AMA Recap 404 Daily Crypto with BaeBay
Hello 404 Daily Crypto Community
On 28th June 2021, BaeBay conducted an AMA in the 404 Daily Crypto. Our guest is BaeBay Team.
Lots of questions as usual from the Community about BaeBay progress. The BaeBay team took part in a very interesting AMA session which included Project introduction, Questions from Twitter and a live AMA session with the 404 Daily Crypto community. If you missed the AMA in person, read this recap for a deeper insight into BaeBay.
Let’s take a look at the most interesting points of our conversation.
📍Session 1 » Project Introduction
Before we go any further please can introduce yourself and your team please? We want to know you and your team, What you did before crypto, and how you got into crypto?
Fisher | BaeBay Team: So Im Fisher! Im currently the marketing lead for BaeBay. I cover several things from marketing, community building, operations and also finance! I got into crypto in 2017 as a trader and investor in early ICOs.
KaeBae | BaeBay Team: Hey guys!! Yeah I got into crypto properly in 2019, as a blockchain engineer. I got started cos of all the hype, but stayed due to the possibilities of real use cases.
I’ve worked in various startups developing smart contracts and dApps and even got my friend Vincent into the space also. He’s our CEO ❤️
Can you briefly explain what BaeBay is? We want to know more about it and how it works.
Fisher | BaeBay Team: BaeBay is essentially a brand token LAUNCHPAD on the polygonchain. I’m sure all of you have heard of the famous BITCLOUT where creators have tokens of them made. These tokens are then based on the person’s reputation and speculation of the future value.
BaeBay is kind of similar but with added functionality. We plan to be flagship brand token launchpad for the ENTIRE entertainment industry — this includes adult entertainment, sports, music, fashion and possibly even social icons (twitter/twitch and so on).
Baebay will essentially be an ecosystem for creators and their fans. We look to be able to bridge that gap between the creators and their loyal following. Imagine if you were a big fan of Drake but there was no way of you ever connecting with him or even getting exclusive content because it’s always sold out or you’re just halfway across the world. BaeBay gets rid of that problem and gives you access to exclusive things such as private chats, NFTs and more through the platform.
Currently, we have just launched $SOPHIE by Sophie Dee, a top adult entertainer — 7x AVN nominated star (on Sushiswap). However, it’s important that I emphasize the fact are not a PORN token.
She is a BRAND token. There is a very big difference. You invest in her much like how you invest in stocks! It sounds all very simple but as the BaeBay platform begins to grow with added functionality, there will be more sophisticated things in the works — aside from the usual nft marketplace, exclusive chats and streams.
For example, we plan to integrate oracles like Chainlink that gives us live feed of their social engagement or popularity into a buyback system. Really interesting stuff!!
How was the idea to create this project born? That’s very interesting. What do you want to achieve? What are your expectations?
Fisher | BaeBay Team: The idea was born from the team having various difference backgrounds and experiences; aside from our education backgrounds which are legal and computer science. We have done a lot of work on the outside world.
Our CEO has worked in community projects surrounding adult content creators. Our CTO has worked with blockchain projects and various startups surrounding marketplaces. I, have worked on startups surrounding tech and also the usage of macro/micro influencers.
Our goals are simple:
To be the FLAGSHIP brand token launchpad for creators.
To bring mass adoption to the cryptoworld — through our platform, we would be able to onboard non crypto users through easy interfaces.
Not only that, allowing the REAL fans to actually profit from a creator’s commercial activities.
To be the best, the top project to do this.
We will make a difference and revolutionise the creator token concept and the entertainment industry — ALL in one go.
The possibilities are endless with our platform and we look to fully equip creators and allow them to reach their full potential in engaging with their communities.
Can you provide some progress on your Roadmap and what results BaeBay has achieved so far? And a peek at the 2021 plans for BaeBay.
Fisher | BaeBay Team: The ROADMAP so far, has been on point! Everything has been done is their respected quarters. Some of you may know that we just launched $SOPHIE (or now you do hehe). It’s been a wild ride.
Next up is our farming pools that go live on the 2nd July. It will be a dual reward system where people actually farm $SOPHIE and $BAE, our native platform token which isn’t out yet. This rewards the early communities to get a piece of the $BAE pie in ADVANCE. It will be the only way to get $BAE for the foreeseable future.
In 2021, the future is bright. As we move forward, we look to deploy $BAE as a fully functional platform in a few months. This would include these features (not limited to): NFTs marketplace, livestreams, exclusive chats and call, virtual concerts, POSSIBLY a metaverse for fashion shows and all sorts of things.
Aside from that, of course — expanding the team, heavier marketing and more partnerships (in real life and in the crypto space)
For BaeBay as a team, we will begin heading to VCs and Angel investors for our first investment rounds. We’ve done this project to date without ANY FUNDING. In fact, we turned down funding earlier on because we didn’t want 3rd parties to interfere with what we are trying to achieve. It’s a sacrifice we chose to make ❤️
What is BaeBay plan to ensure sufficient liquidity on the exchange to fill market orders, especially as adoption increases and clients start to multiply year by year.
Fisher | BaeBay Team: Great question! This is actually an issue we face upon launching on Sushiswap. WE did not add as much liquidity as most would have expected and the reason is simple:
(1) We were mostly raising funds to further expand the team and get the ball rolling. We are more focussed on pushing out functionality at the moment because ‘what is the $BAE ecosystem and platform without any actual usecases’? The project would just fall apart.
However, we will be compensating this with sneaky $BAE airdrops this week. Any $SOPHIE holder will get two $BAE airdrops 😉 as a sign of thank you for believing in us;
(2) We are looking to set up a farming pool to raise liquidity for $SOPHIE. This is how we are also able to distribute some more $BAE to the early believers;
(3) The team is in constant discussion on how we are able to raise liquidity for $SOPHIE and future creator tokens as well. These are all preliminary discussion however.
For the foreseeable future, we believe strongly that there will be a community that truly believes in the vision that BaeBay presents and if they want to get $BAE early before the rest of the world, they would have to farm and add to liquidity. Of course, the BaeBay team cannot rely on just that so as our funds grow, we would look for a more sustainable way to add liquidity — possibly in the way of transaction taxes which we do not have now. Instead we have a tax that adds to a treasury to boost our farming rewards even more!
The way we function is always evolving and adapting to our surrounding circumstances. The team always adjusts accordingly to ensure an optimization of returns to the early community members that invest in us ❤️
📍Session 2 » Question from Twitter
— Question from Twitter @albertrchmn
In the BaeBay website it is said, the Community can get rewards and benefits from creating favorite content. How to ? And what are the terms and conditions to get these rewards and benefits?
Fisher | BaeBay Team: Great question Albert! I think you mean how can the community get rewards and benefits from the creator’s content?
For starter’s you would get rewards just from holding the token really. At the moment, we are already seeing up a $SOPHIE token holder chat where she would come in to speak to the community in the form of text or voice. She’s already in our main chat and actually popped by our voice chat last night!
Aside from that, you will get exclusive nft airdrops which you can swap, buy or sell on our nft marketplace (which will be live by the end of July/beginning of August). These NFTs might have utilities pegged to them which could give you more airdrops/higher farming APY and so on.
Imagine getting an NFT from a music artist that you LOVE — giving you unreleased albums or tracks. Or if you’re investing in a smaller one trying to build his community… you could even earn royalties in the future. This is what we are planning to do!
We prepare the tools and the creators use them with total freedom — no middleman, no control!
In regard to terms and conditions, I assume you mean requirements.
Like I said there is none. Of course, certain rewards would be given to a certain tiers of holders to maintain fairness. If you’re a bigger fan and want bigger rewards — you gotta show your commitment and buy their token!
However, I should say these rewards would of course vary according to the creator’s capacity as well. As we bring on board bigger and more popular creators — the community has to remember that they have managers/companies that they could belong to (the politics of it all).
This may limit our capabilities to a certain extent FOR NOW but as the BaeBay platform grows bigger and becomes a household name in bridging the crypto world to the entertainment industry — we foresee this not being an issue at all. There will definitely be ways to work around it.
— Question from Twitter @AdiKamandanu
Without proper marketing and capital infusion, the project will dies, how do you convince us you have adequate marketing power and capital to push this project to the top project?
Fisher | BaeBay Team: Marketing and capital infusion is really important! It’s all a balancing act really, too much of one or the other, the project is bound to fail.
I will say this again, before the launch of $SOPHIE — we received zero funding and turned down actual funding. $SOPHIE was our first launch and we raised approximately $190k.
This is definitely sufficient funding for now to expand the team and to market this project. Marketing seemed to be lacking before launch but it will definitely be ramping from hear on out!
Why is this so?
It’s because alot of people branded BaeBay as a porn token or $SOPHIE as a porn token. We are way more than that. Before we continue and increase our heavy marketing process — we want to be able to prove and solidify the fact that we have entered another industry with a NEW creator token announcement.
From there, it would make the pivot clearer in the eyes of the public and there you would definitely see us speaking out more in different groups as well. As the marketing lead, I have the lead to pursue but I’m just waiting to pull the trigger.
How do we convince you that we have adequate marketing power and capital?
You’ve seen our team — our equity partners and chief strategy officer! Even our chief creative officer has worked for marvel, fox films and so on.
But this isnt enough convincing and to be blunt, we can only convince you through one thing — which is working and delivering products we promise. This will be enough alongside proper marketing, not some tiktok video.
There is no other project in the space that are doing what we are doing.
— Question from Twitter @FebriPr59331123
It’s hard for investors to trust and invest in new projects lately and most the project have claimed to be falsified, How do make investors trust your platform?
Fisher | BaeBay Team: This is actually a legitimate concern! Too many scams in the space and people claim all sorts of things left right and centre. I agree
There is no one answer and no one true answer. How do we build our trust with the community! Come to the group chat and find out!!
We at BaeBay advocate for honesty and transparency at all times. When we find an issue, we address it — we hop on a voice call and talk about it; we discuss it with the community and take feedback. This can be proven by how we’ve conducted ourselves throughout the past few weeks.
We’ve been active no matter what kind of negative actions that are happening. We are also a fully doxxed team. We are proud to be working on this revolutionary concept that will change the landscape of the entertainment industry and the creator token space!!
We post daily updates! We remind the community of what we are doing today and we get their feedback.
I know the current community is amazing! They give us constructive feedback and help us out all the time. I’m also there almost 24 hours a day.
— Question from Twitter @Geri26221330
I firmly believe that the key to project progress lies in the differences or advantages that exist in each project, so does the BAE BAY project have any advantages? Can you tell a little about the advantages of the BAE BAY project?
Fisher | BaeBay Team: Right, so youre talking about competition! How are we different?
I’ll keep it to a few points:
- We are the first in the game that is doing this.
- Our first creator is already a household name in adult entertainment industry. Our connections are secured in that space!
- Tyler has a wide influencer community and as we grow and build credibility — we will be able to tap into that network and reach further.
- EJay is in the music industry and has worked with major artists — Jason Derulo, Chris Brown, Beyonce and so on.
Our network is already a step above the rest.
The BaeBay platform is a one stop shop. We’ve seen some other tokens that are doing only one or two functionalities… but here YOU HAVE ALL: We aggregate all functionality on one platform — NFT marketplace, chatbox, streaming and so on.
Why go anywhere else?
Our biggest advantage is being able to tap into the wider audience AKA the real world. We would be able to use the network we have to actually educate people on how to enter the crypto market — adding to mass adoption. This would be available through our own social media app in the future with of course, fiat on/off ramp features.
Real world normies would also be interested in joining us! This way, we not only siphon demand from the crypto space but the actual millions through our network.
I repeat (to the best of my knowledge), NO ONE IS BUILDING WHAT WE ARE BUILDING; to actually ALLOW you the community to commercially benefit from these creators.
— Question from Twitter @Enaksusu8
Does BaeBay have partnerships and some achievements that have been achieved? If so, can you share it with us?
Fisher | BaeBay Team: In the short amount of time (only 2 days old), we have built a strong community that has faith in us — these are people that freely advocate about the project and spread the word about what we are trying to do.
1) Cumrocket (EVEN BEFORE WE LAUNCHED) for a NFT SPECIAL;
2) SpaceRat Polygon Partnership ($SRAT airdrop)
3) We have another coming in a few days 👀👀
In Real Life Partnerships:
I can’t really announce any of these until it is clear cut and contracts are signed but I can assure you, we are in talks with people in multiple industries such as adult entertainment, music, sports and fashion.
We have articles written about us on AVN and XBIZ
Our CEO, Vincent has more press releases and interviews to do with more mainstream new platforms.
📍 Session 3 » Community Questions (Live AMA)
— Telegram User @langqueen
Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?
KaeBae | BaeBay Team: We’ll be making a buyback system when we launch functionality to our upcoming $BAE token. BAE tokens will be use to buyback and acquire creator tokens which will be held by a community owned treasury.
Fisher | BaeBay Team: Through using oracles like chainlink to actually get real time data of social engagement an popularity ❤️
— Telegram User @Edwards24
A question about $BAE token, adoption of token to the ecosystem is one of the good things to increase its usability and spend, so what role does $BAE token play to the ecosystem?
Fisher | BaeBay Team: Great question about $BAE.
When $BAE launches $BAE will be the underlying currency behind everything. It will be use to facilitate all transactions on the BaeBay platform.
Think of $BAE like $BNB for Binance!
— Telegram User @DarcyHoff
Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier??
Fisher | BaeBay Team: ETH 2.0 is taking a piss right now and I agree but also Binance is having issues with them being regulatory threatened. This causes alot of other ecosystems to thrive like ADA, DOT, SOL, ATOM etc to thrive.
Now, we are a polygon based project and most of you know, polygon is a L2 solution on the ethereum network.
To answer your question, the delay of ETH 2.0 which fixes scalability.. doesnt threaten us because we are on polygon. HOWEVER, in comparison to networks like BSC (backed by binance) — there is definitely a hurdle and that was our first initial struggle.
How are we trying to overcome this barrier?
We are building educational resources at this current moment to fully teach people how to be onboarded onto the polygon network. It’s actually not that difficult but often, people fear something they don’t understand. Polygon now is akin (in my opinion) to how BSC was a few months ago.
We have medium articles and a recent youtube video as well!
It’s just a matter of time before people will adopt it. Actually, the last time I saw statistics (up to 11th June 2021), Polygon’s daily transactions pass BSC.
It might be slow at the start but we fully believe Polygon will be the frontrunner.
— Telegram User @nostomeye11
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Fisher | BaeBay Team: Yes of course! Amazing point — token holders of certain creators would be able to vote in a DAO in the future; this is really all up to the creator and how much power they want to give you in terms of making decisions.
However, if your question was pointed towards $BAE — then yes, $BAE would function like a DAO and the community would be able to vote on proposals as well. The simplest example would be like $UNI from uniswap that has a DAO to decide whether they should mint more tokens at a certain period (under the inflation rate of 2%)
Similarly enough, $BAE would be a fork of $UNI and have a similar model like a genesis block along with the DAO to rule on its inflation rate.
— Telegram User @modhaz
How is the development of BaeBay happening? Can you describe in detail the current development efforts, the plans to expand the market, the expected applications and when they will be commercially available?
Fisher | BaeBay Team: So up till now, I have been the only full time dev. Due to the funds raised from the $SOPHIE presale — we finally have the resources to expand the team.
Our development approach is quite pragmatic, we have partnered with NON-COMPETING startups that have similar infrastructure needs (e.g. NFT marketplaces) to develop an open source / partnership-shared-source solutions. This initiative is called Aerae (named inspired by BaeBay) and will be something will discuss a lot more in the near future.
This means our NFT marketplace codebase, for example, will be extremely well maintained. Target launch for the NFT market = end of July.
Internally, we have a lot of needs which aren’t common with other NFT/creator oriented crypto projects. This is especially the case with our unique creator base — personas with 1M+ followers. For these needs, including smart contract and UI/UX, BaeBay will be building a huge team internally.
The majority of our smart contract code in non-forked, we believe it’s unsafe to fork code one doesn’t understand, we take great care when working with smart contracts. For this reason, we’ll try to find smart contract talent that has proven themselves — working on original code!
Given our challenge of onboarding non-crypto users, will be making a HUGE PUSH TO IMPROVE USER EXPERIENCE. This includes tools for moving to Polygon, on-ramps, wallet integrations etc.
Building the right team is going to be a challenge, given the skill required in the crypto space!
Beautiful dApp pages such as “Creator Pages” and switch-to-polygon portals will be coming out in early July.
We don’t believe in the v1,v2… etc model of other dApps — now that it’s go time, we’re pushing for 24/7 improvements!!!
Expect nothing short of excellence.
— Telegram User @AlexxBbbbb
There are 3 major issues dominant in crypto and blockchain: Security, Interoperability, and Scalability. so How does Your Project plan to overcome and solve these issues?
KaeBae | BaeBay Team: Security : we’re keeping user’s personal data off-chain, in our servers. Interoperability : Our cross chain sales system enabled $150K of capital to leave BSC and migrate to Polygon last week alone!
Scalability : We’re using Polygon because we know it’s a superior scaling solution to both CeDeFi chains (BSC) and newer players with less tooling
Thank you for answering questions from our community. Before the end of the AMA, maybe you want to say something to our community?
Fisher | BaeBay Team: We just want to say thank you for having us ❤️
If you like the vision of $BAE join the family ❤️
You can only get $BAE through farming $SOPHIE FOR QUITE AWHILE 😉😉😉 So you know your ticket to getting in early.
ALSO WE HAVE AIRDROPS HAPPENING in the coming days, as long as you hold $SOPHIE — you get some $BAE 👀👀👀
KaeBae | BaeBay Team: Thanks for your amazing questions! There were too many to go thru :(
If you’re question didn’t answered, make sure to join our TG! We’ll try our best to answer you ASAP
For more information and future AMA, join our Social Media channels:
► 404 Daily Crypto Group: https://t.me/DailyCrypto404
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📍 More information on BaeBay:
❇️ Website: https://www.baebay.co/
❇️ Twitter: https://twitter.com/myBaeBay
❇️ Telegram: https://t.me/BaeBayOfficial
❇️ Telegram ANN: https://t.me/baebay_officialannouncements
❇️ Whitepaper: https://www.baebay.co/whitepaper