On November 30th, John Lee had AMA with Crypto Daku on their official Telegram group. During the AMA, John Lee shared with the community more about RaceFi, about its plans and visions.
This is a recap of the entire session, in case you missed it!
Q1: Before we start AMA, we will love to know about your role and day-to-day work experience in the project.
John Lee: Thanks for introducing me! Hi everybody. I’m John Lee — CEO of the RaceFi project.
Previously, I graduated from a university majoring in telecommunications technology in Australia. After that, I continued my Master’s studies and became a Ph.D. student in France and Japan. With 8 years of experience researching and working in the Blockchain and NFT Game fields, RaceFi and I have built an upcoming metaverse that promises to bring a lot of interesting things and potential economic benefits to the community
Q2: What bought you in crypto? And what were your best and worst bags?
John Lee: Nice question! I think I had the opportunity to know crypto 8 years ago as an investor. After a bit of research, maybe my worst experiences came from those beginnings when I didn’t have too much experience and lost some money, you know.
And the best experience was when I had the opportunity to collaborate and work with start-up projects on blockchain, crypto and this gave me a lot of meaning to develop.
Q3: Can you tell us all more about the project, the idea, how it started? And especially why it’s needed or how is it disrupting?
John Lee: As you know, Metaverse is becoming increasingly popular due to the advance in blockchain gaming. Players prefer to control and interact with their in-game assets and leverage them to monetize their gaming experience.
With the help of blockchain technology and cryptocurrency, play-to-earn models are now accessible to players worldwide.
That is why we are thrilled to launch RaceFi on Solana.
RaceFi will be a complete race-to-earn ecosystem where you can participate in races or own parts of the game and make a profit. All ownable parts of the game are in the form of verifiably owned NF’s.
And about our project, RaceFi is the first AI/ML integrated car racing game on the Solana ecosystem. Within RaceFi’s metaverse, players can earn while enjoying various game modes to satisfy the thirst for speed or make a profit by owning in-game property. RaceFi is a game that integrates many different modes that create unlimited money-making opportunities for all players.
Q4: Can you tell me about tokenomics and token utility?
John Lee: Sure! There are 2 types of tokens:
- $RCOIN: In-game tokens are used to purchase consumables like gasoline, Renting properties, Upgrade of cars, … Players can own $RCOIN through Winning a race in PureRace or Battle Race, Betting, Participating in races, Selling analysis predictions, etc.
- And about $RACEFI token: The RACEFI token is designed and intended to be a utility governance token, the currency inside the Racers game. As seen above in the allocation table, will be sold to investors.
The $RACEFI token has a total supply of 200 million units and its use in the game is designed to promote the use of the token and how that results in increased use of the game and its assets. The more the game is played, the higher the value of the game assets (cars, land…) becomes. This results in a larger benefit to the players. In addition, $RACEFI can be used to trade NFT in the marketplace. (NFT Transaction (Buy, Sell), Staking reward, Governance and Participation, Events participation, Airdrop programs, etc)
Q5: Can you tell us about the market pie you are trying to conquer, your competitors, and your SWOT analysis for your offerings?
John Lee: That sounds great! RaceFi has great potential as this project holds a first-mover advantage: the first car racing game on Solana platform. Expect the unexpected with this team, they have the capacity to revolutionize the NFT racing industry with unique AI/ML applications and many other exciting features. Every new RaceFi user increases successful funding for the game developers. Therefore, it is vitally important to attract and maintain a large user base.
Our growth model strategy is built to systematically and sustainably drive users to the platform. RaceFi also provides various user-oriented profit methods for its user base. Users can earn by owning assets, advertising, and hosting races, trading cars, betting, participating in the races, etc.
Also, it is important to maintain the existing user base, that is why the platform is planned to be expanded by adding new gameplay opportunities and NFT assets.
In addition, we will build VR/AR features (we offer a 3D showroom to exhibit your own assets in RaceFi Platform) for players to interact directly with the vehicle. Also, we cooperate with other games on the market to be able to bring their NFT into our game and vice versa.
As you know, currently on the market there are many NFT games. However, we are confident with our USPs and our team with many years of experience.
Q6: Can you tell the community about the upcoming sale and TGE? and market cap on opening days?
John Lee: Sure! Here is our information you can see:
- Initial market cap is $631,250
- Seed: 5% TGE, cliff 3 months, then release 12 months
- Private: 5% TGE, 5% next month, cliff 3 months, then release 9 months
- Public: 25% TGE, then release 3 months
Besides, we have already closed raising funds from VCs and RaceFi is now moving toward the next step in its roadmap. The important events are upcoming $RACEFI IDOs on SolRazr and EnjinStarter. The SolRazr IDO is scheduled to take place in early December with the EnjinStarter IDO planned for later in the month. Both intend to raise $500,000.
Q7: Looking forward to TGE. what are the next 100 days plan? Tech wise, business development wise, user acquisition wise
John Lee: Nice! We have many plans for all of them and about Technology:
- About Blockchain, we continue to develop on Solana, Metaplex (NFT),
- About our game, we prepare the Threejs, Reactjs, Solana/web3js,
- Backend: Nodejs, .Netcore
- And in terms of AI/ML: TensorFlow.
And as I mentioned before, RaceFi’s IDO will be available on SolRazr and Enjinstarter. Following these IDOs, RaceFi’s NFT release, AI/ML integration, and $RACEFI staking services mark the next phases of development in the run-up to game launch by Q2 2022.
In the near future, we have a lot of plans for our project including listing on exchanges that will be revealed soon. We also plan to hold NFTs airdrop events for users and launch more new Game Features which meet the entertainment needs and bring economic benefits to everyone. In addition, we also cooperate with other games on the market to be able to bring their NFT into our game and vice versa.
Q8: Last question before opening: Why one should look into RaceFi?
John Lee: In a bid to harness recent advancements in GameFi while avoiding the high network fees that have priced out users on Ethereum, RaceFi is developing the first AI/ML car racing game on Solana, utilizing its rapid and low-cost transactions to deliver a play-to-earn (P2E) experience where players and participants own part of the game.
Within the RaceFi metaverse, NFTs, DeFi, and P2E combine over various game modes, providing players with control over their verifiably owned in-game asset NFTs, leveraging them to monetize their gaming experience and earn rewards.
Playing the game consists of buying a car, buying gas, selecting a race type, choosing your race strategy, and then viewing the results. Cars with higher experience points and upgrades have an advantage, but those with optimal race strategies will perform the best.
We hope with a long view of the project that will benefit the community a first game project on the Solana ecosystem not only in terms of entertainment but also economic benefits for everyone. We will try to be a top spot on the Solana ecosystem in general and the metaverse universe in particular.
Questions from the community:
Q1: Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
John Lee: These are the individuals that hold a certain amount of $RACEFI in their wallet and actively participate in ecosystem governance. $RACEFI would allow holders to create and vote on governance proposals to determine future features and/or parameters of RaceFi, with voting weight calculated in proportion to the tokens held (the right to vote is restricted solely to voting on features of RaceFi; it does not entitle $RACEFI holders to vote on the operation and management of the Company, its affiliates, or their assets or the disposition of such assets to token holders, or select the board of directors of these entities, or determine the development direction of these entities, does not constitute any equity interest in any of these entities or any collective investment scheme; the arrangement is not intended to be any form of a joint venture or partnership).
Q2: Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
John Lee: We have also connected with nearly 100 KOLs around the world such as Indonesia, America, Turkey, Russia, etc. These are the people who have a great influence on the GameFi community as well as the Blockchain community which had great impacts on the success of the project now and in the future. And you know, we have already closed a seed round from VCs led by Exnetwork Capital, Genblock Capital, Solar Eco Fund, Shima Capital, Basics Capital, and x21 Digital, …
Q3: Is your project a global project? What are your plans to make your project the best in the crypto world?
John Lee: Sure! We are developing a global project! And I’m also excited to announce that we have local community groups that you can join:
- 🇻🇳 Viet Nam: https://t.me/racefi_vn
- 🇹🇷 Turkey: https://t.me/RaceFiTurkey
- 🇨🇳 China: https://t.me/racefi_china
- 🇲🇨 Indonesia: https://t.me/racefi_indo
- 🇷🇺 Russia: https://t.me/racefi_russia
- 🇵🇭 Philippines: https://t.me/racefi_philipines
- Global: 🚥 Telegram: https://t.me/racefi_io
Stay tuned and make sure to follow our channels to not miss the upcoming exciting news!
Q4: Is your token already listed on any exchanges to buy? When will be listings done?
John Lee: Yes, as I mentioned before, we have already closed raising funds from VCs and RaceFi is now moving toward the next step in its roadmap, including upcoming $RACEFI IDOs on SolRazr and EnjinStarter. The SolRazr IDO is set to take place in early December, with the EnjinStarter IDO planned for later in the month. Both intend to raise $500,000. Please follow our channels to get more information! @racefi_io
Q5: 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 on right now?
John Lee: In the near future, we have a lot of plans for our project including listing on exchanges that will be revealed soon. We also plan to hold NFTs airdrop events for users and launch more new Game Features which meet the entertainment needs and bring economic benefits to everyone. In addition, we also cooperate with other games on the market to be able to bring their NFT into our game and vice versa.
The RaceFi team is trying to build an open world for players. Our aim has always been to bring a playground with economic potential and fun for our community. We respect our players and will always continue to develop the best project. We are going on an extraordinary ride.
Q6: Does your project support the staking program? If yes, how is your stake system work, what is the requirement for users if they want to stake in your platforms?
John Lee: Yes, we have plans to release our staking program for our $RACEFI holders. Besides earning the attractive APY — earn passive income, $RACEFI stakers will have access to various other benefits such as trying our beta test, whitelist for rare NFT and etc. Stay tuned.
End of AMA.
About RaceFi:
RaceFi is the first AI/ML integrated car racing game on the Solana ecosystem. Within RaceFi’s metaverse, players can earn while enjoying various game modes to satisfy the thirst for speed or make a profit by owning in-game property. Pure race or Battle race, PvP or PvE, racers or gamblers, the possibilities are endless. Our mission is to provide players with the most imaginative gaming experience and the most profitable monetization options possible, while also fostering the development of the Solana ecosystem and the widespread adoption of blockchain technologies.
