Daidai's First AMA :)

Questions and answers you might have about a new NFT marketplace.

It was our pleasure to be part of an AMA with Metopia on 23rd November. We would like to thank our host Sara from Olandbox for organising this event. If you missed the AMA, don’t worry, we have the recordings in Twitter below :)

DAIDAI’s Q&A

We have consolidated a list of common questions that is asked both in the AMA as well as from our partners and investors. We hope this list will help everyone understand more about DAIDAI better.

1) Please tell us more about DAIDAI.

DAIDAI is a multi-chain NFT marketplace that was created in June. We have NFTs on EVM-compatible chains; specifically Binance, Ethereum and Polygon chain. DAIDAI recevied a funding of US$1.6million in the pre-seed round. Like most blockchain projects, we started with a team of mainly software engineers. The business development team was created in around September when we moved our testnet to mainnet. Our team is primarily based in Tokyo and our target market is international. Our vision is to help NFT projects to grow in a sustainable way by increasing community engagement in their projects.

2) How is DAIDAI different from other NFT marketplaces?

Firstly, we are a multi-chain NFT marketplace that supports multiple chains such as Ethererum, BSC and polygoin. This allows users to have access to a larger variety of NFTs.

Secondly, we create unique tools and services to help NFT projects promote their NFTs. An example is the gacha machine. It allows the NFT creator to decide the prizes for giveaways and users can participate the giveaway events on our site in a more interactive way. Another example is our INO service. INO stands for initial NFT offering which is not found on secondary NFT marketplaces like Opensea. Using the INO services on DAIDAI’s marketplace helps NFT creators to bypass the need for technical knowledge to mint their tokens. This is especially important for traditional brand owners who wants to enter the NFT market but lack the technical knowledge. We can work with them to allow them to mint their primary NFTs on our website.

Lastly, we have a team of NFT marketing experts to help provide invaluable guidance and advices for NFT projects. Furthermore, we can help them to promote their projects on our twitter, discord as well as writing articles for them on medium. All these are done for free if NFT creators would like to work with us to list their NFTs on our marketplace. After all, we are still a young project and we would love to grow together with these aspiring new NFT creators.

3) What is DAIDAI’s Gacha machine?

DAIDAI’s Gacha machine is a single-chain based blockchain lottery machine, the results of the lottery are transparent and available on the chain. Unlike the INO, you can include different NFTs from different collections instead of being limited to just one specific collection in the prize pool. Cryptocurrency coins can also be added to the prize pool!

The Gacha machine can be whitelisted for free raffle entries to reward people who have made outstanding contributions to the community and the development of individual projects.

4) Could you walk us through DAIDAI’s road map? If you have one.

Sure thing. As mentioned we started in June with a team mainly consisted of engineers.

In the Q3 of this year, we did multiple public testing such as the NFT transaction public testing (this can be seen on our discord), Gacha machine public testing and INO public testing. This is the core part of our project.

In Q4, which is the current phase we are in, we completed our target of the official release of our NFT marketplace. We are also in the midst of updating our UI and UX to attract users.

In 2023 Q1, We aim to create a transaction analysis to provide users with more data on the popularity of different NFT projects.

In 2023 Q2, we will focus on building our DAO community. We are still considering if we should create tokens to reward our DAO community. We can discuss more about tokens later if we have time.

In 2023 Q3, we want to integrate web2 login function to allow non-web3 users to experience NFT uses. We hope we can help these users to transit into this new world by allowing them to login to the web3 world through their familiar traditional login methods. In fact, we have moved this up to our top priority recently as we believe it is a huge potential to draw web2 users. However, we have been told by our technical team that security is the biggest issue. In order to ensure the safety of our users and to prevent hackers from destroying our project, this will take time.

And lastly in Q4, that’s when we will begin to focus on our revenue stream. If you do the calculations, our team cannot survive on the transaction fees alone. We will work on projects such as Web2 payment, NFT as collaterals, advertisements as well as consulting services to integrate the different NFT utilities to businesses. This will ensure we can continue to serve the NFT community on a sustainable long-term basis.

5) Will DAIDAI release a token like X2Y2 or Rarible?

DAIDAI will not releasing tokens at this stage for obvious reasons. We have seen numerous projects being destroyed due to the failure of their tokenomics. We have came out with multiple tokenomics structure but we take this tokenizing project seriously and we want to be 100% sure that our tokenomics benefits the community if we were to release tokens. We want to ensure that our tokenomics create a sustainable positive ecosystem. Therefore, we will definitely consider working towards this goal in the future. Further, if we were to release tokens, we will want to work with consultants specialising in tokenomics to ensure a sustainable long term tokenomics for Daidai.

6) What is DAIDAI’s view on the issue of royalty fees?

This is a controversial topic to begin with. There are advocates of royalty in ensuring sustainability of a project as well as naysayers who believes that royalties destroy the project. To answer the question in regards to the need for royalties, we first have to understand why people are willing to pay royalties. The short answer is that they want to support the creators to continue building their project long term. From the perspectives of the creators, royalties also encourage them to create a long term sustaining project so that they are able to have a continuous income stream instead creating multiple fast in fast out projects.

However, we also respect the views of those who are against royalties and DAIDAI is more than happy to list projects without royalties.

7) What are some of the challenges Daidai is facing?

Our biggest challenge is to compete with the larger NFT marketplaces like Opensea, X2Y2 and Raribles. We want to differentiate ourselves from the rest. We are currently at the phase of increasing NFT collections at our marketplace. What we do is that we source these smaller unknown NFT collections and personalise the assistance for their work to be available on the market. For example, some of these NFT creators do not know how to list their NFTs. This is especially so for the chinese NFT creators as they are afraid that their NFTs will lose their IP the moment they list their work on chain. Some others are not familiar with the chains or do not know the difference between INO & NFTs minting and secondary market NFT listings. We will clarify any doubts they have and help them list their NFTs on our site. If you look at the larger NFT marketplaces, new collections that list their own on these NFT marketplaces are easily drowned by tens of thousands of other collections. We hope that by customising our guidance and advice, we can get more of these indie NFT collections to work with us.

Another challenge is that we have to grow exponentially as a NFT marketplace. Therefore, we will incur much higher expenditure. For example, we need to increase our PR much more than individual NFT collections. Once we have a handful number of collections, we will look for next round of investment to increase our publicity exponentially using PR consultancies.

8) How do you rank your NFT collections?

At the moment, we do not have many collections yet so we rank them base on trade volume. However, moving forward, we are expecting the rise in different NFT utilities. Therefore, we will segment them into different utilities and rank them based on how useful they are or how much it benefits the community.

9) Are there any compensation plans for users that invest in deceitful projects?

That’s a very good question considering the number of bad NFT projects the past year. We will definitely consider if Daidai itself has been hacked (especially once web2 integration comes into play). However, at the moment, web3 wallets (like metamask or Daidai wallets) are required to login to Daidai. Daidai NFT marketplace only facilitates the transaction unlike traditional web2 sites which has the potential of being hacked. Therefore, there is no need for a compensation plan for now.

In regards to investors losing their value due to rug pulls or scams, we will do our due diligence in picking NFT collections of good quality but nobody can be 100% sure. As a DAO community, we should work together to decide for ourselves if projects are good or bad and Daidai should not be solely responsible for investors buying into bad projects.

10) What are some of the requirements for projects to list their NFTs or to be INO-ed on Daidai?

The first prerequisite is that projects have to be on the BSC, Ethereum or Polygon chains. Secondly, we will do our due diligence to ensure that the projects do have any malicious intent. We all know the existing bad reputation that NFT collections have. Therefore, we will will do a thorough check on projects which wants to list on Daidai. We will do due diligence by reading their white paper, looking at their social media, finding out the names of the people working on the project to find out if they had any bad association with previous projects. We will also understand their goals and objectives using the NFT they created. We will work with them if the are genuine. After all, it does not benefit Daidai to work with projects with bad reputation.

Closing

Daidai is still a young and new project and we need time for our partners and community to grow with us. We are excited to be part of the NFT community especially with the rising trend of the different NFT utilities.

Looking for NFT creators

We are actively seeking for more aspiring NFT creators to work with.

We will work with you to promote your NFT collections to the best of our abilities on our NFT marketplace. Kindly reach out to the Business Development team if you are interested. We can be found on?Twitter,?Discord?and?Telegram. Alternatively, you can choose to fill in this?form?and we will reach out to you as soon as we can.

This article can also be found on our medium.