AMA Recap— RACEFI: The first AI/ML integrated car racing game on the Solana ecosystem
At 2: 00 pm (UTC) on Dec 2nd, John Lee, CEO of RACEFI was invited to be the guest of AMA in TokenHunter Official Telegram Group. During the AMA, Mr. John Lee introduced RACEFI and its unique advantages in detail. John also explained more about the play2earn a part in the game. Not only that, but he also answered many questions from users.
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.
Mr. John Lee’s sharing knowledge points are full, and here we will sort out the essence of AMA for everyone to review.
Before the official start, could you introduce yourself briefly?
Mr. John Lee: 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.
Q1. Can you give an overview of the project so that members can have a clearer view?
Mr. John Lee: 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.
There are two main game features: Pure Race and Battle Race.
Pure Race includes two game modes: PvP and PvE. In PvE mode, the players will directly drive and control the car, whereas in PvP mode the players will customize their strategic statistics and then the AI system will analyze the result of the race.
In terms of Battle Race, the players must upgrade their cars with battle features such as guns and shields.
Q2. So why is the project — RaceFi built as a Metaverse?? Can you share the meaning behind your team’s vision?
Mr. 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 the reason 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.
In the short term, we focus on building complete PureRace and BattleRace game modes along with integrating with other parties for advertising and betting.
In the long term, we build VR/AR features 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.
Q3. Can you explain more about the play to earn a part in the game?
Mr. John Lee: RaceFi will be an ecosystem with different types of players, but all will benefit.
- First: You can get the benefits of cars from two perspectives: rarity and in-game attributes. Rarity is derived from the model and color of the car, its position and number in the release, and the collection it is in. Cars can be bought and sold, and when they are sold, any upgrades that were purchased are also sold with the car.
- Second: Owning a garage will give you profits because racers must bring their cars to a Garage to maintain them after finishing the race. Total proceeds at all Mechanic Shops will be pooled together and distributed evenly to all Garage owners!
- Third: Gas functions as a sort of entrance fee for races. To enter a race, Racers must stop at a gas station and buy fuel with $. You can have the benefits of Owning a Gas Station like being Designated as a Gas Baron in the game which means You will own the rarest asset in the game. In addition, you can earn Store tokens — Anticipated APR* is 100% and customize the name of your Gas Station.
- Fourth: The fact that cars can only race on designated tracks by Car Class so if you are owners of race track land earn race fees each time a race happens. The earnings for the race track are divided evenly among the land plot owners on a track-by-track basis.
- And the last: You can own one of the billboards by buying Billboard Land. It helps you place your own ads, or rent out the ad space to others. Billboard Land will be sold and more information released after gameplay starts.
Besides, bringing economic profit to you will also come from Participating in races, Betting, Trading NFT, Reward programs,…
Q4. Can you tell us about the market pie you are trying to conquer, your competitors, and your SWOT analysis for your offerings?
Mr. John Lee: 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. we also 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.
Q5. Can you tell me about tokennomics and token utility?
Mr. John Lee: There are 2 types of tokens:
$RCOIN: In-game tokens be 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).
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 on December 8 with the EnjinStarter IDO planned for later in the month. Both intend to raise $500,000. Please follow our channels if you want to own our token.
Q6. So what are the benefits of holding $RACEFI token at an early stage? In order to participate in the public sale round, what do members need to prepare?
Mr. John Lee: The $RACEFI can be used to trade NFT in the marketplace, and $RACEFI holders will also get early access to the platform as well as will be the first ones invited to test new features. you also should hold some $RACEFI for the first NFT sale
And as I mentioned before, we will launch IDO on SolRazr and Enjinstarter. A DAO-like system that allows holders of the token to influence decisions made about the game. This allows players to have a say in the future of the game and how it operates. The larger amount of tokens held the larger amount of influence the player has.
If you do not want to miss out on this, please follow our channels @racefi_io to get more information.
The questions from the community question part.
Q1. I noticed that Garage is The rarest asset in the game. Why is Garage so rare? How can players own it? And if there is a Garage, can players make money by renting to other players to the Garage to repair after the race or rebuild (decan, change color..etc)?
Mr. John Lee: The garage is rare because it has limited numbers. There are only 40 Garage the Genesis Collection of game assets. You can own a garage if you have a land plot (buy or rent the land to build your garage. You can operate your garage or use as for rental properties. You can also rename the garage to your favorite and apply decals to make it look even better. It will be sold and more information released after gameplay starts
Q2. I usually like to play games with my friends, so does your racing game support multiplayer games? Can you share more game mechanisms?
Mr. John Lee: The number of cars you can buy as you like because it will never be limited. And on a race track, there will be a maximum of 8 players corresponding to 8 cars.
Playing the game consists of buying a car, buying gas for your car, selecting a race, choosing your race strategy, and viewing the results. The races happen in the background and are determined primarily by the racer’s strategy, and secondarily by a weighted random algorithm. Cars with higher XP and upgrades have an advantage, but players with the best Race Strategies have the ultimate advantage. To play racers you first need to buy a car and need data analysis for the race.
Q3. Could you tell us if your IDO event is going on? How to participate in IDO and what are your plans after completing IDO?What are the benefits of holding $RACEFI token at an early stage?
Mr. John Lee: 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 scheduled to take place on December 8, 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.
And as an exclusive access token, $RACEFI holders will also get early access to the platform and will be the first ones invited to test new features.
Core token holder privileges:
• Early access to the platform
• Early access to the NFT asset drops
• First invites to test new features.
Q4. There are many NFT and Metaverse projects currently. So there must be high competitiveness in the market, and users are more selective when participating in new platforms. What are some prominent features that make #Racefi ahead of other blockchain-based games?
Mr. 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.
In addition, we 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.
Q5. Game NFT Blockchain and P2E are becoming more popular, however, most of the existing games that use this concept are too expensive for newbies. Will your games be affordable and accessible to the general public, or have you taken any steps to appeal to a wider audience?
Mr. John Lee: That is an important thing, you know.
The usual path of a project goes like this:
1/ Starts out with relatively cheap prices — little exposure
2/ Prices rise on the secondary market — more exposure
3/ Drops from the project start to get priced higher as the secondary market grows — max exposure
4/ New entrants wish to join and play — difficult to do with exorbitant entry prices
This means user bases grow slower than they should as people start to get priced-out (not affordable for newcomers). Slower growth is not something a long-term minded project wants to have. User base and community are incredibly important and should not be neglected for long-term success.
Therefore, to improve this problem, we established the Fair Entry Strategy.
We believe that games should be affordable to start playing no matter how long a game has been around. For this reason, we endeavor to always have some cars available for a new player to buy at around an affordable price. We also value cars in all of our drops at approximately the same prices. For example, an Aero Class car will remain the same cost from drop to drop. This does not apply to other types of ownable game assets.
Q6. Do your tokens have farming and staking usages and if yes what APR do you give to us? Does your project have farming and staking usages and if yes what APR do you give to us?
Mr. John Lee: Yes we have plan 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.
Q7. While doing an research on your Whitepaper , I found about two main game features which are PURE RACE and BATTLE RACE. Can you please brief me abt these 2 Main Game Features and What What are the Main Differences Between these two?
Mr. John Lee: About Pure Race:
PvE mode: Players will be allowed to directly drive and control their cars overcome challenges along the road within the limited time to win the prize of $RCOIN and experience points. When entering a race, players must agree to Race Conditions and use strategy to compete and win a race.
PvP mode: Players will customize their strategic statistics, allowing the game’s AI tech to analyze the winners. And to ensure fairness, and reduce the undesired effects of the real-life environment on the game, the race will run in the background.
And in terms of Battle Race:
For users that want a more competitive edge, Battle Race will let players upgrade their cars with battle features such as guns, shields and powerful fuel of nitrogen to be eligible for battle mode. Each match will have a maximum of 8 racers. There will be no time limit or finish line in this mode, giving players the chance to continue to race and attack each other until there is only one victory car remaining. This is comparable to a battle royale in other game settings
You can read more info here:
https://racefi.medium.com/game-play-racefi-game-modes-bd8e02e6d3c3.
Q8. Smart contracts are known to be susceptible to errors, bugs, or hacks. So how is this Project security system composed? In addition, has any audit report been made by sources external to your project?
Mr. John Lee: We are extremely proud to develop the project with a professional team with many years of experience. In addition, our team are also real people and doxed. We are a game studio in Vietnam with nearly 8 years of experience. This has contributed to creating a reliable and extremely modern technology and security system. Besides, Our token smart contract is being audited by armors.io, a leading firm in blockchain security. In the future, we also plan to audit every important event of the project (such as staking program) to ensure the security of our users.
Q9. What are RaceFi plans for global expansion? Are RaceFi focusing on the market at this time or focus on building and developing or getting customers and users, or partnerships? Can you share some plans before the end of 2021 and for the coming year?
Mr. 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, …
And we will have IDOs before 2022 on SolRazr and Enjinstarter, Let’s follow our channels to get more information.
Q10. Are you a global project or a local project? At present, which market are you focused on, or is it focused on building and growing to gain customers, users, and partners?
Mr. John Lee: 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
You also can read more about our project here:
Pitching Deck: https://docsend.com/view/838afgcbn976pym2
Website: https://racefi.io/
Private Demo: https://racefi.web.app/
Stay tuned and make sure to follow our channels to not miss the upcoming exciting news!
End of AMA.
Let’s witness the future of RACEFI !
RACEFI Socials：
Telegram: https://t.me/racefi_io
Twitter: https://twitter.com/racefi_io
Website: https://t.co/QkyduHDlXI
Medium: https://racefi.medium.com/
Discord: https://t.co/KcGwLE4lmj
YouTube: https://www.youtube.com/watch?v=NZJgVs7hEgM
TokenHunter Socials：
Telegram：http://t.me/tokenhunter_official
Twitter：https://twitter.com/_TokenHunter
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.
