[NEWS] RECAP FOTA AMA EVENT: THE SHOW THAT YOU DON’T WANT TO MISS
Livestream: FOTA AMA event: LET’S CATCH UP ON THE BIG UPDATE
Time: 20:00 on Sept 20, 2022 (UTC+7)
News of FOTA
3 main parts 1- The most thorough & clear introduction from the gaming-publishing team about the new changes and updates in the last Big Update Version 1.0.1 2- Reminder about the event: Bonus 10% Reward 3- Meet & Great – Answer the community’s questions about the Big Update Version 1.0.1
Summarize about the new points and the most prominent changes in the latest updates
COO/CPO: Before going into the main concern of the above question, I also want to share a bit of the ideal FOTA pursues: As you know, we started to introduce the project at the end of November 2021 and we had quite a long time before that to prepare the first documents to design the project, We realized the gamefi market at that time was where most of the projects only attracted users with financial factors, not gameplay. Therefore, it made users not care if the game is good or bad, but only become interested in making a quick profit; and as you have seen when the financial attraction was over, when the inflation hit , users also left because there was no reason for them to stay and so the project came to an end and that is not the business philosophy that we want to pursue. We want to provide our users with a valuable and well invested product that takes our determination, resources and time. Since then FOTA was created with high standards of 3D graphics to become hardcore game. We know such standards will require a lot of time and effort to perfect but in return we can achieve our goal of creating a game of quality in terms of graphics and gameplay with unlimited development. As we build everything from scratch without inheriting any previous resources on source code or art. Nowadays, you can see that 90% of GameFi projects reuse the source code of the traditional games. It saves development time and cost, but in return it cannot be expanded later on. And only when GameFi is really a game will it keep users engaging because, other than financial reasons, it must be entertaininng for users, that is the most important point that we want to aim for. When the quality of the product is good and users find the game worth playing for its leisure features then other aspects will grow as well. In the near future we will continuously improve the user experience in the game as well as introduce new gameplay modes to make FOTA become an Esport game so that anyone can come to experience it even without investment or concern about the financial element of the project. Back to the above question, the biggest reason to have the update is that the Business model system in the game was originally designed to be fair to everyone regardless of how big or small the investment and the ROI ratio was suitable to help the project develop in the long run; as you all know fota is an onchain game which means that the logic and data related to the financial element of the game are 100% handled by the smart contract and it takes only 1 Small errors like a logic error occur will also cause the fixing process to be time-consuming. And after a few days of the game launch we discovered that our contract had a serious logic error that caused the cash flow of nft’s investment operation to be manipulated, you can imagine that the error made it possible for an investor of 3 NFTs to be as profitable as the one who invested in 10 NFTs and because of some limitation in the capability of how to handle on the contract, we need to change some elements to get the system back to the safety. That is the original desire of our team. We’re sorry about this, but it’s the best way for us to protect the project and protect our users.
Talk about the Energy’s new mechanism in this version
COO: It is true that we changed the energy calculation formula, but this change is only in terms of the formula, but in nature, it still keeps our original intention that 1 NFT can play 3 PVE matches in a day. In the old formula, we calculate the energy per level but the energy cost of each stage also increases gradually to ensure that 1 NFT can play 3 games a day when they always play at the highest Mision and do not use 1 NFT’s energy to play another NFT. Once again, I would like to emphasize that it only changes the formula, not the nature that we want users to aim for.
The changes in the skill system and the HeroNFT skill upgrade mechanism
COO/CPO: After the first days of discovering the error, we also know that if users keep playing low Mision to get the highest profit, they will Maxout their profit before reaching the maximum level, we also have the support team to warn about this problem in our working groups as some sort of advice and reminder, but we know that it’s very difficult because everyone still wants to make profits as quickly as possible, and in the case like you said, there are people who have already done reached Max profit of 200% while if there is no system error, it would take them longer to reach this profit figure and also their NFTs would have a higher level.
All Rewards when finishing the game will be converted from USDF to FOTA immediately and will be pending for 14 days before users can claim them. However, this reduces the Reward value that the player can receive.
CTO: First I want to share the meaning of the introduction of the USDF: USDF is our ingame conversion currency that helps us to have a NEO calculating value to lock in the value of NFT when trading, as well as playing games; it helps users to easily calculate their progress of making profit when knowing the formula to calculate the number of FOTA received after finishing 1 game. The nature of the token flow is User deposit with FOTA to buy NFTs and claim the reward in FOTA; USDF is the medium to convert and estimate, because the token price is always fluctuating according to the market and the game cannot decide the token price outside the world. Therefore the game needs a currency to keep the NFT price fixed, and so USDF was introduced. So the nature of USDF does not reduce the reward value of the recipient, but on the contrary, if it does not appear, it will reduce the value of the recipient’s reward. Just imagine if the game Rewarded you with FOTA; specifically in Mission 1 after the game you receive 10 FOTA, then you will not know exactly how much the reward is because it depends on the market price of FOTA, so it will be difficult for you to have a formula to calculate the ROI ratio In terms of inflation. The more players, the larger the amount of FOTA being released into the market, it will create an unsustainable model because at some point the number of new players does not increase but the number of old users still claims a certain amount of tokens, sooner or later the economic model will collapse.
The change in the way Ownprice and Maxprofit are calculated
CTO: The core issue is a system error that has made NFTs reach 200% Max profit much faster than the estimated time. It’s like you only need to study 2 years of university to have a diploma instead of 4 years and it cost double the amount of money just for some reason. And I don’t believe any gamefi project currently has a ROI ratio up to 200% a month because it would cause the economic model to collapse rapidly due to inflation. I think those people should probably glad that they are lucky, but as you all know the game is essentially a mining token model for fun through playing the game, it’s like you mine bitcoins with your computer, here you mine FOTA tokens by playing games for reward via the contract, not that we transfer it to you. The price of FOTA is decided by the market conditions and we all know that the price is experiencing a downward trend because some players reach Maxprofit too fast, so I hope this update will help stabilize the ecosystem and those of you who have earned X2 on the tokens used to buy NFTs, please believe in the project and consider it a long-term investment because we focus mainly on the intrinsic value of the project, which is the product and a high-quality product will push the number of users to increase gradually leading to Financial factors to develop accordingly.
The actual gas fee is still not lower than the old price. And share more about the new Update of Smart Contract
CTO: To answer this question completely, I have to say a lot about the technical factor but it will be difficult to understand for the majority of our community here so I can only share the simplest information: Regarding gas fees, when BLockchain performing an interactive transaction with a decentralized system, the amount of gas fees depends on the amount of steps that the system needs to process, the more steps, the higher the fees. The such fees comes from BSC, not us. And we have also tried to optimize the internal process to keep the gas fees as low as possible, this new update makes some gas fees lower. For example, the process to finish the first game of the day and especially for wallets that have a lot of NFTs will require lower gas fees. By the way, I also reveal that we will launch the Daily Quest feature tomorrow and this feature was born to connect between FOTA game modes as well as create tasks for users to perform from time to time. For more details about tasks and rewards, please wait for tomorrow’s announcement. As for the Smart Contract update that affects the claim feature of the pending USDF value, because the update requires the pending value to be counted as the FOTA value, not the USDF value, so if we allow the user claim by yourself, the number of FOTA users received will be equal to the number of pending USDF at a 1:1 ratio that is not true, so we decided to lock the claim function on the web instead, we will give up a very large amount ourselves. Most of our own tokens have been bought back before on exchanges to transfer directly to users on the data that we calculated based on the time of finishing the game before, because we did not claim on the web, so 14 days after the update then on the web it will show the missed claim command because of the fact that we have compensated you for the reward, not the smart contract that was dug out.
Event Bonus 10% Rewards
COO/CPO: To encourage users and newcomers to experience FOTA’s gameplay after the update, we have launched an event that will give Users 110% rewards via our game modes until the end of September 30th. On October 1st, we will reward our users with our own tokens.
The upcoming directions in the next updates
COO/CPO: We are trying our best to bring users new updates on gameplay, I can mention a few things like: The first is the Submisson system: Currently, each NFT can only play up to 3 matches in a day and each game costs gas fee to confirm the transaction; as a result, will be difficult for users who want to have more time to play the game unless they buy more NFTs, because of that, the submisson mechanism allows Users to experience more attractive submissons without having to spend any money to confirm at the end of the match. Therefore they can enjoy the game without having to worry about the fees. The second is the “FOTA SEASON” mode, this is a mode that will turn FOTA into a real Esport game with a FREE TO EARN mechanism, gamers will be able to use all the heroes that can participate in ranked matches with other players around the globe and reap great entertainment moments with the opportunity to Earn valuable rewards from FOTA’s ecosystem. This is the game mode that helps us attract a huge number of active gamers in the global MOBA game field. And as you know, if you want your project to achieve great success and form partnerships with organizations around the world in many aspects, owning a large number of users is the most important factor. CZ – CEO of Binance once said in an interview that in order to be listed on Binance, CZ only cares the most about whether the project has a huge amount of acctive users in the ecosystem before taking the product of that project into consideration. The third is the Training Room mode: This mode allows new Users to enter and try out all the heroes in the game so that they can learn and experience the power of the heroes before going into real matches. Last but not least, we will organize online and offline tournaments in cooperation with big partners with valuable rewards to stimulate the development of the project. In addition, there are other macro development strategies, but I think I have already revealed a lot and the rest I hope you will always follow along on our upcoming development for more new information.
Video about PvP mode Share more about the upcoming events and roadmap of the projects
[Slideshow of video recording PvP feature] [Watch video at: Link] COO/CPO: – In addition, there will be more Daily Missions soon. By winning 3 matches, you will receive 3 USDF as our bonus rewards. Answers about our Roadmap: At the end of October, we will TRY to launch Training room, Submisson, and FOTA SEASON.
Speakers share their feelings
COO/CPO: I myself have started developing games for nearly 10 years, so the process of developing and operating a game methodically is really not simple and certainly difficult to avoid shortcomings or problems such as game bugs or complaints. As you can also see, there are games that have been released for more than 10 years but still have to update and fix bugs every month and so user comments are very important to the development of the game. Therefore, we hope to receive the love, support and suggestions from all of you, we will try our best to make FOTA better and better so that we can bring FOTA to the next level. Moreoever, I would like to thank all of you who have always believed and supported us for the past couple months. CTO: Today is quite emotional, because I’ve had a thought about these updates and how it impacts the people playing and investing in this game. When I make a product, I always want to bring value to the players who invest in the game. Everything always has 2 sides of the coin: the good impact, and the bad or negative one. We always try our best to find and fix the problem, to improve and bring the best experience to the users. You can also see the change of Aether from 10$ to 5$. We always try to support you whenever you have a problem, to protect you and your investment or value by developing Contract Treasury mechanisms to return value to the community based on Ownprice value Moreover, I am very grateful for the support and trust of players and investors with the project and everyone’s encouragement so that the team can improve more and thereby weaken the fun factor and make the investment factor (in NFT, crypto market) achieve the best score for the player.
Why is Maxprofit = 200% FOTA Ownprice? While FOTA token is always volatile and this will cause disadvantages for players
The rise and fall of the token price of any project will depend on many factors including tokenomic distribution, market sentiment, security and management of external circulating supply, etc. … The most obvious factor of them is the problem of momentum management of the total amount of tokens circulating in the market, inflation will happen if the number of holders or the number of tokens held does not increase while the tokens keep releasing via gameplay. As I explained, the nature of playing FOTA’s PVE mode is a token mining mechanism with the capital being the amount of FOTA spent to buy NFT and the profit being the amount of FOTA claimed. With the formula calculating in fixed USDF will help avoid price deduction in either the following cases: In the bullish market, the token price will increase while the quantities remain stable, which whill support the project to thrive. On the other hand, in the bearish market, for GameFi projects that reward a fixed number of tokens per mission, when the price drops, but the amount of tokens received remains unchanged, it will only be more disadvantageous for the User in terms of profit In the case of FOTA, we allow the User to claim more tokens when the market is down because we divide the USDF by FOTA price to secure their profit. But if there is no limit point, the amount of tokens claimed will be infinite leading to an unrecoverable domino effect because the lower the price, the more you can claim and it become a cycle that will cause a plummet in the price. Therefore, the 200% figure is the barrier to ensure an effective recovery, and it also comes from the counselling from our major partners including the Binance Chain.
What will happen to my unused Aether that I bought at the price of $10?
Those who have bought Aether but have not used it will receive an equivalent amount of new Aether from the system (the system will transfer it directly to the user).
After the big update, FOTA has changed the rewarding system, so now there is a certain amount of pending rewards that has been deleted, can you explain it to me?
In this case, it is absolutely sure that the Hero NFT has exceeded 200% FOTA in the past 1 month, so the system will automatically remove the excess rewards. In addition, the ROI ratio calculated in FOTA for that NFT has reached 200% / 30 days while it’s supposed to be a couple months. Since it is faster than expectations, it causes the price ratio to decrease because Supply is larger than Demand.
When will the remaining platforms become available (i.e [for example]: Mobile, MacOs,…)
The Mobile version is still in development and for now we can provide teasers for your reference. The game will be available soon but we have not yet announced the exact launch date as it relates to the business development strategy that we are aiming for. We can assure that the coming months FOTA will have a lot of new things to offer our community and the mobile version is one of them.
Due to the changes in updating the Smart Contract, when will the display of “Miss Claim” on the website return to normal for claiming rewards like before?
The “claim reward” function on the website will resume from October 9th onwards.