AMA RECAP : CRYPTO CHALLENGERS x REITIO
Venue : CryptoChallengersD
Date : 10 OCT2022
Time : 12:00 PM UTC.
They shared detailed information and his opinions about the project REITIO
SEGMENT 1 INTRODUCTION.
1.So who is behind Reitio team. Who is Mr DK. pls share a bit about the team and your experience.
D K | reitio,
For myself, I’m D K, leading Growth for Reitio. I have been in the space since 2019, and before I fell into the crypto rabbit hole, I had stints in various “tradfi” roles, ranging from auditing to investment banking. Safe to say, I have never looked back ever since!
The architect of the whole project, we have Galen as the Project Lead of Reitio. A serial entrepreneur from Singapore who founded Augurati Creatives and Hegion, a cryptocurrency media and events company overseeing crypto events based in Taiwan, advising on press release and serving Cointelegraph China, Aave etc. He has also successfully exited his first company in 2014, a web development firm with international clientele such as Mondelez and Playboy Enterprises.
Additionally, he is also Polkadot’s Head of Ambassador for the Southeast Asia region, as well as the former Chief Brand Officer for BingX, a top 10 crypto derivatives exchange.
Finally, we have Bryan leading Operations/Tech for Reitio. An Advanced Certified Scrum Product Owner (A-CSPO) and a Certified Scrum Master (CSM), he is previously an Executive Project Engineer for Land Transport Authority (a statutory board under the Ministry of Transport of the Government of Singapore), where he leads the design and development of Mass Rapid Transit (MRT) projects with 3D design experience via Solidworks and professional BIM experience via Autodesk’s Revit.
Although the three of us are all based in Singapore, our team members actually hail from vastly different regions around the world: Western Europe, Eastern Europe, and East Asia to name a few. We believe geographical boundaries shouldn’t restrict one’s opportunity — we welcome anyone, from anywhere in the world, to contribute towards the Reitio ecosystem!
[In reply to Amey || Crypto Challengers]
Right now, we have 6 core team members, along with our network of smart contract engineers and 3D experts distributed around the world!
2.Let’s talk about Reitio.
How do u explain it.
Before I dive into Reitio, let me give some context on why we started the project in the first place.
Three words: user-generated content.
We all know that user-generated content (UGC) is the lifeblood of all networked services. For example, Twitter feeds off user-generated tweets, Instagram feeds off user-generated posts, YouTube off user-generated videos, and etc.
The Metaverse isn’t an exception. Without a thriving UGC base, it is no more than a barren wasteland, driving no user traffic whatsoever.
So what’s the problem?
The problem lies in the tools and infrastructure for generating Metaverse UGCs. Right now, existing 3D editors like Blender, Maya, or even VoxEdit (The Sandbox’s native 3D editor), impose a steep learning curve on its users. In other words, you’ll need specialized expertise in order to create even a simple half-decent 3D asset for use in one virtual world, let alone throughout the Metaverse.
As such, Reitio is conceived to democratize the Metaverse’s UGC creation process to the masses. Being an intuitive and user-friendly 3D design tool at its core, Reitio enables users to create their own fully customizable 3D assets and bring them to life on their virtual world of choice, regardless of background or experience.
Put simply, what Canva is for Photoshop, is what Reitio will be for fully-fledged 3D editors. Don’t get me wrong — complex 3D editors are still needed for professional 3D artists to create sophisticated 3D models, but for the rest of us, Reitio allows us to leverage on the creations of these professional 3D artists to create our own custom 3D asset, just like how Canva allows us to leverage on the templates created by professional graphic designers to generate our own custom 2D graphic or image.
3.How is reitio unique and different from all the projects in space?
If you look at the Metaverse space right now, as mentioned above, it is REALLY hard for a user to generate a 3D asset for use in one virtual world, let alone throughout the Metaverse.
You have VoxEdit, The Sandbox’s native 3D editor. Although they dubbed it to be user-friendly, let’s be real: how many of you could actually operate the editor?
What Reitio does is that we provide an alternative for ordinary users, such that people with less to no background in 3D will be able to create their own 3D asset!
To add-on, we are built fully on-the-web. Just like how Canva eases the UI for designing 2D graphics when compared to Photoshop, Reitio will significantly ease the UI on creating 3D assets when compared to these fully-fledged 3D editors!
On the back-end, the simplest way to put it is that for each “base” template on the platform, there would be ‘branches’ linking to this “base” template to indicate which “secondary” templates are compatible to this “base”. Same goes to “add-on” templates on top of these earlier “secondary” templates.
Feel free to take a look at this section of our documentation (https://docs.reitio.com/whitepaper/3.-reitio-metaverse-ugcs-democratized/3.3.-supply-push-professional-3d-artists) for more!
4.How will Reitio simplify 3D design for beginners?
You can think of Reitio’s design experience to be like building structures out of Lego bricks. In the same manner that anyone could stack a few Lego bricks on top of each other to build simple structures, anyone could pick out and “stack” templates on top of each other in Reitio to generate simple virtual items.
These pre-made 3D templates (or “Lego blocks”) are fully community-sourced, meaning that people who are actually proficient in fully-fledged 3D editors like Blender or Maya can upload their templates and contribute to Reitio’s 3D content base. Each individual template will be represented as an NFT, which allows for real-time royalty distributions to contributing 3D artists as a 3D asset is created by a user in Reitio.
Through all this, what you get is a self-reinforcing positive feedback loop, where the more contributing artists on the platform, then the more 3D content will be up, which means the more users that the platform itself will garner, which in turn attracts more artists to come into Reitio and monetize their skills.
To sum up, Reitio will kickstart a decentralized 3D creator economy, culminating with an ever-growing 3D content library that is fully community-owned!
Each individual 3D block will be represented as NFTs, making sure that all royalty payments to the issuing artists are automated and fully on-chain, and distributed in real-time!
This is something that would only be possible with blockchain — be excited
5.How can we purchase block nfts.
I’ll do a short write-up on Reitio’s proprietary “decentralized 3D creator economy” network effect:
1. Pro 3D artists contribute 3D templates to the Reitio content library, in exchange for pay-per-use royalties;
2. Each of these “3D blocks” will be represented as NFTs, such that it allows the smart contract to distribute the correct amount of royalties (in form of tokens, more on this later) once a user clicks “check out” on our platform;
3. 3D artists will find their token balance to be updated and ready-to-be-used in real-time, on each instance their template is chosen by a user.
I mean, you have a point. I sincerely think NFTs pack huge use cases that might not be apparent at this moment.
Rest assured, Reitio is on a mission to change this 😉
6.I would love to know about the Native token of Reitio
The $REIGN token (shorthand for “Reitio Governance Network Token”) is an integral part towards the functioning of the whole Reitio ecosystem. Some examples include:
- Fixed “creation fee” payment for each 3D asset created;
- Royalty payments to 3D artists for usage of their premium templates;
- Network transaction fees (gas);
- and other ad-hoc use cases.
In addition, $REIGN serves as the primary means for holders to accrue value from usage of the Reitio platform itself, as well as the proxy vehicle directing Reitio’s governance process upon its successful shift towards autonomy and decentralization (once the platform has reached a sufficiently mature stage).
With all that said, one thing is for sure — $REIGN is built on solid fundamentals. Without $REIGN, the Reitio platform can’t function. So value accrual will definitely be proportionate to the actual user traffic of the platform itself.
In any case, feel free to visit the tokenomics section of our documentation (https://docs.reitio.com/whitepaper/4.-the-reitio-governance-and-network-token-usdreign) — everything is laid bare over there!
PS: 100% of our PROTOCOL REVENUE will be burned (yes, 100%). The effect is that as usage of the platform grows, more TX fees will be generated, which means more protocol revenue, which will cause further reduction in $REIGN supply: a self-perpetrating loop propping up $REIGN’s intrinsic value.
7.And what about tokenomics???
$REIGN will have a total supply of 1,000,000,000 tokens. All private investors and advisors will be subject to at least a 34-month long vesting period. The team will also be subject to a 12-month cliff, followed by a 48-month daily vesting schedule. This arrangement ensures that all involved parties (especially the team) are in it for the long haul, fully aligned towards the long-term success of the project.
I’ll recommend anyone interested to visit this section of our whitepaper (https://docs.reitio.com/whitepaper/4.-the-reitio-governance-and-network-token-usdreign/4.3.-tokenomics). It’ll be too long to type everything out here, but I hope this will help your understanding 🙏
8.You have shared most of it but would u like to mention some achievements you guys made so far??
Obviously I’m treading on thin ice here, but you bet that our community on Telegram (https://t.me/reitiocom) and Discord (https://discord.com/invite/ZDNnVuJkpP) will be the first to know on the latest updates!
PS: Also, do show our Twitter (https://twitter.com/reitiocom) some love for direct first-party announcements on all things Reitio!
To give you some context, we have been building in stealth since early 2021, and now with development of the platform coming along nicely behind-the-scenes, we expect to officially launch our first MVP iteration together with our TGE between Q4–2022 to Q1–2023, bar any unforeseen events.
With the short time span from out-of-stealth, we have secured multiple prestigious partnerships, notably GSR, OKX, and Web3Port to name a few. For a complete list of our partners, do refer to the partnership section of our website (https://reitio.com/partnership/).
But we’re FAR from being done yet! As a matter of fact, you can expect a LOT of activity from us in the near future (and of course, this includes airdrop and whitelist campaigns ). A few more confirmed partners is on the way — just waiting to be rolled out and announced to the public. Stay tuned!
9.What can we expect in coming year or please share if there is something on your top priority now a days.
The top priority is obviously the community. Without a supportive community base, as with any other web3 project, we won’t be able to go far.
As such, we have a loyalty program in the works, designed to reward the most active and impactful members of our community — expect them to be released within a few weeks!
For the coming year, we’ll have the platform’s alpha version up for select community members to test and give feedback!
More on this once we finalize the details.
The thing is definitely not easy to build, so we must ensure that we regard any launch very seriously — including taking inputs from early testers for future product improvements.
SEGMENT 2 TWITTER QUESTIONS.
1.A few days ago you at Reitio announced your partnership with Crown Chaser, a real-time tower defense style metaverse game. Could you tell us what are your aspirations with this partnership? What are your goals with this company?
Yup that’s right.
This partnership of mutual benefit marks the start of a long-term collaboration with Crown Chaser. In short, we’ll allow Crown Chaser to test pilot 3D models on our platform, while Reitio will get exposure to their community in return.
Of course it spans further from just this, but I’m afraid for now I can’t disclose things any further. But expect more to come!
2.All the goals of your project is absolutely great, But One of the main factors users looking for in the crypto project is the use cases of the token? So what are the Use cases of $REIGN token in your platform? What are your plan to increase the adoption of $REIGN token?
To transact in our platform, a user needs $REIGN to do so. That is how the $REIGN token will accrue value, which helps prop up the $REIGN price.
We’ll utilize an oracle to tie the $REIGN paid with its actual USD value. This means that even if $REIGN is the platform’s sole payment token, the dollar amount that a user will actually pay won’t increase/decrease with the volatility of the $REIGN token.
Due to the sheer invisibility of $REIGN tokens to the front-facing user, this will ensure that value of $REIGN will increase proportionally to the usage of the Reitio platform itself, such the intertwined nature of Reitio 3D creator toolkit with the $REIGN token.
3.On which platforms can we use the 3D NFTs we have created in the Reitio ecosystem? Most platforms have not yet adopted 3D technology. In this respect, will the use of 3D NFTs be limited?
Any 3D virtual world that supports external 3D imports would by default be supported with Reitio (e.g: Decentraland, The Sandbox, etc.).
For closed environment gaming worlds, that will depend on the game developer’s preference to allow external items into their world.
So to answer your question, it will not be limited. With the trend of open “social worlds”, we’ll have no shortage of virtual world avenues to deploy a Reitio-generated 3D asset
4.Reitio was developed with the intention of enriching the metaverse and promoting its continued growth. I’m interested to know which of the existing and upcoming metaverses you plan to support, though. Or will the entire metaverse be supported by #Reitio?
To get to this question, allow me to define what is the Metaverse.
We notice that especially during the peak of the last bull run, many projects have claimed to be a “metaverse”, although they’re far from being one. Sadly, this has caused the bastardization of the term “metaverse” itself.
The thing is, not one virtual world can be considered as a “metaverse”. Just like how wikipedia.org or facebook.com are webpages forming part of the overall World Wide Web, Decentraland or The Sandbox will ‘only’ form part of the overall Metaverse. For instance, if you’re on Decentraland, you could indeed say that you’re on the Metaverse, but when taken by itself, Decentraland is not THE metaverse.
In short, if the World Wide Web is a network of interconnected webpages, the Metaverse is a collection of interoperable virtual worlds.
Again, a Reitio-generated 3D asset will be deployable to any virtual world, assuming that the subject virtual world allows for external imports (e.g: Roblox, The Sandbox, Decentraland, etc.).
5.Reitio allows users to create their own fully customizable 3D assets and bring them to life in the virtual world of their choice but I would like to know how they plan to monetize this awesome design tool? Will they have a subscription model or something similar?
For monetization, we generate our protocol revenue on a per-use basis. Meaning that users would pay (in crypto) each time a 3D asset is created on our platform.
Rest assured, we have partnered with multiple fiat on-ramps such that even for a web2 user, they won’t notice that Reitio is actually powered with $REIGN — we’ll enable them to pay via credit card networks like Visa or Mastercard!
SEGMENT 3 TELEGRAM LIVE.
Throughout this AMA you did not mention the blockchain chain(s) which Reitio will be onboarded. I will be glad if I can know the chain(s) you are building your project on? How it be an advantages to Reitio? And as well tell us the reason for making your choice as the best choice?
[In reply to Sunday Joshua]
Oops, my bad.
But there’s a reason why we often overlook it: it is due to the fact that Reitio is designed to be chain-agnostic.
On our MVP launch, we’ll start off by integrating with EVM-compatible chains. We have engaged OKC, Moonbeam, and BNB Chain to name a few. Soon, we’ll have NEAR and possibly Avalanche within our ranks as well!
Upon Reitio’s culmination, the front-facing user won’t even know which chain they’re on — Reitio will abstract away cross-chain complexities in such a way that the user won’t need to know which token they’re paying the service with!
What hardware and tools are required to create 3D content and modeling in Reitio? Will we require advanced hardware devices?
[In reply to Chukky]
Aligned with our goal to democratize user-generated content to the masses, we don’t require any specialized hardware to use the platform.
Reitio will be fully web-based, meaning that all you need is a desktop computer with internet connection and decent hardware specs to support the graphic engine (e.g: Unity3D). That’s it!
Furthermore, once we reached stable release stage on desktop, the Reitio platform will also be made available on mobile. This means that in the future, all you need is an internet-connected mobile device to create your own 3D assets on-the-go!
@Reitiocom’s concept is very fascinating, but let me get something straight: Are you saying if I wanna deploy a gaming metaverse project on say, BSC chain, I can come build everything on your platform and export it when ready? If yes, can you pls show me step-by-step how to?
I’d be glad to have you include the cost implications along with the guide you’re laying out for me above. Thank you.
[In reply to Iqbal]
Great question. Thanks for asking!
It is important to note that Reitio is a user-friendly 3D asset creator tool, not an environment builder. As such, you can’t use Reitio to build your own virtual world. If that’s what you’re looking for, I’d recommend you look at “metaverse-as-a-service” platforms like Bit.Country.
Reitio is able to assist world builders by providing the 3D assets needed to populate the world in the first place. Say, if you’re using a environment builder based on BSC, then you can go to Reitio to create the 3D asset before it can then be used when you’re building your world this environment builder.
As to how the asset can appear in your BSC-based envionment builder’s wallet, once you click “deploy”, Reitio will send a smart contract call to our cross-chain NFT minter to mint the corresponding NFT that is compatible to your BSC world builder. Once the NFT is minted, you’ll see the 3D asset pop up in your environment builder’s wallet, ready to be used for you to build your next blockbuster virtual world!
For cost implications, it’ll heavily depend on the gas fees that the source and destination chains are charging for the cross-chain operation. This means that you’ll pay significantly higher if you’re involving Ethereum (at least for now).
4.Shito San 🌳,
- Is there any kind of limitation for the use of Reitio anywhere in the world, or can your products and services be used in any country without any geographical limitation?
[In reply to Shito San 🌳]
Nope. Since we’re a web3-native DApp, anyone with an internet-connected device can use the Reitio 3d creator toolkit!
All you need is half-decent hardware that can support a desktop browser (e.g: Chrome), and you’re all set!
The 3D assets used by Reitio are merely made up of templates that have been stacked on top of one another like Lego blocks. Is there a connection between this experience and creating characters and other items in Minecraft?
[In reply to Jarvis $BTC]
Not exactly similar, but yes, it is comparable.
Minecraft’s creative mode is a world builder, where you move as avatars and stack in-game blocks with it. Rather than Minecraft, I’d say that the design experience in Reitio is more similar to Canva, where you have a fully browser-based UI, and you simply drag-and-drop and mix-and-match templates on top of one another (like how you choose multiple templates and mix it in a way to form a decent 2D graphic).
I’d recommend you to have a read from this section of our documentation (https://docs.reitio.com/whitepaper/3.-reitio-metaverse-ugcs-democratized/3.2.-demand-pull-metaverse-participants) for more in-depth explanation!
We’ll be having our maiden NFT launch sometime in the next few weeks! To not miss anything, feel free to join our Telegram (https://t.me/reitiocom) and Discord (https://discord.com/invite/ZDNnVuJkpP) communities. Also, don’t forget to follow our Twitter (https://twitter.com/reitiocom) account!
You wouldn’t want to miss it 😜
I love every bit of it. Thank you Crypto Challengers for having me. It has been a pleasure!