AMA with TooNFT

On the 19th of April, 2022 at 10:00 UTC, Decentralized Club had the honor of hosting Joshua Park from TooNFT for an Ask-Me-Anything session on their Telegram page with a community of over 100,000 people. It was hosted by DC Admin, May.

The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.

If you missed this event and would like to know what TooNFT is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 — Introduction

[May]
Hello, 안녕하세요, नमस्ते, สวัสดี, Selamat, 大家好 !

My name is May and I’ll be hosting the AMA with TooNFT.

We have a super guest in the house from TooNFT!

We’re excited to host you!

Welcome to our community

[Joshua Park]
Hello May! I am happy to be here! Hello Decentralized Club, it is pleasure to e-meet you

[May]
The pleasure is ours as well!

How are you doing?

How’s your day going?

[Joshua Park]
Doing great! How about you? It is the end of the working day in South Korea, but I am full of energy for AMA

[May]
That’s amazing!

I’m great as well!

Can you please introduce yourself to our community? Tell us your role at TooNFT as well 🥳

[Joshua Park]
My name is Joshua Park and I am the CMO of TooNFT, an innovative and decentralized NFT infrastructure built on top of Toomics, one of the biggest webtoon providers globally, as well in South Korea. As the head of global marketing, at Toomics, we have built a solid base and foundation to give TooNFT the support it needs to grow into a successful business and reach out to a global audience. With my marketing expertise in the current webtoon market and industry, as well as the know-how that I have learned at Toomics, I have high hope and confidence that ToonNFT will have sustained success and develop into one of the biggest global NFT platforms in this market.

[May]
Wow! An impressive introduction!

Good to have you with us!

[Joshua Park]
Thank you for your warm words!

[May]
You’re welcome!

Can you tell us about TooNFT and the inspiration that got it started?

[Joshua Park]
Sure thing! In a nutshell, TooNFT strives to establish a decentralized WebToon market by implementing a transparent compensation system based on blockchain technology. Through the utilization of cutting-edge technological advancements like smart contracts and NFTs, the TooNFT team discovered an opportunity to eliminate the role of middlemen and create a transformed decentralized WebToon ecosystem with features such as transparency, fairness, and a focus on creators and consumers.

[May]
Beautifully answered

What innovative solution is TooNFT bringing to topple its competitors with similar offerings in the NFT sector?

[Joshua Park]
TooNFT is pioneering in the blockchain-based webtoon platform to provide users the unique possibilities in terms of direct interaction between writer and reader along with the chance to own content. In the blockchain space, there is no Web3 platform that would give more multidirectional capabilities to users and creators. So we are going to be the first project to build a webtoon NFT ecosystem.

[May]
👏🏻👏🏻👏🏻

Can you tell us about the most prominent features of TooNFT?

[Joshua Park]
Briefly, the core functionalities of TooNFT are:

1. Directing exchanges between writers, readers, and investors without a middleman
2. Creating a transparent compensation system for investors and creators
3. Turning WebToon creations into tradable NFTs

[May]
👏🏻👏🏻👏🏻

Please give us a summary of your 2021 highlights and what major news should we look forward to from TooNFT in 2022?

[Joshua Park]
Although It has not been so long since we started building the TooNFT infrastructure, we should mention the fact that it builds its infrastructure upon the existing ecosystem and the base of Toomics, which is the leading webtoon company in South Korea with around 60 million users onboarded. The main highlights of 2021 were the successful fundraising with the onboarded leading VCs and the TOON smart contract audit by SlowMist company, which is one of the most trusted smart contract auditors based in China.

[May]
Looking forward to many more developments from the team!

Are you ready to take questions from our Twitter community?

[Joshua Park]
Yes, I am ready! Let’s go!

[May]
🚀🚀🚀

Segment 2 — Twitter Questions

[May]
Earning in the game is important, but having fun while earning is also important. To what extent does #TooNFT_official focus on the entertaining aspects of the game? What measures are in place to help make the game suitable for everyone, including non-crypto people?

Twitter Username: @Mahatab1230

[Joshua Park]
Thank you for your question! There is a lot of buzz around games in the blockchain. Even though we are not a game platform, we consider TooNFT as a content entertainment platform, because webtoon itself is categorized as entertainment. But TooNFT is not in the gaming industry and does not possess a play-to-earn concept itself. You can think of it more as a read-to-enjoy and perhaps earn to a certain extent concept. We believe it is as much enjoyable as playing games because the webtoon readers really love content that eventually turned into “snack culture” in many Asian countries including South Korea. Additionally, with the introduction of a reward system, it is expected to bring even more users into the webtoons market.

[May]
Beautiful!

What are your plans to increase awareness about your project and $TooNFT usecase? How do you plan to grow and increase the attraction of investors in the future?

Twitter Username: @Kruchkova3

[Joshua Park]
Good question! Personally, I believe that working on the growth of platform users is one of the essential parts of any project. It is a very time-consuming and expensive process to attract new users to our platform especially in the cryptocurrency industry, however, we believe that webtoon as an industry is doing great these days. The reason for such popularity is that webtoons are extremely popular in South Korea since some of the most popular K-dramas were based on ordinary webtoons. Thus, we believe that the overall industry will be globally popular in the coming years which will attract more people to webtoon-related businesses.

[May]
👏🏻👏🏻👏🏻

Not all NFTs offered in the marketplace are valuable, so how does @TooNFT_official ensure that the NFTs produced, published, and traded on its platform are valuable & successful? What strategies will be used to make it competitive in this market?

Twitter Username: @DAD2829

[Joshua Park]
This is a great question to answer! If we look at the current trends, we might notice that many people trade NFTs without understanding the core value and utility of those NFTs. Yet, there are great cases with real intrinsic utility value. The NFTs that are planned to be offered within the TooNFT might possess great potential in terms of having utility value once the interest from the audience in the webtoon increases.

[May]
Interesting!

What’s the most ambitious goal of your project? What’s the ultimate vision your project is trying to achieve in the crypto market?

Twitter Username: @PoKholodov

[Joshua Park]
The ultimate goal of TooNFT is to create a new way of looking at webtoon content creations in terms of their value, ownership, barriers to entry, and the role of middlemen. By now, many people should know that created pieces of content could be much more valuable thanks to blockchain and the Non-Fungible Token concept. However, there are many fields where NFTs still can make huge changes in terms of fair profit allocation and ownership visibility and webtoons are one of these fields. We are building the platform with the belief that through the decentralization of the webtoon industry, we can positively impact thousands of creators having a hard time entering the industry because of the existing high barriers and inability to monetize their content.

[May]
Many artists/creators have reported that their work has been printed to NFT and traded without their permission. Will something like this not happen on TooNFT? How are TooNFT committed to supporting originality and protecting artists from piracy?

Twitter Username: @Robi888888

[Joshua Park]
Awesome point. Indeed, it is a common problem for many content creators when their work can be illegally distributed and it would be a complex process to prove that intellectual property was misused by a third party if NFT would not exist. But thanks to the new technologies, it is not a big issue now to deal with the IP or copyrights misusage if a content creator’s content is in the form of NFT. In case any piracy content from the TooNFT platform is detected to be misused by someone. The unique address of the creator reflects the original, which can easily be verified by checking the network and the metadata of the NFT.

[May]
Good tracking strategy!

https://t.me/decentralized_club/791089

I must say we have been having a very insightful session! Learning so much about TooNFT!

Let’s now take some more questions from our live audience

[Joshua Park]
Waiting for it! Let’s start!

[May]
A minute for the community to prepare excellent questions!

In this 3rd segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick five original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

AMA Rules for the community

https://t.me/DC_Court/22754

[Joshua Park]
Noted!

[May]
Dear community, as a measure to deter bots and reward hunters, please include the location of the guest in your questions.

You can include the name of the country or the flag.

DO NOT TAG THE GUEST

The group will be unmuted now.

— -Chat was then opened for the live community to send in their questions — –

Segment 3 — Live Questions

[Joshua Park]
Wow! So many questions! I guess I need some time to pick great ones!

[May]
Yes

Dear guest, as a measure to deter bots and reward hunters, your location (South Korea) has been included so you can choose original questions.

Please prioritize such questions 🙂

[Sumit]
How is TooNFT plans to Remove the Middlemen from the Industry?
& How will It help the Creators?

South Korea

[Joshua Park]
This is a very interesting question! The main problem in the webtoon market is that creators have high barriers to entering and start monetizing their content unless they do not have thousands of fans or followers on social media channels. By introducing TooNFT we want to finish these entry barriers and return the ownership of the content to the creators without having a middleman who would own the IP rights of the webtoons.

[Tavasya]
Do you think that a smooth UI and UX Experience Attract Many users, so Is users Will be Getting User-Friendly Interface on the TOONFT Platform, and Do You Also Receive Feedback Regarding UI and UX?

South Korea

[Joshua Park]
Indeed, the UI and UX mean a lot to many users. Our developers and designers are building the most easily usable platform where even non-crypto users would not have any difficulties understanding how to use TooNFT. Moreover, we are planning to create Q&A with most often asked questions about how-to-do.

[Kishan Sikarwar]
Community & Token Holders play a big role in Ecosystem Development for any Project.

Will they have the Decision making Power for TooNFT?
South Korea

[Joshua Park]
Definitely yes! The eventual goal of TooNFT is to become a fully decentralized platform where most of the voting power will be in the hands of the users. Yet, in the beginning, it is impossible to instantly become a decentralized application, so we will work on community growth and gradually begin decentralization.

[Jack matthew]
Could you tell us how secure your smart contract is? Korea

[Joshua Park]
Security is one of the first priorities for us in building the TooNFT infrastructure. Thus, we have been paying close attention to smart contract audits. Recently, TooNFT has successfully passed a detailed audit from the well-known blockchain-oriented audit firm SlowMist. You can find details in our medium blog.

[May]
Keep them coming 🥳

[Hamid Abu Shri]
What is your plan to spread awareness about your project in different countries where English is not a primary language? Korea

[Joshua Park]
Although webtoons originated in South Korea, in recent years, the webtoon concept became so popular around the world that sometimes content creators (artists) do not even need to translate their works because the fans volunteer to do so. We believe that once our project will have great content, it will be mostly translated into other languages thanks to fans. And for the users, we plan to create a multi-language option on the TooNFT platform.

[May]
@JoshuaParkAMA Can you please answer some more questions? 🙂

[Joshua Park]
Sure!

[May]
🥳

[Clelivan]
Is there any plan for #TOONFT to support more blockchains in the future? What are your goals for cross-chain convergence to obtain widespread adoption? Could you please list a few key partners who are making a significant contribution to your ecosystem?

[Joshua Park]
A great question to answer! We understand that in the current market there are different mainnets and all of them have their own advantages along with users. We believe that becoming available in the most popular magnets would be a good strategic move rather than being only on one of them. At this moment we cannot disclosure about the future partners, but stay tuned for upcoming updates

[May]
Aaaaannd it’s a wrap! 🥳

Thank you dear guest for your time with us today 😊

Any closing remarks for our community?

[Joshua Park]
I just want to thank the Decentralized Club community for being so interested in our project! Please join our media channels to be updated, we are going to have great announcements soon

[May]
Thank you so much!

[Joshua Park]
Thank you @MsMayMay for being with me today, I had a great time participating in AMA

[May]
Can you please share all your social media links for our community?

[Joshua Park]
https://linktr.ee/toonft

Here you are!

[May]
Awesome!

It was a really enlightening session!

Hope to have you back some other time!

A standing ovation to you and the rest of the team at the TooNFT HQ for their time and effort in making this project a success!

Until next time, do have a great day!

[Joshua Park]
Yep! Thank you and have a great day too!

[May]
The AMA with TooNFT is now over