ArtWallet AMA Recap

31 Oct 202121:17

AMA

ArtWallet AMA Recap

Myko (CryptoDiffer)

Hello, everyone!😁

We are glad to meet here:

Joel Dietz, Founder

Joel Dietz

Happy to be here!

Myko (CryptoDiffer)

Welcome, Joel, nice to e-meet you)
We have prepared some questions to start with, are you ready?

Joel Dietz

yes, absolutely

Myko (CryptoDiffer)

superb
Q1: Can you introduce yourself to our community?

Joel Dietz

sure, I'm Joel, I'm an artist, researcher, author, and entrepeneur
I did a bunch of stuff early in the Ethereum community like start a bunch of meetups, host Vitalik, help creating the concept of "gas," start the first academid work on "cryptoecnomics" and start Metamask
then I worked on bunch of decentralizd governance protocols and whitepapers
then I work on some funky art projects, including AR/VR tech, some other AI generative art, and big burning man installations
then when the NFT space started I was like "that's pretty cool"
"we should tie it all together"
but I didn't like eveyrthing about the NFT space, I wanted to build better infrastructure so that you could do things like spotify but iwth NFTs
so that's how Artwallet was born

Myko (CryptoDiffer)

ahah, great motivation

Joel Dietz

I also didn't want to sell something to my fans without guaranteeing that there would be somethign still there in a decade
I'm a marble and steel kind of guy
despite my love for crazy AI visuals and all that
so figure out the details behind streaming and persistant storage were key elements driving me
basically the more we can build the cooler in my opinion
and i think we are just scratching the surface of what is possible with the metaverse
but I guess I shifted in mindset from wanting to be the first to do something
to doing the biggest and most epic and most enduring projects
I'm still not convinced that any blockchain released so far is "the one"
you can see a lot of my projects at cryptoapollo.io

Myko (CryptoDiffer)

okie
thanks for the introduciton!
let’s continue with your new project itself
Q2: Can you introduce ArtWallet to us?

Joel Dietz

oh yeah sure so I have a innovatoin process so to speak
a couple times a week I have what I consider to be pretty good ideas
and I will write out the project plan and idea
NFT Smart Wallet

Within Defi generally and NFTs more specifically there are several features which are under developed both with respect to wallet software and related facilitating technology including:

[0] Energy consumption and ecological impact of NFT issuance
[1] Embedding the actual digital content into the NFT (i.e. standard delivery service is through web site and digital media is hosted offsite in a non-permeant media form)
[2] Wallet syncing and registration does not work consistently across platforms (e.g. timeout errors, infinite looks locking to a particular account)
[3] Onchain asset swapping (e.g. between ETH and wETH) works inconsistently
[4] No cross chain asset swapping (I.e. no embedded exchange or DEX)
[5] No notifications of collatoralization ratios or other useful tools for large cap yield farmers
[6] No calculations of yield farming possibilities, recommendations, or automated deployment
[7] No guarantees of dapp operability and low native security due to browser based implementation method (e.g. dapps or app interfaces can have implementation errors)
[8] No filtering out scams and other fake projects
[9] No ability to onboard traditional banking partners for automated yield farming
[10] No native support for governance primitives (e.g. DAO based voting mechanism)
[11] No ability to “lock” NFT content to a specific consumer (i.e. all the content is by default copiable and easily distributed)
[12] No native cross chain wallet support (e.g. reconfiguring RPC nodes is laborious)

With respect to the above, Metamask (a project I started, see historyofmetamask.com) partially addresses 1 and 8, but was designed only to be a browser extension wallet in an era where the primary importance was giving people accessibly to dapps. Currently, given the more mature nature of the overall Ethereum ecosystem, the presence of other chains with significant volume and a massive art and collectibles market, it makes sense to a full cross platform app that includes your content itself.

Moreover, the market for certain features of an NFT smart wallet, including a media delivery vehicle (11 above), are themselves at least “Spotify size,” insofar as the market for streaming audiovisual content is large. Additionally, through our celebrity media agency (1ofone.io) and other partners we have a long stream of talent already signed to utilise these services.

Implementing a NFT native enterprise grade version of Metamask is a significant engineering challenge requiring X engineers from the outset scaling up with an initial round of $Y providing financing of the project for the next 18 months. The most obvious monetisation model on a percentage basis for any fees related to locked audiovisual content streaming, similar to iTunes.

Progress:
[1] Three engineers engaged to look at NFT blockchain back ends
[2] Test app done on Google Flutter
[3] Research on related audio codecs that support stenography
that's a bit of text but that was the first draft of the idea
but unfortunately I was hanging around Dubai in April time frame and not a lot of entineers hang around dubai wanting to build projects
it's more a finance place or just a place people come for vacations
but thankfully I ran into some folks from Hacke nand they said "we can build this' and so I flew to Ukraine and met some pretty bad ass programmers and folks
and then we started building some momentum around the project
but basically teh idea was to look at eveyrthing in the NFT space and see what's missing
and how we can build all fo that in the most secure and lasting way possible
along the way we ended up meeting with a lot of fine art dealers
and understanding how that world works so staretd to setup some joint ventures and such too
so all in all very exciting
our team grew quite a bit since then we now have quite a bit of investment and 15 people working on it and even some acquisition offers trickling in
so I have just been buliding confidence gradually
especially with the quality of the partners
many of whom come out of traidtional media spaces
and we have a lot of features planned too
once you get deep into the metaverse
and the new types of experiences
just in generla if you look at teh NFT wallet space there are a lot of missing things
https://store.steampowered.com/app/500470/Emergence/
here's a cool app i started back on the steam store
if you can imagine just that the world is becoming more and more immersive
more fractals
and we need to build all of the facilitating infrastructure
any more questions?

Myko (CryptoDiffer)

sure
we have one more introductory question!
sry, just got stuck thinking about fractals
here’s the question
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?

Joel Dietz

oh sure
haha
there's so many things you can do with fractals
but sure we are doing the crypto apollo drop at NFT BAZL
in 4 days
which is sort of our alpha version
because along with selling MVPs we are creating secondary abilities of the NFTs
that will be revealed in the app
first thing is you can win this car
(is uploading)
and various other prizes to go along with them
which illustrates the concept of basically integrating things of tangible real world value with the "metaverse"

and just is super cool because who doesn't like an NFT car
and then basically our app is coming out shortly after that in the nov/dec time frame
and you will be able to claim the car (or other prizes)

and access other audiovisual streaming content, etc.
so basically you should get in on the drop
first 111 pieces are going up during NFT BAZL on monday
also apollo is the god of various cool things like the sun, honesty, conquering energy, and genreally badass stuff
so we plan to basically just keep on doing bad ass stuff
and we are always open to idea
I'm a veyr high energy person and I love to do things that have never done before
also very excited about play to earn games and the gaming space as a whole
we have some as of yet unannounced partenrs from that area
acutally its another of my hobbies for a long time has been game design
and this is a bit like a game
but the nice thing is that we can all win together
as these NFTs become worth more and more with time
in fact, they will I assume be the first NFTs to also be locked in a guarenteed storage unit which is one of our joint ventures
so that purchasers can be sure that they will still have access to all the good stuff for decades

Joel Dietz

I don't know what NFTs you have that you would give to your kids
but I have some pretty epic NFTs right now, def. wouldn't want them to be lost
but still feel very much we are in the "Beta" version of this industry
and we need to grow up a bit
one other key issue is just multi-chain support
its a much more complex world now than when i started Metamsk
so basically we are planning to be multichain from day one and always be able to integrate all of the different main chains into our wallet
and have a unified visual experirence
and provide the valuation
i like open sea and what they've created
but there is so much activity in other parts of the metaverse
other chains, etc.
personally done quite a bit of work with solana, cardanoa, polkadot, matic, other layer 2s, and flow
not to mention BSC

Cryptodiffer Community

Can you tell us if the ArtWallet smart contract is fully audited? If so, with which company did you achieve this critical process for the proper functioning of the project? If not, how can we know that this project is not a SCAM project?

Joel Dietz

We are working with Hacken for this project which is a smart contract auditing firm among other forms of cybersecurity so they are very concious about their brand and so I am not concerned about being considered a scam or anything like that.

Cryptodiffer Community

1. Why did you choose Daisy launchpad over other popular Launchpad like Polkastarter, Ignition Paid and rest for your IDO?

2. Don't you think this might affect the participation rate since the Launchpad is not that popular? I may be wrong though, just wanna hear your opinion?

Joel Dietz

It's a new launch pad so we are still figuring out some details with them so we still have to see.

Cryptodiffer Community

When would Artwallet be available for download on Google Play store and iTunes ? How easy is it to use Artwallet and how's the security of the wallet ?

Joel Dietz

yes its going to be a native mobile app for both iphone and andoird but the version i'm most excited about is the downloadable wallet since I think we can put all of the power user features there.

Cryptodiffer Community

Hi! 🎨

NFTs are expensive. That's why it is important to keep them safe. Is ArtWallet safe? Can you please tell the Security system of ArtWallet?

@idietz

Joel Dietz

NFTs are expensive because gas is expensive but they wont' be once play to earn games take off on layer 2 protocols There will be lots of cheap NFTs everywhere. But yes, security is one of the most important things to us.

Cryptodiffer Community

- In your documentation I read that Art Wallet can allow people who have never touched blockchain before to try an NFT for the first time, can you tell us a bit more about your plans or strategies to make this happen? In what way are you going to make NFTs known to these people?

Joel Dietz

Yes I also helped start a celebirty agency that did the Mike Tyson NFT drop among other things and we have a good sense for all of the sports fans that are out there that don't want to understand blockchain but just want to collect and play games and so we have a plan to connect into these larger marekts.

Cryptodiffer Community

🥇 Can you tell us a little bit about how the NFT rental process will be handled at ArtWallet? How will the rental rates be set? Will it be decided by the owner of the NFT? What are the conditions for renting an NFT?

Joel Dietz

Yes this is something we've been discussing a lot internally and it largely depends on our launch artists which are currently being decided, but there is a pureist token model which could work quite nicesly but also a legally binding revenue streaming model which might be more tricky to pull off. This is one of the most exciting things that we can do but I'd say its more of a late q1/q2 sort of feature.
Well since we are doing this cryptapollo launch now we need to have all the prizes, etc. ready for Decenber time frame and that is all going quite well.

Cryptodiffer Community

You point out that ArtWaller is "the 21st century version of iTunes and Spotify", but is this referring to the fact that they will be much more modern and more attractive music commerce platforms? Or simply that they incorporate tokenized products that protect the author's content?

Joel Dietz

More the second. you could also use only fans as an example, but many creators don't want to give away their content. So basically we can make it so that the NFT gives you access to the more exclusive high end content. you could think of it as the "pro" version of NFTs.

Cryptodiffer Community

some investors only focus on short term token price instead of understanding the real value, Can you tell us the motivation and benefits for investors to hold your token long term?

Joel Dietz

sure well a lot of the features i discussed including rental is very impactful of token price becuase you need the tokens to rent objects and the overall market size of audio/visual/media/netflix/hollywood is quite large so I think you can expect that smart money will hold just becuase they realize how big the opportunity is

Cryptodiffer Community

Can we do NFT staking in ArtWallet? Is there an NFT purchase feature? Can I create personal artworks and create my own collection in ArtWallet?

Joel Dietz

aha , NFT staking is something cool we've discussed and I have a bit of a plan for it but not sure quite when it will happen

Cryptodiffer Community

How will the app work considering A2A (artist to artist) and A2U (artist to user) cross communications? Do you aim to be social media platform of this world?

Cryptodiffer Community

Back in August, Artwallet organized a special contest for real NFT lovers, I'm a big Fan of NFTs and its quite unfortunate that I couldn't participate because I'm just getting to know about Artwallet through this AMA. Will you guys organize such contest in the future for those that missed out? I would love to showcase my Talents as an Artist, will you give me an avenue for that?

Joel Dietz

yes we are excited to do more contests and to highlight more upcoming drops

Cryptodiffer Community

I observed that the NFT market has taken a break, the number of sales and their total value has decreased. So isn't this a threat for a project like Artwallet which solely focus on NFT and metaverse? Shouldn't you consider offering more products to help you gain participants from other sectors in the industry so that even if the NFT hype reduces you would still be relevant in the industry?

Joel Dietz

It dropped for a bit and now is back and going faster than ever, especially the play to earn space. NFT is way bigger than art though and we are embracing the whole market sector so i'm not worried at all. Also I welcome shake outs since only the strong seruvive.

Cryptodiffer Community

Staking, Farming and NFT are 3 area strategies that are quite attractive to investors. Does ArtWallet offer the 3 most competitive options? Or is ArtWallet still planning on that?

Joel Dietz

yes yes and yes

Cryptodiffer Community

While exploring about ArtWallet I encounter with one unique feature that it provides a
“Media Delivery Vehicle for Unique Audiovisual Playback” Can you give more information about this feature and what was the purpose to launch this feature ?

Joel Dietz

yeah its simple but in general for places like netflix you pay to access content and we are doing to do the same but behind NFTs. But we will also allow artists to sell limited editions of a work and then have their fans (who own the content) share in the rental revenue of the content
which is actually a pretty awesome amazing new business model in and of itself
okay I think we are out of time
I hope someone from this group wins that car

Myko (CryptoDiffer)

fingers crossed
Thanks a lot, Joel!
it was a real pleasure to host this ama