Blockelite X ShoeFy AMA Recap

Blockelite X ShoeFy AMA Recap

Thank you to everyone who joined AMA Blockelite x ShoeFy on 30th September at 02:00 PM UTC I 09:00 PM (UTC+7). Here is the recap for those who missed this AMA.

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Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Ugyen – BD of ShoeFy
Hello @Alt_Sniper , welcome to Blockelite today

Ugyen – BD of ShoeFy: Hello everyone, thank you for having me here
its a pleasure

Yuno – Blockelite Host: Our pleasure too
How are you today?

Ugyen – BD of ShoeFy: i’m feeling great
and excited to present you all with ShoeFy

Yuno – Blockelite Host: On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!

Ugyen – BD of ShoeFy: sure..lets do it

Yuno – Blockelite Host: Our guest is ready, we will enter Segment 1 right now !!!
First question: Can you please introduce yourself and share a quick overview about ShoeFy?

Ugyen – BD of ShoeFy: So to give you a short introduction. My name is Ugyen and I have been in this space for quite some time. I started as a crypto trader. Few profits from my trades made me addicted to crypto which triggered me to pursue constant learning and research. Later, through my connections, I started working as the research analyst with Oddiyana Ventures, the incubator for project ShoeFy. And that is how I am here with ShoeFy in the Business Development as the BD.

ShoeFy is an innovative decentralized platform that combines Non-Fungible Tokens (NFT) and Fungible Tokens (FT). It is a futuristic NFT project that utilizes cutting-edge DeFi tools to maximize returns. ShoeFy can amplify the NFTs potential by including both farming and staking to generate passive income.

ShoeFy will have two tokens namely, $SHOE(ERC-20), the native Fungible Token and sNFTs (ERC-721) which are randomly generated on-chain. Each NFT is an algorithmically programmed unique digital pair of shoes on the platform.

Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Next question
Q2: There are many DeFi and NFTs platforms in the market now, so what will ShoeFy gives us, and convinces us that your project is different from existing projects? And what about the capital strength of your project?

Ugyen – BD of ShoeFy: In short, ShoeFy is here to combine the power of NFT and DeFi in a single platform to give users the highest ROI in the crypto market.

First thing, we have the sNFT staking feature in our platform. The current trend of NFTs is just buy-hold and sell. ShoeFy is here to let the users put the NFTs to work by staking and then earning passive income.

Secondly, ShoeFy have a scheme where, the first user to mint the sNFT and if he sells it in the secondary market, the user will be rewarded with royalties every time the sNFT is being traded in the future. ShoeFy appreciates its early supporters.

Thirdly, we have the LP boosters called bNFTs. So if you purchase these LP boosters, it will multiply your staking rewards by 1.2x, 1.5x or 2x and more depending on the type of boosters you purchased.

If we talk about all our future plans, they all deserve to be mentioned here to convince you that our project is different from existing projects, but for now, let’s keep it to these 3.

And to talk about the capital strength, we have strong support from our backers and investors in terms of funding and marketing the project. We have raised more than $2M in our seed round and private sales till date. I can comfortably say that capital strength of the project is strong.

Yuno – Blockelite Host: $2M 🙂
Thanks for answer
Next question
Q3: Please explain how ShoeFy works? And what ways for users can make profits from your platform?

Ugyen – BD of ShoeFy: For now ShoeFy will work in the following ways to earn passive income for the users:

1) The first NFT buyer will be able to earn passive income from royalties through the scheme, where every time the NFT is traded he gets a royalty for a certain period of time.
2) If you don’t sell the sNFT in the secondary market, you have the next option where you can stake your sNFT in the NFT staking pool and then earn rewards in $SHOE token as a passive income.
3) We also have the general staking pool, where you can stake your $SHOE token to earn rewards in $SHOE tokens as a passive income.
4) Then we have the sNFT farming, where you lockup a certain amount of $SHOE tokens for a certain period of time and get the reward in sNFTs ranging from Common to Mythic levels of sNFTs.
5) We have the LP farming, where you can be the LP provider for different pools in the platform and earn passive income from transaction fees and also at the same time earning rewards from the LP staking.

so yes its an innovative way of earning passive income with our platform

Yuno – Blockelite Host: Thanks, continue with Q4
Q4: What are the market strategies of ShoeFy to get mass adoption by millions of users or investors outside the crypto space to join your project?

Ugyen – BD of ShoeFy: In general ShoeFy has the potential to tap into a diverse range of markets like collectibles, play to earn games, metaverse and also fashion merchandise. For now we are starting with innovative ways of combining NFT with DeFi utility tools like i have mentioned earlier, but definitely for sure, we will be expanding our markets in the future by collaborating with the real world physical brand of shoes and there is no doubt we can bring in masses of non crypto people into our project by then.

Then we have gaming and metaverse which is an entirely another mass of community we will be tapping into. So with the right marketing strategies and the product development, we are pretty confident that we can reach out to millions in the future.

Yuno – Blockelite Host: Thanks, last question in segment 1
Q5: What is the next big milestone of ShoeFy for the next 3 to 6 months?

Ugyen – BD of ShoeFy: Let me share with you our road map.

In the coming month of Oct, we are planning for the IDO of our $SHOE token across 5-7 launchpads. Then, we will also start minting our genesis sNFTs in the fourth quarter. Along the way we will be exploring for partnerships to collaborate and venture into the world of metaverse, games and cross chain implementation

this is what we will be striving for in the later part of this year and early next year

Yuno – Blockelite Host: We wrapped up nicely the first part.

Ugyen – BD of ShoeFy: thank you for great questions

Yuno – Blockelite Host: Are you ready for Segment 2 (5 best questions from twitter)?

Ugyen – BD of ShoeFy: yes i am
lets do it

Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: NFTs could not be staked in farms, and certainly could not earn yield with liquidity pools like the ones ShoeFy is World Premiering on the ShoeFy platform. So how to generate income on the platform as well as their unique bNFT boosters for their introductory NFT liquidity pools?

Ugyen – BD of ShoeFy: How we can make passive income on our platform has been highlighted in question no 3 of previous segment, but to talk about bNFTs a little more, we will be having 10,000 uniques sNFTs from which 3000 will be minted as the genesis batch. The bNFTs will be a separate batch of NFTs that will be minted which is not included in the 10,000 collections.

We will have a $SHOE/sNFT LP pool i.e; ERC-20/ERC-721 LP pool which is something that is not much heard of in the market as of now. So what these LP booster (bNFTs) will do is, by buying the bNFTs you will be able to multiply your LP rewards in 1.2x,1.3x,1.5x,2x and so on, depending on the bNFT that you hold.

we are very excited about this

ShoeFy strive for Innovation!

Yuno – Blockelite Host: Great!
Next question
Q2: As far as I know ShoeFy has just announced a partnership with DCI AKA . This is a good development step of ShoeFy, so what problems will DCI AKA support for ShoeFy and vice versa? What are the criteria for ShoeFy to choose the next partners in the future?

Ugyen – BD of ShoeFy: By partnering with DCI Capital, ShoeFy is able to tap into their market presence in Asia and Europe, for massive exposure to a wider audience in their target markets. It will help increase our visibility and keep ShoeFy front and center as the IDOs are fast approaching, and we don’t want anyone to miss out. They are excited to spread the word to their expansive network, and help get the word out.

There are all sorts of investors in the market. We are very careful not to choose our investors and partners who just bring in money with the sole purpose of making profits. We look for partners who are genuinely interested into innovating and developing the technology and who are willing to work with us longterm for the project’s growth and adoption. In short, we look for partners who come with value addition rather than just the money.

Yuno – Blockelite Host: Next question
Q3: Creating a mainstream-grade experience for both end-users and NFT creators should be a number one priority for NFTs based project, could you give examples of modifications being made by #ShoeFy to ensure users have a seamless and smooth experience?

Ugyen – BD of ShoeFy: We are currently almost done with our fundraising and gearing up for the IDO launch in October. So our team is working round the clock to develop the best product and also doing the aggressive marketing to reach out to the wider range of communities across the world.
We have been very thoughtful right from the start to make our platform as easy and user-friendly as possible. we have a great user interface coming up which guarantees seamless and smooth experience, so much so that even the non crypto users will be comfortable. But sadly at this point i cannot disclose you the examples here since we haven’t released our product yet.

But you can follow us closely on our developments and upcoming announcements from these Links:
🌐 Website
📧 Telegram
🕊 Twitter
📱 Discord
Ⓜ️ Medium
🤖 Reddit

Yuno – Blockelite Host: Continue with Q4
Q4: can u explain the game mechanism, how many element are there and what the different between them?

Ugyen – BD of ShoeFy: ShoeFy will later on have its own shoeverse where all the play to earn games will take place. In the shoeverse, we will have shoe battles, shoe fashion shows and shoe contests and many more. Since this is at a later stage of our road map, we will update about it as we progress.

We have an amazing narrative behind our project. Basically the shoes are defined by their 4 different elementals represented by the four elemental characters. We have Phoenix- the fire elemental. Whale- the water elemental. Taurus- the Earth elemental and Pegasus- The wind elemental. We have a story behind these characters which has lead to the birth of ShoeFy. You can watch about this here: https://www.youtube.com/watch?v=LJ9MSTEy9mk&t=99s

Also you can read about each of the characters individually here:
https://medium.com/@ShoeFy/revealing-the-shoefy-fire-elemental-5d56672e81
https://medium.com/@ShoeFy/the-shoefy-air-elementals-1424c7acea6e
https://medium.com/@ShoeFy/the-shoefy-earth-elementals-665e069a248b
https://medium.com/@ShoeFy/shoefy-water-elementals-1cb9890a10e9

Yuno – Blockelite Host: Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: All the goals of your project is absolutely great, But one of the main factors users looking for in the crypto project is the use cases of the token. So what are the Use cases of $SHOE token in your platform? What are your plan to increase the adoption of $SHOE token?

Ugyen – BD of ShoeFy: $SHOE tokens will have the following utility in the platform:
1) $SHOE token will be utilized as the native token to add Utility to NFT via staking, farming and LP which generates the passive income.
2) $SHOE token will be used for the Governance, DAO.
3) $SHOE will also be used as the entry ticket to the ShoeVerse (metaverse of shoefy platform) and at the later stage for incentivizing in the play to earn game such as shoe battles, shoe contests and shoe fashion show.
4) $SHOE will be used as the SWAP fee for the NFT SWAP.
5) $SHOE token is required to be paid for minting/farming new shoe NFT in the shoeFy platform.

To increase the adoption of $SHOE token, we do have some strategies like for example participating in the ShoeFy Governance will need the user to hold a certain amount of $SHOE tokens and they will be incentivised. And then also we have plans to give discount for minting the sNFTs with $SHOE token compared to the sNFTs minted with Eth. But all in all, firstly we need to build up the best product, and then we need the right marketing tools to reach out to the masses of community. If we can pull out these two, no doubt our $SHOE tokens demand will increase naturally

Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community.

Blockelite community:
How can I buy this tokens? Is it available on any exchange?

Ugyen – BD of ShoeFy: As of now, we are not listed on any Dex or Cex..we are tentatively planning to do the IDO in mid of Oct. We will be launching simultaneously in over 5-7 launch pads. the launch is not that far, so please keep your self updated with us here:
🌐 Website
📧 Telegram
🕊 Twitter
📱 Discord
Ⓜ️ Medium
🤖 Reddit

Blockelite community:
How safe is your platform? Has there been any Audit so that its safe from bugs and smart contract is fully audited?

Ugyen – BD of ShoeFy: Security is our top priority, therefore we are going to be using a reputable third party audit firm to audit our smart contracts before we launch our product.
We have made it a vital requirement to pass all the rigorous assessments of third party auditors, and ShoeFy will not launch unless we pass the audit.
Our team is currently working on this to make sure our platform is safe. So please don’t worry😉

Blockelite community:
How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?

Ugyen – BD of ShoeFy: The project is led by a team of experienced blockchain venture capitalists, creative NFT developers, and top-tier marketing experts spanning from Europe to Canada and onto South Korea & Thailand in SE Asia. Our team members share common goals and foresee a huge opportunity in the NFT and DeFi market space. In terms of their backgrounds, some of them are founders of creditable VC firms and also marketing experts. Other members have experience in reputable crypto projects and exchanges. Also, we have on-boarded a tech team of superior talent building our platform.
All in all, we have over 12 people as of now, but we are steadily growing and hiring more people as we expand and grow. Our team is strong!

Blockelite community:
Are you afraid some day there will be another project with more innovative technology can replace your project ?

Ugyen – BD of ShoeFy: We are early in this space. There are not much who are trying to do what we are doing. The blockchain space itself is in the early phase as of now and more over we will have the advantage of early innovation as we progress in this field. The potential of NFT and DeFi is not yet fully harvested as of now. The market in general has the space to grow for every one in the coming decades. We are not afraid at all but rather ever more motivated and excited!

Blockelite community:
When will the project take place Pre-sale? Where will it be held? If it’s possible then Please Share me Pre-sale link?

Ugyen – BD of ShoeFy: we have currently closed our seed and private sales, but if you are a genuine investor who believes in innovation and who wants to partner us for strategic investment, we are in the strategic partners round, so feel free to reach out to contact@shoefy.io or please visit our website https://www.shoefy.io/

Yuno – Blockelite Host: perfect, thanks you for taking a time to join with us in AMA today

Ugyen – BD of ShoeFy: its my pleasure
let me please have some last words
It was an absolute pleasure for being able to introduce everyone to ShoeFy!

Thank you for your interest in ShoeFy. We have worked very hard to bring this innovative idea to life and we are very excited to launch soon. Also, we have many great partnerships/events/announcements prepared, and they are ready to be disclosed closer to the launch. Hope our excitement could be shared to all the members here, and wishmany of you could ride on this journey and become a part of ShoeFy.

I know a lot of you didn’t get your questions answered, so please join ShoeFy’s channels to continue this great momentum and we can assure you will receive an answer to all of your questions 😉

🚀 Website: https://www.shoefy.io/
🚀 Twitter: https://twitter.com/ShoeFyio
🚀 Telegram Official group: https://t.me/ShoeFy_Official
🚀 Telegram Official Announcement Channel: https://t.me/ShoeFy_Official_Announcements
🚀 Medium: https://medium.com/@ShoeFy

Thank you everyone!
have a great evening

Yuno – Blockelite Host: Our AMA session is now over !!!