F&F AMA
Chris Gale
Initially build mobile ad platform in 2010
- worked with Warner Bros & Fox
- Microsoft - phone ads
- 2016 begin in crypto
- 2017 started Veracity - YouTube on Blockchain
- Now Running Venture Studio
- Few & Far sprung up from here
- Bullish on the fact that large industries are now getting involved
Project Summary
- How would you describe Few and Far?
- Project started at the beginning of the year with a NEAR grant
- Starting with pain points of Web3?
- How did you get started developing on NEAR?
- NEAR allows sign up with email
- NFT minting with no-code
- Whitelabeled versions
- Enforcing Royalties
- Game Store with Game discovery
Team
- Notable team members?
- Taj - ex-Hvas creator (UI/UX)
- Built on Algorand
- Chris Hayes - Dev
- came in from Fantom
- worked with massive media companies
- understands scale and quality
- well connected
- Carissa Winnet
- From NFT Genius
Business Model
- How do you make money?
- Decentralized ($FAR token)
- Staking token allows 75% of tx fees
- transactions are in NEAR or USDC
- Yield paid in $
- FAR
- Ad model to drive users to games / entertainment
- helping increase userbase through ads
- Ad tech is similar to Web2, but it’s engagement based on wallet not cookies
- Opt-out models may incentivise
- Information is open and transparent
- How will you scale?
Problems / Solutions
- What made you decide to support creator royalties?
- working with top IP talent
- many are entering Web3 because of the power of royalties
- Other marketplaces are removing royalty enforcement
- How are you enforcing royalties at the point of transfer? Could a protocol like Sudo Swap circumvent royalties? Or what about a personal wallet transfer?
- Existing Model
- Smart contract talks to marketplace
- marketplace decides who gets paid what
- new marketplace can come and remove control
- F&F model puts control of royalties into smart contract
- Whitelist / Blacklist function allows creators to decide where items can be listed
- i.e. no Sudo Swap
- What is a Utility Promise, and how does that work?
- Peace of mind for End User / Trader
- putting utility promise on blockchain
- describes a utility that comes with the NFT
- upgrade
- In one of your Medium articles you mention becoming the Amazon of Web3, and integrating multiple Crypto verticals like entertainment, gaming, and DeFi. What are some other areas you can envision Supporting?
- entertainment is top of the list
- movies
- gaming - 15 games building on NEAR
- Q1 next year is DeFi - when token is released
Risk / Concerns
- Major risks? How are they mitigated?
- building solely on NEAR is a potential risk
- mitigating with integrations through Aurora and other chains
- Aurora is an EVM
- Working with Layer 0
- How could Market volatility affect your business model?
Roadmap
- What is their next year roadmap?
- Art Basel
- collab with Coin Desk
- Barron Davis Black Santa (ex NBA star)
- Shnausers and trousers (supporting hurricane Ian
- Whitelabel marketplace solutions
- Payment onramp and offramp
- saves and stores seed phrase - only you have access via an email
- when user creates account they delete seed phrase from their
- send the user an email with backup link
- seed phrase is compact within user URL and requires user to make 3 clicks
- security risk lies in email getting hacked, but NEAR offers users to reset seed phrase
- Any plans on developing for other chains?
- yes - implementing Aurora for EVM compatibility
Competitors
- Market size
- Competitor
Deal
- Current Investors
- Use of funds
MVP / PMF
- How will they gain traction?
Action Items
- Visit daohaus.club to find all the relevant reading material and links
- Connect your wallet and explore an ever increasing ecosystem of DAOs, and dive into their projects, grants, and proposals.
- And don’t forget to follow DAOhaus and our guest Spencer on Twitter.
- While you’re at it, check out BanklessDAO on YouTube, where you can find previous episodes of this series along with a host of other community content, and be sure to Like and Subscribe!
Closing Statement
- Finally, we need to remind you that none of this has been financial advice
- We are not financial advisors
- If any of what we have said today sounds like a good fit for you, please, Do Your Own Research before getting involved
- Web3 is the new frontier, and we’re excited to be exploring it with you!