AMA with Kollect Cards

On the 20th of December, 2021 at 13:00 UTC, Decentralized Club had the honor of hosting Ethan Chae, the CSO of Kollect Cards for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
 
If you missed this event and would like to know what Kollect Cards is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 - Introduction

[May] 
Hello, 大家好, नमस्ते, Selamat!

My name is May and I'll be hosting the AMA with Kollect Cards.

Today, we have with us a guest from the Kollect Cards Team.

[Ethan Chae] 
Hi guys! It's a pleasure to be here. Looking forward to speaking with you all and sharing our project

[May] 
It's great to have you!

You're welcome to the Decentralized Club 🥳

How's your day going?

[Ethan Chae] 
It's going great! Just looking at feedback from our Kollectors regarding our testnet and preparing the rollout of some other updates!

How about you?

[May] 
It's going great

Could you quickly tell us more about yourself and your job at Kollect Cards?

[Ethan Chae] 
Of course! My name is Ethan and I am the CSO at Kollect. I take care of the Biz Dev and blockchain-related strategy such as the tokenomics and incentive programs within the Kollect Ecosystem.

[May] 
Beautiful!

Let's get into the session!

[Ethan Chae] 
Awesome!

[May] 
Can you tell us about Kollect Cards and the inspiration that got it started?

[Ethan Chae] 
Vincenzo, our CEO, has done many gaming projects mainly using existing IPs like animations and webtoons and successfully turning them into games. I have founded and sold e-commerce companies before with brand licensing at the core of the business. We met up to kind of catch up and Vincenzo told me his idea about a gamified NFT platform that can generate yield for the users. I thought his idea was really fascinating as I am very much involved with finance and content in my previous position. We agreed that the NFT market has a huge potential to grow with the participation of major franchises, so we began to devise a detailed plan for Kollect.

We believe that we can pull the non-crypto public into the market by making the technology approachable to the fandom as in the case of NBA Top Shot. Also, we found existing projects a bit boring. Once you minted the NFT, there wasn’t much the owner could do to interact with the NFTs other than trading, so we brought in gamification features with the Collection Book. Then, we went further with the gamification by developing play-to-earn games using the NFTs. Collecting needs to be fun and interactive, but a lot of NFT games weren’t really high-quality games that were fun to play. It seemed like the users were forced to repeat the same actions for the sake of profit. We created Kollect so we can help address these issues and catapult the growth that the NFT space has to offer.
 
1. Onboarding Non-Crypto Users: With our partnerships and globally recognized IPs, we believe that we can help convert the non-crypto public into the market by making the technology approachable towards the respective IP fandoms using already familiar characters
 
2. Extracting value of Owned NFTS: Once you minted an NFT, there wasn’t much the owner could do to interact with the NFTs other than trading and hoping for an increase in its demand and thus price. We plan to incorporate methods such as our one-of-a-kind Collection Book so that NFT owners can further leverage their assets and stake them to earn yield.
 
3. Lack of Fun: Collecting needs to be fun and interactive, but a lot of NFT games weren’t really high-quality games that were fun to play. It seemed like the users were forced to repeat the same actions for the sake of profit. Our PVP Card Battle Game along with our RPG in development offers users both fun high-quality games, along with a chance to be highly lucrative.

[May] 
A minute for the community to read

[Ethan Chae] 
Of course! Sorry about the length. I really get into it speaking about our project!

[May] 
It's great! 🥳

What innovative solution is Kollect Cards bringing to topple its competitors with similar offerings in the GameFi and Metaverse sector?

[Ethan Chae] 
Kollect is the first yield-generating and IP-driven NFT collection book in GameFi!

Kollect’s Collection book system is one of its core services that address the current NFT market's lack of utility. It has a unique built-in play-to-earn feature for collecting. Users can strategically collect and stake their cards in different collection books to earn rewards.

This innovative system will apply to a wide range of household franchises and brands. It will also be applicable and used to give utility to other NFT projects. More on this will be announced in the near future!

We have so far released Power Rangers, Ruler of the Land Origin, and Munchie Kings but they are just the beginning.

We have many more IPs in our pipeline already secured that will be disclosed in the near future! We have long-term relationships with major animation studios in Japan and US along with major game studios around the world that aid our search for IPs integrating into our ecosystem. This is a key factor giving Kollect an edge over competitors.

Our team of experienced game developers also proves a key difference to other GameFi NFT projects. We will bring high-quality gaming with play-to-earn mechanisms and your favorite brands and lore.

[May]
https://t.me/decentralized_club/679610

Looking forward to these and more 🥳

Could you give us a quick summary of Kollect Cards's gameplay?

[Ethan Chae] 
Our first Card Game is World of Cards. ‘World of Cards’ is a Play-to-Earn Card Battle Game in which anyone that holds cards published by Kollect can actively participate and battle one another. It is a card game encompassing all the NFTs in Kollect regardless of the IPs. For example, Power Rangers can fight Munchies and Munchies can fight other characters in World of Cards. It is like the ultimate battle of heroes in card game form. This game will be released next year :)

[May] 
https://t.me/decentralized_club/679614

What are the utilities of $KOL?

[Ethan Chae] 
$KOL will be used for the following functions and duties:

Synthesis: Users can synthesize (and burn) the cards for higher rarity cards or hidden cards

Enhancement: Users can enhance their cards (NFTs), like leveling up the card and unlocking hidden recipes that only open under certain achievements.

Conversion: Users can convert NFT cards into items and characters in games connected to Kollect, and also out of games

Staking: Users can stake $KOL along with NFT for yields. And additional VIP perks.

Purchases: Users can use $KOL to buy special collection books and other VIP items with special effects. Some of our exclusive edition NFTs will only be available for $KOL.

[May] 
You have a solid usecase 🥳

What is the earning and reward mechanism on Kollect Cards?

[Ethan Chae] 
Kollect is a gamified collection card platform for any branded IPs. So far, we have released and introduced the Collection Book. We also recently introduced the reward system behind our collection book. As the details and formulas for the collection books can get a bit complicated, I will provide a link below where you will be able to understand how rewards are calculated along with a step-by-step calculation.

Article
https://medium.com/kollect/introducing-kollects-collection-book-reward-system-e4a8cd9d3ed4

The earning and reward mechanism for other aspects of our platform such as World of Cards will be released as they get closer to launch.

[May] 
That's great!

What major news should we look forward to from Kollect Cards by the start of 2022?

[Ethan Chae] 
Currently, our testnet is live! Users can get a glimpse of the Kollect experience now. We will be making feature updates and collection book updates so that users can have more fun and experience more diverse experiences. Just through a glimpse of our collection book sets, users will be able to understand the strategic element and the reward-giving nature of our collection books. Our testnet will also slowly reveal other features such as the Public Collection Book and more.

Users can also look forward to the official release of Kollect and its platform on a mainnet. We will reveal this mainnet in the near future so please stay tuned for announcements!

Lastly, we will address something that many of our community members are asking about. It is the release of the Power Rangers NFTs. Please rest assured that these NFTs have completed and passed the interview review and audit by the IP holders at TOEI. These Power Ranger NFT cards will soon be available for the public to collect and stake in our collection book system. The exact price, date, and venue will be shared with everyone as soon as readily available so make sure to stay updated!

[May] 
Good to know!

Could you please share your social media links with our community?

We'd like to stay updated with your community.

[Ethan Chae] 
Of course! Here they are below!

Homepage: https://kollect.cards/
Twitter: https://twitter.com/kollect_cards
Medium: https://medium.com/@Kollect
Telegram Global: https://t.me/Kollect_Official_Community
Discord: https://discord.com/invite/MMzqCME4
LinkedIn: https://www.linkedin.com/company/kollect-cards/

[May] 
Let's now take questions from our Twitter community 🥳

Segment 2 - Twitter Questions

[May] 
I read that a Kollet #Testnet is currently underway. My question is, what are the requirements to be able to participate in this Kollet network test? What benefits do you plan to gain from this Testnet? How will the users who participate benefit from it?

Twitter Username: @TheShadowJK_1

[Ethan Chae] 
There are no requirements to participate in the Kollect Testnet! All you have to do is connect your wallet. Please find below a step-by-step guide to navigate you through the testnet and the features that you can test!

Through this testnet experience, we hope to gain valuable feedback from our community so we can better develop and modify our platform. We believe that the user experience and community feedback are absolutely essential.

This test net experience will also provide valuable experience testers as they will have a better understanding of how the ecosystem operates. They will have a leg up on other users when the official platform goes live.

[May] 
Awesome!

Is $KOL tradable In any popular trading platform such as Kucoin, Binance, Coinbase, etc?

Twitter Username: @Taiwo94119663

[Ethan Chae] 
Find $KOL here:

KuCoin
https://trade.kucoin.com/trade/KOL-USDT?spm=kcWeb.B5markets.tradeList.1

OKEx
https://www.okex.com/trade-spot/kol-usdt

Uniswap
https://app.uniswap.org/#/swap

MEXC
https://www.mexc.com/exchange/KOL_USDT

BitMart
https://www.bitmart.com/trade/en?layout=basic&symbol=KOL_USDT

BKEX
https://www.bkex.com/trade/KOL_USDT

[May] 
Wow! You are listed on many exchanges.

Many people want to learn about your project but they have problems with English, so do you plan to spread awareness about your project in different countries where English is not good? Do you have a marketing strategy aimed at developing many different communities?

Twitter Username: @mishavoguel1

[Ethan Chae] 
We plan to create many localized community groups so that a language barrier isn't what's preventing future Kollectors!

We realize that community members all around the world need access to information that is localized and translated for ease so we have created many communities with even more to come!

Below I will attach some of our localized communities for your reference!

Telegram Global: https://t.me/Kollect_Official_Community
Telegram Announcement Channel: https://t.me/Kollect_Cards
Telegram Thai: https://t.me/Kollect_Official_Th
Telegram Japan: https://t.me/kollect_japan
Telegram Indonesia: https://t.me/KollectIndo
Telegram Vietnam: https://t.me/kollectvn
Telegram Turkey: https://t.me/kollectcardsTR
Telegram Korea: https://t.me/Kollect_Official_kr
Telegram Spain: https://t.me/KollectSpanish
Telegram Germany: https://t.me/Kollect_German
Telegram Russia: https://t.me/KollectRussian
Telegram Portuguese : https://t.me/KollectPortuguese

We also recently created a discord server with a variety of languages! If not added already, they will continuously be added!

Discord
https://discord.com/invite/WADYfyeK

[May] 
So many countries! 🥳

Let's now take questions from our website community.

Segment 3 - Website Questions

[May] 
I learned that you are distributing 5000 $KOL Airdrop for celebrating Kollect’s testnet launch on December 17. How can we participate or is It too late? Have you distributed it already?

Website Username: @taiwoplm

[Ethan Chae] 
It is easy to participate and it is not too late! The rewards will be distributed within 7 days of the testnet closing.

All you have to do is join Kollect’s Discord Server to be eligible! 
https://discord.com/invite/WADYfyeK

*Winners will first be selected amongst those that share quality feedback on Kollect’s ‘testnet-feedback’ channel*

[May] 
What is Kollect's Collection Book System? Need more information.

Telegram Username: @taiwoplm

[Ethan Chae] 
Kollect’s Collection book system is one of its core services that address the current NFT market's lack of utility. It has a unique built-in play-to-earn feature for collecting. Users can strategically collect and stake their cards in different collection books to earn rewards.

There are two types of Collection Books: Private and Public.

Private Collection Books are completion-based. Every Kollector has access to their own set of Private Collection Books in which their goal is to collect as many cards as possible and thus maximize rewards. Kollectors will be eligible for extra rewards by reaching certain thresholds in the completion rate. If you can successfully complete a whole collection, such as gathering all the Power Rangers Hero cards, you can stake the collection book itself for bonus and hidden rewards.

Public Collection Books are competition-based. Kollectors share the Public Collection Books in which the Kollectors’ goal is to compete with others to claim the limited slots available. These limited slots are the rarer cards within the ecosystem and thus significantly harder to claim than the slots in the Private Collection book. To claim a slot, Kollectors have to stake the associated NFT card along with a sum of $KOL. Kollectors will receive a higher percentage boost to their rewards based on the amount of $KOL staked. In addition, if a Kollector becomes the first to stake their card into a particular slot, they will be given an initial claiming bonus. Public Collection Book rewards the user for discovering and minting the rarest cards.

To summarize, Public Collection Books are shared by all Kollectors and are rewarded for staking on a first-come-first-serve basis. Private Collection Books on the other hand can be completed at Kollectors’ own pace as they all have access to their own Private Collection Books that cannot be filled by others.

You can test out the Private Collection Book Beta Version on our testnet now!

[May] 
And the last question 🥳

Can you list 1-3 killer features of this project that make it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

Telegram Username: @arrowpmasia

[Ethan Chae] 
1. NFT Collectibles with Convertibility: The NFTs offered in Kollect are high-quality artworks derived from IPs with existing fandom. We will begin with Power Rangers, but more will come in the future. Our NFT cards are not just collectibles; they are characters, items, and much more in the universe that is to be built around the Kollect ecosystem.

2. Play-to-earn Games that are Fun: From game experts’ point of view, existing blockchain gaming projects lack details of high-quality games. Usually built as experimental projects by people with little experience in the gaming industry, the NFT games have plenty of room to improve. Kollect brings decades of game development experience to the young market.

3. Platform with Scalability: Kollect is not a platform for single IP like Axie Infinity or NBA Top Shot. Nor is it a platform for one activity (either trading, collecting, or gaming) only. We can serve all. One exceptional feature of our NFT cards is that they have been created with games in mind. Initially, all the NFT cards in the Kollect platform can be used in our card battle game. In the future, the NFT cards will be related to the games featured in our ecosystem

[May] 
Awesome!

It's now time for the live session.

Are you ready? 🥳

[Ethan Chae] 
Yes! Looking forward to it!

[May] 
In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick four original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

[Ethan Chae] 
Got it!

[May] 
What's your favorite sport? :)

[Ethan Chae] 
Basketball!

[May] 
Dear community, please include the guest's favorite sport in your questions. 🏀

The group will be unmuted shortly.

---Chat was then opened for the live community to send in their questions---

Segment 4 - Live Questions

[May] 
As a measure to deter bots and reward hunters, your favorite sport 🏀 (Basketball) has been included in the questions so you can tell original questions apart!

Please prioritize such questions 🙂

[Stephin Mathew]
How are you planning on making Kollect Cards more approachable and user friendly to the non-crypto public ?🏀

[Ethan Chae] 
One of the biggest reasons is with our partnerships and globally recognized IPs, we believe that we can help convert the non-crypto public into the market by making the technology approachable towards the respective IP fandoms using already familiar characters and lore. For example, by bringing in the Power Rangers series into the NFT GameFi universe, we help bring in a portion of that huge fandom

We also have a team with a background of 20+ years in the gaming industry. They are making simple yet fun games that anyone can easily pick up. Our team will also continue to provide step-by-step guides that will help navigate completely new users to the process.

[Feray Furnense]
Is the main work of the testnet just to receive feedback?? How can we claim a stock and receive a "first receiver bonus"? 🏀

[Ethan Chae] 
Through this testnet experience, we hope to gain valuable feedback from our community so we can better develop and modify our platform. We believe that the user experience and community feedback is absolutely essential.

This test net experience will also provide valuable experience testers as they will have a better understanding of how the ecosystem operates. They will have a leg up on other users when the official platform goes live.

There is no such thing as the first receiver bonus but there is a first claimers bonus. This is a bonus you can receive by staking a card in the public collection before anyone else! You can read more in detail about this in a recent public article about our collection book and the reward system

https://medium.com/kollect/introducing-kollects-collection-book-reward-system-e4a8cd9d3ed4

[Noah]
I heard there is a testnet running for Kollect so I want to know What is the URL to access the testnet website? Is there any guide for the testnet? Will we get a reward for doing testnet tasks? 🏀

[Ethan Chae] 
The testnet is currently running. You can find the testnet site below.

https://test.kollect.cards/#/

The step-by-step guide has also been made for the convenience of new users! You can find it at

https://medium.com/kollect/introducing-kollects-testnet-guide-60d4f90d5d94

Users will be rewarded with the experience of how the ecosystem gives them a leg up when the system actually goes live. And who knows? There may be special perks given to our first-time testers. There may also be additional events we have during the test period so stay alert and follow us on our SNS channels!

[Tosin Michael]
Hi Mr. Chae. Can you please send a list of projects you have IP permissions for? I'd like to see the kind of game character you have in your ecosystem. Thank you. 
Basketball 🏀

[Ethan Chae] 
We have so far released Power Rangers, Ruler of the Land Origin, and Munchie Kings. But they are just the beginning. We have many more IPs in our pipeline already secured that will be disclosed in the near future! We have long-term relationships with major animation studios in Japan and US, also game studios that are famous globally. This will allow us to incorporate their IPs into our ecosystem in the future. The news regarding these partnerships will be released one by one.

Kollect plans to have not only more IPs and brands join Kollect’s ecosystem but also other NFT projects who are looking for a way to add utility to their existing NFTs.

[May] 
Aaaaaaaanand it’s a wrap!

Thank you so much Mr. Chae for your time with us today

[Ethan Chae] 
No, Thank You! It was amazing talking with everyone here!

I'm glad to have shared a little bit more about our project, Kollect

[May] 
It was great to have you!

[Ethan Chae] 
Thank you!! 🚀🚀🚀🚀

[May] 
Kollect Cards is such an amazing project.

Any final remarks for our community?

[Ethan Chae] 
Please make sure to join us in our community channels to get the latest updates and follow our journey! We have a lot of announcements we are excited to release to you guys!

[May] 
Dear community, please join

https://t.me/decentralized_club/679639

[May] 
Our kind regards to the rest of the Kollect Cards team working together to make this project a success!

[Ethan Chae] 
Thank you so much!!

[May] 
Until next time, have a splendid day

The AMA with Kollect Cards is now over