Jigen AMA SUMMARY
Tell us how it all started, when and under what circumstances did the idea to create Jigen come about?
Fil — Jigen
Well, the first time we thought about Jigen was back in February, when NFTs started to get recognized at least from an artistic point of view. In that moment we understood that the entire movement would have assumed a big relevance also in other fields shortly thereafter.
Together with my brother Nicolò, the other co-founder, we have our own sneaker brand, so we started to think how to tokenize our products and what could be the benefits of such choice. We also realized how much it was expensive and time consuming for a medium company that cannot compete with large corporations like Nike or Adidas. So, we decided to scale the idea applied to our brand and focus 100% on the development of Jigen to offer a comprehensive solution to multiple businesses.
The community want to meet you, please say something about your team. Who is responsible for building the project?
Fil — Jigen
Our team is spread all across the world and composed of very talented individuals: a top lawyer specialized in Intellectual Property and FinTech Law, a sales agent for luxury brands with 10+ experience and our great advisors Max and Sundeep from Gamestation and Trustswap, that helped us a lot with building a great ecosystem.
Regarding the product development, Nicolò is coordinating the entire process together with our Product Manager Arian, who worked for many years in a well-known Canadian development agency. All the smart contracts are already being worked and we already presented a first MVP to our main investors. Additionally, having you (Synapse) as partner for the technical part has been definitely a great add for our team to build faster and better.
Can you tell us something about your marketing, what’s your vision of the project in the next years? You are not afraid to launch your project at this late stage of the bull market?
Fil — Jigen
The current stage of the market is something that cannot influence our long-term vision for Jigen. Crypto and NFT sector are here to stay and any innovation that can spread more adoption is something needed for the entire space.
Being one of the first mover in the luxury and fashion segment, Jigen can drive the movement, capturing the opportunity to build a bridge to the world of NFTs for fashion and luxury brands.
During the month of December have been getting our community engaged through many activities and we started to spread awareness about Jigen since the IDO is coming soon. We also announced many leading investors and key partnerships in the past weeks. We’ll definitely reveal more exciting news in the next future!
Could you tell us more about $JIG? You can also tell something more about token use cases and project features
Fil — Jigen
Yes, of course. There will be a total supply of 100M $JIG tokens. Our token will be native on BSC and it will be used mostly in three ways: exclusive access to our NFTs and privileges within the platform, staking and governance (in the future).
Tokenomics details are available in our medium article:
https://medium.com/@jigenapp/real-token-utility-for-fashion-and-luxury-nfts-6a4c7673f25e
An exciting feature to be mentioned is that 60% of all fees collected from each NFT trade on the secondary market will be used for $JIG buybacks and burns. It means a steady upward pressure to the price in the long term, especially when our ecosystem will be at full capacity. In a certain way, holding Jigen can be seen as an exposure to the luxury market on the blockchain, definitely a huge trend for the industry in the near future.
Can you explain in simple words how “NFT Gateway” will work and what makes your idea different and better than other similar ones?
Fil — Jigen
We’re building the first real bridge between NFT and brands. Jigen wants to be the game changer for all those companies that want to approach the blockchain space and benefit from the web3 but don’t have the infrastructure and skills needed.
We can fill this gap supporting them in all the activities, from the creation of smart contracts to the marketing exposure in the nft communities.
Moreover, buyers are recognizing the importance of NFTs and I’m sure in the future people will give more importance to all those items connected to the digital identity rather than the real one: this is already happening as we can see on Twitter with crypto communities and the PFP movement.
Why NFT is so important for you? Also, could you tell us about how you want to conquer the metaverse, gaming and connect everything together in one place? Do you really think NFT is the future of blockchain?
Fil — Jigen
I think that the potential applications of NFTs are near endless and in 2021 we experienced only a small part of what can be done in the future, if we think about the future of gaming, fashion or even defi applications with non-fungible tokens. We aim to conquer this space by offering a seamless experience for the final users, that will be able to flex their NFTs on multiple metaverses and games and in different blockchains.
How would you summarise your project and what do you want to say to people, to get them interested in your project and the idea you have created?
Fil — Jigen
To summarize our project, I think it’s important to stress the unique experience for collectors and even hypebeasts that we are going to deliver.
In fact, Jigen NFTs are digital certificates serving as proof of authenticity, where customer ownership is guaranteed by the blockchain itself.
And our users will easily get the physical product by claiming it on our website.
So we aim to offer asset-backed NFTs that can be brought to different metaverses as wearables, generating a new economy for luxury goods. Additionally, we solve the problem of counterfeiting thanks to the blockchain, while enabling users to trade their luxury items in a easier way compared to the classic resell, which involves shipping the physical item. Jigen NFTS will therefore have multiple functions: they can be traded on the secondary market, flexed on the metaverse/games we have partnered with or claimed to receive the physical version of the tokenized good in real life.
Community Questions
Mec
1. Why you choose Binance Smart chain? we see some chain pop up with good scalability too, then why you choose BSC?
Fil — Jigen
Most of volumes are actually on the Binance Smart Chain, so we are sure that listing on BSC is a great choice to get more visibility while allowing a cheap and fast trading experience to people.
Tung
2. The name “Jigen” is very simple, but I’m sure it has an important meaning. Can you understand the reason and importance of your name choice for us?
Fil — Jigen
Jigen stands for “dimension” in Japanese and the name was given because the project itself is focused on bridging the real and the virtual dimension! And if you look at the logo design, “IO” calls to the binary code as connection point to the two worlds!
Winners questions:
Xuan
1. Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Fil — Jigen
Yes, our holders will be able to vote for new features and initiatives in the Jigen ecosystem. As part of the benefits of holding JIG tokens, they will be able also to take part in the creation processes; and vote for their favorite designs, artists and brands. So that each NFT drop can also be customized by the community itself!
Vung
2. How does Jigen ensure that each NFTs minted by a user is completely random?
Fil — Jigen
Our smart contract implements a modified version of the Fisher–Yates shuffle algorithm and interacts with Chainlink to ensure that each NFT minted by the user is completely random, although the rarity level will be affected by the user’s tier.
Korvica
3. Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?
Fil — Jigen
Thanks for the question. You can check our litepaper on the website at this link: https://jigen.app/docs/Jigen-Lightpaper_v1.1.pdf
In terms of Audit we are currently working with one of the best Auditing firms to ensure the security and quality of our smart contracts.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.
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