Over the past few weeks, we had been highly active and interacting with the Xircus community members answering their questions and discussing the progress. These voice chats are already shared in the Xircus Telegram group and members can also download a transcript of the entire session here.
This is a recap where we share the most important points discussed. Here are a few of the important questions discussed during the live community interaction session:
Is there a social network aspect to it as well?
Xircus is an NFT marketplace where NFT creators (Ringmasters) can create and deploy their own custom NFT marketplaces at zero cost. If you’re talking about being something like a conventional social media platform, we can explore it in the future. However, we’ll be adding social media engagement features like, share, follow, similar with well, other NFT marketplaces are out there. So it’s so that the users or creators and collectors inside a marketplace can participate in, you know, engage with all the contents that are in there.
I am from Phantom community.. I just want to ask, when are you planning to add, like more liquidity or want to be like full launch?
We have actually already added some liquidity there. But that is very minimal, because it’s essentially the XMT token that we have added with liquidities as an alternative token for marketplaces. Let me quickly explain a bit about our tokenomics. We have two tokens, the first one is our service token and the second is XMT. The XMT token is like 10,000 token per marketplace deployed on that specific network. For example, on Phantom, if an NFT creator who we call Ringmasters decides to launch a marketplace there will be one 10000 XMT tokens, to be minted. So the overall number of XMT tokens will be minted based on the number of marketplaces that will be deployed across that particular network, or through that blockchain network. The same applies to all networks. So, for marketplaces that have an, each by the way, each XMT is actually different from each network. So to speak. And so there, the XMT has limitations based on the number of marketplace deployed on a network. Also Xircus is a token that we use on our platform where you could actually buy premium skins, or premium marketplace UI or user interfaces.
I just want to ask, you know, YouTube, a lot of people make a lot of money from YouTube, in terms of sales or whatever, the contents and stuff. Can Xircus be an alternative to Youtube or social media platforms?
We are not a social media platform per se. But we are a real enabler for any other alternative to YouTube or other content creation and sharing platform that’s decentralized. We’re just like enablers where you guys have a specific kind of content.
I just want to ask, what’s next. So, what are the plans with service after product development?
Well, we will start deploying to as many blockchain networks as we can, because right now, there are actually a lot of communities from different blockchain networks. People are somewhat bullish on different ruffly networks. We are also preparing for smart contracts for Solana, Polkadot and Flow, because those are next-generation blockchain. Solana and Polkadot already have side chains and you can actually utilize some of these smart contracts. While focussing on deploying to different blockchain networks we will also simultaneously create new, premium skins. Mostly, on a weekly basis, there are new premium skins deployed. The premium skins are actually Limited Edition.
So we believe what’s going to happen is that, as more people get to know the Xircus platform, you know, the more they would understand that, with Xircus they have the power to create their marketplaces and make their ideas come to life.
What additional developments have you planned? I heard something about token Staking opportunities!
That’s right! We’re also opening the staking contracts, where anybody can actually participate. Token holders can become marketplace delegators. For example, where a NFT marketplace creator (Ringmaster) wants to share their revenue to the token holders, who are holding Xircus tokens. We allow the Ringmasters to open a staking pool, which is a marketplace delegation pool, where token holders can stake their tokens onto the staking contract and then the Ringmaster can allocate a specific amount of tokens.
Simply put, if a Ringmaster’s marketplace is actually earning a lot of money, based on the number of members in the community and the number of NFT’s that are minted on a daily basis to his marketplace, they can share with us a percentage of that revenue. That shared revenue goes towards the staking pool and that revenue will be distributed to stakeholders in proposition to their token holdings.
What about the Xircus Worker Graphs?
Yes! We are also setting up something unique that we call Xircus Worker Graph. The goal is actually to decentralize the entire thing. With Xircus Worker Graphs anyone who wants to become a provider of data to marketplaces would actually be able to earn a share from the mint and transaction fees collected on different marketplaces that seek their data services. There’s a lot that’s going on and we’ll be documenting that soon.
We also received interesting feedback and suggestions. This is the takeaway from the nearly one-hour-long session. You can listen to the live session here.
We will be posting recaps of other sessions soon! Thanks for your support!
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