Prom x Binance: AMA Recap
We thank everyone who participated in our AMA session with the Binance team and Prom’s COO, Iva Wisher. In case you missed the chance to tune in live or just joined Prom’s community, we’ve collected all the key questions and answers for you to stay on track and know more about Prom and our future plans.
So, make yourselves comfortable and enjoy the recap!
Binance: Hi Iva, thank you for joining us today, would you please introduce yourself to the chat and share a quick overview about PROM?
Iva: Sure! It’s a great pleasure to join you today. My name is Iva Wisher, I am the Chief Operating Officer of Prom. I got to crypto in 2017, and since then had a great opportunity to work on a wide range of crypto projects. Starting off as an independent researcher, and continuing with the foundation of Prometeus Labs in early 2019 and launching a number of projects as Prosper, Ignite, Stoa.
You may have a logical question by now: what is the link between Prometeus Labs and Prom? Recently, we took an ambitious turn from data exchange protocol towards GameFi. The change of the concept led to the change of the company’s name. So, we’re reintroducing ourselves as Prom — a multifunctional gaming NFT marketplace & rental. Our aim is to create a unified access point to NFT gaming and metaverse industries. The main Prom’s features include renting, lending, mortgages, launchpad, and DEX for metaverse assets. Our ecosystem is sure to fit players, NFT owners, guilds, and games.
B: Thank you Iva for that quick introduction! Iva, here’s our first question. What is the story behind such a drastic change of the overall concept? Why did you choose GameFi as your main direction?
I: Well, the change was not a hasty one, and we weren’t trying to jump on the hype train of GameFi. We spend a lot of time researching the market, the needs of the community, and put it on our broad experience in crypto. We definitely see the ever rising interest for NFT gaming, the numbers say it all.
Nevertheless, we didn’t see solutions that could solve the problems that come up along the way. Of course, we’re talking about decentralized, secure, and moreover simple and user-friendly solutions that would be exclusively game-oriented. We highlighted several directions that we find the most relevant: gaming NFT marketplace, collateral-free rental and mortgage (Which is quite a new thing for the space), educational block, and, in the future, our own launchpad and DEX for metaverse assets.
B: The idea of an NFT Marketplace is not exactly a new one. What makes Prom’s Marketplace stand out?
I: Surely, there are a lot of options on the market, the problem is: none of these options are perfectly suitable for GameFi users. Most of them are collectibles-oriented, although they can feature gaming assets, the user journey is too complicated discovery-wise. It’s hard to set parameters to find what you need, if it is possible at all.
In contrast to other marketplaces, we had a clear goal and understanding of our target audience. Prom’s marketplace is designed exclusively for gaming and metaverse assets. That assures finding the right option in a click, without the need to search across numerous marketplaces: we aggregate data from games’ internal marketplaces. All actions are made within the platform. Prom saves time on endless tiring search, provides the best collection of gaming assets, and raises exposure for gaming projects.
B: What about rental and mortgage? How do you assure decentralization and security of the assets?
I: That’s our main feature, so the answer might be quite long.
As I already mentioned, Prom’s rental and mortgage solutions are collateral-free. Meaning, the borrower only pays the renting fee. The problem we see in collateral solutions is that assets can not be fully secured. Even with the collateral that secures the NFT, the ownership is transferred to the borrower for the rental period, meaning the theft is still possible.
Our rental and mortgage are based on GnosisSafe, a smart contract wallet on Ethereum that requires a minimum number of people to approve a transaction. GnosisSafe has proven to be the highest security standard for Ethereum-based protocols. We took the trustworthy solutions of GnosisSafe and adapted them to GameFi. Thus, we created Safe Vaults that 100% secure the assets.
Safe Vaults are smart contract wallets whose private keys are fully owned by borrowers. To put it simply: all the rented out assets are stored in Safe Vaults with limited functions that are controlled by smart contracts and predetermined conditions. While an asset is stored in the Safe Vault it could not be transferred to an external wallet, resold, exchanged, or burnt. After the rental period is over, an asset is transferred back to its original owner.
Another great feature of prom rentals is that unlike other platforms we don’t need any integration on the game side. You will be able to rent assets in every blockchain game at once.
Although at first it may sound complicated, the technology is completely transparent and we made sure to make rental and mortgage simple for users: all the actions happen directly on the platform, without any redirection.
B: Let’s talk more about your target audience. Do you need to have a certain level of experience in GameFi or crypto to use Prom?
I: No, you just need an interest in gaming to start using Prom. We’re working on making the platform beneficial both for newcomers, and experienced users. If you don’t have any experience in GameFi it is not a problem: our platform will also feature a detailed educational block with all the guides and articles dedicated to the basics of gaming and crypto (and helps you to find the most profitable p2e games). We also provide support in case you have any questions concerning the platform’s features.
For experienced GameFi users we, of course, provide several ways for asset monetization: users are welcome to list their assets for rent, mortgage, or list them directly on the marketplace. Prom will also feature detailed dashboards with statistics for you to track all the actions. And last but not least, Prom provides additional discovery solutions: explore new gaming projects and build an efficient gaming strategy using the tips from pro-gamers.
B: What are Prom’s plans for the near future? When can we expect the launch of the platform?
I: Speaking about plans, we will kick off August with the launch of private testing for rental. We’ve already launched the recruitment of the future testers, but you still have time to be among the lucky ones, who will share a prize pool of $8 000. Follow our socials to participate and track the news or apply for the beta test here — https://t.me/prom_ann/330
Next, the launch of NFT marketplace with a basic set of functions is scheduled to be released in early September. After that, a mortgage solution will be added to the platform, followed by launchpad for gaming projects, and DEX for metaverse assets. Step by step we’ll move forward to creating an ecosystem that opens all the doors to GameFi.
B: Should we await any changes concerning the $PROM token due to the shift in the project’s concept?
I: No, there will be no swaps or redeployments, $PROM won’t undergo any changes.
Talking about the utility of the token, $PROM will be used as a payment method at the NFT marketplace and rental, and also will be used to reduce fees for platform services (Similar to $BNB haha). Utilities also include governance: $PROM holders will be allowed to vote on questions concerning future development of the platform.
B: Thank you for your answers, Iva! Now it’s time to switch to questions from the chat.
Q1: One problem with most NFT games is that users are mandated to purchase some expensive NFTs before they can play the game. At times these could be as high as $1k which is extremely expensive for the average players to afford. How do you intend to lower the entry barrier? Can we play without having Initial investment in the game?
I: Yes, exactly! That’s what the project is all about.
- You don’t need to pay anything upfront;
- Rent, play and earn without a single penny spend;
- Select any of the existing NFT games, as we don’t need integrations.
Alternative option is to apply for NFT mortgage and purchase it in monthly/daily or other periodic installments.
Q2: Could you tell us more about Prom beta testing? Who can become a Beta tester, how long will it last and what are some of the incentives or benefits of participating in this event?
I: We have described all details on our Twitter: twitter.com/prom_io/status/1551643377929801732
But more or less: the higher your experience in NFT gamingis, the higher your chances are to be selected. Also we’re looking for local testers who can share their experience with local communities.
Q3: Recently Prom and HWC Studio joined forces to create new NFT games. Can you explain this partnership in detail? What game technologies and products will you create together?
I: Yep. That’s another great thing we’re building. I’ll share some insights right now and you, guys, are the first ones to know them! First Prom NFT game, which is going to use $PROM as a main governance token, will be released early November. It’s something about space, starships and sky battles.
Q4: In your opinion, as one of the founders of Prom, what advantages does Prom technology and products offer to help you succeed? In what ways will the revenue be generated to maintain the development of the project, and what are your plans to continue to attract thousands or even millions of users in the future ?
I: The main thing is that we’re building completely decentralized rentals! Nobody has done anything similar so far. Other rental projects either store rented NFTs on a centralized contracts (which means it can easily be hacked), either require complicated integration with the game, or have centralized options to break rental agreements.
The unique offer Prom gives users in terms of rentals is:
- Non-custodial service: we’re not storing anything on the contracts;
- Complete decentralization: borrower (gamer) is the only private key holder and there is no options to access rented asset on platform or lender side;
- No need for integration with games.
B: It has been great to have you, Iva, with us today to talk more about Prom. Thank you for your time!
I: Thank you guys for hosting us! See you at the Rent2Earn fields! Cheers!
Telegram Announcements: https://t.me/prom_ann
Telegram Chat: https://t.me/prom_io
CMC Gravity: https://coinmarketcap.com/community/profile/Prom