FOMO NFT AMA Transcript

"FomoNFT uses the Accumulative Auction (AA) mechanism. Bidders start to earn BNB rewards as soon as they place bids."

By
BSCNews
on
October 21, 2021
Category:
AMA

Andrew (BSC.News)

Hello everyone and welcome to the AMA with FomoNFT!

Today we have @ototiger from Fomo joining us to talk about their exciting new project

Welcome

OTO Tiger

Hi BSC News Community! Great to be here and thanks for having me!

Of course!

Andrew (BSC.News)

So how this will work is, the AMA will consist of two rounds. The first round will be us going through the questions that I had prepared for you before hand. And then the second round will be a community round where I will open up the room to allow questions to come in. The second round is also where we will select the two winners of our giveaway

Sound good?

OTO Tiger

Sure!

Andrew (BSC.News)

Great, so to get started


1. Please introduce yourself and the team behind FomoNFT.


OTO Tiger

Hi everyone! I am OTO Tiger, head of marketing at OTO DAO VC, which has recently acquired FomoNFT.

The FomoNFT (now OTO) team consists of blockchain enthusiasts who have a strong belief that blockchain VC investment should be democratized.

There are too many meme coins already. Some of them turn out to be scams. Others crashed and burned. It is hard and unrealistic for ordinary investors to research all of them.

At the same time, great projects with amazing ideas keep turning up. But their brilliance is often drowned in the ocean of noise created by scam projects. So they risk never getting the crucial seed audience for survival.

The OTO team is here to change this.

The OTO team consists of developers with experience in developing IM systems serving millions of users, researchers that can tell frauds from genuine projects and marketing specialists who understand how to give great ideas the attention that they deserve.

It is a strong team that’s ready to empower the investors and share with them the success in discovering and incubating great projects.

Andrew (BSC.News)

Awesome thank you for that information!

So then that leads me to my next question of


2. What is FomoNFT?


OTO Tiger

FomoNFT offers an exciting format for NFT auctions.

Unlike simple auctions, FomoNFT uses the Accumulative Auction (AA) mechanism. Bidders start to earn BNB rewards as soon as they place bids. Rewards in BNB will continue to come in until someone wins the auction. Winning bidder wins the NFT.

But more importantly, the winning bidder also gets a large percentage of the sum of all bids placed during the auction. This reward can be far greater than what the bidder spent as bids. NFT seller gets a large percentage of the sum of all bids placed during the auction. This is usually far greater than the last, highest bid.

In short this is what FomoNFT is, an innovative and fun NFT auction platform built on BSC.

Andrew (BSC.News)

Yeah the Accumulative Auction mechanism was one that I found to be super interesting

However before we touch on that let me ask another question


3. What inherent problems within the NFT space is there that your platform solves?


OTO Tiger

Currently there are a plethora of NFT marketplaces competing in the same sphere.

Unless you are an OpenSea or large platform like Binance NFT, most of the NFTs on sale simply have no buying interest.

FomoNFT has proven with each auction to guarantee NFT sellers a large return with multiple bidders participating, and all bidders have earned tremendous BNB rewards by simply bidding.

We believe this type of NFT auction platform can elevate the entire NFT field by providing users with a fun and engaging solution different to what they typically see. Simply put, the majority of bidders earn BNB, the winning bidder walks away with a handsome jackpot, and the NFT seller earns a large sum of BNBs.

Andrew (BSC.News)

Right and especially here on BSC, we do not have that sort of dominating NFT market that ETH has

OTO Tiger

right

Andrew (BSC.News)

So then to circle back to the innovative accumulative auction


4. What is an accumulative auction? How does it work?


OTO Tiger

FomoNFT offers an exciting format for NFT auctions. Unlike simple auctions, FomoNFT uses the Accumulative Auction (AA) mechanism. Here are the key points of how it works:

1. Earn BNB by Placing Bids: Bidders start to earn BNB rewards as soon as they place bids. Rewards in BNB will continue to come in until someone wins the auction.

2. Winning Bidder: The winning bidder wins the NFT. But more importantly, the winning bidder also gets a large percentage of the sum of all bids placed during the auction. This reward can be far greater than what the bidder spent as bids. Since our first auction, winners have won 30+ BNB each time.

3. NFT Seller: The NFT seller gets a large percentage of the sum of all bids placed during the auction. This is usually far greater than the last, highest bid. So, listing NFTs on FomoNFT creates more value for NFT sellers. NFTs sold elsewhere for around 1 BNB frequently sell for more than 100 BNB on FomoNFT thanks to the accumulative auction mechanism.

4. Decentralized: FomoNFT runs as a decentralized smart contract. There is no team to “take a cut.” Bid amounts are transparently distributed to non-winning bidders, the winning bidder, and the NFT seller. You can check out  and look at the BSC Scan addresses for the previous auctions. Below I'll provide the links to the 2 latest ones.


Andrew (BSC.News)

Okay nice! love that you even included the transactions haha

OTO Tiger

For sure 👍

Andrew (BSC.News)

So this next question was more so designed for users who still may be confused with your accumulative mechanism and its benefits


5. Why should a user put up their NFT for auction on FomoNFT rather than on a marketplace or just listing at a certain price?


OTO Tiger

As proven by our recently concluded auctions, selling a NFT on FomoNFT will generate an enormous revenue stream that can support the artist in his or her endeavors. There is a guarantee an artwork will be sold due to our fun and innovative Accumulative Auction mechanism. This means that there will be at least a minimum bid of 0.3 BNB.

After someone bids the round typically accelerates with many more bids coming in.

We believe this platform is a way for the best and brightest artists to shine and be handsomely rewarded for their hard work.

Andrew (BSC.News)

Okay nice, and just as a side question... Do you plan on using your platform to bring to light artists who you feel as their work may go unnoticed?

Or do you do this based on community demands?

OTO Tiger

For sure, we are thinking about potentially even setting up an artist support fund where we can allocate a portion of the BNB gathered in each round to donate to those aspiring artists who are struggling to find a good place to showcase their artworks.

We hope in the best case scenario the NFT seller, the bidders, everyone wins at FomoNFT :D

Andrew (BSC.News)

That's awesome work guys


6. Do all bidders get their bid back if they lose the auction?


OTO Tiger

If we were looking at this from the angle of only 1 bid coming in after you bid, then the bidders do not get their bids back in full as the smart contract automatically splits each incoming bid to the bidder, the NFT seller, the winning jackpot, and all bidders.

However, typically we see that bidders can earn 3-4X their original BNB bid value as long as they participate early. As long as the rounds keep extending and more bids come in, you are basically guaranteed to make more than your original BNB back.

For an in depth look at how the Accumulative Auction works and the tutorial, kindly take a look at our Gitbook:

Andrew (BSC.News)

Oh that's really neat


7. Are you planning on implementing multiple auctions? If not, what is the purpose?


OTO Tiger

We are implementing multiple auctions, but one at a time.

The reason we do not want to launch multiple concurrent auctions is because this will divert attention from each individual NFT.

We typically launch 2-3 auctions per week depending on how long each auction runs.

Stay tuned to our socials to stay up to date on when we will launch our next auction! I'll drop the links later at the end :)

Andrew (BSC.News)

Okay nice!

Fun question that I was pretty interested in but


8. Why is the name of your project “Fomo NFT”?


OTO Tiger

haha yes! I'm sure many of you are wondering this

Back in 2018, there was an extremely popular bidding game on Ethereum called Fomo3D.

This was a first of its kind who dares to go last (bid last) auction game where the last bidder won a tremendous reward (basically the entire pool).

We have incorporated many of the FOMO elements of Fomo3D into FomoNFT, so this is where the name came from.

Glad you asked that question Andrew!

Andrew (BSC.News)

Okay yeah I for sure see the mechanism of Fomo3D resonating in FomoNFT!

What a neat concept haha, I bet that was very exciting as well

OTO Tiger

definitely, and we are still fine tuning each round until we get set on one rule set

Andrew (BSC.News)

Nice

OTO Tiger

taking a lot of community feedback :)


Andrew (BSC.News)

Yeah that's definitely the most important right? Is making sure your community is happy

OTO Tiger

absolutely, though we can't please everybody we do take all feedback seriously and try to incorporate sound ideas into FomoNFT

Andrew (BSC.News)

Okay nice

So last but not least

Oops wrong link haha


9. Any exciting news you would like to announce here today?


OTO Tiger

no worries


Andrew (BSC.News)

There we go :)


OTO Tiger

Sure!

2 days ago, we formally announced that FomoNFT has joined the Binance MVB III Program! With an existing use case and proof of concept that has real users, we believe we can get far into the Binance Program.

We have announced this participation in a tweet here:

And yesterday, the Binance Smart Chain twitter account gave us a retweet! This was very neat for a new project like ours

Andrew (BSC.News)

Oh that's awesome! Congrats guys :)

Hard work pays off!

OTO Tiger

Thank you! This is only the beginning and the first step for OTO DAO VC and of course FomoNFT

Andrew (BSC.News)

Yes, nice work guys!

Would you be able to provide us with your links so that our community here can go check out Fomo NFT?

OTO Tiger

Absolutely, here are the links to our socials and website:

Website:

Tutorial:

Twitter:

Telegram (we use the OTO TG since FomoNFT was acquired by OTO):

Follow us to stay up to date on when our next auction will launch and for all the happenings in FomoNFT

Andrew (BSC.News)

Awesome! Make sure to go and check out FomoNFT everyone! They are a new and innovative project that is a contestant for BSC's MVB that rewards users just for bidding on an NFT!


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