We did our first AMA on Twitter Space. As most of the activities and questions on Discord were coming from Chinese-speaking x2y2ers, this AMA was held in Chinese too.
TP: Thank you guys for coming. This is my first time using Twitter Space. Hopefully, we won’t meet any technical problems. X2Y2 is still several days new, and we are happy to have so many questions asked on our Discord server.
TP: OK. Let’s go straight to the questions.
TP: Yes. I see these questions many times in our community. The team is an anonymous one but I can share more backgrounds with you. Most members are from an established top-tier NFT marketplace and we have the experience of handling both the technical side and the operation side of a large NFT marketplace.
TP: And some might worry about a “rug-pull” by an anonymous team. We made it simple. All ETHs we are gathered from the ILO (Initial Liquidity Offering) will be added as Uniswap liquidity and the LP tokens will get burned permanently, making it impossible for a rug-pull.
TP: No. If only money can make another OpenSea, there must have been many by now. A tokenomics for the NFT people is the key to building a better OpenSea. We need more help from the NFT community than investors at our current stage. And for investors who think they can really help, our doors will always be open.
TP: No. OpenSea has many historical reasons to do that I guess. We’ll automatically cancel an NFT’s listing when it’s transferred to another wallet. So there won’t such cases when they got transferred back.
TP: Some of our x2y2ers on our Discord server have already tried to connect with those projects autonomously. Nothing confirmed yet but we’ve got positive replies. We are willing to share the whitelist with persons/groups that can help us to spread the word.
TP: We designed the whole tokenomics, especially limiting whale users, for the community. We are collaborating with the Winkrypto (originally ChainNews) group, one of the best crypto agencies you can find in the crypto industry. They have run campaigns for well-known projects like Avalanche, Algorand, Solana, etc.
TP: As being criticized by many, OpenSea has no tokenomics at all and has chosen to share all its revenue with the Silicon Valley and Wall Street investors. A tokenomics build from sketch for the community will be our weapon again OpenSea.
TP: As to LooksRare, they did a great job in challenging OpenSea and showed us all, including us, that OpenSea is not unbeatable. We started X2Y2 several months ago and when we first saw LooksRare’s token allocation plan and their product. We thought that’s it, no business for us. But when we dig the rabbit hole a little bit deeper, we found something different. There is something you can find on-chain but not on their website.
TP: I won’t extend it here as that’s their choice and it works as expected, which is great. But when you expelled the King and brought more Lords back, we have the reason to gather people and get the Lords away.
TP: We won’t say anything more about this from now on. They are a respectable opponent. And you can verify what I said on-chain.
TP: Most general-purpose NFT marketplaces share a majority of features. We are no different. In the details, you can see those shining stones, like the real-time push notifications for buys and sells. Just an example and there are many more. The strength will be in our tokenomics for the community and how the community reacts to us.
TP: The token allocation is designed with a hard cap for those top 4% OpenSea traders. Without the cap, these whales will have 45% of all airdropped X2Y2. The token price will have to rise several times before most of the token holders will ever consider doing something with it.
TP: Also, we have a special requirement mentioned in our Litepaper. That is users need to list all their NFTs listed on OpenSea on X2Y2, at a lower or the same price to get the Airdrop. The task is not so easy and I think most people will have more trust in X2Y2 after they go through this listing process and experience the UI/UX.
TP: No. Too many reasons for No. The first one will be privacy.
TP: The smart contract will definitely be open-source. The matching and displaying part will not be open-source. After we start working on moving the marketplace to some L2 solution like dXdY, we’ll gradually open-source that part too. You are welcome to report us anything you find.
TP: It’s a block-based linear unlocking.
TP: OK, it’s almost 40 mins since we started. Let’s have some free questions.
LEO: Thank you all for coming today. I’m the moderator from X2Y2’s Discord server. This is also my first Twitter Space AMA moderating experience. I think we’ve learned a lot more details about X2Y2 today. Nice questions and answers.
TP: Yes. Thank you, LEO. Let’s have more AMAs in the future. Thank you guys for joining us tonight.