The $WOOT is our main ecosystem currency and the native driving force to fuel our creator economy.
MaticNews x Mallconomy AMA Recap and Transcript
MaticNews: Let's start with an introduction of you and your team! Which past experiences you have all got if any?
Mallconomy: I'm Zack, the project lead at Mallconomy and I have over 20 years of experience in many industries. Before Mallconomy, I co-founded a multi-award winner, FCA-regulated London Fintech. We have a big team here at Mallconomy, 32 professionals with mainly AI, Fintech and Gaming backgrounds. You may check the core team on our website.
Our team has a combined 210 years of work experience and over 75.5 years of combined experience working together. We often finish each other's sentences and lines of code and occasionally lunch when they aren't looking.
MaticNews: Out of curiosity, why did you choose this name/topic, is there any background history?
Mallconomy: Sure, in 98’ and 08’ I build two projects very similar to today’s Second Life and those projects are not live today because of not just a lack of internet users, blockchain technology or crypto payments but lack of game theory and a robust economy. Our finance background brings the economy word into our concept and to our name.
MaticNews: What is Mallconomy? Please introduce the project us!
Mallconomy: Mallconomy is building an under-one-roof Metaverse mall experience delivering a multitude of revenue streams to both creators, brands and workers with immersive dynamics, exclusive partnerships and the endless possibilities of a robust economy.
MaticNews: Would you like to explain your metaverse concept?
Mallconomy: Sure, we strongly believe the Metaverse is the next internet, and here at Mallconomy, we are creating the "Mallverse" where each business can represent their brand & vision to build their community with our inclusive, interactive game theory and mobile-first thinking product.
Even though it's the early days of the Metaverse, it is encouraging to see some brands/communities have a great chance to become the next big companies.
So we decided to create the Mallverse just like an incubator for each new venture and empower it.
MaticNews: Please, explain why a project/a company should use it!
Mallconomy: Each shop in the Mallconomy is another verse, but no brick and mortar that aims to sell only or a read-only landing page.
Each brand can deploy its mini-interactive games/modules to engage/educate its community/customers etc. and find their future workers and partners while creating extra revenue channels from the engaged community.
We are designing our economy model/game theory in this direction, where each new business adds a vast value to the network. And we create an incubation loop to empower them with;
– Mini-interactive games for more sales, education, and loyalty to their community.
– By finding their web3 native future workers who are educated in our game theory/social interactions and vetted by the other community members on full meritocracy.
– By giving them the necessary tools and analytics to max out the user experience and conversion (heatmaps, forecasts and AI-generated scenarios collected from all other businesses in real-time).
MaticNews: Would you like to explain how a normal user can benefit from it?
Mallconomy: Malls, markets and bazaars are the centres of society, and people intend to visit them not just to buy things. The majority of the new generation visits malls for leisure activities. Simply put we need fun too.
Therefore we are doubling down on the game theory and adding many GameFi elements to the Mallconomy experience.
Apart from that, we will have an academy to train creators, builders and, of course, the future workers of the Metaverses.
MaticNews: Talking about your core, about your native token $WOOT, please tell us more about that! Which are their use cases?
Mallconomy: The $WOOT is our main ecosystem currency and the native driving force to fuel our creator economy. The name comes from an abbreviation of a well-known gaming term, "Wow! Loot!" it is an acronym of "Work, Own, Operate, Transfer." itself a modified version of one of the most well-known Financial Models: "Build, Operate, Transfer" (BOT).
$WOOT is a Polygon Blockchain token, which runs on Ethereum with low transaction fees.
MaticNews: Speaking about your non fungible tokens, would you like to tell us more about the them? I saw the loot boxes and I do love the concept.
Mallconomy: Our tech lead, Yigit, is a big fan of Loot Boxes in several games like FIFA, so he insisted we launch a special collection for early adopters of the Mallconomy that include many mystery in-game items. Apart from our early access Premium NFTS (MallCards), that's the other NFT Collection we will be releasing before our launch.
We are also considering adding Yield Bearing Utility to our MallCards, so our early Adopters can enjoy some of the revenue we will make.
MaticNews: Let’s talk about the tokenomics! Please tell us about yours and about why you chose this model?
Mallconomy: We aim for an excellent gig economy here at Mallconomy, so we designed our tokenomics to be able to support that regardless of the market conditions.
Our rev model allows us to be more flexible compared to many other projects. (We support it with Hyper-Casual games out of $WOOT ecosystem)
1B total supply is decided, and our first version of the tokenomics shows the ICS will be around 26M
MaticNews: Furthermore, how is the revenue being generated for the project itself which can be used to finance future developments?
Mallconomy: Mallconomy offers a great environment for each brand to enjoy diversified and sustainable revenue streams like each mini-interactive game also creates extra revenue for the owner.
We take a small cut similar to the stripe or any other infrastructure model for tools been used.
But basically, Our model will combine elements of DeFi, NFTs, and rental income, in a fun and dynamic game, with real-life dynamics to promote the ongoing success of our business and ecosystem as mentioned before $WOOT token economy and the "Work.Own.Operate.Transfer" financial model we aim to introduce to the web3 community.
MaticNews: Talking about the security side, the Clichè question that we ask in all AMAs, are there any KYC or audit planned?
Mallconomy: Sure, we have significant advisor interest from some of the top names in the Web3 space (14 Advisors!), and one of them is our Security Advisor, Armand. Our tech partner Stardust is already partnered with the fireblocks for example, so each NFT we will be creating has extra security layers, and all necessary audits will be done before launch. As seasoned product builders from the Regulated Finance side (the boring side), that's priority.
MaticNews: Would you like to add something more on your current partners and regarding the marketing strategy to have a good amount of users at the launch?
Mallconomy: We launched only three weeks ago, and here are our early stats:
– Build a community of 120,000, and continue to grow at pace.
– Released our app and surpassed 32K app registers with almost zero marketing budget.
– Our Genesis NFT launch is preparing to deploy in the coming weeks.
– Over 350,000 marketing actions were completed by our passionate and meritocratic community of MallStars community.
On top of that, we are getting ready to launch or grant programme to support, incubate and/or partner up with other web3 founders soon, so they can reserve their shops and enjoy joint marketing before anyone else.
Our current tech partners are; Polygon, Stardust, Ready Player Me, Microsoft and MongoDB.
We will announce more in the upcoming weeks and looking forward to collab with
some founders here.
MaticNews: Talking about the future, as recap, do you have any preliminary roadmap that you would like to share with us?
Mallconomy: Sure, we are currently fundraising to fuel the growth of our Genesis NFT Sale scheduled for later this year, followed by a lucrative token launch. ($WOOT) and we'd love the opportunity to partner up with the fellow founders here for their space in the Mallverse we are building.
MaticNews: Last, but not least, what do you think about the current market moment?
Mallconomy: Well, we have been expecting a recession for the last 3-4 years, the amount of money printed in the previous years is just ridiculous, and somehow we are still managing to stay afloat globally. But let's focus on the positive.
Crypto startups are defining the future!
So they will be just fine as most of the buidlers are enjoying the ride anyway.
And remember, all the great products we use today come from the times like those.
MaticNews: Thank you for this great AMA!
Mallconomy: Thank you for hosting us!
Jun 28, 2022