An AMA took place on our Telegram chat, on Wednesday (11th of May 2022). Answering the questions is Terence Ribaudo, Head of Product at Lucky Block.
Big welcome to Terence, Head of Product at Lucky Block! Please introduce yourself to our community!
Terence: Terence Ribaudo here, head of product for Lucky Block. My background is 15 years in technology and finance, worked in blockchain since 2015. Worked with brands such as Vodafone, Barclays, Premier League, NBA, worked on around 12 ICOs, companies such as Nexo, so with that being said, let’s start the AMA!
Question number 1 — When first draw? (Dates of lottery, NFT lottery)
T: So we’ve been having lots of discussion with legal advisors, etc., which is kicked under obviously, every day. It’s quite a complex situation doing fiat onramp to make sure we get as many new holders in as possible. And making sure the smart contracts are completely security proof. We’ve got to that point, now we’re in final QA. Again, the target date is I’d never like to give because anything happened in QA, but it’s definitely gonna be in May. We had an original target of mid May, now it’s going to the 20th, we should be able to stick to that, but it will be in May. And that’s kind of what we want to commit to. The NFT lottery will be the day after that
Question number 2 — How will you secure high daily or weekly jackpots with the free ticket system? / Free ticket system makes the lottery legal so is it even legal with that min. amount of lblock?
T: So legality is yes, the minimum amount of LBLOCK, there’s a free option anyway. So the legalities are that anyone can enter if they send in a postcard with their name, address and wallet address, and we’ll send them a free ticket, we’ve got that covered. In terms of the value of it, obviously, it’s the percentage of interaction. So we’ll chop up the daily jackpots by $10,000, a day from the marketing wallet to make sure there’s still a viable daily jackpot. Obviously, we’re looking at bringing new money in through various marketing, techniques and programmes. And that’s where we expect them to grow and grow. Again, all this comes with patience, we’re in a difficult market, but we’re working, with as much as we can to push things forward. So I think it’s a question of let’s grow, continue to grow, and not expect everyone to come immediately at once.
Question number 3 — Marketing wallet — why is it still selling, can you stop it?
T: Obviously, as a holder of $LBLOCK, I’d like for the price to never go down and always go up. I’m not sure how many traders are out here. But price goes in waves and curves. And what we’re looking for an investor will tell you if you zoom out looking at a flat curve, not up and down. So what we’re doing is we’re trying to create a good foundation, using a marketing wallet to pay for most of these things. We’ve hired probably around 10 people in the last couple of months, we’re building out a focused development team, it’s very hard in this market. There’s a lot of things that have to be paid for to create a foundation. We’ve grown hugely in the last few months, both in marketing and infrastructure. And with that, the money that we’re spending is going towards new products launching, we’re looking at Play-2-Earn platform, we’re looking at luxury goods game. And we’re looking at raffle-type structure, which are proven to be in their own channels, kind of market leaders bringing in 1000s and 1000s of new players. So we expect to get 1000s and 1000s new holders over the next few months, which obviously then means that the dips caused by sales in the marketing wallet will have much less impact. But unfortunately, it’s the name of the game, you’re building a company and a huge organisation that we have to spend money. And that’s the rule. A task really is you have to accumulate, and that’s what we’re doing. So unfortunately, we can’t pause marketing wallet. But what we need, what we are doing is making sure we’re spending the money in the right way.
Q: Question number 4 — Can you provide us with an update regarding V2 TOKEN? When will it be audited and when will it be released?
T: So Ethereum token, ERC-20 token which would enable us to get into centralised exchanges. We’ve finished building it. It’s in QA right now. Found little bugs today, we’re fixing. We’re then looking to move it to independent audit, which will help us greatly to get into centralised exchanges. We’ve been in chats with them already. So it’s obviously one of our key deliverables. So looking at timeline, we expect three to four weeks. Normal audit for a token takes three weeks. We expect to have a final code freeze this week, and then we’ll submit it for audit. And similar to the ETH bridge as well. So those things will be released sometime in June. We’ll continue to give you updates on this then.
Q: Question number 5 — Can you give us a reasoning behind the boxers’ sponsorships? Why did you choose boxers, why those particular ones, are you planning on expanding to other sports?
T: So boxers, why boxers. What we’re looking for is new money. That’s always the challenge in every digital asset space. As we’ve seen with the current market conditions if you’re only working with people already in Space, the liquidity dries up eventually, there’s always gonna be issues. So what we’re working very, very hard on is bringing in new money to the crypto space in general. The contrary to that is sports. The first sport that we had traction in is Boxers. Boxers have an audience of 20 to 40 year old males, people we feel that we can convert to being Lucky Block holders very strongly. As an extension of that we’re looking at play to earn games involving boxes.
We’re working on IP rights right now. It’s very laborious process, but we’re working on it, we’ve got a dedicated team. We’re looking to get these plates and games out definitely this year, hopefully as soon as possible, ranging from things like Mike Tyson’s Punch Out Club Games, up to kind of move up or more lean towards AAA, but these are discussions right now. I think what we’re looking at again, just to reiterate, is new money. So we’re not looking at converting people from other tokens. We’re looking at bringing people from the normal world into the crypto market, which means we can fight against kind of what’s happened in the last three or four days.
Yes, we’re looking at other sports. We’re in conversations with pros at the moment, conversations with various cricket boards, conversations, and lots of things. I myself had a meeting, today with a large sports agency. We’re looking to do lots of huge things. But obviously, we cannot just release all this news at once. What I don’t want to do is release news without confirmation. So yeah, stay tuned.
Q: Question number 6 — Percentage of rewards for V1 holders. It was 19% annually from amount of LBlocks in holders’ wallets. Is it still the same or is there change considering free tickets?
T: We said, it was an estimation, the rewards are all based on the amount of Lucky Block and in 10% of the total prize pool, which is made up of ticket sales and transactional tax.
So the APY, which is what we called, it was an estimation, it was very clearly stated as flexible. There’s no change based on the free tickets, those aren’t included in those kinds of things. So, like I said before, we’ll top it up. But the real key is getting as many holders as possible. As many people buy tickets as possible, the rewards go up. There’s no other way around it, there’s not an infinite amount of money. So, APY depends on coin performance. At the moment, if it’s anything below that will push up. Again, going back to previous answers. That’s what we’re spending this marketing money for to make sure that those rewards are as high as possible.
Question number 7 — Status and expectations regarding the CEX listings?
T: Exchanges. We are talking to all of them, have spoken to KuCoin, we’ve spoken to people at Binance, it is a slow process, especially at this stage in the market. So it’s obviously the reason we’re doing a V2 token, we’re spending a lot of time and money doing it. I’m fairly confident we’ll get into one and once we get into one we’ll get to the others, so again, status is: in talks with every single one pretty much. Expectations? We’re hopeful, the core team has got a few tokens and decentralised exchanges, we know the methods and process will do what we can and will keep you updated. But yeah, I would say there’s no real way of being accurate about expectations, but we’re doing everything we possibly can.
Question number 8 — Could you tell a bit more about other ‘games’ that you will offer? Will we have to buy separate tickets to participate in them? Any particular games you’re working on? Timeline?
T: At the moment apart from a lottery, we’re working on a raffle, which we’re hoping to have out in the next four weeks. similar structure to the lottery apart from specific products. What we’re actually doing is we’re doing heavy research from what we’ve already done to look again at new money. So what are the most popular games that are played online, that fit into a structure that we can drive traffic to, and then drive them to us. So we’re looking at taking market share from non-Web3 gaming, these are things like luxury good pools, normal kind of casino game type things that we can bring on. But again, we need to do lots of research before we spend too much resource on it. So I think what we’ll do is, again, we can do a monthly kind of AMAs like this. But yeah, what’s definitely coming next after lottery is a raffle platform. That for example, if you look at online raffles, you’re looking at each one getting around 1000 to 2000 tickets sold, that could be 1000 to 2000 new holders, which again is an uptick of 2 or 3%. So that in itself should have a big impact and on the longer curve, proper Play-2-Earn Games. Tickets, not at this time. This time, there’ll be a ticket per game. So if you’ve ever played the lottery, you’ve used your ticket but it’ll be the same mechanic for playing raffle but this could change
Question number 9 — Are there still risks on the legal side of the lottery? what about the classifications as security token?
T: I spend so much of my time speaking to lawyers etc. The delay of the lottery is to do with lots of these opinions and what we need to change, things like that automatic claiming, as opposed to individuals claiming and those kinds of things. So, as it sits now, by providing a free to play lottery, we’ve removed the risk of regulation. According to the UK Gaming Commission, we’re constantly in talk with those. We received several legal opinions on the BEP token. So if we follow our roadmap, we won’t be a security and like I just said, we implemented changes in the lottery to make sure we comply. But again, when we have an ERC-20 token, the structure will be different. So once we have that ready, past audit, we’ll explain the differences. But it’s all to do with compliance. So legalities-wise, we’re in a very strong position right now.
Question number 10 — When can we expect the final iOS and Android app? How long can we expect to rely on the desktop app?
T: Android app is in final QA. So we were to focus on it and optimising it. I saw the version yesterday, it looks fine. Again, QA is all important. So we try and break it as much as possible. Hopefully next week, there’s a launch. iOS, we’re kind of the behest of Apple’s audit compliance team, we’ve been rejected six times. So we’ll keep changing the UX, keep adapting it based on their feedback. I can’t really be sure about iOS at all, because of their structure, but we’ll keep doing it, we’ll keep applying what they asked for, until we get accepted eventually. The desktop app again is there. There’s also an update and release along with the lottery, again, the next couple of weeks, which should optimise some things, so we’re getting there. But again, we’ve got blocking in our way. So the fallback will be a progressive web app. But we may release it if we have an iOS app. So that means everyone can access the games through their phone in a kind of natural framework, so yes, we’re working on all things.
Question number 11 — Is the NFT Jackpot automatically transferred to my Wallet? and does it also automatically connect to the Wallet?
T: NFT jackpot will have your wallet address, no need to connect. We literally have your address from when you’ve entered. So you’ll just get dropped into your wallet, which will be a good day.
Question number 12 — Will unsold NFTs participate in the NFT draw?
T: They won’t. At the moment, we sold 2,484 NFTs. The draw is one out of those. So the lower the number of NFTs, the lower the prize, but the higher the chance of winning. So either way, Everyone’s a winner. So hopefully, yeah, we’ll sell a few more before the draw. But yeah, your chance is better than 1 in 10,000.
Question number 13 — How will buying tickets with fiat work? Where will the reward go in case people who buy tickets with fiat win? Will they automatically get a wallet? How will prize claim look like in that case?
T: Fiat onramp, again, a very tricky feature to build. What we’re doing to make sure that we take advantage of any new money come into the system to make sure we’ve got new holders which will give us upper price movement. To answer the question, everyone has to have a wallet. So even if you onboard with Fiat, we have a Fiat onboard ramp that’s in build at the moment. What it does is — it turns fiat currency into BNB, BNB into LBLOCK. Later on it will be Fiat to LBLOCK. The prize again will be happening automatically. All prizes are paid in LBLOCK. So all prizes come from marketing wallet. Pretty standard in our structure, pretty standard in the market. So there will be actually upward price pressure because on conversion from Fiat to LBLOCK, we’re obviously buying LBLOCK on the market on a DEX. So it’s actually a positive thing. And yeah, we’ll also be creating people new wallets, which is good to the entire ecosystem.
Question number 14 — Can you give us more insight about the upcoming marketing?
T: We’re working on multi-channel marketing. We’re focusing on on the first giveaway launch to attract new investors and players. We’ve got obviously a lot of ambassadors signed up now. So we’re looking at utilising boxing charity in our sporting ambassadors to again look for new money in non-crypto audiences. We’ve got a huge amount of content coming out, editorial sponsored articles and display and social advertising, targeting 30 Different countries with a strong call to action to enter a giveaway by NFTs. We’re talking with the Out-Of-Home advertisers.
So bus stops and those big billboards and those kinds of things to target high traffic areas in very specific geolocations to drive new money to giveaway. We’ll also be looking at Community and Social Media activations as we launched the first giveaway, and also we’re looking to expand the boxing, it has been quite successful. We’ve had a lot of inquiries, just from the Dillian Whyte kind of sponsorship and the other things we’re doing right now. So we’re basically focusing mostly on the new money. Obviously, this is this is another thing that kind of doesn’t look at isn’t affected by the bear market. If you’re looking at products that have low yield out there, people are willing to kind of throw money into things that have stability. And again, with with the marketing spend, we’re looking at giving ourselves a lot of gravitas, a lot of prestige that people trust us, that they’ll come and work with us.
Question number 15 — What do you think of the bear market coming and the possibility for Lucky Block to still explode? What will you do to beat this? Do you think we could beat the previous ath, even with this bear market?
T: Interesting question, seeing what’s happening right now. This is my fourth cycle in crypto. I mean, what it is — a bear market downward trend. So I think a lot of people need to zoom out a bit and think about what we’re doing it. So what we’re doing with Lucky Block. We’re creating a Web3 platform that enables people who like to interact with games to participate. We’re opening up a global market, as opposed to a market which is structured in one jurisdiction. What we’re doing right now, so in reality, we can talk about a bear market or a bull market, really, it’s just a trend. While we’re at the bottom, who knows, in reality, what we’re looking for what you look to do, how I made my money was by holding by looking at looking at things that did outperform the market, by their functionality, Lucky Blocks functionalities, we’re looking, we’re highly focused on bringing new money into the market. So we’re looking at converting people that already enjoy the mechanics of what we’re doing, but they have no understanding of Metamask, etc. So our job is to convert those people and bring them to the market.
If we think this way, then we don’t really care that much about what’s happening. The other markets really, there’s a knock on effect. There’s really to do with people that are being liquidated by Luna, so they sell their Lucky Block holdings. It’s not really to do with the fundamentals or with it. So is it possible for Lucky Block to explode? Sure. It’s unlikely to explode while there’s a downward trend in the market. What I would say is we’re building now so that even if we look at a new cycle, where they’re at the bottom, for example, if you bought Solana at the bottom of the market for $2. If you were smart you sold it at $200.
There’s also plenty of coins that were built in a bear market and exploded in the next cycle. So in the short term we’re looking to bring the money in constantly. Explosion to me is 100x — 1000x, unlikely until we have a trend change. But what we’ll do is we’ll support it as much as possible. We’re looking at the accumulation period right now. We’re looking at the start of a new cycle and that comes with Bitcoin halving. In reality, wealth is created from holding. Zoom out. Warren Buffett didn’t get rich by day trading. He bought at the bottom of every cycle and sells at the top. And that’s kind of the mindset you need to have if you want to continue to grow your wealth.
Thank you for reading the recap. Terence will join us for another AMA soon. Please make sure you follow our social media and subscribe to our newsletter to stay up to date with the latest developments!
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P.S. Message from Terence to our community sent this morning:
Morning all. You won’t find me in here that often . But this week is an extraordinary one. I have been through 4 cycles now, Lost 95% of my crypto in Mt.Gox , and every time its has come back. You all really need to zoom out and look at weekly / monthly charts. I know so many people that panic dumped in 2018, only to see their tokens go up 1000% plus in 2021 . As much as we are all holders and do not want to lose Fiat value now, there is no sense in stopping what we are doing. In fact when the market drops like this we have less competition so get higher value.