DEFINFTsApes & Curate.style: AMA Recap.
On Monday 1st February 2021, we welcomed James from Curate.style into @DEFINFTsApesChat telegram chat. James is the founder and CEO of Curate.
Curate is a discovery marketplace app which offers a one stop solution to people looking for gaming/fashion/crypto inspirations and ideas.
In this post, we have compiled key questions and answers from the event.
Q1. Hello, Apes! We are glad to meet here @curateproject from Curate.style, and he will start by introducing himself, giving us a short pitch of Curate and his role in the project!
A. Glad to be here and thank you for hosting this AMA with me and @curate I’m James, the founder of @curate, a discovery marketplace app with rewards on everything (even if you don’t buy). It’s launching this month and our native token $XCUR can be used as a form of payment and rewards allowing users to stake and spend in app.
Q2. What inspired Curate and the idea of incentivized discovery marketplace?
A. I started the project 2 years ago with the aim of providing a better way to discover products and content you like i.e #Fashion #Gaming #NFTs #Beauty.
I wanted to support the growing use case of crypto currency payments which is why the app will support BTC, ETH and XCUR as a form of payment.
We also reward every user for the engagement in ETH and XCUR and soon USDT i.e monthly rewards for their activity, a full breakdown of the activity metrics can be found on our website curate.style
Q3. Do you think Curate will be the only project going this route? If not, how do you intend to stand out in a space full of clones and the habit of cloning, how do you intend to increase adoption?
Curate is the only app in this category, and our unique selling point is we combine 3 key things:
- Content discovery
- Crypto payments and rewards on buying, selling and engaging
Our competitors include:
Fold, Lolli, SPI
But none of them have what we have, an app that’s built for the community, that rewards loyalty and combines the above 3: marketplace, discovery and crypto payments/rewards.
how about your strategies for adoption?
This is our Q1 marketing plan which got started today 🙂
Q4. How long have you and the Curate team been working on the project, any achievements, and milestones you can share?
A. Since January 2019!
Just until recently we were the top 4 global cryptocurrency by % gain just behind Dodge coin and that was without the help of Elon Musk or Wall Street Bets 😄
We’re also fully bootstrapped, something I’m proud of.
We’ve been super resourceful with allocating our resources and time.
Everyone on the team serves a purpose. We have no debts, no token holders who bought into an ICO or IEO which rug pulled.
We also have no debts or angel loans. We’re running on pure momentum and passion!
Could I share the screenshot of when were top 4?
Q5. Any funding achievement and milestones you can share? Does the project have a platform token, and has Curate offered some for sale? Can you give a short pitch on the platform token metrics? Do you think there will be a token offering event for the platform token soon?
A. No ICO or completed IEOs, we’re fully boot strapped and self funded.
We have our own token, the curate token: $XCUR, based on ERC20
It can be used as form of payment, to recieve as rewards and also staking all in app.
Circulating supply is 2.25M
Our total supply was originally 10M but we burnt 15% last year as shown on Etherscan, bringing our new total supply to 8.5M
We plan to burn each year until we have 5M left (50% from the original totaly supply).
Q6. How does Curate plan to increase liquidity for its platform token, and how do you guys plan to make it very much valuable?
A. We plan to add the liquidty ourselves by pooling ETH and XCUR in Uniswap and our exchanges. We also have strong support from our whales and long term holders who have helped adding liquidity on our DeFi platformin curate.finance (currently offering 109% APR).
The $XCUR token has been compared to SPI tokens and other which our mid $ range but I see $XCUR as something stronger. Select merchants will opt-in to accept $XCUR only when they sell on our app.
This alone will help to drive value but also when users accept rewards in $XCUR, we will be buying $XCUR direct from the exchanges to drive up demand. It’s a win win for $XCUR holders.
Yeah, aside the discovery marketplace you got a defi app (dapp)? Tell us more!
The curate app offers the following key features:
- Buy/Sell/Earn on all of our 4 categories and more: #Fashion #Gaming #NFTs #Beauty
- Cross chain tokens supported, BTC, ETH, XCUR and soon USDT for payments and rewards in ETH, XCUR and USDT
- Discovering marketplace, content is curated by the community i.e we don’t use bots or AI, instead we use the community and reward them for doing so.
- Reward everything. The metrics that will be used to calculate monthly rewards will be based on the following activities:
Age of account
The exact % breakdown will be calculated nearer app launch. Not all of the metrics are required to start earning rewards
We will have an antispam/fraud feature in place to prevent abuse.
yeah, shopping (SPI) utility is limited to ecommerce, dont follow much but a incentivized discovery marketplace is far bigger!
Especially be app only where mobile e-commerce is growing. Especially by millenials, are key audience. yes the mobile app will drive adoption fo sho!
Q7. Is Governance an aspect you are considering, and in what way do you think you can introduce decentralized governance to the platform? How soon do you think governance will come along?
That's not a key consideration at the moment because while the Curate app is a decentralized app using blockchain for it's payments and rewards infrastructure, we're also an enterprise as we take a % comission from each successul sale on the app.
From this commision we reward our users by buying direct from the exchanges.
Q8. Do you think you will introduce NFTs and how?
I've been looking into NFTs more and more this year and I can't deny, there is a huge market for NFTs and the demand is strong.
I'm considering creating a set of exclusive NFTs for the curate brand as we grows from a discovery marketplce app and more into a lifestyle brand which represents #style #empowerment #curation #revolution
I think also as our merchants grow and we secure bigger brands we could offer NFTs for such brands which represent the brand and this will be an entire new market for curate.
It’s definitley something me and the team are researching, and once we have a plan we’ll be making some announcements.
Q9. What other NFTs sector do you find Curate useful?
I love the fact NFTs are ssociated with the gaming and digital collectibles sectors as we are targeting these 2 niches.
The curate app will allow for the buying and selling of NFTs safely and securelty, as well as the same for gaming and tech.
As most are commonly built as a specific Ethereum token built on the ERC-721 standard it will work well on our ETH node.
Thank you @curateproject for such detailed and interesting answers!
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