AMA Recap with Supermeta.fi Founder, Shenoy Phalgun
On Thu, March 17th 2022, 1:00 PM UTC
Supermeta hosted an AMA (Ask Me Anything) session with our Founder, Shenoy Phalgun on our Telegram channel.
About our Founder
Our Founder, Shenoy Phalgun, is the Indian Ambassador for Polkadot and the Evangelist for Polkadot India Incubator. He is a micro-economics expert with extensive experience building autonomous applications. His team has won the Polkadot Buildathon India and accomplished a Web3 Foundation grant.
Q&A from Supermeta
Q: First up, for the benefit of our community members, could you describe what Supermeta is all about, and how the transition came into being?
Shenoy: Absolutely. As we approach the crossroads of crypto evolution and global creator economy, we realize that we need to see the bigger picture. In addition to musicians, we want to include all types of artists in our vision to bring a paradigm of living and earning through the Metaverse. We strongly believe in the Metaverse future and as the line between physical and virtual life continues to blur, we expect the GDP of the meta-economy will eventually outgrow nation states. Our goal is to enable seamless access to the best of what DeFi has to offer to the digital natives.
Q: Yes, the transition is much needed, indeed. However, how do you aim to help a larger section of creators and not just musicians?
Shenoy: Well, for the majority of the artists, maximizing the income from royalty payments is an important component towards the journey of earning stable income from art, and if we put this into the perspective of the metaverse, the more an asset changes hands, the more royalty it generates for the creator. We want to facilitate the acceleration of the velocity of art assets changing hands while providing the freedom to artists to have a direct connection with fans.
Q: Could you give us some information about what Supermeta intends to do at the start?
Shenoy: We’ll start as an NFT exchange that provides the best deal for NFTs, either while buying or selling, and we’ll do this by aggregating liquidity from multiple fragmented liquidity sources as well as utilize global on-chain orderbook, powered by 0x protocol. Our goal is to increase the total addressable market, so in addition to building liquidity infrastructure on several parachains on Polkadot & Kusama, we will also be supporting the major blockchain ecosystems where there’s significant activity surrounding NFTs and the metaverse.
Q: But there are many such platforms dealing with NFT swaps, what makes us different?
Shenoy: As NFT space is evolving rapidly, we are seeing a lot of fake NFTs, and a lot of collections are being wash-traded to inflate the value. I would like to share a report from Chainalysis over here. Nobody should overpay for anything, so with Supermeta, we will display a fair appraisal for any NFT through use of AI that’ll look into the history of the NFT changing hands. Then we show the best deal for the NFT from our on-chain order book as well as aggregated deals from multiple 3rd party liquidity sources. We will also promote NFT rentals as more and more people look beyond speculation and recognize the utility of NFTs in the metaverse.
Q: In addition to these unique propositions, is there any other way you plan to add value to the entire NFT exchange experience?
Shenoy: Yes, of course. We’re focused on adding value to the user’s metaverse experience. Along with the exchange, we’re launching the Supermeta Assistant browser plugin that will provide contextual information related to NFTs that the user is currently viewing, such as deals, fair value appraisal or rental offers, regardless of the website being browsed. We will continue to add value to the user’s experience once our token launches by promoting metaverse interoperability.
Questions from our Twitter Community members
Q: @Celeng566: How many ways does your project generate revenue? What is the revenue model of $SUPERMETA How it can be beneficial for users
Shenoy: As an exchange, we will charge a fee on our native order book, which can be paid using the Supermeta token. We will also launch premium features which can only be unlocked by the token holders.
Q: @andyrBSW: On the web I saw that you are a “Next-Gen NFT Exchange”. What kind of NFTs can be traded on this platform?
Shenoy: On Supermeta, users can exchange any virtual asset in various combinations such as NFTs for NFTs, NFTs for ERC20 tokens, or bundles of NFTs and tokens.
Q: @LessliKenn: Being Multi-chain platform or chain agnostic is a requirement for being taken seriously nowadays. Can you explain how many chains this project can currently support? How many chains does it aspire to deploy in the future?
Shenoy: You’re right, our aim is to acquire a maximum user base. In addition to several Polkadot para chains such as Metaverse.Network, Moonbeam, Acala, we will be supporting other active blockchain ecosystems including Ethereum, Avalanche, Polygon and BSC.
Q: @bluekodez: How will instant real time royalties payment be made or executed? Will it be a monthly payment? For how many years can artists expect to receive royalties from your platform?
Shenoy: When it comes to orders being filled on our native order book, royalties are paid in real time along with the transaction. Artists can expect to receive royalties as long as the NFT is changing hands, so there’s no limit on how many years the artist can earn.
Q: @mireng07: I came across the concept of buying NFTs with other NFTs as part of your project. Can you explain to us how this idea came about and how better it is with respect to the usual buying and selling system?
Shenoy: There’s no doubt that the financial transactions in the metaverse will be happening over the blockchain and cryptocurrency will be used. The supply of NFTs is going to explode, and we’ll see more and more people using NFTs for utility rather than speculation. In such a scenario, it would be better if a user can switch between 2 metaverse experiences seamlessly by swapping an NFT for another. NFT buy-order books are dominated by fungible tokens, but the ability to interchange the assets will not only benefit from time perspective, but also gas fee will be reduced.
Questions from our Telegram Community members
Q: @floridacondon12: Currently a lot of people are looking at NFTs, metaverse, and games. Can you tell me what advantages will you have in this field in the future?
Shenoy: Yes, there is a large influx of NFT and it’s only expected to increase as the gaming industry is quite huge, and the line between physical and digital life is blurring. Of course all these NFTs will need to be exchanged and since the NFT order books are so fragmented, we’ll be there to unify it and give the best deals to our users, regardless of the NFT. We will facilitate the process switching between various metaverse experiences seamlessly.
Q: @Vernetta_March: Where can I currently buy Token?
Shenoy: Supermeta token has not been launched yet. We will share our token launch plans on @supermeta_ann
Q: @earl_odell_33: Currently from where i can buy ? Is it possible that I can get it only by holding it?
Shenoy: We will be launching our product first, and we will have some tokens reserved for the users of our app. Please stay tuned for the product’s MVP launch.
Q: @andyrodriguezmorales: I saw that you guys developed an AI that works as a powered value estimator? How does it work and what are the benefits of this element for platform users?
Shenoy: A large amount of NFT collections tend to be wash-traded in order to inflate the volume, value and the floor price. With our AI solution, we will display a fair estimate of the price so that the user is protected.
Q: @Vicente_Hamer_29: How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Shenoy: Yes, you can access our various social channels below:
5 Twitter Winners of $10 each (Total $50)
5 Telegram Winners of $10 each (Total $50)
That’s a wrap! Thanks for reading this AMA recap. Don’t forget to follow the Supermeta Socials for the latest updates on AMAs, Campaigns and more.