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Sui Ecosystem & Friends
Recorded: Jan. 14, 2023 Duration: 1:20:39Space Recording
Full Transcription
. Thank you. . Thank you. you
Hey guys, how do you hear me? Yeah, perfect.
Okay, let's wait another minute for all speakers to join us.
Sure. Thank you. Thank you. Well, we are still missing Chad Lee from Starspace, but I hope you'll join us a bit later.
So, first of all, welcome everyone and thanks for joining us today.
We will speak about NFTs, NFTs on SWE in particular, and we'll try to figure out
and we'll try to figure out what the secret of successful NFT project is.
Thus, we invited several NFT founders to share their ideas and visions on different topics.
Let's start with a very quick intro of each of the speakers. So a few words about myself.
of each of the speakers.
So a few words about myself.
My name is Alex and I'm one of core team members
of SWE ecosystem,
mostly responsible for content creating,
hosting the spaces, as you might notice,
and different collaborations.
I would like to mention also our co-host, Tony,
who represents Thirsty Monkeys, and he's also founder of
Hellsome Builders, which he'll probably tell us more about today. So it's pretty much it,
I guess. So Tony, I pass the word to you. And yeah, thank you. Perfect. Yeah, thanks. So yeah,
Perfect. Thanks. Hello, everybody. Thanks for joining us. As Alex said, I will also be your host today. I'm the founder of Thirsty Monkey, which is the membership NFT collection of our Web3 development studio named Halcyon.
collection of our Web3 development studio named Halcyon. We are building tools and infrastructures
for builders and their communities on SWE. And with ThirstyMonkeys, we want to create an active
community to test and promote our products within the ecosystem. So of course, in return, the holders of Thirsty Monkey will get exclusive benefits on those products.
And so right now, we are also developing a new way to whitelist our community.
So a decentralized way to whitelist our community on SWE DevNet.
So I think it's pretty cool and you will like it.
This is the second space I host with SWE ecosystem this week.
So I'm really happy to be here and really happy to have announced
our long-term partnership between Halcyon and SWE ecosystem
to promote development within the ecosystem,
the SWE ecosystem.
So yeah, we can move on to the next one. Armour Schist, for example.
Or Sweetinos, if he can't hear us right now.
Yeah, of course, I can hear you. Thank you so much.
This is Stella from .
And my role includes handling Twitter spaces and helping out the team with whatever they need,
managing other team members as well.
And we have been building for like three months now.
And we recently did our DevNet Mint with BLaunch, and it was successful.
Sold out in 15 minutes.
And, yeah, I'm really excited to be here and uh love to talk about
nfts on sway ecosystem well thanks um sweet heroes now if you want to present yourself
present yourself okay um i'm a pharmacist a full-time crypto trader and also an nft trader
um since like 2018 i've actually been trading crypto and up to now my interest has actually
boiled down to the seer worker system because of the recent developments and the recent funding from from the SUE
from the SUE Foundation so that's actually my interest in the SUE
SUE ecosystem and also I just got on boarded into the SUE hero team and I'm
also part of the public relations you understand so that's basically all I'm
doing and I'm here with the SU CU ecosystem to actually discuss about how to create
a successful NFT project or how to be part of the successful NFT community. Thank you.
Yeah, thank you everyone guys for your interest. I think we can proceed with the first question while we're still waiting for Chadli.
So it's like for everyone.
What do you guys think is the main priority for majority of NFT collections?
Is it art, community, utility or something else?
Oh, Chad, you're finally here.
Hey, man, how are you?
He's only a listener right now.
So you need to accept him as a... Yeah, yeah, accepting him right now.
Okay.
Hey, Charlie.
Could you present yourself?
Yeah, can you guys hear me?
Yeah, yeah, for sure.
How are you, man?
Great, how are you? Yeah yeah I'm fine too thank you
yeah Chad Lee we just started with you know a quick intro of each of the speakers so only
you you are remaining could you please tell us about yourself and star space in general
yeah absolutely so my name is of course chad uh i'm really the co-founder and ceo of star space
um what we're really building of course is the simplest really marketplace and launchpad on on sui and the
reason we want to be the simplest is i think i think too often many different marketplaces i
think try to really take a full featured a complex too much approach complex, too-much approach.
And I think, at the end of the day, I think what makes an NFT marketplace the best is just being simple and then going from there.
And so I think starting from a very, very sort of simple place of basic features
and then building out towards, you know, borrowing lending, perps,
all that sort of stuff for NFTs, I think is where we'd like to go.
Yeah, awesome. Thank you. Actually, I've already asked the first question of our topic today,
but let me cover it one more time. What do you guys think is the main priority for majority of NFT collections?
Is it art, community, utility or something else?
Feel free to speak.
So I think the focus is mostly art and really community, I think, for now.
But I think where projects really need to go
is really more in the direction of our really utility.
And I think what we're going to see,
and this is especially something that we're working on at Starspace,
is I think providing providing, you know,
one-click sort of solutions for NFT projects if they'd like to turn on staking
or turn off staking, right?
I think that that's sort of a basic utility we've seen for a number of different NFT projects.
But I think offering something like that for NFT projects, I think, is a sort of first step.
I think next, of course, there's a lot of different projects that try and offer unique utility.
But I think that where it needs to start is definitely with the art.
I think the art needs to be unique.
The art needs to be, I think, something interesting.
I personally really like art that is, you know, sort of funny, a little bit meme-ish. So, you know, some of my sort of favorite projects are, you know, something like the Pudgy Penguins
or the Sappy Seals. Sort of seeing those, you know, it's, it's fun, right? It's, it's, it's memorable. It's, it's enjoyable to sort of see.
And I think that you, you have fun with it. Right.
And I think the majority of those people that are in those communities are
incredibly funny. Right. And just want to have fun.
And so that's, that's something that I look for in an IT project,
but I think where it needs to start again is,
is definitely with sort of art and community.
And then you need to figure out really what the utility is,
what's going to keep people, or what's going to make people stick around.
Yeah, definitely. Thank you.
Actually, I totally agree with your vision regarding the art.
It might be an unpopular opinion, but for me, the art itself is very important.
I mean, if I just don't like
the way it looks, I'll
probably never buy it.
So, yeah. Of course,
the other things like utility you mentioned
and community, of course,
are important too.
But the art is
kind of your first impression
and it should be awesome
uh well tony do you have to do you have something to add from your side to the phone
totally so yeah i agree with with you the art is like the first thing you you see about the project
so it's like the the cover of the book or the front of a music album, if you don't know.
It's like you see this and if it's ugly, nobody will look further because you don't want to acquire something ugly.
This, like everybody will mock you, you know.
So this is the first step. The art should be at least good, but if it's exceptional, it's better, of course.
But I also think the priority of the NFT projects,
actually in the current state, it's the community,
because Chad talked about utility within
NFTs
but with what
we are doing with NFTs today
I don't think there is
true utility
like there are
there is a real estate
NFTs linked to art
music, paintings, stuff like that.
But I think today NFT projects are really about the community
and it's about growing a cool, vibing community, all of that.
But when you're starting, have also to focus on this because
this is the best marketing if you have
a strong community
it's really cheap to promote
your project because your community will do
it for you with the word of mouth
it can promote the product
the project
can test some of
your features of your ideas and give you
feedbacks and of course the community promotes the project but it also buys
the project so it's like everything that's needed. I think this is really
the main point. Of course I totally agree with you community is what can build a project and
community is what can kill a project as well and also I totally agree with the point that you said
community does the marketing for you if you if you have people who believe in you believe in your successfully successful. Exactly.
Go on,
pharmacies.
Amazing,
amazing,
amazing talks from everybody.
And that's actually one of my ideas also
because I believe
that community
is everything,
right?
And let's actually take
from my background
in the whole crypto space
and part of
my success
is in the crypto space is actually it
has actually been built around the community right i've actually been growing in communities i've
actually been able to move from one stage to another recommendations for even okay buy these
nfts get part of this team stuff like that all because of communities right so communities are
actually like the backbone of the NFT project.
You can actually have a cool art.
You can actually have a very meme art
or whatever you have.
And you will still have a very, very failed project
or a successful project.
So it actually boils down to the community.
Be like, oh, let's buy, let's sweep, let's hold.
Let's do stuff like that.
Let's do memes.
Let's actually do the shilling.
Let's do the shilling for this shilling let's do the shilling
for for this project let's do the shilling for our project you get it so that's actually what
matters you understand when you look at a lot of um nfts that actually has been successful
it's actually from the from the community it's not actually from the team actually you understand
the the team can actually build as much as they can and then the community takes it up from there
like from um chilling on
spaces talking about it like let's let's take an nft collection that has actually been trending
up on to date right let's take the god hate nfts right now um goddard nft keeps on trending and
keep on holding its floor not because um they create the uh the um team which is um peter i
think is an elderly man it's not because actually because it's actually because the community comes together they keep on shilling this project every day on spaces
talking about it oh we're doing this we're doing that and stuff like that so community is everything
in the crypto space you understand and also when you also want to grow in the nft space let's say
you want to move from being just an nft trader to being an nft creator or being part of nft teams
it also boils down to the community you're actually in why because people are going to
recommend you for jobs they're going to be like oh let's take myself let me also take myself for
example because i like myself for to be the example for everybody right so somebody's gonna be like
oh pharmacist is actually very very updated on the um seawackle system he actually keeps on um um um farming engagements
on the seawackle system he's here he's here he's there he's here and they'll be like okay let's
actually um they recommend me okay um he should be in spaces he should actually um do this stuff
he should get um white list for this project you know stuff like that so it's actually a community
that would actually create a successful project,
in my own very, very opinion.
So I do trust in the communities, and that's what we're actually doing here.
Great speech.
Macavoy has...
So if everybody...
Yeah, you have something to say uh maybe ask maca boy you know what what you
thought about this as well like what's your what's your sort of answer to uh maybe this question
yeah actually i covered already a bit you know about my vision and my opinion about the art
itself but of course the probably the second or
maybe the first thing is a community it's you know it should be all with the focus um
i mean if your community is strong and you will have you know diamond hand
diamond-handed holders and yeah something like that I guess it's not so much to add
about you guys already mentioned yeah and I think this is the difference
between old companies like Google and stuff in between and with the web3 companies, what they will become, like Artifact,
and even what Nike is doing with, it's really about the community.
And so we talked about what NFTs are about today.
Maybe we can think about what the future of NFTs will be.
What should be the purpose of NFTs?
There are plenty of opportunities.
And right now we are only focusing on one, which is community.
So where can it bring us?
Maybe we can also touch on what makes, and maybe in our opinion you know what makes really a great community
um and i can go first uh if you'd like i mean we can sort of touch on this i think everyone
can maybe now we have some sort of opinion on this um i think that that's sort of what makes
a great community is i think one, I think starting with,
and this maybe goes to just general team building,
right?
I think one,
it starts with building the sort of right team.
So I think that any,
any NFT project has at least,
at least these sort of people.
You can of course have much more,
but I think they have at least these sort of people.
One is,
is of course,
I think someone that is really managing sort sort of discord side of things right discord or social
two is of course you'll need a dev um and three maybe you need someone that's that's sort of the
i would say almost like the leader right that? That is maybe on Twitter spaces, is, you know, actively trying to also do collaborations,
partnerships, stuff like that.
That's really the sort of three people you need.
And then, of course, you could potentially have an artist
or, of course, you could contract that out.
But that's really at least, I think, what you need.
And it's not much, right?
And you probably have, if you're in this space, you probably have at least one to two friends that can fill those spots. So if you'd like to start an NFT project, I think you need to start with a small team.
um hopefully they have a little bit experience in doing that in the past but
you know figuring out sort of what the the goal and really what the utility is first
then figuring out how to properly sort of market that and in you know throughout sort of your
channels and in discord and and most likely just twitter and then right really going from there
and marketing that to the people, right?
So I think you need to be incredibly consistent, right?
So you need to be active on really Twitter spaces.
You need to be active, of course, in your Discord on, you know, putting out tweets, partnerships, giveaways, right?
All that sort of stuff.
You need to be incredibly consistent with, right?
And then hopefully have, you know, you don't have to make this public,
but you can hopefully have a sort of launch date, right,
or mint date in the back of your mind.
I think the problem that we're also seeing with,
and this goes to the SUI sort of ecosystem,
is that, you know, we don't, I guess there isn't an exact date for launch,
right, of SUI mainnet.
And I think because of that, right, you've seen people struggle to really make that
estimate of when we do go to mainnet, or I'm sorry, when you can really launch, right? And
And so I think what we've seen so far is a ton of projects that have fallen off the map, right?
so I think what we've seen so far is a ton of projects that have fallen off the map, right?
From sort of one to two months ago, I think there was maybe 70 to 80 projects, right, in the SUI ecosystem.
And now there's maybe, let's just say, I don't know, 50, maybe 55, I'm not sure, right?
There's been a substantial, I think, really drop off in the amount of projects, both that are really being created, as well as as sort of still here from, you know,
two months ago or so. And I think that's because, you know, no one really knows when mainnet is,
right. And so I think there was maybe an expectation when many of those people started
the project that, you know, so you would be going to mainnet next week or something, right.
So I think that that those are the things in really my opinion, in how you create really a
great community. And I think in general, the sort of key piece here is really being consistent.
And that's not only in all of your sort of marketing materials, right?
So what you're tweeting, what you're putting in your announcements, right?
Putting a little twist on it.
But also just making sure that if you're going to do a space, right?
Maybe do a Twitter space every single week, right?
At that same time. And I think what you'll start to see if you, right, maybe do a Twitter space every single week, right, at that same time.
And I think what you'll start to see if you are consistent is it starts to compound, right?
It starts to be where, you know, the first couple of weeks, the first three weeks, four weeks, it's, you know, it's sort of maybe a couple of viewers, maybe, you know, five to ten.
I don't know. Right. But you sort of do it consistently.
You continue to add more and more people. Right.
I think that's what you see, know just with us as well um you know i think we really
started to do twitter spaces i don't know uh maybe five six seven weeks ago right consistently and
now we do at least four to five a week um and you're starting to see you know uh the amount
of viewers that we get every single time, the followers, all that sort
of stuff increase every single week.
And they're also incredibly fun to do.
So I think being consistent, of course, in your sort of branding and materials, but also
in the sort of output that you're giving to the community and try to do with your sort
your followers is really key.
of followers is really key.
Interesting.
This is a lot of work.
A lot of alpha.
A lot of alpha.
Does anyone else have
any thoughts on how to build a great community?
Of course, I would like to add something.
I believe that communication is the key.
Your ability to keep your people engaged and informed counts a lot.
I've seen so many great projects lose the hype and going to dust
just because of the lack of communication.
I personally believe that if I am in the community,
I would like to be informed of whatever is happening behind the scenes.
I think that counts a lot.
I love it.
I love that.
Maybe Sui Heroes.
Any thoughts?
I don't know.
Well, for me,
actually,
building a good
community
for NFTs is actually
creating a good social
media handle and also
being able to engage
the community because we talk about community,
right? But when you have a community
and you don't actually engage the community because we talk about community right but when you have a community and you don't
actually engage the community then you get less active participants right so engaging the
community to be active by uh there's thoughts on discord that call royal rumbles gatic you know
you put put up stuff like that um white list competitions and also you know trying to make
sure that the community is always engaging.
Because when you get those retweets and, like, it's actually people like, oh, I want to get
white list.
I want to do like this.
You know, so people are just, you know, anticipating to get spots and things like that.
So engagement actually matters a lot.
And keeping the community engaged is actually very, very important in building a very, very
great community
yeah and what do you think about tools like crew 3 or galaxy for building a community yeah i think well i think they're good right i i think they're good, right?
I think they're generally good, right?
I think that
as a community member,
you should be rewarded, right, really for being
early. So I think
that's really the sort of first start,
right?
I think, though,
sometimes it can
get a little overboard with sort of the amount, I guess, of, you know, early stuff you can do, all that sort of stuff.
But I do think it's really a crucial piece of really, you know, both, well, I would say just more emerging ecosystems, right?
Ecosystems that I think have still a lot of growth to do, are brand new, right? Ecosystems that I think have still a lot of growth to do, uh, are brand new, right? Um, I don't think that you see, you know,
really crew three being used too, too much, um,
on sort of Ethereum or, or maybe Solana. Um,
and I think it's because of course they're much more developed out.
It's just a different sort of demo. Um,
but I think that that that's crucial for sort of early stages of an ecosystem, and I think it's also crucial for many early sort of projects on that ecosystem to sort of garner interest.
Also, it plays a major part in bridging the gap between different blockchains.
For example, I've seen Galaxy being used by so many Ethereum and Solana projects
as well recently, and Q3
is being applied as well. So I guess
it's really good. I personally
like both of these platforms so much.
Okay, well, for me, actually,
I feel
what Q3 and
Galaxy has actually done is
actually very great stuff, right? Because when
you look at it, Project wants
to actually give whitelist and Project
actually done one of the things
is not making your whitelist as hard as
possible, right? And when you
assign roles to Q3
or Galaxy, you'd be like, okay,
who gets to level
first 200 persons to get to
level 10 would actually get a whitelist.
You get it.
You get a whitelist.
Let's say for a few heroes right now, you get a level 10.
You'd be like, okay, yeah, you get a whitelist.
So what that does, it actually creates lots of engagement because those people who you are actually engaging in the Discord,
then get to engage in the Qtory to actually also bring engagement to your profiles
bring engagement to your uh what they call it uh your discord you understand because they get to
retweet they get a like and they're anticipating for more quotes right so it builds that
anticipation in each individual like for me personally like um i'm in several communities
right now and i keep engaging in their crew quest. Why? Because I want to be like,
oh, I want to get the OG.
I want to move.
I want to get OG.
Oh, OG gets two whitelist.
OG gets three means.
So I'm always anticipating,
okay, when will you guys actually create a new crew
so I can actually do this thing fast?
And, you know, when, imagine, look at it.
This is how interesting crew theory gets.
When you get to, let's say,
it's level 10 and you are like level 9 and level 9, 70%,
then you see other people on the leaderboard and they are like there.
So when they actually create a new tweet out there and they are like,
okay, that takes like 100% to actually get to level 10.
So you have to be very fast you
have to be you have to turn on notifications you have to um you have to be active you have to be
smart so things like that it actually creates um this engagement for each nft so that's actually
a very very smart way to actually um create um good engagement for for projects amazing
good engagement for projects. Amazing.
Yeah, a few words from myself regarding the Crew Tree, Galaxy, and so on.
In general, I like such kind of platforms, but as long as you as a founder have some
plans or some ideas to reward the most active community members.
plans or some ideas to reward your the most active community members if you
don't have any and you know people will just spend many hours for doing your
tasks or claiming your your poeps or all eighties I mean it's not cool right you
should you should build some I don't know some some idea yeah some way to
to be meaningful and um yeah regarding these spaces um chat actually i like your approach
that you started hosting four to five spaces per week and I think it's crucial if we talk about the community
and about the trust
from your core team
sorry, from your core
community members.
That's the reason why we actually
started hosting spaces
at least once per week.
You know,
it's cool when you can face your, your community when you can
answer different questions, share your opinions, etc. So yeah, something like that.
Yeah, I would agree. Right. I think that that, you know, because of all these, you know, sort
of giveaways, again, the crew three, the collaborations, all that sort of stuff i think it provides a you know a
much needed sort of piece for the the ecosystem i think it's great that that stuff is going on but
i think you need more of the sometimes the human element right like you need to see that there's
someone behind an account right behind sort of my of course my personal account and also the star
space uh account and so the Starspace account.
And so that's what I think these Twitter spaces do really well, right?
I think they provide, of course, another avenue of marketing.
You know, if you can get sort of more, you know, partnered projects
or just projects from the ecosystem in your space,
maybe other influencers from other ecosystems,
you can really start to cross-pollinate,
you know, get people involved in the suit community, get them interested in it.
And so it's a crucial piece of, I think, any sort of, you know, NFT marketplace,
DeFi protocol, anything in sort of any ecosystem now.
It's a crucial piece of marketing because the other problem, right you have is is as a you know as an nft marketplace as a builder really in web3 you're incredibly limited in where you can really market anyways
right you can't just take you know uh you raise maybe a couple million bucks you can't just take
that money and go to you know google or facebook and throw you know throw some some stuff on ads
right because the problem is really twofold one is a lot of times facebook or google don't even let you do that
so that's the first piece and really second is you have to it's not just where you know you're
maybe trying to it's not like e-commerce where you're trying to sell maybe a hair comb right
let's just say just randomly a hair comb most people know what a hair comb is right? Let's just say just randomly a hair comb. Most people know what a hair comb is,
right? Well, most people don't really know what an NFT is. So not only, you know, do you have to
really educate people, right? If you are to really, you know, advertise on Facebook or Google,
you also have to, yeah, I mean, you really have to educate them plus onboard them, right? Which
is now a sort of two-piece requirement
that's even more expensive, right?
So it doesn't make any sense to do Google or Facebook.
So you're really limited, in my opinion,
to really maybe Instagram, right?
There's some Instagram pages that are NFT-focused.
But really, a lot of the times,
I think those are more reserved for maybe NFT projects that are looking to spend way too much money
for the sort of marketing output that you really get. And so you're really left with
Twitter and sort of Discord, right? I think that's really what's left.
And so I think with those two pieces, you need to, I think, really be
using them to the full extent, right? So, you know, writing
threads, writing, you know, basic tweets, right? So, you know, writing threads, writing, you know, basic tweets,
doing Twitter spaces, you know, hosting maybe AMAs in your own Discord.
That's all stuff that I think you have to be doing in this new age
of really Web3 and Web3 marketing in order to really survive.
And not only survive, I think also sort of make it, you know,
onto sort of the grand stage in a much bigger fashion.
Yeah, because right now
the space is really overcrowded
and in bear market
it's even worse, I think.
So yeah, you have
to find a new way to promote
your project
and building relationships
with other projects or other builders or the media
it works really great i think you can market your project in your uh by yourself like alone
you need to have support and to give support to other people you you like you appreciate
other people you like, you appreciate.
Actually, I have another interesting question to continue our conversation.
It's for everyone.
How do you think, guys?
What things should be avoided if you decide to launch an NFT collection?
And what are potential red flags, according to your opinion?
Well, I think what we saw for some of the red flags on maybe Sui already,
and something that I think at the end of the day with,
I think the community needs to just in general not be okay with is really just straight copies, right, of projects from other chains, right?
So I think we've already seen some projects in the ecosystem that are exact copies from, you know, from Solana, from, you know, from Ethereum.
I think I've seen like OK Bears, right, you know, from Solana, from, you know, from Ethereum. I think I've seen like OK Bears, right?
You know, something like that.
Or I think I've seen, what's the other one?
The punks.
Yeah, the punks, yes.
That's always classic, right?
The apes, right?
And then there's one other, the pudgy penguins, though.
I think they've changed now and they're not going to do, you know,
they're not going to copy them. But I that's the that's the sort of easiest red
flag right it's just like you know there's no it's it's sort of clear in my opinion that that's
probably going to be a rug right um there's just no way that you can build a brand off or
you know off being a literal copy now the other, is, is some of these other projects, right, is they also might be
copies as well. But the problem is, they're probably from lesser known ecosystems, right?
So maybe it's like from AVAX, or, you know, Arbitrum, or something like that. And there's no
way, I guess, well, of course, there is way, right? You could sort of probably reverse image search.
But the problem becomes when it's in these smaller ecosystems,
you've never seen the art before.
You think that it's original, but it's really not.
And then, you know, there's a potential rug pull there as well.
So maybe it should be sort of a part of your, you know, basic DD, right?
With your end consumer, as well as us as a marketplace and really the launch pad
that's something that we need to be doing as well right is making sure that we're checking
a really reverse immature on some of these things that uh should be checked and should not be okay
right and sort of copying art that's a basic um so more red flags right, is I think in some of the ways we've seen, I think, different projects sort of maneuver in this ecosystem, right?
I think that there's been a lot of sort of projects that were here two months ago, right?
I sort of spoke to this a second ago, but really that were here two months ago, thinking that, you know, Sui was going to mainnet next week
that are now really no longer here or have, you know,
have like one project that they, you know, they, they,
they never, they never changed their at,
but now it's like they changed their name and it's like a Russian woman.
You know, stuff like that is just kind of funny.
And I don't know if that's something that you can sort of see from the beginning, right?
You know, seeing that they would, you know, they would just fall off when it was true
that Sui wasn't going to main that ASAP.
So I don't know, right?
I think the sort of stuff I first touched on, right,
the art is an obvious red flag.
I think that you need to have calls with people, right?
As a marketplace, we have calls, I think,
with sort of every project, you know,
either multiple times or at least one time
before, you know, sort of going further with any steps.
But yeah, I think that those are some of my red flags.
But yeah, I think that those are some of my red flags.
I'd like to add something.
If a project is following a meta cliche, you better should avoid it.
For example, in Solana, these days, casino meta is trending.
So if you see a project following that way,
I mean, the hype is going to go bad one day or another.
So better not follow meta-clices.
Also, there is one aspect of4 2022 going into the metaverse
and stuff like that or creating the metaverse.
And it's so stupid.
Like you are three students in a room at the university.
What are you going to do?
You don't have even 20 bucks.
So this is so stupid. well this is a red flag well
it's actually very crazy because um i think that's one of the red flags i see with um lots of nfts
uh collections because um having an elaborate roadmap doesn't actually equal to success you
know like having one year two years three years three years roadmap, man, that shit is crazy
to me, though, because I think curating the community and having a very simple roadmap
is actually going to worth it because having a very elaborate roadmap, how many of us actually
do actually follow up the roadmap?
You know, people who actually follow up the roadmap are just going to follow up the roadmap
to call the project out on the later run
to say, oh, you didn't do this.
You didn't do this.
Oh, blah, blah, blah.
You were wrong.
You did.
Even if the project doesn't rock.
So, you know, it's actually good to keep the roadmap simple.
Not a lot of stuff.
Just basic stuff, you know, because...
Yeah, I think pharmacists, I think to this point, right,
I think that, you know, you look at sort of the best, I think, NFT projects,
and I think that, one, they start with really great art, right?
That's the first piece, right?
Really great or really unique art, right?
I should say unique, right?
Then they really focus, of of course on their community and
then because of that right the the art is unique the community is great you can really build a sort
of brand out of that and and a brand is really defensible right um that's that goes for of course
both an nft project as well as a marketplace right i? I think having a well-known brand, a respectable brand, right?
You're known for sort of security or ease of use or simplicity, right?
That is really defensible.
And so that's what you see in some of the best projects, right?
It's not that they have the casino, you know, meta niche, right?
Or the niche meta.
They have, you know, unique staking utility, right?
The largest projects, you know, really built an incredible community
and really a brand that's defensible, right?
And that's why everyone envies, you know, Yuga, everyone envies,
you know, I don't know, maybe Pudgy Peguins,
because they have a brand, right?
And you can sell merch and you can sell events
because they are, you know, a reputable brand in Web3.
Hey, actually, we've got Daki's NFT who just joined us. How are you guys? Do you have anything to add?
Sorry, did you ask me that no no i was asking jackie's nft it's another
yeah they've joined us anyway um well totally agree with your vision guys
um so tony can we proceed with the next question if you have some?
Yeah.
Yeah, does anyone else have any thoughts on that?
Any other thoughts I guess on-
Docky's is reacting, but he don't want to speak yet.
Yeah, hello.
Yeah.
Hey Docky.
Yeah, quack. Sorry, Ioki. Are you... Quack!
Sorry, I just like to join in the space.
So what are we talking about?
Come on.
Okay.
So...
Talking about building a successful NFT.
Okay, Doki.
Do you plan on building a successful NFT collection?
yeah um so about the our plan to our collection i can talk more about about that for now because uh
we have the schedule and any plan to launching that step by step and the step or from our plan so I can just
tell we still with our plan just it.
Great intervention, man.
So, okay, maybe we can move on to another question.
So, yeah, maybe just a simple question.
How do every one of you, each of you, define the success of an NFT project?
Because I know everyone has a different vision for success.
Sometimes it's sold out and raising a lot of money.
Sometimes it's bringing a revolutionary idea to the market
and being the first one to implement something.
Sometimes it's just about having a high floor price.
So, yeah, for me, if I can start with this.
Yeah, I think it's about bringing something new and
that people are able to acknowledge this and it becomes the norm, the standard for NFTs.
Like you participate to the evolution of NFTs.
This is the important thing.
And I see a lot of people who are really proud to sold out
and after they don't give a fuck anymore about the
project but this is not a success it's super easy to do if you have a bit of money to invest in
marketing and if you are a bit uh uh social and friendly you can make friends relationships uh
good marketing giveaways so much thing to grow and solve it solve out a collection but
for me it's not enough so what do you think guys i think what makes um an nft project really
successful is it might have been in really hitting a couple boxes so
is in my opinion really hitting a couple boxes.
So one is I think that you maybe are really transparent
from day one on who is really on the team,
where that money is going to go sort of post-mit,
what really you plan on having for really the utility
and eventually really follow through with that.
Making sure that, you know, the sort of, I think, minting process goes well, right,
with whatever sort of launchpad or marketplace you end up doing that with.
sort of launchpad or marketplace you end up doing that with,
making sure that the post-Mint,
the activity that you maybe put up or were putting in pre-Mint continues, right?
At some sort of consistent rate, maybe it even increases, right?
To, I think, add to the marketing that you do have
and try and maybe prop up the floor price.
I think that it's hard to really say if the floor price is a part of what a successful
NFT project does, because I think that, you know, every sort of different NFT project
is minting at a different sort of price, right?
You know, this could go to macro sort of environment.
This could go to the environment of a specific ecosystem.
I think what we saw with many of the projects in Aptos,
that I would consider to be pretty successful is they minted out
or a lot of the maybe larger projects minted out. Right.
And then weeks later, FTX would collapse. Right. And so as an NFT project, how are you, you know,
how can you honestly predict for that or really predict that? And there's just no way you can.
So, and that obviously affected prices of NFTs and really assets across all ecosystems.
And so I think to just say, you know, a floor price is a piece of what makes something successful is unfortunately just not.
I don't think that you could really put that into perspective. Now, maybe in maybe more sort of a bull market, but in a bear market, I think everything and the majority of stuff is going to go down probably post-mit, unfortunately.
I think that there's very few projects that we've seen be able to hold at something above, you know, maybe mid price because of this liquidity drain that's happened across all ecosystems.
Right. And sort of many people moving to to cash, unfortunately.
Right. As they're maybe still scared.
So that's what I would say is really a part of a good nft project
yeah totally agree with your vision chad actually the activity prior to mint and post mint is like
you know the main criteria of the success of any NFT project.
And also to say a few words about the floor price.
Don't say it should be really huge.
I mean, it just should be kind of constant.
If it doesn't fold too much or if there are not so many listed items,
I guess it speaks of itself i mean
um yeah i guess it's pretty much
i was also going to say too like i think that too often nft projects sort of weight, I think, on, and this goes back to, you know, the unrealistic roadmap stuff, right? They sometimes feel that if they put, if they don't really put enough, right, in their sort of roadmap or maybe enough in their utility, that it won't be a good project. But I think like, like sort of what I was saying before was, you know, like just looking
at some of the best projects on Ethereum and Solana, I think those are, those are the sort
of best examples, right.
Of, of some of the best projects.
Now, of course, maybe some of them made mistakes along the way, but again, those are sort
of the best examples that I think many people are looking at and should be looking at if they're
looking at good projects. I don't think that they started out, you know, you look at just the top
ones, right? Bored Apes, Punks, you know, D-Gods, Utes, stuff like that. They didn't start out with,
you know, we're going to build a billion dollar metaverse
and and uh you know and and just like 10 other other things that we see you know casino and all
this other stuff they started out i think just with something very simple right i think with
with some some basic art right that maybe looks cool to a certain amount of people they started
out with the sort of building and focusing on building the best community, right, that's maybe the most active, that has the best alpha, all that sort of stuff.
And then really post-Mint, right, continued that, continued to build with better and better people, right, convinced more and more people that I think are, you know, influencers and maybe not so sure of the project pre-Mint to sort of get on board and now it's it's you know these sort of communities and and
and come or the projects have the best you know communities that everyone sort of added these
right it started from a very simple place and then of course you know something like board
apes have done eight fest they've done you know a number of different events right and that only
happened after they sort of executed on they think of this on the simple stuff. And so I think that's where a lot of NFT projects
really need to start is get that right.
And then you can really do a ton of different things, right?
And you can really take it wherever you want, right?
Maybe it is that you do really want to build a metaverse.
And that's of course what Yuga is doing, right?
But I think before that,
and when they first started,
at least from what I've heard, right?
That was never the plan, right? It was just something that I think has come first started, at least from from what I've heard, right, that was never the plan. Right? It was just
something that I think has come of it, right? They'd rather
built for a game, a game, you know, you know, sort of a
ethereal experience, right? Plus do in IRL events, all that
sort of stuff. And but that only happened after they created a
after they created a sort of incredible brand.
sort of incredible brand.
Yeah, I would say for NFT projects,
do what you promise and don't promise too much.
I guess it's something like that should be.
Yeah, I think it should be really under promise, right?
And over deliver, right?
I think that's something I've tried to live by
throughout my whole life. And I think that that can really get you far, right?
I think that it's not a bad thing to under promise, right? I think it's ultimately about making sure you as a person and as a team can actually execute, I think, on the basics first.
And then you can do really whatever you want, right?
I think that executing on the basics, like I was just talking about, can open you up
to so many different possibilities, right, because of that.
So actually, that's actually very, very true.
And I think keeping a very simplified roadmap and plans is actually very, very, very true. And I think keeping a very simplified roadmap
and plans is actually very, very,
very, very much more appreciated
because let's say an NFT right now
is actually building a PFP
and you'd be like,
okay, the way we're going to be incentivizing
the communities via staking,
we're going to be funding our pools
and stuff like that.
Keep it as simple as that and not maybe overestimating and be like,
okay, you're going to make millions of dollars from staking and earning our tokens, stuff like that.
So keeping things really, really simple and short
is actually very, very, very much appreciated.
What about sweet dinos do you have anything to add no so next question maybe
yeah does anyone else uh i feel like I may be talking too
much so I apologize don't know what else have the other input it's okay there
has a pharmacist is awesome yeah you're talking too much, but too great, man.
Exactly.
So I had a thought when I was preparing the space. I think there is really two ways to be successful with an NFT project,
but like with every type of business or company.
Like you can...
whether take use a well-known recipe,
like a way to do things,
a strategy, plans that has already proven to do things, a strategy,
plans that has already proven to be effective.
I can reuse everything that has already worked with other projects on other blockchains.
So this is one easy way.
But if you execute really well your marketing
and your communication
and you grow your community the best way,
this is one way to success, to be successful.
And the other way is to bring something completely new,
completely revolutionary.
And this is much more difficult, but if you do it well,
you will be successful this way,
and maybe you will be more successful.
So what do you think about that?
Do you think this is like the only two ways?
Maybe you see something else?
Yeah, I mean, I think that, like,
I think anything that you do in life, right,
you should, sorry thirsty monkeys did
you want to talk sorry well uh chad chad are you going no no no no no no sorry i was just uh i
thought thirsty monkeys uh looks like they just left okay um no i was just gonna say i think duny i think uh yes i think i think
part of it is is really that and i think that anything you really you of course do in life
um you're you're sort of basing off what you see sort of other people do right and then i think
what what turns you know what what makes sort of a a company right a project an nft project a d5 protocol right um you know interesting or or
sort of next level is there's there's a lot of the same sort of things you see in other other
you know projects but also a unique sort of twist right what's your sort of unique insight
what's maybe your unique art your unique community sort of uh objective right that's what i think really makes um
something next level right is there needs to be something unique right um because otherwise it's
really just you know uh it's the uber for you know uh it's the uber for food right it's it's
stuff like that and it's like you can't really build a reputable, unique brand off of something that has a lot of copies in it and a lot of sort of basic stuff from other areas.
And so that's what I think is really crucial to me.
It's both, you know, sort of taking from the past as well as, you know, sort of looking towards the future and trying to really innovate on something.
And also that innovation needs to be, you know, very simple, right, and understandable by the general public or really the general sort of communities that you're of course trying to market to okay so um one thing is this i believe that we all come to life with that um knowledge and
experience and as we as we actually join in life um we get to learn from other people who have actually been in the field that we want to actually venture in or that we're actually interested in, right?
So that's the same thing for NFT projects.
I know we all want to be unique.
We want to build something different. different but actually looking at the steps that uh past project on different chains no matter the
chain have actually implemented that actually made them actually uh um become very successful
is much needed from um nfts on the sewer ecosystem especially because since we're actually going to
be launching um newly in let's say in the q1 when the minute go along so actually um going back to your boards and actually
looking oh what did that body do what did he um all the nfc let's just body is the biggest right
and the punks you just look at what did they do to actually become this successful so you can
actually also look at that study them and also implement that and also if you check what they
actually did was actually building trust with people, building trust in the community.
And how did they build trust with the community is actually executing on the plans, on the stuff they actually said they're going to do.
So when you say, okay, we're going to do this, we're going to, whatever you actually want to actually build, just actually execute it.
Execute it, even if it costs you some money and you'll be like, okay, we used our money for this stuff.
Execute it to see how far it goes
because when you've actually put stuff on the roadmap
or on the plan map,
and people already see that,
people actually want to see that stuff come to life
and actually exist.
So people would actually be buying into that real-life existence.
So I believe that successful projects
should actually be able to, what's the word now they should actually be able to
uh bring bring to life what they say they want to do yeah that's it
of course people should know that crypto um place and this web3 place changes every day and so the
founders of the team should be adoptable.
They should be wary of whatever circumstances they go through.
They should have enough plans in their mind to sort it out.
For example, we've seen worse bear market in the last couple months.
And the projects that survive that bear market are only the projects that are going to flourish in the next bull run.
the market are only the projects that are going to flourish in the next we run.
By the way, Funny Bunny is here too.
Feel free to add anything, guys.
I love the Funny Bunnies, man.
Hey, guys.
Hey, give me two minutes.
I just arrived in Austria.
So give me two minutes.
I'm going into my room right now.
Are you digging a hole?
Are you digging a hole?
Yeah, well, it's a lot of snow over here.
So it's going to be really difficult to find some carrots over here.
But give me a few minutes, guys.
I'll be back.
Well, actually, we are talking more than one hour already, and I still have a few questions
to Chad Lee specifically.
If you don't mind, Chad, I'd like to ask about the star speed.
Sounds great.
You know, there are like several marketplaces being built on you right now.
What is your uniqueness in your opinion?
Why a potential NFT collection should choose you as a primary marketplace or launchpad?
And basically, what's your selling point?
Could you tell us, please?
Absolutely. point okay could you tell us please absolutely so i think there's really three unique insights and
really unique pieces to us as a marketplace one is really on on the product side i just want to
make sure can you guys still hear me are you okay yeah yeah totally okay okay so yeah first is of
course really on the product side so i think in some of the different features that we'd like to Yeah, totally. than any other sort of marketplace. Also a focus on really 10X UI. So post-raise, our focus will be
around making the experience even simpler than I think we've been, you know, sort of using on
some of the larger marketplaces like Ethereum and OpenSea. That's innovative, really, yet native. And I think really pushing this notion of really the composability in which we see or we really believe is so unique about SUI.
see really on the launchpad in order to really launch, focusing on projects, you know,
or sort of quality over quantity on the launchpad. And then also we're planning on
post-raise as well in the lead up to mainnet, maybe a couple months before,
doing an incubation of a couple projects, sort of educating these projects on the, you know,
sort of educating these projects on the, you know, the sort of tech behind this composability,
as well as building specific projects and launching, of course, on StarSpace around this sort of CNFT or composable NFT.
But again, I think is really what's so different about SUI.
Second really goes to the community.
I think that we've really focused on building, I think, from the ground up, a really organic community.
Now, I think we're planning on doing some Crew 3, some Galaxy stuff, I think, soon, maybe over the next month.
I'm unsure how much longer we'll do it for, but we will be doing that stuff.
doing that stuff, I think just building a bigger and better brand.
I think just building a bigger and better brand.
I think also through the Twitter spaces, of course, that we've been doing,
the reason for doing that is I think we want to become
or really be seen as leaders in the Sui ecosystem, right?
And I think that's maybe starting to happen.
But I think as we continue to do them consistently, right,
maybe even up them, right?
Now, I think with this space, this is maybe the sixth or seventh space we've been doing, we've done sort of this week.
We have also ourselves a space in about, I think, two hours or so, right?
you know, continued or to be more and more seen as really as leaders in the SUI ecosystem,
right? Active as well in sort of the public and private chats for SUI. And I think also
building really in the open, right? So what we did at the beginning of this last week was,
of course, launch a testament with the funny buns, of course, that are in here now.
Did incredibly well, right? I think we sold around 10,000 NFTs of the funny bun passes
in about three hours or so, right?
And that was incredible to see.
I think both the power of the funny buns community
as well as our community get involved.
And I think we got very fortunate, of course, as well
with the sort of DevNet.
I know that the DevNet has had a ton of issues
throughout this whole entire week so i think the day that we did it on monday was was absolutely
perfect uh the sui gods really helped us and i think so that touched on that touches on or what
i just touched on was really the product differences as well as community differences
and then lastly is really the vision right so i think that that many of the other marketplaces really want to go for uh you know
some combinations of like twitch and reddit and looks rare and stuff like that and i don't think
that that's really the the area we want to go right i think that maybe we'll have some basic
social features right like a leaderboard for you know some of the best traders stuff like that
but you know i i'm not so sure that we really want to compete with some you know sort of the best traders stuff like that but you know i i'm not
so sure that we really want to compete with some of those sort of players right i don't know that
that that makes sense to to build sort of like streaming infra or or all that sort of stuff just
yet um and so i think that we definitely want to focus more on on where we really sort of come from
i think as a team which is definitely more on the sort of NFT-fi side of things, right?
So bringing sort of DeFi X NFTs to the table, right,
with what I touched on, I think, in the beginning of this space
with, you know, one-click sort of staking, right,
turning that sort of on and off for projects, right,
borrowing and lending with some NFT projects,
right? Pushing the boundaries of what a C or really an NFT project is and perps, right? All
that sort of stuff. I think that's what we really want to do, right? Building a full suite sort of
marketplace. And then lastly, I think really just making sure that we're really customer focused and I think solving actual problems in the ecosystem, right?
I think that too often companies, right, projects across too many ecosystems are trying to build things for people and hoping that they will eventually come rather than sort of building what's needed.
And so we want to make sure that we're solving problems in the ecosystem on a daily
basis. And so this is also why I think we've taken maybe a slower approach to building anything
gaming related. Because while we do see that, of course, gaming, I think, is going to be big on
Sui, it's also clear that Sui has not released that much info on, you know, who is really building games, right? Other than
some of the basic partners that we've seen, right? How large they are, how large the games are,
what problems they have in order for us to solve for, right? So of course, we have ideas on maybe
what we can do in gaming, but without any sort of tangibles, right? Without anything that we know
is going to happen, it's incredibly difficult to focus on gaming, on Sui. And so that's, I think, what makes us different at the
end of the day to your sort of question, McAvoy. Hope I answered it fully.
Yeah, thank you, Ted, for your detailed answer. Actually, I still have one last question for you,
but let's see if Koizumiumi sorry if I don't pronounce it correctly
have something to share with us hey guys can you hear us yeah yeah totally no no let Charlie say
Charlie was very good in the explanation about nft5 we believe in fact, Koizumi at the beginning was an NFT5 project, but because
we saw we're a multi-chain project, we're in Aptos right now, on mainnet, and we will
also be on Zui on mainnet when Zui launch, but we saw with the NFT5 at the beginning
of Aptos not only because
there was not real volume
and that is understandable Aptos was
that is
will also be at the beginning the same issue
with Zui but
we personally believe that
NFT5 is
going to be the future.
Right now, we have pivoted to more of the aspect for supplying NFT suite
and infrastructure, sorry for my English,
infrastructure NFT suite for emerging collections.
We are not going to be a marketplace.
We are just going to be a marketplace. We are just
NFT aggregator.
I don't know if you guys that
have been on Aptos are aware.
But yeah.
In the future, just like
I would say. Yeah.
I was asking,
obviously, you know, have a lot of Aptos
NFTs. Was wondering though,
is it, is it, do you guys connect, right, for the marketplace?
I'm sorry, the aggregator via, you know, Topaz and Bluemove and Souffle APIs?
Is that how you guys are aggregating?
Well, we do a combination of on-chain data plus APY, but because we have had trouble with APY from, I will not say name from the marketplace because I'm not going to battle, but one of the marketplace right now, is just on chain data completely on chain that
and the on chain data is pretty good to be honest it doesn't have to be only api
got it yeah thanks for your intro though okay but yeah nft5 like i always said it is
NFT5, like I always said, it is the future.
But right now, NFT right now, for the beginning, for a chain,
who is just emerging, like Aptos or Zui, it is the community and the PFP.
Sadly, because we were too focused on the DeFi aspect. We honestly didn't pay attention
too much because
development on DeFi is
DeFi, DeFi, DeFi.
And that was our mistake.
So we will do it, we will
change this when we come to
SUI because we plan to launch
our B2 collection and also deploy
all our functions
not only on Atos but on ZUI,
when time comes, if any of you guys have any questions. Right now we have the aggregator.
We plan to add the raffles and options in the future. And to be honest, this is our roadmap
is similar to one of the most prominent roadmapmaps or coalitions in Solana,
that is famous for the Federation.
So, it's like that, but aggregating the DeFi aspect in the future,
when both chains are ready for it,
because NFT-Fi is a network chain that are just coming,
neither Aptos or Suui are going to be ready.
That will take at least a year to the market,
to feel, to creators to come,
to have a real integration,
not only from creators like Funny Bunny, Zui Dinos,
but also gaming companies that come to the NFT space
and will bring liquidity because the problem with emerging chains
are that the volume or the floor price is easily manipulated by people.
NFT5 will not be available at the beginning in any chain because of any chain
at the moment because of that maybe on ethereum be the only change because there are different
relations that have a very supportable for price for price but even ethereum manipulation can happen at the moment.
Yeah, thanks once again.
I guess we can discuss things with you guys a bit more next time because we are running out of time right now.
So, Chad, I'm going to ask you the last question that I have in mind.
You've mentioned earlier about the test mint with
Funny Bunnies. And I wonder
what are
the criterias of
launching a test mint
on your platform?
Absolutely.
So I think the basic criteria
is we're
trying to do, I think, as really as
many of those testaments as possible
leading up to Mainnet.
And I think the reason for that is at the end of the day,
it's all really, you know, it's funny money, right?
It's not real money.
And so I think that it's a mutual sort of benefit,
I think, for both the, of course,
the NFT project that wants to do that,
as well as us as a platform to do those. Because I think every single time that we're going to be doing testments, we're getting a ton of feedback on what the sort of platform is doing, what it's not doing, what people sort of like, what the end consumer doesn't like.
That's crucial, I think think to what we can really build
as a company and so the criteria is really if you'd like to just reach out to us right we have
a number of projects really in the pipeline that we'll be doing you know leading up to of course
mainnet now that doesn't exactly guarantee that those projects we will of course do uh you know
the launch pad at mainnet uh it's just more so at the in-between
time when we realize that you know all of this money uh you know that's being sort of purchased
on these entities currently um you know it's sort of meaningless right because it is devnet
currently and of course testnet soon that any project can can sort of launch uh testaments
with us or testments um and so if
you'd like to either reach out to myself or the star space account and we'll just you know simply
get on a call sort of discuss that and really go from there okay got it thanks chat uh well
that's all from my site guys feel free to share something else in the end and i guess we will finish this one
yes sir i thought it was a great space appreciate uh of course you guys you guys hosting
yeah make sure to to give uh mcavoy uh a follow gives sui ecosystems a follow this is this is SUI Ecosystems Apollo. This is awesome. Of course, and don't forget about our speakers, in particular StarSpace, Thirsty Monkeys,
Sui Dinas, Sui Heroes, and other guys who joined us today.
It was great to speak with you today, and we at SUI Ecosystems are looking forward to hearing you guys in the next spaces too.
So, bye-bye and have a good day
thank you guys
