“Metatime is a premium content community based on the unit of Time”
Hello everyone and welcome to the AMA with Metatime! Today we have @Darksomoon joining us to talk about their exciting new project. Great to have you here 🙂
Hello guys !
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 beforehand. 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. Sounds good with you?
Great 😃 so to kick things off, for those who may be unfamiliar…
1. Please introduce yourself and the team behind Metatime.
Yes, of course. I am DarkMoon, Community Ambassador and Product Manager at Metatime and DSG SWAP
Metatime is the second product build by DSG Metaverse team. When DSG SWAP launched on 10.2, we talked about what to do in the future, and SocialFi will be a core part, which is the Metatime we are discussing today.
So far, there are about 25 full-time staff in our team, which is a large team for an early-stage project. There is a reason for this. We have a lot of work to do, and the development and maintenance of the various function of the products require a large number of developers with sufficient experience.
In addition to the development team, we also have professional product managers, researchers, artists & designers, marketing & PR teams.
Well awesome! Sounds like you guys have a great team so let’s talk about the project itself
2. What is Metatime? How do you get it done?
Metatime is a Web3 SocialFi platform based on BSC, and an important part of the DSG metaverse.
A few months ago, when this protocol existed only in our conception, we look at traditional Web2 social products and the crypto industry, we believe SocialFi will be an important infrastructure for Web3 in the next few years, where large numbers of competitors will emerge.
There are three huge problems with Web2 social products:
1. Users DO NOT own their digital identity, and platforms can block accounts at will.
2. Whether creating content or not, users all make contributions to a platform. The value of a successful social product comes from the network effects of large numbers of users, but most of that value often doesn’t belong to users.
3. Users need to provide key information such as their phone numbers, KYC, etc. to log in to a Web2 platform, and these data may be leaked or lost due to policy or server hacking.
After considering the above questions carefully, and looking at the attempts of other social products in the crypto industry for several years, now, with the rise of Web3, we take Metatime as the answer.
This is a crypto content platform with $TIME token as the basic unit of measurement. Users only need their address + NFT to login, and users’ behavior and social relationship will be recorded and stored authentically in the form of on-chain data and decentralized storage.
The beauty of time-based billing is that each second is the same amount of time for everyone. And every living person owns time, and time is undoubtedly the fairest currency. But at the same time, the value created at the same time period is not the same for different participants.
Combined with social networks, when users read the content created by others, they have practically spent their own time, which should be given to the content creator in the form of TIME tokens. Creators can directly derive value from readers’ $TIME consumption of their content.
Of course, Metatime doesn’t belong only to content creators. Any user who provides value to the platform can earn $MATTER through the task system. Currently, MATTER’s distribution methods include: valid immersion time, creating quality content, reporting bad information, and inviting friends.
$MATTER is designed differently from $TIME. There are two new questions: what kind of incentive model is more suitable for web3 social products? and what is the most ideal social token model for social products: a single-token system or a dual-token system?
Matter does not have a speculative nature, its growth depends entirely on how many users actually contribute TIME and create quality content in Metatime.
Its value comes from a series of features introduced by Metatime, such as Tribe system, mirroring world, reputation system, content-as-asset, and some interesting attempts about NFT.
And very neat! you’ve covered the utilities of your tokens as well
The barrier to entry is low for your project!
3, What do you want to achieve in the BSC ecosystem?
When it comes to SocialFi, we think SocialFi is social before Finance. We believe that value is built on relationships between people. We aim to build a strong social network to meet everyone’s needs through continuous development.
4. When will Metatime launch? And how to use it?
Metatime has been deployed on the BSC mainnet on Dec 27.
Before going on to answer the questions, it is necessary to tell what is needed to log into Metatime, which is also our definition of digital identity: a BSC address, an avatar NFT, and a unique personal nickname tie to the address.
As the second round of NFT avatar, METAYC’s distribution work is underway. These NFTs are really cool and are created by members of the BAYC (Bored Ape Yacht Club) community. You know that the copyright of BAYC belongs to NFT holders, and some BSC users look forward to having their own apes and using them on social platforms.
They can be obtained through gifts from Metatime old users, airdrops, liquidity mining, and participation in other events.
And about how to use Metatime, please read the following article:
Sounds good! Make sure to check out the link everyone
5. You have mentioned many times that Metatime is an important part, even one of the core parts of metaverse. So what is the connection between social and SWAP?
The answer is simple, metaverse is what DSG Metaverse aims to build, let’s consider what we can do in a metaverse?
Certainly not just playing games. It should have its own civilization, social relations, and economic system.
DSG SWAP is the economic system for DSG Metaverse. It provides the fair distribution of $DSG , $TIME , and avatar NFT. Most of the tokens (90~95%) are distributed to community participants efficiently and equitably.
In addition to distribution, DSG SWAP also assumes the role of displaying as well as providing exchange scenarios in this system.
Okay nice! Thanks for that clarification
6. High user engagement is critical for a social product, how do you ensure this?
This is a good question, and one that our team has been thinking about a lot lately
The entry threshold of Metatime will be gradually lowered, making it more friendly to new users without sacrificing the basic design of the protocol.
Specifically, it can be divided into two aspects: product and marketing
Product aspect: Avatar NFT will not be a speculative thing, it is part of a complete digital identity, and its value depends on avatar collections, artistic style, community recognition, and scarcity.
So in the future, basic avatar NFTs will gradually become more accessible, while those more coveted NFT avatars will be priced by the market.
$TIME is not designed to increase the cost of using social products, rather, it aims to improve user experience. TIME can better encourage creators to bring more excellent content to the platform and encourage users to cherish time because there is value for it.
The total amount of $TIME is huge: ten thousand trillion.
Currently, reading a short piece of content consumes one TIME per second, and only 10% of the consumed TIME is burned, and the rest is distributed to content creators and TIME Staking users. This also means that the burning ratio of TIME in the early stage is low. As the number of users in Metatime grows every day, DAO can vote to determine the TIME consumed per second while reading the content.
At the same time: streamlining product processes, optimizing mobile APP, and cooperating with web3 infrastructure that can simplify user experience will be long-term work arrangements.
And on marketing aspect: For us, marketing is not just about spending money, or maintaining relationships with media and project partners.
It is critical to leverage the power of the community. The advantage of social products is that they are very close to the community, and community members can communicate directly with the development team via the product. Taking METAYC as an example, this is a joint creation of the holders of BAYC in the community and the development team. There will be more collaborations like this in the future.
Very cool! Last but not least
7. Any exciting news you would like to announce here today?
Yes, we do have some exciting news. We will launch our invitation function and release METAYC! Then you could create your own METAYC. For more information, please see the last part of this medium article（Metatime Feedback I )
Meanwhile, we have launched a series of marketing campaigns with super high rewards:
1. Metatime Topic Event
2. Metatime METAYC Avatar NFT Airdrop Event
3. Metatime Learn & Earn program collaborate with Crypto Twilight
It’s definitely some exciting stuff! Would you be able to provide us with social media links so that our community could follow?
Of course! Please follow us on:
Awesome! If you haven’t already make sure to go and check out Metatime everyone! Super exciting project that you don’t want to miss out on 🙂
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.