February 12, 2023
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This interview was originally published by Genfinity.
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King Solomon interviews Hedera Sentient as part of the Hedera Corner in the LightHouse by Genfinity! Brought to you by LightHouse Report sponsor Hedera Hashgraph and in collaboration with our partner and Hedera wallet provider HashPack.
Hedera Sentient – Patricia - Founder
Yes, of course, in terms of milestones I will say that our biggest ones was launching the launch pad and launching the marketplace things that we never thought would exist and are here, so those are the biggest ones. And also, something that we want to be different about and we want to make sure that, for example, on the art that Sam made, the sentient collections we have, rev-sharing NFTs. We wanted to make sure that when giving that rev share to our holders first, we would be safe in terms of legislation and everything that is around right there because we are really in a gray area. But, tomorrow the gray area could be colored and then we have a super big issue because you know how that works with the SEC in the space. So, what we wanted to do, we have a legal team and we went to them with everything and we explained, "Okay, we have these NFTs, they will give rev share." The rev share consists of everything that we do in terms of launches, in terms of marketplace, there's always a part that goes to the rev share wallet, and then it's distributed among the holders of the rev-sharing NFTs. So we wanted to do things really safely because we want this project to exist for one year, five years, ten years, and not having to shut down for example in two years because we have problems with the law, right? So we started our staking system, people will need to stake the NFTs, they need to KYC to be able to receive to claim the rev sharing. So this is something that, it's also a proud moment for us because even though that sometimes people tend to think that, "Okay, but crypto is not having to KYC and things like that," for us, knowing that we are making our absolute best to be compliant is super important. So, this is also a milestone for us, for sure.
Genfinity – King Solomon – Founder & CEO
Yeah, and I, I mean to be honest, I really do think that, that is the way that this space is going to go in the future. From a, you know, KYC means, "Know your customer," not, you know, not only that, you know, when these platforms really develop out, it's going to be KYB too, "Know your business." Absolutely, when we get into kind of some of the partners and collaborations that you guys have had so far, and then also, if you could touch on what are some of the mints that you guys have that you guys are excited about coming up. Because I know there's quite a few in February that are down the pike.
Hedera Sentient – Patricia - Founder
So, at this point, the whole month of February is already booked solid. We are extremely excited and we have Royal Celebs coming up, the second, third and fourth of February. We have orbis 86 on the 16th of February, 16, 17, 18, because they have several times of the of their mint, we have more projects that are going to launch with us too, but I'm not going to mention those because I'm not sure if they already told their community or not. So, I don't plan to leak information that could be still a secret from the project founders. But we have a lot of great projects that are going to launch with us for the month of February. We are extremely excited. A couple of days ago we were talking and Sam was saying, "I never thought that we would be in a situation where we would have the next month fully booked without being able to put more projects. This is insane." Because none of us was expecting this in terms of team members, it's crazy, but it's really good because it shows that people trust us and want to work with us. So, yeah.
Genfinity – King Solomon – Founder & CEO
Yeah, it's a good problem to have. And I had the chance to talk to Luciana and the team at Rogue, Royal Clubbers, as well as orbis 86, multiple times on the Twitter spaces that she's hosting. I mean she actually, it's kind of funny because like she reached out to me, and just talking about kind of some of the big people from like ethereum that were like old school like Bored Ape Yacht Club holders and stuff like that are starting to come over to Hedera. I think it's very interesting. I think we'll have a very interesting 2023 and 2024. What are some of the plans like looking out into 2023 that you guys have? That Sam might have, and I don't want you to ask you to drop any alpha or any of that stuff, but what are you most excited about? Maybe you just give us a little inkling of what you guys maybe have planned for 2023?
Hedera Sentient – Patricia - Founder
So, one thing that we really hope it would happen, it would be to have another grant because we applied for a grant from the Hedera Foundation in November of 2022. So, it could be something that we have a reply any day now. We are not sure. So that would be amazing for us because believe it or not, the whole team, and even Sam, we are volunteering because it's a lot of expenses to run the platform. So, we need a lot of money for hosting to make sure that we have a lot of servers. When there's heavy mints, the service won't fail. Then we have legal, that's a big part of our concern in terms of funds of course. So we believe so much in time and what he is doing that we are all volunteering. And Hedera grant will allow us to give fair compensation for our team members to be able to support the platform costs until we are big enough to be able to have more room in terms of budget. And another thing that we are planning is a furnace system. This I can tell you because our community already knows. It's a furnace system where you can burn nfts to create rev shares. More rev shares. So this burning system will function in a very simple way. You need four points from any of Sam's previous collections. So, we have monkeys and Ashcraft Phantoms that give two points each NFT and we have, Dreams and Nightmares, it's one point each NFT. So, gather four points, no matter what collection, burn those in the furnace and receive a REV share NFT in return. We are going to drop the furnace in the month of March if everything goes well, but we are going to release the REV shares slowly as well because it won't. We don't want to dilute the value for our current holders, so we want to make sure that we are releasing more REV shares at the same time that we have more revenue for the platform, so that we can accompany and that someone that is receiving, imagine I don't know, let's say 300, 400, and hbar for NFT at each drop won't start receiving 5 Hbar. It makes no sense to us. That needs to hold value, so we will slowly release, people won't be able to burn everything at the same time and we will make sure that the value is still there. Then, there's another thing that we want to work on. It's an auction house. We want to have a tool that allows people to go and use their NFTs and auction those NFTs. And we are thinking about, for example, for charity purposes, having no fees on those for charity purposes. So, anyone could use that platform if it's a charity, there's no fee associated. If it's a regular user wanting to auction their NFT, there is a small fee associated, but that's pretty damn and I believe. And what else can I tell you? What else? So, auction house for us, and we also want to have a part for artists, you know, the small artists that have a collection of 10 NFTs or 15 NFTs. They would want to launch, but sometimes the Launchpad will say, "Oh, no, this is too small for the work that I'm going to have. I'm not going to receive enough in fees. I'm sorry, but this is not for us." We want to have a place for those smaller artists to be able to go. They will have a tool that will allow them to meet the NFT directly and launch their NFTs there. It will be curated. We will obviously make sure that artists that are there are people that we did some digging, some background, kind of like when we docs a project to launch with us. And then, those people can go there and, okay, today I want to meet five NFTs. The person who goes there means five NFTs, adds it for sale on their artist page, and when the NFT sells, we got a small fee from that, and that's it. So, this is something that we would like to have end of March if everything goes well.
Genfinity – King Solomon – Founder & CEO
That fantastic I think one of the things that we, that we've seen in, let's say, like the ecosystems that have a lot more liquidity right now, like you know, you could think of Ethereum for example. It becomes very difficult for a normal, you know, just an artist out there to go into an ecosystem like that and really make waves without knowing people and all these other things. So, I really like the fact that you guys are trying to provide that thought leadership at the front, at the front end, to say 'Hey, we're not only about these large-scale collections, we're about the individual artists as well', and we really want to cultivate talent and value, no matter if you're launching a 10,000 piece collection or if you want to launch an individual NFT or five or ten, and showcase you amongst the Hedera community. So I have to say, thank you.
Hedera Sentient – Patricia - Founder
It's also a thank you from our end. We'll never forget that we started with a small project launching on our platform. We did not start with a Koalas Mint, we did not start with the Royal Club or we did not start with Orbit 86. We started with the small ones that were the first to trust us. So it's our way of saying 'thank you' and giving back.
Genfinity – King Solomon – Founder & CEO
Well, it's been an absolute pleasure speaking with you today, Patricia, and give a shout out to Sam too. Great work again, everybody, check out Hedera Sentient. We'll be publishing this video and I'm sure that we will be speaking again in the very near future, Patricia, with another interview. And I can't wait to check in and see where you guys are at.
Hedera Sentient – Patricia - Founder
So yeah, if you want, in two or three months, you can have me again and demand the things that I told you today, 'are these in place yet? Where are they?'
Genfinity – King Solomon – Founder & CEO
Well, thank you very much, Patricia. I hope you have a good rest of your day.
Hedera Sentient – Patricia - Founder
You too. Thank you so much
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