AMA Recap Crypto Library with Chair Finance


On 14th May 2021, Chair Finance conducted an AMA in the Crypto Library Community. Our guest is Adriel and Darren. Lots of questions as usual from the Community about Chair progress. The Chair Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Chair Finance.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Adriel (Chair Finance) : My name is Adriel, I'm the CEO of CHAIR.Finance. I'm a tech entrepreneur and started multiple companies with expertise in solving business problems with cutting-edge technology. I was previously the Managing Director one of Singapore's first robo-advisors that provides automated portfolio management with algorithms. I'm also a Blockchain lecturer at General Assembly, a technical committee for the ISO International Blockchain Standard, and an advisor for Singapore’s G2G blockchain supply chain platform.

Darren (Chair Finance) : Hi Everyone, my name is Darren. I come from the traditional finance industry where I used to work for the derivatives unit of the New York Stock Exchange's parent group, where I serviced hedge funds, banks and commodity trading groups.  After 4 years / NYSE Liffe, I decided to go the entrepreneurial route and began a business of selling investment analysis to many of these hedge funds and trading groups.  As I later discovered crypto in 2017, I began covering this space with a weekly research piece where I highlight how traditional industry players adopt crypto. After coming across NFTs, I realized there was an opporunity in this segment of crypto that was too important to not jump headfirst into, and that's why I co-founded Chair.Finance w/ Adriel.
Crypto Library Team : Adriel, may I know why do you create CHAIR? Can you introduce your team?

Adriel (Chair Finance) : The past few years of experience in blockchain have taught me that the art industry has great potential to become a much more interesting industry for average users. Then with the explosion of NFT last year, the combination of blockchain and art has reached an unprecedented level. In addition to creating new investment value, NFT has also revolutionized the traditional artwork trading model which has dominated for hundreds of years. NFT is giving back to the artists their rights and interests. You can also find this on our youtube channel.

Crypto Library Team : Darren, what do you think makes CHAIR different? And what’s your role in the team?

Darren (Chair Finance) : Chair's focusing on a fresh angle within the NFT world, where Chair's platform allows KOLs (Key Opinion Leaders) to tokenize rights and benefits that they bestow on their fans, through the minting and subsequent trading of their own tokens. I'm the CIO (Chief Investment Officer) where I'll be looking after investor and KOL relations.

Crypto Library Team : Adriel, why do you think CHAIR can usher in NFT 2.0 era?

Adriel (Chair Finance) : The commercial use of NFT will certainly be present everywhere because NFT can reach almost all groups of people. This will be the beginning of blockchain becoming a truly universal technology. For this stage, we may name it NFT 2.0. CHAIR provides a path for people to turn their rights and benefits to digital assets, and finds a possibility for large-scale commercial use of NFT in the future. It’s currently the first of its kind in the industry.

Crypto Library Team : Darren, how is the project going on? And what about the future development?

Darren (Chair Finance) : Our project is now under testing and audit and will come online at the end of May.  Here's our roadmap. In Chair Version 1.0, KOL rights and benefits will be tokenized into NFTs.  The most basic functions, such as the minting, trading and auction of these NFTs, will be developed in this version.  Meanwhile, we will launch our INO (Initial NFT Offering).  The INO is a Chair.Finance innovation which increases the liquidity of locked assets.  I will introduce the INO concept to you separately in another video. In Chair version 2.0, the distributed storage of content on IPFS will be completed and the zone of artworks will be added.  In this version, whether INO becomes the main business zone will be decided by community voting.  Additionally, liquidity mining will be rolled out on decentralized exchanges. In Chair version 3.0, we will launch a BYP program which is short for Build Your Planet.  64 stellar systems are offered to KOLs.  Each stellar system will be represented by a tradable NFT. In version 4.0, we will build more zones of rights and benefits.  More creative mining products will be rolled out as well.

Crypto Library Team : Darren, could you introduce the BYP program?

Darren (Chair Finance) : BYP (Build Your Planet) is created for users to share the revenue generated from Chair's development.  The program offers 64 stellar systems, each of which consists of one star and eight planets.  Every planet is a base for a KOL on Chair.  Every stellar system or planet is a tradable NFT. 25% of tokens distributed for mining rewards will be allocated to BYS.  The amount of BNCH tokens released in each quarter will be 10% of the remaining tokens. 10% of BNCH tokens earned by earch stellar system every day belongs to the owner of the system while 90% of them goes to the planets in the system.  The closer a planet is to the star, the more BNCH tokens the planet can earn.  Planets can also earn more BNCH by attracting more residents (followers) to their planet. Users can participate in BYP by auctioning stellar systems or planets, building planets, settling on a planet, buying spacecrafts, and auctioning rights and benefits represented by NFTs at the locations broadcasted by the space station.

Crypto Library Team : This project sounds quite interesting and attractive. Adriel, can you introduce the token economic model of CHAIR to us?

Adriel (Chair Finance) : We have decided that there will be no private placement for CHAIR’s platform tokens. All BNCH will be distributed to CHAIR backers by NFT purchases. The total issuance will be 70 million, among which liquidity mining accounts for 50%, ecosystem construction 15%, future planning and risk management funds 12%. We also reserved another 10% for the developer, as well as 3% for the initial cornerstone investment. Finally, we have assigned 10% for INO (Initial NFT Offering).

Crypto Library Team : Darren, I heard that you are responsible for CHAIR's investment strategy and KOL policy, so I would like to know why investors are following Chair?

Darren (Chair Finance) : First of all, we have attracted many investors from both the crypto and internet industry, on the many advantages Chair brings to KOLs who join our platform and create their personal NFTs. Furthermore, the founders of Chair are influential in Asia, with over 500k followers, and have the marketing savvy to help further increase the visibility for KOLs. Our team's lock-up period is 3 and a half years, or 14 quarters.  The cornerstone investors have a lock-up period of 2 years, spread across 8 quarters. For those participating in the INO, there will be a lock-up period of 5 quarters.
All BNCH token lockups will be released on a pro-rata basis quarterly. Fans of KOLs can participate in KOL INOs, planet auctions or trade tokens post-INO.

Crypto Library Team : Adriel, what benefits people can enjoy if they join CHAIR’ s community?

Adriel (Chair Finance) : The benefits are numerous. There will be airdrops in the community from time to time; get the first-hand news of our project; as more KOLs create their personal NFTs on CHAIR, community members will be able to obtain more rights and benefits brought by KOLs.
Crypto Library Team : What is the most ambitious goal of your project? I would appreciate it if you could share with us any Upcoming Updates?

Darren (Chair Finance) : The concept of allowing KOLs to mint NFTs representing certain rights and benefits that they define and deliver to their fans is a new one.  By combining the ability for KOLs to auction their NFTs with a secondary market where fans who buy initially can then trade their purchased NFTs with other fans on Chair, there'll be healthy support for the platform token BNCH, particularly as the auction process will return a certain percentage of the proceeds from the auction back to those bidding on the KOL NFT. The KOL also benefits on a residual basis as as some percentage of all subsequent trade values in the secondary market will continue going back to the KOL. The platform aims to launch late May, so stay tuned for screenshots and videos of how the platform operates!

Crypto Library Team : Due to the current pandemic covid19, do you think that Your project will grow enough this year?

Darren (Chair Finance) : We're launching a digital platform, which will operate whether or not Covid19 continues. In terms of growth, we expect rapid user adoption soon after going live as KOLs are always looking to further leverage on their influence, with Chair providing additional revenue generating streams.
Crypto Library Team : The current trends in the crypto space are DeFi and NFT for their incredible potential, but what are the contributions that each of these trends bring to the Chair Finance project and how do they affect its ecosystem?

Darren (Chair Finance) : The decentralized nature of Chair's platform direction through DAO voting is one aspect that's borrowed from the DeFi world...The NFT concept of course we're taking beyond what many of the digital art NFT marketplaces currently do, although it is in our plans to also incorporate a marketplace for digital art.

Crypto Library Team : How important do you think the role of community is to your project? and what is your strategy for building a strong community?

Adriel (Chair Finance) : Community is one of the most important aspect of the company. We welcome anyone who has interest in the project to contact us, and any potential collaborations! We are transparent and give regular updates to our community members.

Crypto Library Team : Can both non crypto users and crypto users use and access this project
Which community are you presently planning on focusing on?

Darren (Chair Finance) : Only crypto users can access this project, but the learning curve will be reduced through educational material that we'll eventually produce, demonstrating how non-crypto participants can get started. The community we're focussing on initially will be KOLs and the fans they bring to Chair.

Crypto Library Team : How strong is your project security system? As investors, we will definitely place our assets in the safest place?

Adriel (Chair Finance) : We have a strong development team and use standard protocols in the process. We are also audited by Certik, one of the top 3 smart contract auditing firms in the World.

Crypto Library Team : TikTok videos and Youtube Do well in Marketing, Impulse approaching any influencer here? what marketing is your team focused on?

Darren (Chair Finance) : We've been largely focussed on Youtube, Twitter and Telegram (through AMAs like the one we're all participating in right now) so far, and have plans for more outreach.

Crypto Library Team : How will you make your judgment before the NFT is staked? How does your project liquidate the NFT when the NFT price goes down and how do you understand that the price is going down?

Darren (Chair Finance) : Ultimately, we want to attract artists and other individuals with a large following but who don't currently have a crypto strategy in their marketing, where Chair provides a unique platform for them to engage with their fans and generate revenue for both themselves and the fans at the same time.