AMA RECAP IDCRYPTO X NewAuction

Speaker : Peter (Marketing Manager)
Date : Wednesday, May 19th, 2021

THERE IS 3 SESSION FOR AMA
1. INTRODUCTION
2. QUESTION FROM TWTITTER
3. FREE ASKING


SESSION 1 ( INTRODUCTION )

ID CRYPTO:
Hello everyone, we come back for AMA ID Crypto with NewAuction
Today we have an honored guest Peter (Marketing Manager)
who will explain and answer your question guys.
Thanks you for joining here sir Peter we are glad to be with you here.

Peter:
Yeah it is my pleasure to be here as well!

ID CRYPTO:
1. Please introduce yourself and tell how you started a crypto business to the idcrypto community?

Peter:
Hello everyone! So my name is Peter and I am the marketing manager and also the co-founder of NewAuction Finance. I have actually worked as an outreach and marketing manager in real life for the past years, and I started investing in crypto in 2018. So I have seen the real bear market and also witnessed the recent boom, and I just always want to start my own crypto project too. Then I met a few friends and also talked with my real life friends about this idea, and we are very interested in the NFT related projects. Therefore here I am haha. Being in a crypto business is always exciting as there is just so much to learn, and also rewarding because our team is growing daily and is actually building a product with usecase.

ID CRYPTO:
cool look like you are excited sir, and we are happy to know you, thanks for introduction.
2. Can you explain what is NewAuction and how long your project launch !? Please explain in simple sentences.

Peter:
NewAuction is a new generation NFT Auction platform that has a unique tier system, and is creating a Auction system that is safer, easier and cheaper to use for the general public. We are based on BSC. And actually our website just went live for like a week only. We are currently undergoing presale and the actual platform is still under active development everyday. Therefore we are still very new, and we are a community driven, decentrallised project.

ID CRYPTO:
Nice, we are lucky know about NewAuction very early.
3. Can you share with the community what NewAuction has been doing from the roadmap ?

Peter:
We are actually well on schedule, as we are really in the early stage. We are undergoing presale and are finishing up in a day or two. Then we’re gonna have a public sale and looking at the actual listing in Pancakeswap in like probably early June. We have been talking with different launchpads or farms for a possible IDO or IFO. I personally just talked with BSCstarter yesterday and should be creating a pool there for voting for IDO like today or tmr. So for presale, public sale and listing we are on our schedule. Other than that, we are actively developing on our actual NFT Auction platform, so overall we are improving everyday. We are about to release our testnet screenshot to our community very soon for a peek too! Our community is still small, and we are actively building our community too. But overall we think we are well on track!

SESSION 2 ( QUESTION FROM TWTITTER )

ID CRYPTO:
1. So what makes ur auction is different with another crypyo auction project? What makes new auction specal that make me and big investor invest on this project? Thanks!
from @moralesvangabe

Peter:
Yes thanks for asking! It is true that we are seeing lots of NFT marketplace or platform startups recently on ETH or BSC, but most of them are not community based or easy to use. Like Open Ocean, not only the ETH gas fee is high, but also the transaction fee is high. On the other hand we have a tier system, that holding and staking our platform native token $NEAU would be able to have a lower transaction fee. And even without that we would have lower transaction fees than the existing NFT platforms too. It is because we are less concerned with chasing the big names, but actually building the products. Therefore we are providing use case for our tokens, and this would be the only currency can be used in our future NFT auction platform.
So we think that we are not really competing with those existing big NFT marketplace, but we are targeting on the grassroot users; those seems to be ignored by many NFT platforms now.

ID CRYPTO:
Sounds interesting .. you really care about users who have little funds, with a platform like you, they can sell or buy NFTs at a low cost (apart from gas fee eth).

Peter:
yeah, but we are based on BSC so should be fine. And in the future we are definitely going cross chain. We are planning in late Q3 or early Q4 should be able to cross-chain. We always want to lessen the fee that our users are gonna pay.

ID CRYPTO:
Amazing, i think you are select good network, even BSC hype right now question.
2. Many new projects made a good impression at first but were suddenly abandoned. How will you manage the project and token to gain a place in the market and become one of the best token in the blockchain world?
from @boyzXx0

Peter:
Yeah, it is very sad that we saw that happened. We saw many projects that painted a great future but eventually due to lots of reason that the project eventually died out. Well there can be many reasons, but the top reason for that most of the time is the DEV team stopped trying. In order to prevent that, at the first all our team token are having a linear lock for 1 year, same with our Liquidity is gonna be locked for 1 year as well. We are all here for the long-term so is fine, and this can greatly prevent we abandon this project as our token are still locked haha.
And we also have a roadmap written out to clearly depict what exactly we gonna do in the timeline, and our team have a regular meeting to review where we are. So with these pressure and reward system set up, we are dedicated and also confident that we can create a long-term project and reward our early supporters!

ID CRYPTO:
Good explanation.. Thanks for your explanation.
3. I saw a lot of NewAuction model subscriptions, how do we get them? and where will the tokens be staked? can we withdraw any time the token is staked?
from @ferasaqe

Peter:
Yes, that is our unique tier system. We have 4 tiers and one does not need to be in any of the tiers to use our platform tho, but if in those 4 tiers one can pay less user fees accordingly. To determine which tier one would be in, that depends on the staking amount of our token. The NFT auction platform is still under development, same with our staking system as well, so currently it is not available as we are still undergoing the presale phase. But when everything is live there would be staking function in our website. And yes you can withdraw your token staked anytime, but if doing so you would lost your tier until you stake back your $NEAU.

ID CRYPTO:
4. What will happen to unsold tokens? Are you going to burn? or something like airdrop? and how will you increase the utility and usecase of your token?
from @Dquewr

Peter:
We are going to burn the unsold token. We are thinking of doing an airdrop too, but it is not gonna came from the unsold tokens part. And for the airdrop part is still under consideration, but for the unsold tokens be rest assured would all be burned and we will provide the TXN to our community as well.
While increasing the utility, I would say building a usable product and a strong community would be the best method and has always been our team goal as well. And the biggest use case for our token $NEAU has been set up since the beginning: This is gonna be the only token that can be used to purchase NFT in our platform, same with the revenue for selling a NFT. Also with the tier system for staking in order to have a lower user fees, and also we would buy back and burn using part of the user fee on every transactions; these all add up for providing the utility of $NEAU, and it is gonna be a deflationary token.

ID CRYPTO:
Cool, I hope our community understand with your explanation, Thanks.
5. Within the structure of your tokenomics, 7.5% of the total has been allocated to liquidity. What strategies have you developed so that $NEAU, with this 7.5% minted, does not suffer from liquidity problems? Is the presence of LPs necessary or is this an automated process?
from @TheShadowJK_1

Peter:
We believe the presence of LP is necessary and there would not be any automatic added liquidity set up for our project. It is a very interesting question, as can linked right back to my last answer. We were thinking of doing an airdrop, as we might be starting a Liquidity provider reward program. So for that 7.5% of the total $NEAU, part of them might be set aside for airdrop purpose, and would airdrop to those liquidity provider in pancakeswap. So not only we are rewarding our early supporters, but also we can make it as our promotion campaign and at the same time providing liquidity and stabilize our price. The detail of the Liquidity provider reward program is still being discussed inside our team, but it should be happening and will disclose more detail in our official telegram group and medium soon.

ID CRYPTO:
awesome.

SESSION 3 ( FREE ASKING )

Temitope Awoyinka:
RUGPULLs and SCAMS are rampant everywhere, how do we know which to trust.
Is you safe have you pass an AUDIT
Is our data and funds safe ?

Peter:
Oh yeah thanks for asking! Wow the amount of question is like crazy here. I skimmed through some of the questions here and this is the part that we have not covered yet. And I believe this is an important question for lots of investors, therefore I am choosing to answer this one.
Rugpull and scam are very common these days. So i am glad you brought that up. We have already passed the Techrate Audit, and you can see from our official website and the github of Techrate as well. Also, our team token gonna have linear lock for 1 year, and liquidity gonna be locked. And when our NFT platform officially goes live, we would be audited by Certik or Solidity again. So with lock, 2 audit and also openness in our roadmap and litepaper, the change of rugpull and SCAM is like close to none. We are here for long term project!

Seoyun 서윤 :
What is the role of token in the ecosystem? Where can users currently buy it, and what would be its use?

Peter:
$NEAU is our native token and it is not publicly listed in Pancakeswap yet. But we are currently going through presale and is finishing up. Then we gonna have public sale and is contacting different IDO platforms. $NEAU is the only currency can be used in our NFT Auction platform, and we have a tier system; if one stakes certain amount of $NEAU, he would be able to pay less user fees.

Seoyun 서윤 :
Token burn” is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?

Peter:
Yes! We would charge user fee in every transaction occurred in our platform, and after we collected that we would use part of the user fee for token buy back from the market. So not only we are burning token but would also do periodic buy back from time to time. It is truly a deflationary token as the token amount is already fixed at 200M, and would be less and less when burning occur.

Beast Mama:
Do you have any projection before the end of the year? Are you confident that you would be able to achieve all what is stated in your roadmap at their due date?

Peter:
Yes we are now still in a very early stage, and we are currently building our NFT platform. Then we think before the end of this year, we should be able to go cross chain, and getting the 2nd audit from Certik as we need new audit when platform goes live. Also we are looking forward to CEX listing as well, and yes we are very confident to achieve all stated in our roadmap because we have a dedicated team!

Amelia:
You said that Low fee and advance auction platform, how do you do it? Did you make a contract / system in order to reduce gas fees? what about the security and speed of the transaction?

Peter:
Gas fee is out of our control, and we are actually referring to the user fee. We are able to do that because we are paying less concern on partnership with those big names and paying crazy amount of money, while building up our project and make it community based. This is the way to lower our user fees, and for security and speed; our project is already audited by Techrate! And for the speed of transaction, once again is based on the BSC, just like the gas fee, nothing we can do about it haha. Thanks for asking tho!

pick me pls :
How do you intend to attract community members to NewAuction Finance . How do you intend to gain more community support? How strong is your community support?

Peter:
Well we are doing it right now haha. Doing more promotion, trying to get more partnership, doing AMA and paying youtuber to spread the word. You gonna see more marketing campaign coming, like tmr I am doing another AMA, and if you go youtube typing NewAuction finance you should see some videos too. We think building a strong community is always crucial for success, but our community is still very small now due to we just launched for like a few days. But is growing daily.

Moon Moon Ambassador l Hoder l Investor:
Did you ever consider building a NFT gaming studio for creative collectors or creative NFT makers in the long run and please do elaborate about this?

Peter:
Currently we are still in a fairly early stage, and yes we have thought about it. As partnership is important and sky is the limit for NFT. Therefore those are always up for discussion, and our team has discussed that in the past too. Honestly right now we are focusing on marketing, presale and building our NFT platform, but nothing is off limit and in the long run we would be very interested in those too. With that we think is achievable because when we are in this NFT market for longer time, we would have a stronger community, more people knowing us and should be easy to get some partnership!

Delphine Wilbanks:
Investors need to fully consider the market volatility we are in right now. With this in mind, who are which target group of audience are you after?

Peter:
Yeah the market volatility is insanely high right now, we are seeing BTC dropping almost 50% in like 2 days, not to mention other altcoins. However we believe gold always shine and one cannot time the market. We can only go with our roadmap and build, build and build. Our target group of audience has always been the same, the small investors, grassroot users as we are community based. We don’t think that gonna be changed in the near future. Gold always shine regardless of the market!

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