last few days I mean like I mean I wasn't expecting this kind of high on the
BTC side but you know it's excellent and I think everyone a lot of people are
going to eat them for two and that's really a lot of celebration going on
there as well I think you'll be there too right yeah yeah I'm actually dialing
in straight from if Denver I think markets are overheating at a moment not
sure whether it's I was actually expecting markets to do slightly under
the weather as we've all conference cuts right usually when there's a big event or
conference usually somehow or rather you know markets are just doing slightly
under the weather but James you want to do a mic test as well before we
obviously yeah yeah how are you GM GM a GM GM James James you're still you're
in in Denver as well right I won't be there will be team members from
wearable there and we are hosting a happy hour so be sure to reach out so we
can send you that invite if we haven't invited you already yeah yeah I'll be
meeting them excited for that all right yeah I think we've got the mic test in
let's just give a couple of minute or so more time for just for the folks for the
audience to kind of flow in and then we can start thanks for tuning guys
all right all right I think we're right on time just about to get started we do
see folks still tuning in to flowing in hopefully that they are folks from
Denver tuning in although it's really really early here I actually just hopped
off another AMA and and it started at 730 a.m. so it's back-to-back and it's
now 8 30 a.m. here in Denver hopes hope the folks in Denver are starting the day
early with me here so yeah thanks thanks for everyone you know thanks for
tuning in to this AMA this AMA will basically be covering Pinterest NFTs
that are dropping on mental all right so before we start off very good GM to
everyone as you guys heard us kind of her kind of exchanging casual chatting
just now who you guys are enjoying where we are sitting in the market right now
hope you guys stay safe and hope you guys always you know keep yourself up
to date with whatever is happening in the market as well so as a disclaimer
always nothing to say here is financial advice or legal advice we do
encourage you everyone every single one of you to do your own research right and
I do we want to repeat a debt again please do your own research and be
accountable for your own actions all right now that we have gotten that out
of the way as usual let's kick things right off yeah I think yeah we've just
been a tweet on Pinterest so do you know take a look at there as we kind of dive
in what Pinterest NFTs are for this session but before we actually dive into
what Pinterest NFTs are also as usual let's let's kind of get to know you
know that our speakers our honorable speakers they are joining us today and
thank you guys for taking time out to join us on these AMA session to talk
about me just NFTs that's dropping on mental so maybe over to kin from
Pinterest maybe you want to do a brief introduction of yourself as well as tell
us a little bit more about your project as well sure it sounds good and yeah GM
GM everybody it's also early quite early where I am too in the Bay Area looking
forward to coming in Denver in just a few days hopefully get a chance to meet
you guys as well so yeah I'm kin I'm the CEO from interest
minterest is built as a it's a DeFi lending protocol that is able to
generate far more fees than other protocols and what it basically does is
it uses all those fees and redistributes them a hundred percent of them all back
to the users so everything that the protocol does the abusers will benefit
from and that's how we've designed it and one of the main things that we're I
think talking about today's gonna be our Pinterest NFTs I'll wait for a second on
that front but we launched on mantle network a month ago it's been a
fantastic experience we're really excited for everything that's been going
on love the team behind mantle as well as the ecosystem that's developing it's
being very exciting especially with me th and on those USD Y MUSD within the
ecosystem as well things are growing so much and with the markets heating up
and it's gonna be an exciting bull run over the next couple of years hopefully
awesome awesome yeah thanks today kid thanks for giving me an introduction on
just as well as yourself over to you James representing mental and wearable
site tells a little bit more about yourself as well as the protocol
representing yeah for sure my name is James it's great to meet you all I'm
super excited for the launch of mentors today I am on the marketing side over at
mental and wearable and we're just really excited I think the mantle
ecosystem is booming and there's a lot of growth and excitement and so when we
when we got introduced to them interest team we were just really excited to
provide some support we're just stoked to see the galaxy campaign going out and
can't wait to meet all of you as we kind of get introduced to the whole community
and then for anyone who doesn't know mental is the freshest mantle NFT
marketplace sorry I'm stumbling over my words there but we're we're an NFT
marketplace on mantle and we launched back a few weeks after mantle mainland
main that went live we we launched with the citizens of mantle PFP so I see some
of those in the audience here you can you can see those featured on our
website as well but we're just so stoked to be here and to have interest featured
on mental as well and can't wait to see you all on the marketplace thank you
100% thanks for the introduction on your end James I always love it when when you
know you describe mental as the freshest NFT marketplace on mantle and I think
that's very defeating of mental for those folks who haven't actually tried
mentors NFT marketplace do he down to mental dot app right I think that that
is the URL there so that's M-I-N-T-L-E dot A-P-P you know just take a look at
the UI UX right it really is and as a branding and as a choice of color as
well I really love it when when when we actually launched mental together with
the rival team so very very happy for that and yeah so today we will be
talking about you know the dropping of ninjas NFTs itself before we run
into that main topic do you want to kind of quickly put in a briefing
about mental as well I do appreciate that probably the majority of the folks
here would probably already know mental but I'm hopeful that we do have new
members always joining out joining our AMA even though it's mental who's that
AMA with our partners as well and for the uninitiated for unfamiliar mental
is a scalable L2 build a model architecture and we are running an
optimistic stack here we are building very closely with Ivan layer to build a
separate data availability layer which essentially reduces our cost
significantly right and I think what that means for users is that you know
we've been tracking these and we are highly conscious that highly aware of
these as well in terms of providing a very good UX for users so on a 30-day
average you know using referencing a third party analytics dashboard and that
would be grow the pie we are actually one of the lowest transacting cost per
transaction on average right and this is really taking the average across small
and big transactions simple or the weighted complex transaction and we are
emerging at 10 cents per transaction I think the next leader that is actually
fighting for us for the cheapest transaction with the ZK sync right and I
think you guys can see it transparently on analytics dashboards like go to pie
other competitors would be an average of bringing an average of transaction
because sitting it roughly around 40 to 50 cents itself so so that that's that's
mantle itself and and you know today we are very happy to be talking about the
interest out of keys right you heard a little bit about mentors as well as the
numerous NFTs you might already have you know checked out the treat that we've
paint just now right I think we'll be painting them again up again I think I
don't see it yeah there might be some issues so we might be we will definitely
be painting that up again I want to sort out that issue but back to the
mentors NFTs right hitting straight into it I want to ask kid her from
interest so what are mentors NFTs what is essentially these what does it stand
for yeah and what what what what are you guys intending to do to give users with
this new assets for mentors yeah sure absolutely I'm really excited actually
be talking about mentors NFTs my background is as a game developer and
you know when it comes to NFTs I always think about how when it comes to NFTs
they're you know they're they're beautiful as a pieces of art but there's
they're just they're containers you can do so much with them there there's real
functionality possibilities built into these NFTs and so from interest just at
a high level mentors NFTs they're a collection of their collections to
celebrate the hundred most influential in blockchain circa 2021 so we have our
collections a little old we actually launched them much earlier but their
functionality is only launching today I'll talk about that in a second but
what we interesting is if you look through those top 100 most influential
based on what our community selected it includes some now quite infamous
celebrities as well and we are not changing any of the descriptions on them
it's quite fun but everything from Satoshi all the way to all the way to
Elon Musk and it includes some of the other more notoriety people that you may
want to you know look up like you know from Terra Luna days from from the FTX
days you can have a look at there it's kind of quite fun actually but there are
love letter truly to our space and the point though is that with these NFTs
beyond them being pretty to look at the focus is actually on functionality so
as I was mentioning you know DeFi when it comes to DeFi lending with
interests we're about fair finance and we're about breaking all of the all the
fees that are generated back to our users the thing is DeFi lending has
largely been locked to whales to large liquidity providers when you look at the
largest lending protocols in the space you end up seeing a situation where you
know most liquidity 80 90 percent of it comes from just a handful of users
whereas the rest of it is you know essentially from it's just a hand a
small number of retail users for us we want to flip that on its head and we
want to make it so that everyone can access DeFi lending so what these NFTs
are intended to do number one is the pretty look at collectible sure but
they're actually intended to be used by everybody to in order to actually drive
yield boosts on minters just by holding these NFTs and providing liquidity so
you're depositing you're borrowing the focus of that is then to say you know
what how do we get more people to actually access lending how do you break
out of the just pure whales pure liquidity high-end liquidity providers
and angle well there's an interesting intersection with NFTs right we have a
whole new influx of users who love NFTs but they may not be familiar with DeFi
or if they are they don't even realize that NFTs could be used in DeFi so what
we're really trying to do is tap into a whole new market of users and to educate
them about what DeFi lending actions and how simple it is to actually utilize
that so yeah two basic benefits basically it essentially helps test to
kind of spread the word about what DeFi is using NFTs and secondly it benefits
the most ardent supporters and it drives the idea that NFTs can actually have
functionality I'll talk a little more about how the boost works in a second
but basically by holding them you're actually benefiting by supplying and by
borrowing on minters and I think if they're a yield farmers dream come true
cool cool cool really really interesting stuff really exciting stuff I think that
gives a very good kind of color and visibility on what you know minters NFTs
essentially are you know you know some some of the folks might be might be
wondering right or might be asking minters is a DeFi protocol why are they
kind of using NFTs here right well what is what exactly is the crossover what
exactly is the utility can that actually happen because I think you know in the
space itself right DeFi and NFTs we've been around long as like very strong
verticals are very established verticals as well I think there are still a lot of
untapped potential in terms of of the DeFi crossover with NFTs right so if I
may as well and I want to kind of spruce things up a little bit I want to do a
little bit of back and forth between King and James right both our speakers
here so so passing on on the ball to James right you know what are your
thoughts on DeFi's crossover with NFTs or utilizing NFTs in DeFi right from
for minters and wearable perspective do you guys see a lot of DeFi protocols
doing that what are some of the pros and cons yeah that's a great question I
think what's interesting and this is something that Ken is mentioning as
well it's this mindset that I think this space especially if you've been here in
the ecosystem for more than just a few months like there is sort of this
craving to understand like what more can NFTs offer what more utility can they do
what what possibilities are out there I think one of the biggest kind of
missions and core missions of the space but as well as what we're doing at
wearable and at mental is this mindset behind furthering the democratization of
ownership when you look at what ownership means today in kind of your
everyday life well it doesn't actually mean ownership what it means is leasing
your car or mortgaging your house or having a bunch of student loans to pay
for your education and the idea the very concept of ownership is sort of slipping
through our fingers like we don't really own a whole lot anymore save for our
underwear and socks like we're you know even our phones are on lease or on loan
and so when you look at what the potential of NFTs can mean as we
decentralize further and further and as we put ownership back into the hands of
the people I think there's a pop there's a powerful movement that can kind of be
sparked from that that says ownership matters not only does it matter but it
should matter to the masses not just to the top 1% but to the masses to
everyone and so when Kin says like that mindset of saying it's not just for the
top liquidity holders but it can be spread out like this mindset of having
opportunity spread out to the masses I think that's a major win and so to
answer your question like very briefly NFTs feel like a really natural
intersection and just a right kind of ecosystem and playing field for this
kind of democratization of ownership and and putting ownership back in the hands
of the people instead of having everything we do beyond this lease loan
like debt program that we've been inundated with throughout society you
know I just to kind of add on to that I completely agree with James on that
front you know the it's it's moving beyond just the idea that the that the
DeFi landscape or blockchain in general should be controlled by only a handful
and you know I think what we're seeing in this new cycle is we have a whole new
influx of new users coming into blockchain and what we're noticing as
well is that because of how quickly we protocols can launch be forked change up
and can move into new communities the ability for the power structure to shift
towards more people towards a larger community set is coming and that's a
great thing right and so the whole point is that we need to realize that we can't
you know we can't just have central control over everything that we do we
have to move more towards that democratization as James was mentioning
and so it's great to see that even on mental as well you know this is kind of
one of the key focus I've noticed even with the comp holders you know it's like
there's so many benefits and there's a reason to actually be part of that
larger community too and so I think that there's a there's a strong correlation
connection between the kind of work that we're seeing on mantle with the comp
holders as well as with the Minters NFTs that what the whole purpose of what
we're trying to do is to spread that out to much larger number of people yeah I
do I do appreciate both the insights coming from both James and Ken I think
you guys touch on very very important core themes right well NFTs is always
down to you know the bottom line is thinking about what is that utility
right and how we can we actually democratize the ownership and these are
the two core teams that you guys have touched on very very important and also
how can we actually give the accessibility to the masses right and all
these are like like not new concepts as well these are not new kind of talks
or content right but I think what's important is that you know always
action speaks louder than words so it's about what what are the various ways
that users can actually kind of do that or achieve that right what are the
assets in which it allows users to kind of express this ownership express the
utility right and I think very very you know that that's why we are so excited
to kind of touch on the Minters NFTs here which essentially kind of touches on
the utility portion bringing the utility portion by tying NFTs with eFi as well
right I think I think a big part of it is is really you know looking at what
what users can you know when when when NFTs first started right I think there
were a lot of reasons for users to trade right there were a couple of reasons
for users to hold but more often than not we had a lot more reasons for the
people holding NFTs or the people very familiar with NFTs to actually trade
them rather than to hold them right I think depending on where you come from
or whether depending on what the protocols or the project owners or the
NFT owners the NFT creators are for you know what are the reasons for creating
that asset itself I think as long as you guys are clear on that and kind of
expressing that reason to hold reason to trade to for the users that's super
awesome right I think that's bridging the education gap for users as well but I
think what's interesting with all the utility part of NFTs that we can see you
know tying in with other verticals with define we can even see some of the NFTs
kind of tying in with social with infra right these are these are really giving
reasons for users to hold that NFT and with the utility there pin I saw you
kind of unmute you want to jump in on this yeah absolutely I mean you're
speaking to you're speaking to exactly the whole point of what we have to kind
of start to see with NFTs and the evolution of them because it's the same
thing at the end of the last cycle the thing that used to irritate me a lot was
just you'd have new PFPs just launching collections launching but there was no
there was no purpose behind them at all it's just let's just make a quick buck
and it seemed like you know people were projects were trying to get royalties
off of those NFTs and they were trying to encourage just trading and that was
it when you have only trading as a utility quote-unquote utility you know
how long can it actually last for especially new collections being able to
drive true utility where you can actually use the NFT for other purposes
that's the whole point I think moving forward NFTs starting off as PFPs as
pictures as unique pieces of art made a lot of sense at the beginning because
we had to educate people ourselves included everybody about what is this
idea of a unique digital object you know how can you not copy paste it or dupe it
how can it actually be truly unique and artwork is great for doing that for
sharing that but there's so much more and so I think the you know what we've
tried to do here is design a set of NFTs where what you can do when you
interact with our DeFi protocol the point is we want these NFTs in the hands
of users who will actually use them they're actually built to do that you
can certainly collect them there's no problem with that but the real value of
it is to actually use them within the protocol itself you know one thing I
didn't really talk about earlier is how the collection works and so interest it
only has we only have 3,000 NFTs in total that's it it's a small number of
NFTs and because the point of it is that you know what we're trying to do is
test to see you know does this utility of providing a yield boost work so how
does it work you have 3,000 NFTs they're divided across 12 tiers of rarity so we
have 12 different tiers at the very top the most rare is our Satoshi so Satoshi
the obviously we don't know what Satoshi looks like if it's one person multiple
people whatever it might be but be employed we basically worked with over
15 different unique artists to create their own rendition of some of these top
celebrities and Satoshi included as well who's our definitely our favorite and so
the divide across to 12 tiers of rarity each tier offers a different level of
boost yield boost somewhere between 20 to 50% what is what does that mean
essentially what it means is when you're supplying on interest right now for most
of the markets what you're earning as a yield reward is you're earning like the
base interest rate so when someone borrows they're paying an interest rate
and you know the lender is earning that as well but beyond that we have two
other tokens that we do offer one is the minty token which is minterus token and
the other is mantles MNT so there's two reward tokens are provided what these
NFTs do is they'll actually give you a boost between 20 and 50% depending on
the rarity of your NFT will give you a 20 to 50 percent boost in the minty token
and the MNT token so you're really doubling up on that yield farming and
it also works for if you're supplying and if you're borrowing to on both sides
so I think what the idea here is that and it doesn't matter whether you're
supplying a dollar or you're supplying a lot more you will still get these
benefits from the boost functionality and that's how we've designed the idea is
that how do we bootstrap liquidity you know early on the protocols lifecycle how
do we spread the word from interest and how do you benefit our users as best as
possible and I think by combining these rewards with both minty and MNT that's
gonna be pretty pretty exciting for our users as well on minterist so yeah I'll
gonna go ahead and pass it back to you there cool cool awesome stuff I was
actually about to allude to you know asking you more questions and more
details on the minterus NFTs and I think you've provided those additional
details as well but but for the users as well could you actually summarize again
what is the supply of the minterus NFTs and what are the different levels how
many different how many levels in total and what are the range of you boost that
you know users can expect from these different levels you can just summarize
that for the users here no problem 3,000 total NFTs divided across 12 different
rarity tiers 12 different levels and the boost range is between 20% and 50% at
the highest tier so basically our level 12s which are perhaps the most common
ones but still not so common 20% yield and as you get up to like level 1 our
rarest one which is Satoshi it's 50% and on mantle we have we're deploying
hundreds of NFTs basically from that collection and we'll be deploying more
so I think it'll be pretty fun for users who are actually getting access to them
also awesome stuff so so what I'm hearing is 3,000 supply for these
minterus NFTs total of 12 levels and these will range between 20 to 50% of
yield boost depending on that level of minterus NFTs is that right that is
100% correct you're absolutely right awesome awesome so so yeah you guys
heard it this is what minterus NFTs would essentially be what they are you
know what they supply what the levels basically represent you know what the
inspiration for the artwork is and yeah what what are the range of you boost
that you can expect from holding these and utilizing these minterus NFTs yeah I
think the next question from the community right there would definitely
be the kind of curious to find it out but essentially I have a question is it
alright if I if I jump in before we shift gears definitely definitely James
over to you so I know I'm going off script here but I think sometimes in the
NFT space the idea of DeFi can be very daunting and it's a topic that is like
sometimes can be a little bit mystifying and we've got a lot of folks here who
have NFT PFPs who maybe they have no idea like the very basics of
understanding DeFi and then how NFTs are tying into that with minterus I'm
wondering if can just because it's it's pretty rare that we get to have like the
level of expertise that you bring on a shared stage like this I'm wondering if
you could give like a what would it be called like a DeFi for dummies breakdown
like a quick two-minute breakdown of like what is DeFi and what should people
learn about if they're listening in on this space and they've never kind of
dabbled in that world sure I'd love to thank you James and you're absolutely
correct you know what just as a quick preface when I went to NFT NYC back in
2022 early on and I remember at that point there were so many new people
coming into the space even during like the beginning of the bear market they
were coming in because they loved NFTs they weren't aware of anything else they
just loved NFTs and that was such an interesting way to meet new people and
so you're absolutely correct that the intersection between NFTs and DeFi there
may not be a very large intersection there initially and so it is really
about an introduction so the way I look at DeFi just to keep it very
simple at a high level right is that look our space began with Bitcoin and
and it's what obviously it's still relevant today highly relevant but the
purpose was how do you democratize the ability for people to be able to
interact with each other financially how can I make sure that it doesn't matter
whether my country likes your country so to speak I can still interact with you
as an individual that's what cryptocurrency has allowed us to do
Bitcoin has now when it comes to DeFi the thing is is that when we look at
cryptocurrencies or we look at just think about cash how many of us actually
keep cash in our mattress like you know most of us probably don't keep cash in
your mattress right many of us we deposit into bank accounts generally
speaking or some other form basically so we can actually spend it whether it's a
debit cards or credit cards and the like and the thing is is that what that what
how that happened was there was a system that was created where we basically as
people we pooled our dollars or our you know equivalent currency wherever you
live around the world we pulled it together into a financial ecosystem
which is you know run by banks and you know central parties and governments and
things like that but the point is there's a bank where you basically deposit
your money you earn some kind of interest rate in the bank then lends out
that money to someone else who needs it and the point is you're putting your
money to work or maybe they're putting your money to work the centralized
banks right but the idea behind DeFi was the same idea is that you're not
gonna why should you be sitting on idle assets put your cryptocurrency to work
you should someone is definitely going to want it to use it so why don't why
not earn some interest so DeFi is about putting your money to work so putting
into a system where someone else can utilize it whether they want to trade
whether they want to borrow whatever it might be that's the idea because right
now what we do see is about 85% of cryptocurrency assets are sitting idle
in wallets they're not being put to work that means 85% of us are actually
holding our cryptocurrency in our proverbial digital mattress so DeFi is
to put your money to work that's the whole point it's about creating a banking
structure creating financial infrastructure that allows us to work with
each other allows us to put that money to work so there you go hopefully that
three minutes deal worked no I love this honestly I don't know that I could
have done an explanation quite that succinct and thorough so thank you so
much I just maybe for anyone who's listening do you get where the name
interest comes from now like there's a little light bulb moment that we all
have when we're listening to kin here so in case you were wondering what that
meant now you know and maybe you should go spend some time going down the rabbit
hole of DeFi sorry I know I derailed us a little bit but I thought that would be
a good like pitch stop for this conversation I love you know absolutely
yeah absolutely James really great to have you kind of time in and jump in on
on that question I think that was really really good you know putting putting
kin to the task in terms of explaining DeFi to the other people's right I think
you know as a shadow AMA or co-hosted AMA we do have folks in communities that
might be more familiar with certain kind of assets or sort of kind of narratives
than the artists right I think a lot a lot more often than not we would be
surprised for people that are building here that when you actually speak to
your audience and you should reach out to your community or your your target
audience or you try to kind of increase on board new communities or new users a
lot of the people that are in this space some of them are actually still very
much kind of confined within you know one vertical it might be because of
certain biases or certain kind of preconceived your frequency biases or
association that they have they have had from the last cycle right so I think
there are a lot of like last cycle talks as well about how you know people have
like traditional associations with NFTs traditional associations with DeFi but
we have definitely come a long way and we do hope to break that stereotype as
well and we do hope to kind of educate more and do have more overlaps of more
cross-pollination of communities and and yeah thanks thanks for that for that
question James we appreciate it I want to bring it back to you the
Minchas NFTs right I think the audience here is curious King could you actually
tell the audience or tell us right where can they where can the users get these
Minchas NFTs from and yeah could you walk us through some of the key
information as well I do understand that there might be some bridging information
there might be some validity date to the Minchas NFTs as well if you can
provide more information and more details on that front yeah sure
certainly so I'm really proud to say that Minchas we have deployed a number
of NFTs on to mental you know and it's been it's been actually been a long time
it's been a long time in the workspace last several months we've been in touch
with the mental team we've been preparing for the Minchas NFTs to come
to Mantle network and so you can find them on mental for sure right now
secondly we do we did have an existing collection on Ethereum which is where
Minchas also and so on OpenSea so for users that may want to if you are
already on Ethereum who may already own NFTs or who are accessing OpenSea they
can certainly purchase them there if they'd like to we're not you know we're
not selling them but our community is basically selling them but they can buy
them there and then Minchas we have an NFT bridge which we are in partnership
with layer zero that we are basically we have something on the front end which
will be updated a little bit later this week so people on the Ethereum side can
basically bridge their NFTs Minchas NFTs over to Mantle but we are deploying a
number of NFTs on to Mantle network on to Mantle as well so you know for those
who are in the within just the Mantle ecosystem there's no worries there you're
gonna have a ton of access to that now when it comes to the Minchas NFTs as we
mentioned there are 12 tiers 12 levels of rarity and they all provide different
levels of boost but the one thing that yeah we do need to be one thing I do
want to be make sure that we are aware of which with rice was alluding to is
that they all have an expiry period so the idea is that when it comes to
Minchas NFTs they the purpose is we want to make sure this is the very
beginning of the protocol's life and so it's a great time to attract liquidity
to Minchas and so the NFT these boosts they last somewhere between five months
and three years depending on the level of rarity that they are so our most
common NFTs which again are not that common but our level 12s and level 11s
they last between five and eight months meaning they'll expire at the end of the
year so it's a great time for anyone to be able to utilize them to be able to
trade them and then to build a supply and borrow on interest and then as a
rarity level increases they'll then extend beyond one year into two years
and our rarest one which is the Satoshi is about three years in terms of the
validity period so after that after they expire at that point in time they'll be
collectibles and and also at the same time for us this is also an experiment
right to understand you know their potential if people love them they don't
love them if they would want other functionality built into them and so
there are opportunities down the road for us to then augment the collection
either the existing one or a new collection which can take into account
more community feedback user behavior and then we can spin out something new if
we need to down the road but for right now I think these are pretty attractive
as they are and so I hopefully answered most of your questions there right so
I'm not sure if there's anything else that I may have missed yeah absolutely
I think you covered it really really well all the communities curiousness
curiosity around interest NFTs as well would have been addressed and answered
yeah I think I think that gives us a lot of kind of insights into you know how
users can get your hands on the NFTs and what are the additional details to kind
of look out for right so so as King kind of shared previously there is the
bridge that's open that's built on layer zero using laser technology and there's
also this expiry date for the NFTs right I think especially so for
mentors I do appreciate the transparency here for the users right and then what
that means is that once you get your hands on the NFTs you know they are
actually looking out for users that would actually want this kind of utility
and would definitely want to kind of utilize the NFTs the mentors NFTs as
soon as possible once they get their hands on it so we're excited to see the
community getting your hands on it and you know straight out ripping ripping
the utility from from from day zero or even day one right and if you guys have
any feedback you know do kind of share them with mentors I always see them kind
of listening to constructive criticism of it back from the community and trying
to see how they can iterate from product to product cycles yeah so I know we have
a pinned tweet here if you guys can can can see that Kim could you could you
tell us a little bit more about the current galaxy campaign and I believe
it's already light yes how can users participate and what is the thought
process behind crafting this galaxy campaign yeah this galaxy campaign is
really exciting and so that the key thing is is that you know we're coming
out with the mentors NFTs on to mantle and on to mental and so it's a great
opportunity to be able to share that with the wider community at large about
what mentors NFTs are the galaxy campaign what we've done is and this is
you know this is a huge the collaborative effort between mental
mantle and us Minterst a lot of alliterations there with M's and the
the whole point behind it is that we're trying to attract as many really you
know users as we can in the right way so there are three sub campaigns I'd
probably call it within this larger campaign so we're giving away over 200
NFTs Minterst NFTs and with these three sub campaigns the first one is very
simple it's just simply it's a social set of tasks you know follow and retweet
you know our respective projects and you know you basically get thrown into a
raffle we'll be doing two sets of raffles of 25 level 12 NFTs so we'll
be doing the first raffle so we're midway into the campaign of 25 NFTs and
then if you don't win one there no problem we have a second set of 25 NFTs
towards the latter half of this campaign which is running for now about almost two
weeks it'll be ranked for about two weeks from today the second sub campaign
is an on-chain one so this is for some of the more perhaps more ardent users of
DeFi and NFT trading platforms like mental and so the purpose there is you
know actually go to mental you know you can we have some number of NFTs there
you can buy them and you can list them that's part of the on-chain activity
task the second is we know we know that how popular METH meth is on mantle as
well so as part of that second sub campaign come to minterest and supply
borrow some METH as well as show some love on that front so these are on-chain
transactions and the third one that we're running the third sub campaign is
really targeting at mental calm NFT holders you know we know that you know
when we we participated in the mantle moonshot program a month ago which was
incredibly exciting incredibly fun and over I think over about 2,000 of those
participants received an upgrade to their calm NFT with these beautiful
looking blue goggles and so the whole purpose is let's attract the entire calm
NFT holder community participate it's very simple again it's mostly social
tasks but you do need to hold that calm holder NFT and from there we're going to
be dropping about 50 NFTs level 12 NFTs to calm holders you know it's just as
simple as that and so the whole point is how can we kind of you know how can we
spread the love across all the entire mantle community and that's why we're
having these three campaigns and you know they're intended to be relatively
simple on-chain tent transactions are you know maybe a little bit harder but
again the whole point is learn about what minterest is learn about what
mental is trade you know lend borrow give it some give a little get a little
experience on that front so that I think that's that's kind of how the campaign
will work and at the same time over the next two weeks we're going to be having
some surprise drops as well so we have partnered with some of our key KOLs and
they'll be doing giveaways as well and we'll announce that soon enough but
there's some pretty cool KOLs that will be involved in giving away minterest
NFTs on mantle so that's gonna be really exciting too over the next couple of
weeks and and then finally I think the last piece I'm gonna talk about is the
so there's so many NFTs being given away and the distribution for that just so
everyone's aware will be on March 15th after the campaign is over and the boost
the actual NFT boost will begin on March 18th so that way it's fair for
everybody currently you can certainly get the NFTs but the point is we're
gonna be doing massive drops of NFTs want to make sure everyone gets the
opportunity to get that boost at the same time so that will be the NFT boost
will start on March 18th you know I absolutely love that again I think you
know these are all the high-level key details that you know the users here
would be interested to know about and especially with timeline as well right
so if I'm not wrong this galaxy images campaign this images campaign images
NFT campaign on galaxies early life right you'll be running from 27 February
today all the way to the 11th of March you can see all these details on the
pink tweet here on this space as well you know all the timeline all the
details that Ken has mentioned it's here there was also mention about receiving
the NFTs if you do win them you know to to completing the quest and all the
requirements it will be distributed tentatively on March 15th and March 18
would be the start of you know we think that you boost do correct me if I'm wrong
anywhere on the details game you said it so eloquently so absolutely correct
yeah everything is absolutely correct all right also also yeah so I think I
think if you guys need any more details you know do pin do bookmark that treat
that pin treat for yourself you can always go back and reference that and if
you guys are interested in you know participating in campaign as well the
galaxy one there's already live and getting your hands on the images NFTs
yeah do feel free to you know turn on your notice for interests for more
updates on interest NFTs as well yeah I really do love oh so I want to quickly
kind of chiming here I think Ken did mention right there was there is going
to be a separate reward pool for the citizens of mental NFT holders for those
that are not familiar citizens of mental NFT is basically Mendel's inaugural PFP
NFT collection it was a free kind of white this mean that was given out to
early and active community members this is the NFT or the PFP that I'm actually
donning for my Twitter right now so you can take a look at that and you can also
get your hands on the citizens of mental NFT on Mendel right now we have a
lot of people trading the common NFT as we more affectionately call it as well
our community calls it you can actually get your hands on the common NFT on
Mendel and what I like is that you know when I'm always talking to you to
product teams and as I've talked to you to Ken and he's a wider team on this as
well I'm always saying like you know let's drive value back to our CUM
holders right how can we actually have maybe a separate reward pool for them
which is essentially what what it is here on the galaxy campaign there is a
separate reward pool for our citizens of mental NFT holders is as simple as you
know holding that and qualifying for it and just competing I think there are a
few like social tasks that comes along with it as well so very very simply you
can also get the CUM NFTs on Mendel and you can get the ninjas NFTs on Mendel
as well I just want to take the time here to kind of shift gears a little bit
and read back to James no pun intended but yeah similar to how kind of James
posed that question to Ken right and and I think it's also because we want to
hear from you know people that have insights people of such that have
already kind of gathered that that expertise expertise and experience in
their field and I know James you have been around you know dabbling with NFTs
for a while now similar question to Ken right how how would you kind of dumb it
down as an NFT 101 for D5 folks that have kind of been burned by NFTs before
or they haven't actually you know gotten themselves on border to NFTs what is
your pitch to the D5 folks for NFTs yeah yeah no this is a good question and I
think we have to be really honest in web 3 we've gone through some cycles
and there's been a season of time where the term NFT was basically a swear
word to the public right like you say NFT and you might as well have like slapped
them in the face or like taking money out of their wallet there has been that
sentiment and I think if you have been here for longer than just a few months
and you've been through the last bull cycle and this incredibly long bear and
knock on wood what it feels like is this next bull cycle that's bubbling up I
don't know Bitcoin prices eat prices they feel good today and I'm knocking on
wood so I'm not jinxing it I think NFTs today for anyone who has not dabbled or
maybe you did in the past and you lost some money you got burned today what
we've seen in this space is that there's this maturing that's happening not
everywhere there's still the degens there's still the farmers there's
there's still those who really are just here to make a quick profit but I think
what we are starting to see is people are understanding that the technology
itself has real value has real potential and might actually be able to change
some things and improve some aspects of the way that we do daily life a great
example that I point to is the California DMV if you're not familiar with
that what the DMV is if you're not from the States it's basically where you go
to get your car your automobile registered and get your driver's license
set up they do your vision test there things like that the California DMV is
looking to the blockchain to make your car registration and driver's license
and all of these things be part of an immutable ledger or a place where you
can go and view that in the blockchain what an incredible innovation and idea
to bring into web 3 through the power of NFTs imagine if instead of having to
find this random piece of paper in your glove box to show when you get pulled
over like oh yeah here's my registration what if they just pulled it
up on the blockchain or you able to show them your NFT that prove yes this is the
authentic registration for the car and I paid my dues I paid my fees I think
there's a lot of people who are starting to brainstorm and think through what
does utility look like and still in the art and PFP world what we're seeing is
that there's real builders who are doubling down you've got folks like
citizens of mantle is a great example it's a membership NFT it's a
citizenship NFT you become part of this ecosystem part of this community but
then there's also groups like pudgy penguins who are playing with IP
extension with overpass where they can literally you can license out the NFT you
own to be created into a toy and you reap the benefits of what that means
there are more and more instances like this where we are gonna see membership
exclusivity ticketing you know IP rights all of these like real tangible value
adding propositions to NFTs beyond just number go up number go down that I
think are going to start to make NFTs less a swear word to the public and more
a moment of intrigue that says oh it's not just a bunch of pictures of monkeys
like there's something here that that is improving life it's it's making my
friction points easier to deal with it's taking care of hurdles that I deal with
in my everyday life and so then when you think about DeFi and I know we're
bringing it back to Mintris and this idea of DeFi and NFTs and that
intersection I think that's another great use case where you can say okay
NFTs have value beyond just looking good in your wallet like kin was saying
or collecting the artwork which is still important and it's not to diminish that
value problem but it's to say there can be more it can it can be added on to it
can be more complex maybe there's something here that can decentralize
finance in a way that becomes really powerful for ownership for everyone for
the masses and so that's maybe like a very long soapbox answer just to say
that we're very bullish on the future of NFTs but different than how we were
bullish in 2021 because numbers were booming I think we're bullish on the
future of NFTs because they have the power to change the way we do life as a
whole no also we're really really love that you know you're touching a lot of a
lot of important points and I kind of echo you know your insights as well I
do love the references that you gave all these are like in real life
references we do see like traditional businesses like you mentioned you know
California DMV as well a lot of them are really looking into blockchain as using
it as a technology right using blockchain under the hood how can we
improve lives how can we improve efficiency of operations and stuff like
that I do love it I think there are a lot of untaught potential and I do kind
of experience myself as well it's easier slightly easier over now to kind of talk
to people of NFTs usually I still get that occasional kind of a skeptical look
but I'm like okay hear me out hear me out things have changed a little bit
right and and the focus for beauties as well the focus for users how they
actually look at NFTs this is a lot different so yeah thanks for that I want
to go back to Ken from ninjas NFTs right and kind of wrapping up here being
time-conscious as well I know the ninjas NFTs you know they leave on
ethereum and and this they also leave on the theorem right and which is why
there's this breach you know that is that is using laser technology but what
are the benefits that you know ninjas NFTs can provide to users on the mental
network compared to just leaving them on ethereum itself yeah absolutely so you
know the one thing that we are doing is that there's a little bit of collection
globally like we're not minting new NFTs the idea is the NFTs mittress NFTs
will be able to you know can move to mantle network and primarily as I think
we've probably seen in the last couple of months we have a heavy focus on mantle
and so mantle network is going to be the first network where these NFT boosts
will become activated so the benefits are beginning there and I think that
that's that's a big part of the point this is you know when it comes to
mittress NFTs and the yield boosting nature of them over the last couple of
years as we you know when we first minted them out and our community has
been waiting quite patiently for this feature to be launched and so I'm really
excited they're going to be on mantle right at the very beginning of when we
actually you know you know hit the green light on this particular feature that's
me really exciting so sorry rice I'm not sure if I answered your question or
maybe there was something else that I'm missing there no I think the question was
mainly about we know what are the benefits this was to be benefits we use
is kind of bridging that NFTs or having it live on mantle instead of living it
on a journey yeah yeah absolutely so I think so right now I think one of the
things that we're seeing is that bringing the NFTs over to over to mantle
on mantle we have two emission rewards that we're providing right we have minty
and we have MNT across most of the markets so by bringing the NFTs over to
mantle providing liquidity there you'll be able to get a boost in both of these
tokens which I think are it's pretty cool on the on the Ethereum side
certainly there's you'll be getting a boost on minty for sure but for the time
being I think the whole point here is that they will significantly benefit on
mantle because you'll be getting boosts in both of these particular tokens in
addition to that on mantle what Mintress is also offering are two of the the
native yield earning token markets that's METH as well as Ondo finances MUSD
USDY both which are earning native yield and so by providing liquidity there by
using your NFTs there and you're also benefiting from those native yields as
well so I think there's a there's a quite a bit of compounding effect with
what we already are offering when you bring the NFTs over for mantle users and
so for NFT holders on the Ethereum side from you know bridging them over will
get you a lot of these benefits from the get-go cool cool cool stuff so yeah I
mean you guys heard it here first in terms of you know what matrix NFTs are
how you can get your hands in them what are the timeline to be aware of and yeah
what are the benefits right why why you should if you already have the NFTs on
Ethereum or you know somehow it's on Ethereum do be able to mantle and you
can use them here want to bring it back to James really quick actually I'm gonna
take over again because we only have a few minutes and I want to make sure that
we give you an opportunity to talk about this because I think that like you've
been a great host and you you've like really set both Ken and I up for some
great questions but I'd love your take like what makes you excited about
Mintris on mantle and like what what are you seeing kind of in this space as we
look at kind of the evolution of NFTs as we think about DeFi or maybe even
beyond maybe there's something else that you'd want to touch on too yeah 100%
thanks thanks for the question James I do appreciate that I think I think a lot
of this are kind of asked very frequently as well in terms of the NFT
space how I see developing you know whether it is crossover with DeFi and a
lot of the points that you mentioned James right I want to want to touch on
it again but before that I think the first question was you know why I would
be excited about Mintris NFTs on mantle network you know personally I'm excited
about Mintris NFTs simply because of a lot of the reasons that we have already
covered you know whether James yourself in terms of recognizing the utility
that's being kind of used in just NFTs or you know can as you explain you know
how you guys are actually trying to kind of attract the users that really want
these new boosts right and trying out if the utility makes sense for them and
seeing that you know how you guys can actually attract the liquidity and keep
these liquidity providers close to you guys right I think it's a lot about not
just DeFi here I think it's a lot about you know taking one step back again to
be a question about how I see the empty space evolving it's it's you know
traditionally it's a lot about like art IP and I like that point that James
reiterated right it doesn't mean that the art work on the NFT whether it's a
utility NFT and this is the case for Mintris NFTs as well right it doesn't
mean that it's not important it gives it an additional provenance right it gives
it an additional appreciation level or on an individual basis whether you do
appreciate the art work whether it's created with certain kind of other
objectives in mind right so we have art we have like membership tokens that are
more traditionally known we know we have all the animal tanking PFP now it's like
anime meta coming back again you know people that are using lock kind of a
locked beading option you kind of do a raffle for the minting of the anime
PFP NFTs and you see the supply kind of dropping as well because they want like
a more close-needed community right or I think maybe on in terms of confidence
level they can be a lot of reasons from the product sites right but in terms of
confidence level so I think that brings them a lot more confident to kind of
mint out from a smaller collection supply where we see now I think the
do you lose rights I think we did yeah I think we just lost you right
man he's still there I can see him right so we lost your audio but we can still
see you reacting that's okay I think like that's such a strong answer and I
won't even like try to summarize what race was saying but like there's a
there's so much excitement on mantle and I'm actually I wanted to ask you Ken
because I'm curious like why mantle why did you guys pick mantle over there's
so many like other L2's and L3's what stuck out to you for mantle yeah it's a
great question and you know for us when it comes to some interest is looking to
do it is it's a cross-chain lending protocol and the point is is that we
wanted to find the right homes we interviewed over 30 interview basically
getting conversations and due diligence with over 30 blockchains in the space L1
L2's and mantles it was very interesting it was a very clear differential they
just took out they stood out among the rest because and I've and Rice has heard
this a thousand times before frankly speaking I'm sure he's bored of hearing
it but there are you know they're incredibly responsive you know they're I
mean like immediately they dive deep you know always very helpful this is before
we even decide to come on to mantle very thinking strategically to about the
future of the space about mantle and about how we could fit in to the
ecosystem those kinds of conversations are have been rare across all the 30
conversations that we've had and it was it was very clear that this is where we
wanted to place you know place on our flag and kind of really push from the
very beginning anyway since Rice is back let's leave it to rice yeah man yeah we
were we were loving everything you were saying I don't know how you guys gonna
kind of summarize or picked up where I left off but but oh my god Twitter has
been ragging me and and thanks for the mantle I can't quickly bring me up to
speak again as I kind of rejoin the space but Twitter has been ragging me
big time this morning here in Denver in my previous space I actually did with
NFT scan there actually NFT API provider it was so weird but there were a couple
of speakers and I had one on my teammate here on the space as well I could hear
everyone speaking but I couldn't hear her speaking so it was like I don't even
know what are the stuff that she's talking about recovering talking about
mantle and I keep like fearing like we have like overlaps but yeah just very
quickly I know we're right on time I was talking about you know how the different
project teams have different objectives right and when they do launch the NFTs
as well what I talked to project teams as well is that when you do NFT meet and
you raise money right don't stop there right a lot of a lot of the old
collections they actually raise money and they kind of then after raising
money they start to think think about what are the utilities what are the
recurring mechanism how can we keep the community tight but then you actually
have to think about it as project creators when you utilize NFTs right
from the start right even before you actually mean the NFT in the long run
what is that recurring mechanism for users to actually stay around right what
is the product behind the NFT NFT when you actually minted you should only see
it as a way of kind of raising funds there right in which you can actually
kind of or even if it's a free mint right how are you actually kind of
distributing the NFTs right how are you actually whitelisting the users or the
community who are you actually trying to target and how you actually kind of
trying to acquire them and retain them what is your purpose there right a lot
of the stuff all of the NFTs and and this was mentioned by James previously
as well as that I think nowadays we're starting to see a lot of project creators
being more mindful of all of this in terms of looking at NFTs what is the
utility there what is that you know how can we use them for customer
segmentation in terms of identity and loyalty right and and these are what the
traditional businesses are looking into NFTs for the right reasons as well in
terms of okay how can we actually onboard more users how can we engage our
community our users our customers that are already you know existing customer
base with us how can we actually give them a more intimate experiences
experience in terms of you know providing something that is rewarding
their loyalty right so a lot of this is like when I talk to project teams as
well they want to utilize NFTs I let them know you know even if you are an
IP you know you're you're strongly based on IP how can you actually you know keep
your communities doing more transactions with the NFTs the other
narrative that I'm looking at is that on on a very broad level I do see this
thing called higher for lower right I think in in the longer run we will see a
lot more collections of NFTs that are based on the highest supply for lower
price point assets right and what I mean is that you know you know if definitely
it would be less sexy definitely it would kind of lower the speculation
value but this is the this is this is anchoring back on a notion of being
inclusive when you when you talk about things like games social IP and when you
want to build a community that's as inclusive and as diverse as possible and
you want to keep increasing your customer base to me it doesn't make sense
that you have like a 10,000 kind of supply of collection right you know some
people can tell me that yes you can you can kind of issue like a secondary
collection to that you can kind of issue like a third collection to that a
tertiary collection to that but more often than not you need like a base NFT
that represents your stake or your participation or your membership within
that community and and this should be low barrier to entry when when project
teams actually issue like primary secondary and tertiary we usually see
like a different in the tierings as well and a different in classification and
what that means is a different in treatment in the utility they get so we
do see like first-class citizens second-class citizens I think this is
what more traditional we have seen as well but I think what I see is that that
core primary collection moving forward in the longer run a lot of the projects
of businesses or even projects that utilizing NFTs would be higher supply
for lower price point NFTs and what I mean is that you know when you look at
like traditional apps or businesses when you actually create an account with them
and I'm talking about social and games because I think social and games are a
lot more relatable to kind of the long tail retail market right these are stuff
that we all use on a day-to-day basis it doesn't cost you anything to create a
Gmail account it doesn't cost you anything to create a Twitter account and
Instagram account a TikTok account it doesn't cost you anything to create an
identity or an account with steam for example but what happens after that is
that you know with an account if let's say that that creation of an account is
is already tied back to the creation or the minting of the NFT I think there's a
lot of potential in terms of including you know what are the the subsequent
transactions what a subsequent contributions that you have made within
an ecosystem and tied back to that NFT itself right and that's where you can
actually derive or drive more value in terms of looking at oh this is the
demographic of users that are a little bit more crazy these are the demographic
of users that probably won't do these kind of actions but they will do the
lower end of the actions right so you will know how to target them and this is
where all your recurring transactions come in this is where your micro
transactions come in from the ecosystem perspective so that's all from me and
and that's all for you know what I think in terms of the upcoming narrative or
in the longer run where we see more sustainable utility or sustainable use
cases for NFTs hope this that answers the community and I hope that answers
Jim's question I love it I love it so much what a great panel this has been a
great great conversation I know we're over time already but I just can thank
you so much it was so good to get to chat with you today and and also rice
also just good all as always also awesome yeah I know we're running out of
time just want to do a quick check with both of you guys if there's anything
anything at all that you guys can share with the community or would like to share
the community any alpha with your project or your product now is the time
to do so kid do you have any last words for the community yeah so I think the
the one thing is that right now on interest we have actually limited the
amount that users can borrow at about 10% of their collateral and we're waiting
on basically more diverse liquidity which is now actually coming on board so
what's going to be really fun is when we do after we distribute the
Minteras NFTs after this galaxy campaign and the boost start on the 18th all
borrowing the caps are going to be increased significantly what that means
is for those who are real defi degens they're gonna be able to do a lot of
looping activities on Minteras supply borrow they'll be able to yield from a
ton on top of that with the NFTs are being a massive boost that should be a
ton of fun I think for people so it's a great opportunity to get the NFTs ahead
and we're making sure that all of that activation is taking place after the
NFT boost go live on March 18th so that's gonna be a lot of fun all right
awesome thanks for that kid James do you any last words for our community no you
know honestly just a huge thank you to everyone who's here and if you're
listening if you're here right now I know sometimes we listen to spaces and
we like multitask I just want you to pause for a second pick up your phone
and follow kin and follow Minteras because they've got some incredible
things coming up and you don't want to miss out on what they're doing and of
course check out the galaxy campaign but otherwise I think I think that's good
this is this has been a great space thank you very much James and I really
appreciate this has been a ton of fun actually both of you guys I mean you
know so much alpha things that I'm learning as well I'm writing down I'm
gonna go explore a lot more especially on mental side and rice I mean I want to
talk with you a bit more on your on your thoughts on NFTs moving forward because
I think there's some more cool stuff we can design together but that's a
separate conversation all right awesome yeah you guys heard it here first do
follow mental do follow James do follow Minteras do follow kin mental and myself
as well if you guys are interested to find out more kind of fresh updates
coming from ourselves or the ecosystems or the projects that are with us here
today before before we drop off right if you guys are have stayed with us all the
way until the end you know there are a few ways for you guys to get your hands
on the Minteras NFTs and do check out the galaxy campaign but for those who
have stayed with us on this AMA we do have a special kind of thing for you
here I am gonna drop a secret code in which you can use to kind of input it
on to Quest N right and the instructions for these you can actually look it up
on Minteras Twitter or X account I think they've already posted the instructions
for that but essentially I'm gonna tell you guys in the next couple of seconds a
secret code word that you guys just need to note it down and key it in into
Quest N there's a link and in that tweet that that Minteras have posted out I
believe and yeah you guys basically warn yourself another opportunity or another
way to get your hands on Minteras NFTs so the the secret code word is let me
let me see if I can confirm this the secret code word is for you guys
listening listening get your pen get your your notepad here the secret code
word to insert on the Quest N link would be Minteras I think that is a let me
just see it real quick here I think it is Minteras I think that is lower case
M-I-N-T-E-R-E-S-T oh if wait wait wait hold on hold on let me just do a quick
check because I'm also multitasking here okay okay I've got
confirmation the code word right and do correct me if I'm wrong okay thanks for
for the interest in confirming this the code word is Minteras thing so let me
spell that out for you that is M-I-N-T-E-R-E-S-T-I-N-G so there's Minteras with an
I-N-G at the back I believe that it doesn't matter if it's lower case or
uppercase but if it does matter do try to put the first character which is M
in uppercase and the rest of it in lowercase so that is the secret code word
let me repeat it again for the audience here do apologize for for the mix up
previously but the secret code word is Minteras thing so that is M-I-N-T-E-R-E-S-T-I-N-G
that is a Minteras with an I-N-G at the back do input the secret code word on
the quest ending that you can find on the Minteras did that is already live
if you guys have any questions or queries regarding Minteras NFTs do
approach the Minteras team and I believe they'll be more than happy to have you
there and once again I know you overran quite a little bit but happy for all of
you to kind of stay on this session with us here today learning about Minteras
NFTs learning about DeFi and learning about NFTs in general once again thanks
for joining us and thanks for our speakers to keep dropping all the
insights and help our thanks James thanks again appreciate it always all
right just guys and we will see you on the next one