AMA Recap Crypto Library with Kollect Cards


On 15th September 2021, Kollect Cards conducted an AMA in the Crypto Library Community. Our guest is Vincezo Lee and Ethan Chae. Lots of questions as usual from the Community about Kollect Cards progress. The Kollect Cards 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 Kollect Cards.

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?

Ethan Chae (Kollect Cards) : I'm Ethan. I'm CSO of Kollect. I'm a serial entrepreneur. I take care of the biz dev and blockchain related strategy like the token economics and reward programs of Kollect. Vincenzo is the CEO. He has worked in the gaming industry for almost 2 decades. He has extensive knowledge and experience in game development, IP licensing. He is the mastermind behind the project.
Crypto Library Team : What is Kollect? and how is the story behind the Kollect project creation?

Ethan Chae (Kollect Cards) : Vincenzo 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 company 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 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 contents in my previous. We agreed that the NFT market has a huge potential to grow with the participation of major franchises, so we began to devise detailed plan for Kollect. We believed that we can pull in non-crypto public into the market by making the technology approachable to the fandom as in 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 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.

Crypto Library Team : What features and products does Kollect want to offer? And why should we choose Kollect?

Ethan Chae (Kollect Cards) : Kollect offers:

1. Collectibles built upon signature IPs: We have partnered with major IP holders and create digital collectibles cards with IPs like Power Rangers. We already have many more amazing IPs in our pipeline.

2. Staking Yield & Play-to-Earn Game: Our NFT cards are not just appealing pieces of collectibles, users can use those NFTs for both passive and active income. They can use the collection book system to stake the NFTs and earn yields. Or they can play the game to actively engage with the NFTs to win reward tokens. During the conversion process, the rarity level or classes of the NFT cards will decide the stats of the characters and items in the NFT games in Kollect.

In the first beta version of Kollect, we will have primary and secondary markets, collection books, game launcher and in-platform game, which will launch one by one starting this October. Users should choose Kollect because it addresses all the issues found in the current NFT space. We address the lack of extraction value of owned NFTs, the lack of fun, and have huge growth potential onboarding already established fandoms from a variety of globally recognized IPs.

Crypto Library Team : Please tell us about $KOL token! What are the token use-case, distribution, and where we can buy it?

Ethan Chae (Kollect Cards) : - Use-Case:
-$KOL will be used for:
  • Synthesis: User can synthesize (and burn) the cards for higher rarity card or hidden card
  • Enhancement: User can enhance the cards, like leveling up the same card and unlock hidden recipes that only open under cetain achievement.
  • Conversion: User can convert NFT cards into items and characters in games connected to Kollect, and also out of games
  • Staking: User can stake $KOL along with NFT for yields
  • Purchases: User can use $KOL to buy special collection books and other VIP items with special effects.
- Distribution
The token distribution for Kollect will be shared with our community users through a Medium Post that will be released in the near future. Make sure you don’t miss out on this information by following our official community channels.

- Where Can We Buy It?
$KOL is not currently listed on any exchange but it plans to get listed on a major exchange in the near future. We’d like to apologize but we can not share further details regarding this matter. To stay up to date, make sure to follow us on our communication channels!

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Ethan Chae (Kollect Cards) : Here's our roadmap:
Initial NFT sales in late September:
  • Listing of $KOL token in Q3
  • Launch of the platform in Q4
  • Launch our first game by the end of this year.
  • Over $2 Million (Private) secured.
  • Global licenses for globally recognized IPs and brands secured.
  • More details about our partners and investors will be released in a Medium Article very soon.
Crypto Library Team : Combining gaming space and NFT is a very good economic strategy, how can @kollect_cards convince the market to consider this project as the best choice among many similar projects?

Ethan Chae (Kollect Cards) : I think we have answered this question in detail up there, but yeah it is about the quality of the NFT cards and games we can deliver to the market. We are seasoned gamemakers. We have experience creating artworks and contents for AAA games. Also, token economy behind our project makes it a great choice for the avid collectors.

Crypto Library Team : Card collection game is quite popular, but why did you choose NFT game card as a project? How you implement NFT and game features in your platform?

Ethan Chae (Kollect Cards) : We have many other genres of game we are planning to launch in the future. However, we thought it would be a very natural and intuitive move to implement a battle card game encompassing all the IPs published on Kollect, like a battle of characters. The NFTs will be part of our games as either characters or items. They will be given in-game stats during the conversion process.
Crypto Library Team : Regardless the newness of Kollect, we believe that you are ready enough to conquer the blockchain ecosystem. What are the killer features of Kollect that will surely help to secure Kollects success? How Kollect adjusting the fluctuating economy?

Ethan Chae (Kollect Cards) : Kollect plans to give back a large part of our revenue coming from the sales of the NFTs into the reward pool for the collection books. We will allot additional pool from the foundation to adjust for the fluctuations.

Crypto Library Team : How will Kollect address the high transaction fees and slow transaction speeds? Will you allow cross-chain minting and transactions?

Ethan Chae (Kollect Cards) : The majority of projects built on Ethereum Network have the same concerns regarding transaction fees and speed. We deployed Kollect on the Ethereum network first to ensure Kollect’s first step goes smoothly since we believe the ETH network is the most compatible and secure network in terms of DeFi/ NFT. We will then transition to be multi-chained. We have already started development and will let you know of the expected release as soon as possible.

Crypto Library Team : Kollect's new IP is expected. What kind of IP is ready? Good design is essential to meet the needs of collectors. What efforts are you making? I cannot find Kollect's white paper on the website. When will it be released?

Ethan Chae (Kollect Cards) : We have many major IPs signed and ready. Be prepared for announcements in next few weeks. We are working with several art studios so that we can have mindblowing artworks ready. It will be released soon. Make sure to follow our communication channels.

Crypto Library Team : Is your project decentralized?

Ethan Chae (Kollect Cards) : In the beginning, we are centralized in the sense that only our partners provide Contents and IPs to the project. But once the platform is actively running, we will hand over the governance of the platform to DAO. DAO will decide the listing and funding of the projects.

Crypto Library Team : Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?

Ethan Chae (Kollect Cards) : We will be launching our platform in English, then adding Japanese and Chinese. We will try to localize in the near future, so that we can cater to all our communities. We are working closely already with local communities around the globe, they are helping us go very local about our projects.