NFTs just be another way of setting up a chat, a very, because when we talk about engagement, fan engagement, I think normally that's kind of announcements, you know, oh, I'll be at this show in a month's time, or you may earn this if you do that.
There's not really a kind of a fluid flowing chat between people.
So, that's my first question is NFTs and dynamic conversations.
And the other one would just be a more general one about what you've heard or seen NFTs in the kind of ecological space.
Yeah, so your first question, in terms of engagement, I think what makes NFTs powerful is the way that the project or the startup that sets them up will use them.
And I think that's also the difficulty.
What I mean with that is that basically using NFTs is quite a generic solution, and it means that it should be very easy for companies to tap into a very, very large world of applications for their own NFTs.
So, it basically means that it's engagement in a lot of different levels.
It's not only a Discord channel, but it can be a lot of different things.
It can mean a discount.
It can mean chatting directly with a company or with a founder or with a specific person.
It can be a lot.
And I think in the end, it's up to the startup or the project behind such an NFT campaign to really fill in their own NFT application, I would say, that works with their target audience.
So, I think it's a way to approach engagement in a much more customized way.
So, that was, I think, an answer to your first question.
And remind me again, what was your second question?
Yeah, thanks for the answer.
The second question was much more kind of generic, broad, high level, about how you've seen NFTs used in the kind of green or ecological space.
That's a good question.
Let me think about that.
Well, if you look at blockchain, I think one of the applications that you see for blockchain and for tokens is around carbon credits and applications like that.
I think that makes a lot of sense.
There are also quite a number of startups out there that use blockchain to allow you to invest in sustainable projects.
It's almost like crowdfunding, like, for example, participating in a solar panel project.
And I see NFTs playing a pivotal role in such platforms as well.
And the way they create loyalty and they create engagement, they integrate NFTs for that.
So, I think from that point of view, for sure, there are a lot of applications that make sense in that direction as well.
Okay, thank you.
Yeah, and I see we have a lot of listeners, but no questions in the chat.
So, I would invite any final words from speakers, if there are any.
Maybe, what can we expect from the next few months then, given the elephant in the room as well?
Yeah, no, I think that's a very important question to ask.
So, where we stand today is that we are fully focused on delivering our testnet as soon as possible.
So, that will be there this year.
And then we, well, it depends on how testnet phase will go.
But we expect to be able to launch the Collectix.
So, I'm talking about the Collectix marketplace here.
To be able to launch the production platform pretty soon after that.
So, yeah, that's, I think, very, very close by.
So, we are very excited about that.
Of course, Lisk's mainnet going live is a very, very big milestone for us as one of the companies being on Lisk.
And for Collectix, what we do there is that we are launching Collectix in a couple of steps.
So, the first step, our first beta version is live today.
It allows users to set up their profiles.
And it allows publishers to set up their own crowdfunding channels.
So, that's the first phase that's already out there.
So, we are able to test that already today with actual users.
And the next step there is to add the payment layer to the platform.
So, that will be there early next year.
First of all, in beta.
So, that we will be able to onboard the actual first crowdfunding campaigns to run the complete cycle there.
And then the step after that is to deploy the NFT layer on top of that.
So, that people are able to interact with their rewards and to trade their rewards on the marketplace.
So, that's a little bit the roadmap of the two platforms.
And, yeah, I think after being part of this Collectix adventure and building this company now for a little over a year.
I think we are very excited that we are now so very close to launching these two platforms.
And, yeah, we have a lot of confidence in Lisk and in our platforms to become successful.
So, yeah, I think looking forward to launching that a lot.
Great, that sounds good.
I'm very interested to hear more in a few months.
Your answer was really great because it shows the layers you guys have obviously thought about how you're building this community and all this interaction.
So, look forward to hearing more in the next few months and on the other side of Mainnet.
As you said, it's a big deal.
Yeah, we'll surely have much more in a few weeks.
But, yeah, for now, thank you so much for joining.
And, yeah, until next time.
Yeah, for sure.
Hopefully.
Hopefully we'll be live next time.
It would be very, very nice.
So, thanks for having us.
And, yeah, it's always great to be able to tell something about what we're doing here.
Great.
Thank you so much and good luck.
And thanks to all the listeners that joined today.
Quite a few today.
Nice.
Yeah.
It's always a pleasure catching up.
So, all the best.
Thanks.
All the best.
Goodbye.
Bye.
Bye.
Thanks.
Bye-bye.
Bye-bye.
