Tribe3 x IM community AMA RECAP
🐋TELEGRAM AMA TEXT : Im Community & Tribe3 🐋
⏰ AMA Timing : 10th March 2023 l 01:30 PM UTC
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 100 USDT
➡️ The reward pool for the best 5 questions from Telegram is $50($10 Each) 💸
➡️ The reward pool for the best 5 questions from Twitter is $50 ($10 Each) 💸
Ask Twitter questions here👇
Bà Tân | : Let’s Im Community & Tribe3 AMA get started!
Bà Tân | : Welcome @t3mktcm & @Dridrileng from Tribe3 ���
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Tribe3.
Bà Tân | : Today our guest is: @Dridrileng from Tribe3.
DriDri : Nice meeting you all!
Bà Tân | : Can you introduce yourself to our Im Community?
DriDri : Yes sure, im dri from the BD team in Tribe3, been in crypto for 3 years, love to tell more about what we building!
Ahrix : Thanks for the introduction���
Bà Tân | : Today’s AMA will have 3 session
Session 1: Project Introduction
Session 2: Question From Twitter
Session 3: Free Asking
Bà Tân | : So let’s start the first part of the AMA — questions from Im Community!
Bà Tân | : Q1: What is Tribe3? @Dridrileng
DriDri : Tribe3 is a gamified NFT futures exchange where users can trade NFT perpetual futures with leverage, engage in NFT tribe battles against others in the community and win in-game items to create personalized NFT avatars. We have 3 main features, Trade NFT perpetual futures with leverage (a low-cost and capital efficient way for NFT lovers, traders to speculate/hedge), Engage in tribe battles against others in the community, Earn in-game items based on trading behavior to build personalized NFT avatars.
Ahrix : Please ✅ when you have finished the question, thank you���
Bà Tân | : Our second question is…
Bà Tân | : Q2: Why did you choose “Tribe3” this name? @Dridrileng
DriDri : If we think about different NFT communities, the vibe and sense of belonging we have, we are really just like different little tribes. Each community has its unique story and vibe. Perhaps because of how different the tribes are, these communities tend to stay in their own discord and we haven’t seen many satisfying ways for NFT communities to connect / interact with one another other than the fudding we see from time to time.
So we thought it would be ideal to standardize NFT financialization through the use of futures and at the same time creating features that allow tribes to come together and interact socially and even challenge one another. So Tribe3 really is like a campfire concept that hopes to bring NFT traders and communities together and put their money where their mouth is.
Bà Tân | : Q3: What is NFT Futures? How does it work? Why do we need NFT Futures? @Dridrileng
DriDri : Futures at its core are really side bet contracts that allow different parties to bet on the price direction of an underlying asset. Imagine a side between a BAYC holder vs someone who think BAYC will go to 0, they can set up a side bet where if the floor price of BAYC goes up by 1 ETH, then the holder will gain 1ETH (at the expense of the non-believer) and vice versa. Then a futures exchange basically facilitates these side bets in a standardized manner at a much bigger scale. In this context, whenever a user “long” 1 BAYC contract, it is basically like the example we just mentioned, he will make gains as the price of BAYC goes up
So how does it work and what you have to do is:
Long and short contracts and have a side bet with other traders or the system, u can bet on prices going up and down, not just diamond hand-holding one NFT also bet with leverage like what you do in crypto trading.
On top of that, our platform only charges a relatively low fee on each trade which is much lower than the open platform fees like OpenSea and LooksRare. There’s also no royalty involved because there’s no underlying NFT transaction.
But why do we need NFT futures? As long time retail traders in stocks, crypto and NFT, the Tribe3 team experienced many pain points in NFT trading. Firstly There’s no way for us to hedge/short. Secondly, The ticket size is really high for something like BAYC. Lastly There’s no leverage available. With Tribe3, you can earn money even if you are not an NFT holder. Feel excited right?
Bà Tân | : Nice, thanks for such a detailed answer, lets move on!
DriDri : sure!
Bà Tân | : Q4: Who are the Investors and the team? @Dridrileng
DriDri : Our founder is with experience from investment banking and capital markets at Citibank New York and Hong Kong, private equity investments at EQT Partners and also is a crypto and NFT trader. The team actually are all over the world in North Asia, SEA and also Europe with background and experiences in large companies like Google, Uber and also with Web3 and crypto experience in web3 projects and also crypto exchange like Huobi Global.
Beside, with the backing of Spartan Group, IVC, Newman Capital and some OGs from different communities, with the strong network and support, we are ready to bring disruption to the ecosystem.
Bà Tân | : What a strong core team, nice, thanks!
Bà Tân | : Q5: What are the new features — referral system, avatar and Tribe3 point. @Dridrileng
DriDri : We added a few new features to our platform, some for rewarding early adopters, some for adding social elements to our platform. The first feature is the referral system, Tribe3 designed a referral system with different tiers. We allow users to invite friends and family to join our platform and earn rewards for doing so.
For rewarding and marketing purposes, we will launch a one on one NFT avatar. Users can create and customize a unique avatar on Tribe3 platform. Your customized NFT avatar that represents your identity, style, preference and community allegiance as an NFT trader
Second one, Tribe3 point — Tribe3 Points is one of the initiatives to record users’ achievement and trading behavior on Tribe3. You can earn Tribe3 points via the entire Tribe3 ecosystem which is designed as a reward for traders to redeem NFT avatar and battle. Getting more Tribe3 points will give you advantages in the ecosystem. Also, more Tribe3 points will give you greater rewards in the future, including token airdrop and Tribe3 NFT avatar.
Bà Tân | : Impressive, thanks!
Bà Tân | : And the last question is…
Bà Tân | : Q6: What is the roadmap of the project, where are we? @Dridrileng
DriDri : So….after digesting tons of feedback from the community, we are very excited to announce that we have already opened our testnet to the public. We will launching oue mainnet very very soon stay tuned!!
Because our platform is a multi-layer platform. There’s trading, there is NFT avatar, there’s also Tribe battle. So we’re looking to focus on trading at the moment. We are targeting to have the mainnet launch in later Q1 this year and also NFT avatar launch in Q2. On Tribe battle, that will probably come a little later, probably after public mainnet launch in Q3. So that’s sort of like the near-term roadmap of the project.
Prior to mainnet launch, we are also focusing on user education, marketing as well as collaborations with other protocols in the NFTFi ecosystem and different NFT communities.
Bà Tân | : Great answers!
Bà Tân | : Thank you for your efforts and time ���
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2.
Bà Tân | : Session 2: Question From Twitter.
Bà Tân | : Question1. I took a quick look at the “Liquidation Mechanism”, When the position collateral ratio falls below (i.e. 10%), the position will be liquidated automatically by the liquidation bot. So, how do liquidation sanctions work? What should I do to avoid Liquidation? — @luckluckan1
DriDri : Thanks for the question luckan!When a position’s collateral ratio falls below the collateral ratio maintenance requirement (i.e. 10%), such a position will be liquidated automatically by liquidation bots. Hence it’s very important to make sure your position is above the maintenance level.
Trading futures could be risky, especially when leverage is applied or when shorting. To minimize your liquidation risk, you should:
Choose an appropriate leverage level — the higher the leverage, the more likely a position will be liquidated, especially in a volatile market
Do your own research before trading — understand the risk associated with the trade (e.g. underlying collection, collateral pledged, leverage applied etc.)
Monitor your collateral ratio closely — cut loss or increase margin when the collateral ratio approaches maintenance collateral ratio (i.e. 10%)
On the other hand, we are also developing different features to let users be more aware of their position. For example, a liquidation alert and notification will be helpful to notify users before liquidation happens.
we ready to move to the next question! @RoisePM
Bà Tân | : Question2. I read that in tribe3 we will find a “A social future + gamified NFT DEX”, but really, what social and gaming characteristics will they have, if their products are really for trading operations and futures? Or is it that in the future they will launch the next products? — @Alon14091
DriDri : As introduced earlier, Tribe3 is a product with three layers — trading NFT futures, socializing with NFT Avatar and gamification via Battle. All layers are in the Tribe3 ecosystem so there will not be any new products at the current plan.
Regarding the social characteristics, we have already launched the features of user profile and referral program. Like a mini Twitter, users can build their own profile on Tribe3 and also follow each other on Tribe3 by simply clicking the “Follow” button. You can track the trading activities of other users on Tribe3 and also see their position on the leaderboard. Also, from the beginning of our testnet launch, there is already a “Chat” section under each trading pair, where users can chat with each other there. In Q2 this year after mainnet, we are also looking to launch our NFT avatar so every user can have their own avatar and also get NFT items while trading and getting Tribe3 points.
Re. The gamification part, we are looking to launch a battle feature in Q2–3 this year. Stay tuned for more details!
Bà Tân | : Question3. Tribe3, an incredible NFT collection that you will want to collect! There are some cool incentives to keep and even buy more. What are the incentives offered by the Tribe3 platform to users and investors to keep and compare more Tribe3? — @lec_Ghram
DriDri : Tribe3 offers several incentives to users and investors to keep and collect more of their NFTs. These incentives include:
Loyalty Rewards: Tribe3 offers loyalty rewards to users who hold onto their NFTs for extended periods of time. These rewards can include exclusive access to events, early access to new releases, and special rewards like Tribe3 point .
Airdrops: Tribe3 sometimes distributes free NFTs to users who hold a certain amount of Tribe3 NFTs. These airdrops can include rare and valuable NFTs, providing an additional incentive for users to hold onto their existing NFTs and acquire more.
Staking: The Tribe3 platform allows users to stake their NFTs in exchange for rewards. These rewards can include access to exclusive content, early access to new releases, and special discounts on future purchases.
Community Involvement: Tribe3 encourages community involvement through social media and other channels. They offer rewards to users who participate in community events, such as contests and giveaways.
Overall, these incentives provide a compelling reason for users and investors to collect and hold onto Tribe3 NFTs. By offering rewards and benefits for loyalty and engagement, Tribe3 is building a strong and dedicated community of NFT collectors and enthusiasts.
Bà Tân | : Congratulations to the winners of session 2.
Bà Tân | : Alright, Session 2 has finished perfectly. Appreciate your detailed responses @Dridrileng ���
Bà Tân | : End of session 2
Bà Tân | : We’ll move on to session 3
Bà Tân | : Session 3: Free Asking
Bà Tân | : Q1: Who are the target users for tribe3? How does tribe3 plan to expand to different groups of users? @Dridrileng
DriDri : The first group we target is definitely the native NFT community. So people who already have been trading NFTs or in possession of a couple of NFTs. A lot of them have been hoping to get exposure to top NFT collections but they have been priced out at the moment. Plus, from our observation, many NFT collectors actually have a diamond hand portfolio and would like to hedge their positions from time to time. Currently, there’s no way for you to do that. So that’s only the first layer of users will be from the native NFT community.
To expand their reach to different groups of traders, Tribe3 plans to offer a range of features and tools that cater to the needs of different types of traders. For example, they may offer tools for technical analysis and charting for traders who prefer a more analytical approach to trading. They may also offer educational resources and tutorials for newer traders who are just getting started with NFTs. In addition, Tribe3 plans to collaborate with other platforms and marketplaces to increase their visibility and reach. This may include partnerships with other NFT marketplaces, social media influencers, and other relevant communities.
Overall, Tribe3 is focused on building a strong and engaged community of NFT traders who are interested in acquiring and trading high-quality digital art. By offering features and tools that cater to the needs of different types of traders, they aim to establish themselves as a leading platform in the NFT trading space.
Bà Tân | : Q2:What is your revenue model? In which ways do you generate revenue/profit?So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now? @Dridrileng
DriDri : Tribe3’s revenue model mainly will be transaction fee when trading NFT futures.Tribe3 is currently focused on launching the product on mainnet, educate more users about NFT futures and of course getting more users to use it
Bà Tân | : Q3: As the NFT value is quite volatile. It is sattled based on the agreed price between buyer and seller. There is an opportunity to manipulate the price of the NFT which will effect the long/short positions. How you are going to tackle this problem & avoid floor manipulation? @Dridrileng
DriDri : The issue of price manipulation is a concern for any asset that is traded on a market, including NFTs. Tribe3 plans to address this issue by implementing measures such as transparent pricing mechanisms and strict rules to prevent insider trading and other forms of market manipulation.
In Tribe3’s trading system — the futures price is based on a virtual automated market maker system (much like Uniswap’s AMM, but on a virtual ledger), so the price goes up as users long, and the price goes down as users short, in this case, if a user wants to push up or down the VAMM price, the user will actually have to enter into a big position to do so and take a lot of risk.
The Oracle price is based on a time weighted average (TWAP) collection floor price (on a rolling 6-hour basis in 10 seconds increments) from open marketplace API data (e.g. Opeasea, Looksrare, x2y2), and we use the oracle price for funding rate calculations (and in very rare cases for liquidation purposes). For a user to manipulate the oracle price meaningfully, the user will have to manipulate the collection floor price for a long time and incur significant cost in the open marketplaces (like opensea).
Eventually — as other platforms like Sudoswap and Fracton Protocol gains high volume, we will move the oracle price towards a more transaction / market-based oracle price. Once Tribe3 gains more traction itself and reached a certain scale and user retention — it is our goal to migrate towards an offchain orderbook onchain settlement system. The above construct is currently used on testnet. During mainnet, we will have something different. Stay tuned!
Bà Tân | : Thanks for the useful information from @Dridrileng
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @OfficialTribe3 for answers.
Ahrix : IM Community, if you would like to know more about Tribe3 ! here are some useful links for you:
Official Website: https://tribe3.xyz
DriDri : Thanks guys!
Bà Tân | : Allright, I declare the Im Community AMA with Tribe3 has ended.
Thanks to @Dridrileng | Tribe3 joined us and provided us with Tribe3 information, we hope that this knowledge makes us understand more about https://tribe3.xyz/
To the members, thank you for following this event to the end. winners will be announced soon.
Ahrix : Thanks @Dridrileng for joining the AMA today. Have a good day.