AMA Recap — 7Pixels
The session of AMA ( Ask Me Anything ) with 7Pixels was conducted on 17 April 2022 at 5:30 PM IST (12 PM UTC) and lasted for 1 hour.
Jaspal Singh from 7Pixels has joined us for this AMA session.
Please tell us about yourself and the team working on 7Pixels?
Hello Everyone, We are 4 core members in the team. We all complement each other in terms of expertise. I am having management degree from IIM, Rachit is an engineer from IIT, Roberto is a blockchain expert who has launched multiple projects in the past and Anand is a crypto marketing guru. Further, we have advisors from different fields (including Bollywood), they are helping us with their experience to make the next best NFT marketplace.
What is 7Pixels? Please provide a detailed introduction.
7Pixels is an NFT marketplace that is built on the foundation to bring the democratization of the Digital Art world which is driven by NFTs.
It’s more about solving the current problems of the NFT marketplaces which are quite centralized in terms of operations.
Today, 86% of the NFTs are not sold. This is not because NFT arts are not good but only a few can afford to have deep marketing budgets to promote the NFTs. Secondly, NFT collectors are clueless about the initial price discovery of the NFTs.
Third, there is no involvement of community, there are no endorsers, which is a bit different from the offline business model. So, we have brought these elements into our platform.
Can you tell us about the features & Usecase of 7Pixels?
At 7Pixels, we have specifically kept the community involvement and customer experience in mind while designing the solution as we want to launch something better than the existing marketplaces.
There will be an exciting way of minting and selling the NFTs. Once, the NFT gets minted then it will go into an endorsing phase where the community can back the NFT by staking stable coins and post which there will be a bidding phase. And once the bidding is done then endorsers will get the profit share as decided by the NFT creator. So, it is a very exciting model which has been thought through to solve the existing problems of the NFT marketplace.
We have taken care of these nuances in our NFT marketplace.
Can you tell us about your recent partnerships and collaborations? How are they gonna help grow the ecosystem?
We have closed a few strategic partnerships in the past. Very soon, you will be knowing about it. Keep on following us to know the names :) .. All the partnerships are well thought through to make sure that the end customers would get value out of the solution.
We are open for more partnerships and many discussions are underway.
Next week, you will see the names of a few.
What has the 7Pixels team achieved so far and what do we expect from the project in the near future?
See we are one of those projects who have actually developed the beta version last year and tested the technicalities of the solution
We have brought together our experience to make sure that we provide a good customer experience and value creation for all the stakeholders be it NFT creators, NFT endorsers, or NFT collectors.
now, the focus is to bring in the relevant partnerships which help us to take the prime pillars of the solution/value proposition to the next level.
The final product is under development, it’s a multi-chain offering, soon we will be testing it on the testnet
this is the team when we need to come and educate the community about what we are trying to do
so that they remain aware of the product which is just a few weeks away from its launch.
- Currently NFT is developing and becoming a new innovation in the Blockchain world. However, many Artists/Creators still don’t understand how to create NFT. How does 7Pixels solve this problem? Do you have plans to educate about NFT to Artists outside of Non-Crypto?
At 7Pixels, we have NFT Artists program in which we curate a group of artists. The program will definitely help new NFT artists to develop this skill with knowledge-sharing opportunities. Follow @7Pixels_NFT as we will be introducing #NFTArtists to our followers.
- NFT gaming is currently adopted with a low player base due to the expensive initial cost for a new player to take part in the game. So what strategies are @7Pixels_NFT implementing to attract a large group of newcomers? What are your next steps to building a thriving community?
7Pixels would be a community-driven NFT marketplace. We have initiated to enroll NFT artists. Our targeted market segment is the budding NFT artists across the world so we are trying to create an ecosystem for them.
- NFT collections are one of the hottest trends today and crypto users buy this even if it costs a lot. However, not all NFTs have value in the marketplace so can you tell us what are the utilities of @7Pixels_NFT NFTs and how can we be sure that these NFTs have worth and value?
7Pixels would be coming with the #NFT renting, NFT collateralization, and NFT enabled metaverse experience with the use case is driven utility. Follow us @7Pixels_NFT to remain updated with the latest info.
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
As an NFT Endorser, you can stake on the NFT well before the bidding would start. And once the bidding is done so you will get back, 1. staked amount 2. APY 3. Profit share as decided by the NFT artist … this is one way you can make revenue for yourself. Secondly, if you are our token holder then we are planning to share earned interest fees .. third, you can earn rewards while staking in our pool.
Do you have user manual or short videos that would guide potential users of project to safely navigate your platform?
We will be releasing short videos which will help the community to understand the features, but for the time being, you can read our white paper .. link is available at https://7Pixels.io .. and do follow us
Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?
Yes, we do have plans to buy back and burn the tokens.
Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
1. We are democratizing the NFT world which no one is doing at the moment. This will involve a large chunk of the community in the NFT world. 2. Fair price discovery for the NFT collectors. 3. Creating liquidity opportunities for NFT holders such as NFT rentals and NFT collateralization … one extra for you 4. There will be a metaverse platform for our NFT holders.
Do you have AUDIT certificates? or Are you working to AUDIT your project, to make it more secure, trustworthy and reliable?
Yes, our smart contracts would be audited. The code will be available open-source on Github. Well before the launch, we will make it public. Complete transparency
What is your biggest challenge during the time that you build your project? How do you feel when you overcome this?
See we are looking to do something new in terms of integration of NFT world with DeFi and bring everything together with a good customer experience. So, there were many technical challenges that we solved. This is by the community for the community. you may read about our thought process at https://medium.com/@7pixelsofficial/how-to-democratize-nft-buying-and-selling-7f296ea0dc03
Staking programme is very important for any project, I wanna know Can i stake your token? Do you have any plan of starting staking programme?
Yes, we will be having a staking program. Secondly, the utility of the token would be very high as it will be used in the Metahood- metaverse experience
We will be having NFT airdrop, starting very soon. We have an artists curator program in which we are enrolling artists from the different parts of the world and grooming them for the NFT art… so, there will be different unique themes coming for the airdrop … do follow us at the telegram, Twitter, and discord to win the airdrops. http://discord.gg/YnXTfUykEa
We are among the ones who have already launched the beta last year to make sure the technical aspects would get tested. Now, in Alpha1.0 release we will be focusing on the customer experience. The product is for the community to understand their contribution to the Web3 space. So, we will definitely release our MVP1.0. Secondly, we are professionals who have backed the industry leaders as advisors in our group so trust is very high in 7Pixels. And please do read about us here https://medium.com/@7pixelsofficial and follow us https://t.me/sevenpixels_nft .. to know all the latest.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Jaspal Singh from 7Pixels. AMA Concluded at 6:30 pm IST.
CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 25000+ telegram members and growing.