Decentralized club ama With Racing Punks.
On the 13th of July, 2022 at 312:30:00 pm UTC, Decentralized Club had the honor of hosting Darren | project Director and Ryan | marketing Director from Racing Punks for an Ask-Me-Anything session on their Telegram page with a community of over 100,000 people. It was hosted by DC Admin Celeb.
The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.
If you missed this event and would like to know what Racing Punks 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.
Welcome to Decentralized Club @ryryinhk @dw8880
hey @Calebkure thanks for inviting us to Decentralized Club! good to be hear!
Hi crypto investors, degens and everyone
I would be your host for today
Hope we both enjoy the ride here
We would be having 3 session here today
Darren here, good to be on the D Club
Twitter session and the live segement respectively
But before we proceed
Welcome on board mate😊
lol, i see what you did here 😉
Before we proceed
Can you tell us a bit about your project and your position on the racing punks team
Hope we have a long term partnership and relationship
This is Darren, I am the NFT Director. Responsible for the Project development. Ensuring this project rides to success!
Thanks Celeb, I ride with Darren. I’m the marketing director for the project, my goal is to ensure the crypto community is looped in on our mission which is beyond simply a game or a nft project
So a little bit about Racing Punks. We are a GameFi project started by BAYC owner #4798, It’s a blockchain arcade racing game with a win2earn tokenomic model and 30,000 NFTs that are free to mint for Ethereum NFT projects
The project was created to answer the question: what is the value of an NFT project after the hype cycle?
the reality is, we all know utility born from hype is not a scalable value accrual mechanism. It is only an effective marketing tactic.
Ultimately, as a NFT holder, we live the silo of our project and the potential utility, be it web2 or web3 is at the mercy of the project developers. BUT how often do we see great NFT teams pivot into great game developers? And barring the rare 0.1%, how quickly can projects pivot, build while staying relevant above the noise?
and this is that lightbulb moment that came onboard: What if we created a solution that broke down those silos and offered all NFTs a fair value discovery mechanism?
That’s what makes Racing Punks unique. Our game is NFT agnostic, Ethereum NFT projects are invited to the free mint and when an NFT owner embeds their NFT decal on the racer NFT, they are now the owner of a derivative NFT asset.
This quiet a read
hahaha…hope you enjoyed it
that pretty much sums up our vision for Racing Punks
Let’s move to the introduction segment
Q1. Can you start us off with brief description about Racing Punks and its primary objective?
sure thing Celeb
Racing Punks is a blockchain arcade racing game with a win2earn tokenomic model and 30,000 NFTs that are free to mint for Ethereum NFT projects
we split our goal into 2
first, its to increase the utility of all participating NFT projects by turning their NFT into a yield generating asset inside the game.
second, as the next gen of gamefi protocols, we want to replace the play to earn tokenomic model with a sustainable SKILL BASED win2earn token distribution
Wow great goal here
yep, the gamefi and nft space calls for innovation and disruption, @dw8880 and i as project leads want to deliver a product that is disruptive and beneficial
SKILL BASED is the key here. We want to include a competitive esports element into the game so that hardcore gamers would feel more relevant to the field
Please reply done
When you have successfully answered a question to your satisfaction
Let’s move to the next question
Q2. Can you elaborate about how are the entry fees and rewards per racetrack decided ? Also more on the gameplay front.
There will be entry fees for each map.
At the moment we are still deciding on the pricing but it will be fair game. What this means is that the higher the entry fee, the higher the rewards.
Some tracks will be more difficult as it reflects on the weather conditions. For example if there’s a storm, the rain will make the tracks more slippery and harder to maneuver. Therefore strong drifting skills will be needed to cut sharp corners and stay ahead of the race.
The better you drift, the more nitro boost you accumulate. When and how to use your nitro is up to the Racer!
so this is a quick snippet of our game in development
Few minutes let’s watch this
Just watched this
This looks awesome
Race to earn
yep. bear in mind it’s still in development, so looking forward to seeing alpha being released in Q4 this year. and as @dw8880 said, skill based is the key to our tokenomic model
Q3. Can you tell us about the process of creating ones NFT and staking or renting them out?
Everyone will be issued the same car, except for communities that we have been working with. They will be specially branded cars for their communities i.e. BAYC branded or SO-COL branded. For the community they will then be allowed to mint our NFT for FREE and they will be able to stake it to participate in our game where they will be able to earn $FUEL tokens.
For the renting structure, the original NFT holder would be able to put it on our in-house marketplace for rent essentially forming their own guild if they have a fleet of cars. Renters will then be able to participate in the Racing Punks game and earn $FUEL tokens of which a portion would be distributed back to the NFT holder.
Q4. What is the utility of the $FUEL token and how does one acquire it?
yep, good question Celeb
ultimately it comes down to how are we going to ensure the token price doesnt dump like all gamefi projects in the market
so FUEL will be the ERC-20 token that is designed to be the in game currency.
The demand pressure for $FUEL comes from all racers who will deposit the token before each race.
The supply pressure for $FUEL comes from reward for staking the NFT, thus organically protecting our NFT price floor and reward distribution to the winner per race.
This is a very good way to keep your prices
but as the race reward comes from the fuel tokens pooled by all racers at the start of the race, we’re not increasign token emission as game reward
furthermore, racing punks will be producing at least 3 games, FUEL will be the in-game currency token for all gamefi titles created under the Racing Punks franchise. FUEL’s usage across all Racing Punks games brings the added advantage of cross-title token utility.
there’s 3 ways you can acquire fuel
1) staking a racing punks NFT car
(2) swap $FUEL with FUELx.
(3) buy it via a DEX, this liquidity will be ready before we launch the game’s mainnet
A great way to reply done 😁😁😊
The last question for this segment
Q5.Can you tell us what are your guys next major priorities in 2022?
Our priorities will be to develop more racing tracks so keep the fans entertained.
We would like to enroll a new batch of cars to the ecosystem so collectors will feel there’s a collectible progression. If you’re a collector of football stickers or collector of anything in general, it’s in-built to our system that we want to collect everything available to feel ‘complete’. For those that have played Pokemon Go, this became a worldwide easter egg hunt to collect every pokemon in the collection. For Racing Punks, every car can be collected as well!
Do have patnership in line to
Patnership tends to prolong visibility
i agree. visibility is important, no point having the best product if no one knows about it right
I totally agree with you
as importantly, our partnerships team is focused on collaborating with Ethereum based NFT projects to help transform their utility beyond a great PFP
nothing wrong with PFPs, but hey, if you want to turn your NFT into a token miner like the ASIC machine for BTCs, well, you know who you should come talk to 😉
Everyone should dm you
Let’s move to the twitter segment
lol. challenge accepted 🚀
1. The Racing punk project is a great one I must say, kudos to the team behind its development. I want to ask this important question ; If after minting the Racing Punk and staking the NFT in your FOR RENT vault, how do I earn from it and what’s percentage ROI do I get?
There are so many benefits of being a Racing Punks NFT owner! You can stake & rent to earn at the same time to maximize their profits. Once your car is rented and the renter/racer wins in a race, 50% of the reward ($FUEL) will go to the racer ; 35% go to your pocket. For the other 15% in all races, we put it in a pool distributed as reward to all staked NFT car owners! Meanwhile you are staking to earn 10 $FUEL a day.
Back to your question, ROI is dependent on two factors: 1: how long you stake your NFT and 2. How good are the drivers who race in your car.
heyo! it’s going to be meme war
Could you explaining the renting mechanism
We have buuilt an ingame marketplace to improve the renting process for both the NFT owner (lets call this gal the owner) and the racing gamer (lets call this guy the renter), every renter can rent the NFT car for 1 hour. Renters can race as much as they can within the hour, they will always see the time limit in the game.
once the 1 hour is up, the car is then automatically returned to the rental marketplace where another renter can rent and race
we built this model to ensure there there are as many cars available to rent as possible which going back to @dw8880 previous answer, ensures a higher earn rate for the NFT owner AND the renter
What is the minimum price for renting a car or nft
yep, not a typo
the car rental is free
the reason why it’s 0 is because we attract Traditional gamers as well
We have a quite lot of questions, as it gets more interesting
Let’s move to question 2
2. Excited for the RP, and really Hope you guys hit the trending marks rapidly, please tell us how many variations of NFT cars exactly will there be?
hey dude, i hope we’ll hit the trending marks fast too
i’ll start with a baseline
we have a total of 30,000 racer car NFTs, and they are all the same car, make, model, specs and all
where it gets interesting is the different customisations you can make to evolve from a generic NFT that shares the same traits as 29,999 other cars to something that is 1 of 1
this is done in our Garage
With so much heat
inside our garage, you can upgrade your NFT the following ways:
1. car model — we have 20 cars to choose from, from class D to S
ooops, i meant 30 cars to choose from, not 20
2. car color — we have 20 colors for your car
3. vanity license plate
Why does this looks like the Mercedes series to me
That has from c class G class e class and other few ones
AND most importantly, you can add your NFT as decal on the car, once you do that, you will own a 1 OF 1 racing punks NFT
All the cars were designed with inspiration from Real life car models so the audiences have a sense of familiarity
This different from the others I have seen
lemme share something with you guys
to show what i mean
Okay go on
we’re working with a collective of BAYC owners
they actually find our concept very unique
and this is what the end product looks like after all the customisation
the NFT owners NFT on a S model car in burgundy tint
we did a few for 3 BAYC holders for NYC.NFT
check it out if yall have time
Wow this looks super sporty
Am sure to win races here with this baby
Everyone should check this out
3. I see that nfts can be rented out. What’s the strategy put in place to ensure that those rented Nfts are returned?? What is also the upgrade available per car? Or is there a provision for me to customize my car to my taste?
A really good question! We will have a marketplace to secure the renting process for both parties, every rental period is 1 hour. Renters can race as much as they can within the hour, they will always see the time limit in the game, the car is then automatically returned to the rental marketplace when the hours up.
We are having 4 upgrade options : Class, Color, Car Plate & Decal. 30 car models ranging from Class D to Class S, will make your car have superb outlook and slightly better performance. Your taste can be shown by adding your NFT as a car decal — you are free to reset the car’s metadata to basic or keep the design when you sell the NFT on opensea.
4.Racing Punk has an interesting Gameplay as seen from the Intro Video on the site, so can you tell us, what is needed in order to begin the game play and also what happens of i rent out My NFT and a player looses it in a match? @josephayoola19
got it. let’s break this into 2 part.
how do you play the game? if youre an eligible NFT owner, we broke the process into 7 steps
1. Own an NFT in an eligible Ethereum NFT project
2. Free mint your Racing Punks NFT
3. Add your NFT decal and customize your Racing Punks NFT
4. Stake the NFT
5. Download Racing Punks from the App Store/Play Store/APK
6. Start racing and earning
if you’re part of a guild and want to race and earn in the game, it’s a simple 3 steps
1. Download Racing Punks from the App Store/Play Store/APK
2. rent racing punks car from ingame rental marketplace
3. Start racing and earning
Do you have a link
So it can lead us directly to the application there are many fakes and imitation out there
in our new website yes, for the time being, follow us on twitter and DM us
i agree, especially as we respect the cost nft owners put to buy the nft, we want to make this a safe and secure process for all
going back to part 2 of the question — what happens if you lose in a match\
Let’s use a quick case study to explain
Say you entered a 8 ppl race and everyone puts in 1 FUEL
If you win, you win 8 FUEL tokens, if you lose…well you lose 1 FUEL but hopefully learnt to be a better driver
5.Can anyone race in racing punks games and how do users buy new cars? Are they minted like NFTs and can private competitions be organized on Racing Punks games?
Last question for this segment
Hey cryptoAMA1, good question.
The cars are available as free mint for eligible Ethereum NFT projects. So if you are the owner of an Ethereum NFT, get your project to speak to us about the minting process. DM us on Twitter.
All Racing Punks Racer NFTs are minted as erc-721, and as an owner, you can race individually or on behalf of your project clan against the likes of BAYCs, CryptoPunks, IreneDAOs and more.
We would be doing the last segment
The live segment
Can we proceed
Q.1 Hello Ryan 👋👋👋
To be able to play RACING PUNK game do I need an Internet connection or it can be played offline and do you have a #TRAILER or #DEMO that gives a description about the game view. ?
you will need an internet connection to play the game as gamers will need to rent the NFT racer car.
for trailers, check out our twitter: @racing_punks, if you follow us there, we will drop the alpha to our community when the demo is ready for community testing
Q.2 IS This Your project only for elite invesitors, how about otihers with smalil fundis, is it open to everyone?
Racing Punks is very different to other Gamefi projects in the space. This project is not raising money from investors at all. The project is entirely self funded.
We realized that many projects in the space takes investment but never deliver. So we thought how about we fund the project ourselves? We want to show the community we are game changers in the gamefi space. We are building something for the community, rather than focusing on the “economy” — a product for investors
this is a really good point, taking investment from investors is not a bad thing BUT theres a high chance the protocol is waiting on funding to create the game, and good games take time, who knows how relevant or practical the game or the ecosystem will be if users need to wait 2 years+ for the game
Q.3 What is the cost to mint Racing Links NFTs and Is it customisable after minting?
This is a FREE MINT, you only pay for the gas fee. After you have minted the EVO 3000 white car, you will be able to customize your car with decals by following the guidelines on our website 🙂
Q.4 What is the Impact of BEAR MARKET in your project, Has It affected in any Way and What are your Major Plans After the BEAR MARKET. ?
bear markets is a litmus test. bad projects die, good projects buidl and innovate.
i hope the community sees the innovation in our protocol, and our goal in the bear market is to grow this project and expand even faster when the bull market returns
Q.5 Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness??
yes good question.
so two things
1. our token supply emission model means the game rewards are earned and distributed from one player to another based on skill
2. for every race, we take a 5% rake fee (ie if the total tokens winnable for the race is 100, racing punks takes 5 tokens). we spend that 5% on token buyback, token burn and adding to our regular championship jackpot races
Thanks for having us @Calebkure
And thank you everyone who is reading through this AMA! We’re excited about how this project will change the future of Ethereum NFT projects and gaming. So if you’re a NFT owner, a crypto gamer or a mainstream gamer, jump on, LFG
Everyone join up to be able to claim rewards
Amd win more Giveaways
We are jumping on it definately
Thanks for your time and have a nice day ahead
We close this ama for today here
good morning, good afternoon and good night guys
if anyone has anymore questions, i’ll be staying in this channel for another 10–15 minutes 🙂
EASIEST WAY TO GET STARTED WITH RACING PUNKS :https://t.me/racingpunks