FUD FAQ | A Weekly Community Thread | Week 10
FUD FAQ | A Weekly Community Thread | Week 10
Top Question of the Week
• Why is DIGITALAX focused on empowering and building infrastructure, tools, access channels for independent designers?
This question comes up more often than not. From the start, DIGITALAX was and still is, the only web3 digital fashion platform focused on truly building out infrastructure that can support digital fashion designers in being sustainably metaverse ready; it’s not just about doing NFT drops with metadata attached and being satisfied that that is enough or ok. Because, it’s not enough or ok. It really isn’t.
It’s about building an entire industry of interconnectivity that allows a designer greater optionality, the ability to maximise their upside potentiality, truly develop anti-fragility in everything that they set out to achieve, and properly establish for operation in a decentralised commercial environment. This is the future, and it is absolutely essential that they are intrinsically apart of it— not onlookers, but active, skin-in-the-game contributors. DIGITALAX is going to make sure that they aren’t left behind; that is and always has been so utterly central to our mission. In fact, it’s how and why all of this started.
And, with that said, we have always focused more heavily on the independent designer scene, not that we haven’t engaged with studios or larger brands, but, the future of fashion, gaming, the metaverse and everything in between isn’t about asymmetric large studio dominance. Web3 and decentralisation is about reducing the barriers and minaturising the walls so that anyone can access the opportunities that suit them best. Gatekeeper models aren’t authentic to what this is all about, and currently, it is the large brands and studios that block entry for independents breaking in; and they do that on purpose, because that’s part of their business model. DIGITALAX is building a digital fashion industry that allows any designer, no matter of their location, to easily plug in and start leveraging off of a whole array of resources for building out their sustainability and operational capacity. This is why we are building what we are building in the way that we are building it; from our NFT marketplace to DRIP to ESPA to PODE to Fractional Garment Ownership to DASH to the Global Designer Network to the DIGIFIZZY Metaverse Magazine to DeFi staking and more. It’s a master plan and it’s advancing and shaping everyday.
Most Common Repeat Questions
• Why $MONA?.. even after staking ends in December?
$MONA is the core utility of the entire DIGITALAX ecosystem. You can think of it like a custom and purpose built incentive for embedding sustainable value within the ecosystem. Our staking distribution, which started December 2nd 2020, lasts for one year, set to end on December 2nd of this year, 2021. Staking was implemented as a fair distribution of the $MONA token to the community, where the team took a 0% allocation. And, the conclusion of staking is really just the beginning of everything else. $MONA is what powers the DIGITALAX marketplace, accepted as the payment mechanism for our skins and 3D digital fashion items, it’s what underwrites the DIGIFIZZY Metaverse Magazine bundles, it’s what directs the livelihood streams for designers, for indie developers/modders and for players that are apart of ESPA, and soon, will also synthesize DRIP across the digi-physical realms. These are the current channels for $MONA usage, and, as we grow, the decentralised commercial models that we will implement for additional application utility extend much further than what we have in place today. A large part of this coincides with the progressive decentralisation of our ecosystem, where $MONA is also the core governance token, meaning that anyone holding it will be able to have an active stake in the entire protocol’s future through voting and proposal submissions. Further, with our new smart contract updates on Matic, soon royalty distribution from our marketplace will be in place, meaning that all $MONA holder receive a % split from sales on the marketplace just because they are holding the token and supporting the ecosystem. $MONA is truly the token for the metaverse— the player creator economy.
Top Controversies in the Industry
Not a massive controversy, but definitely one to ponder— as we craft more and more of our natively digital identities, the traditional definition of identity becomes less and less accurately aligned— our identity in a digital world is not define-able by legacy certificates or conventional KYC methods, it is much more fluid, evolving, transient. And, how we visually represent ourselves changes too. It was definitely a topical discussion for crypto artists on Twitter; how does the way we represent ourselves online, and more so, what we choose to reveal, impact our ability to connect with others, our clout, our status, our potentiality for commercial success… ?
Silly Fails and Trolling
It’s not confirmed yet, but it does seem that El Salvador is en route to becoming the first country to adopt Bitcoin as legal tender. Holding bitcoin provides a way for economies like El Salvador to protect their entire population against potential shocks of fiat currency inflation. So, I guess the silly fail is anyone that adamantly thought that Bitcoin would never have a use case other than HODL 🤔🤭.
If you would like a question answered or contribute content to next weeks article please reach out through our DIGITALAX discord server in #FUD-FAQ channel!
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