Naveen and Fluffypony will be here answering questions at 16:00 UTC on Thursday, July 13th for around an hour
Hi r/CryptoCurrency – thanks for having us today.
Accounts you can expect to see in this thread:
/u/fluffyponyza – that's Fluffypony! If you don't know Fluffypony is, he's the cofounder of Yat and former lead maintainer of Monero. Proof!: https://imgur.com/a/7Bq9CLC
/u/naveenspark – that's Naveen Jain, the cofounder of Yat, serial entrepreneur, YC alum and a prolific angel investor in startups. Proof!: https://imgur.com/i3AfoIm
Please feel free to submit your questions in advance. We'll do our best to get to as many of them as possible and answer any questions you may have.
What we’re building and why we’re excited to talk to you:
Yat is currently building Yat Fantasy, a super fun, free-to-play paper trading game where users create a fantasy crypto lineup and long and short assets to compete to see who can make the most profit for the week. We started with NFTs but are adding coins in the very near future which is why we want to chat with /r/cryptocurrency!
Each player starts with 100 fantasy ETH ✨but it’s not all fantasy – each week players take home thousands of dollars in real crypto prizes.
Yat Fantasy is designed to help onboard new users to crypto and NFTs which, let’s be honest, can be intimidating. Players don’t need a wallet, and can sign up with their email address or twitter account. We’re here to onboard and educate the next wave of crypto enthusiasts.
To learn more, join our community at r/YatFantasy and check out the game at https://y.at/fantasy-games We can’t wait to chat with all of you! We'll be giving Reddit awards for the best questions and comments as a way to show our appreciation for you all!
What do you think the biggest need for people who are coming into crypto for their first time right now is?
What’s the real point of a YAT? Do you really think they will have value in the future?
What else has yat been innovating in to compete with things like ENS?
Do you educate people on the crypto space outside of trading?
I think trading is really only one part of understanding this space and I find so many people who do trade often don’t even know what they’re buying (hence why we have so many people apeing into dog coins, rugs, etc.), so I’m curious if this game does anything else to help people really navigate the space and learn about the projects within it?
If not, how does it really onboard people, even to make smart trading decisions?
“We started with NFTs but are adding coins in the very near future…”
Interesting. So would these fantasy portfolios be kept separate in the game or would they allow you to effectively mix a portfolio of fungible and non-fungible tokens?
How do you see the Fantasy platform evolving over the long term? For example, would you anticipate that people will be able to create a private leader board to run their own game?
How will Yat, the identity product, tie into what you are building with Yat Fantasy? Would be nice to see some sort of reward system built into Yat Fantasy for those who own Yats 😉
What crypto wallets currently use Yats as send/receive addresses?
You’ve built something cool with Yat fantasy, but how does it tie into the actual Yat project? At the moment they seem like two completely separate initiatives.
How does Yat Fantasy make money for the expensive prizes you give to winners every week?
Hi,
This is a really cool idea. Do you plan to operate entirely on ETH layer one chain, or will you use something like Polygon or Arbitrum? I am curious how the context of “designed to help onboard new users to crypto and NFTs” impacted your choice here as well.
Yat burned 975 MOONs for this AMA:
https://nova-explorer.arbitrum.io/tx/0x2b6afaf74d86de97f931aa6e7a8e9e21c308d6e87f3d9f6bc8e8150ad588af85
[deleted]
I used to support Yat back in the day, but not anymore.
How do you still have the audacity to grift people after shafting your OG community the way you did?
https://imgur.com/a/sE00DRt
I remember Naveen going on an interview spree bragging how much money they made with Yats:
“Celebrities are buying into emoji-identifiers called Yats — and the creator has raked in $20 million” and other similar articles from businessinsider, techcrunch, cointelegraph, etc
“In its “generation zero” phase (an open beta), Yat claims to have sold almost $20 million worth of emoji identities.” ~Naveen Jain & Tech Crunch (July 30, 2021)
ICYMI -> Yat abandoned their community -> no roadmap, no ETA, copy pasting the same message re; lack of development for the past 2 years
Yat Fantasy Game – the newest partner/sponsorship magnet they focused their development on, abandoning all previous product development on Yat, as well as all the promises they made over the past 2 years to their investors and paid users. I guess grifting companies is more profitable than grifting your community, eh?
The game can’t even break 300 players, any number higher than that is botted if you look at the player names – but Naveen bragged about 1700 users lmao
Nobody wants to play that crap, especially nobody from the OG community that was left hanging with nothing.
Nobody wants to support your newest grift targeted towards that sweet partnership money, even if there are some prizes involved.
Let’s take a closer look:
The 20m in Yat sales (as of July 2021 techcrunch article)
But before the actual launch happened, there was a “Yat Destiny“ Auction.
This presale yielded them almost 2 Million USD ($1.840.665) just from the auction of the 18 Yats.
There were also additional “Yat Artifacts“ sales during that time.
In total, since 2021, Yat Labs sold numerous promises on their products but hasn’t delivered a single functional thing.
Yat: 446 ETH secondary sales (3.5% royalty that goes to Yat Labs)
Yat Gems: 182 ETH secondary sales (6.9% royalty that goes to Yat Labs)
Additionally, Yat Labs has partnered with 888 to release a partnered NFT with a LOT of promised utility -none of which was delivered.
I’d like to note that the ‘888‘ projects – have a streak of being not-delivered cash-grabs.
The one project related to Yat – are the ‘Inner Circle Realm‘ NFTs – for which both sides dropped from their responsibility to deliver what they promised.
The number of Yat Realms sold – 1506 items sold for $421.680 (!!!)
(They were planning 8888 items – each .0888 eth)
The promised utility can be found via the Internet Archive page of 888innercircle.
Since the release, the only thing that was delivered?
A DISCORD SPARKLE ROLE!
For around 300$ you got a freaking DISCORD SPARKLE ROLE?!
They got 400k to set up a discord role and swept it under the rug…
(Oh yeah, and the main Yat server turned into a trashcan of spam after the OG community and moderators left. So basically you get nothing lol)
That’s been going on for the past 2 years…
Customizable pages? Web3 identity functionality? Artifacts? Magic Mirror? Project Stockholm? CloudMetropolis? Tari integration? A roadmap? Some communication re: development that’s not copypasted from2 years ago?
Anything at all? Nope!
Promise, cash out, never deliver, let people forget, promise, cashout, never deliver, let people forget. Rinse and repeat.
Yat has been gaining MILLIONS of dollars from their VC backing, from their users, from their cashgrab 888partnerships – yet all the users got were empty promises and a product that’s not working as what they market it as.
And then it got abandoned because they pivoted to a new Yat Fantasy cashgrab lure that targets partners and sponsorships in the crypto space. Getting more ambitious in their schemes!
Where did the Yat money go? Definitely not into development…
Some additional math:
Yat twitter – 22.8k users
Yat discord – 110k (down from 150k+)
Yat users on-chain – 7545 in the main collection + the amount of non-crypto users that never minted their Yats
And yet they are struggling to get even 300 people after giving away prizes, I wonder why?
Beware of grifters!
Fluffy tell us about your meeting with a rothchild and Dan held. What was the topic of conversation?
What will help xmr scale for Mass adoption?
Do can we get xmr cross chain?
Do you think IBC/ cosmos tech could help with taking xmr cross chain?
What does zk tech look like on xmr? As far as functionality goes?
The idea of paper trading with Prizes always sounds fun. How does Yat make money and what currency/token are the prizes in?
Another question I had for Fluffypony:
What made you decide to build something like this after coming out of Monero? And given that you’re a huge privacy advocate, how does this play into your larger view of the crypto space?
I see there’s only a way to sign in via Twitter or email. Will this expand to signing in through a wallet?
What is the long term goal with Yat Fantasy?
Looking at the prices-
Yat has lower floors than OpenSea. How is the price being fed into the platform?
Why should I play Yat Fantasy?
One last one from me:
I spent some time today trying to explore the game itself. Some of it looks really cool, but it also seems like there are a lot of choices to make and I’m not that big in the NFT space. How do you plan to keep people who may not be so crypto familiar engaged since someone like me who doesn’t know much about this probably won’t perform that well and I don’t know if I’m even making good choices or not?
This is very cool I used to do a fantasy stock market back in the day as a part of my high school economics class, it was really interesting and cool to be exposed to the traditional market as a youth to have a “foundation” so to speak for investing later on in life.
The only questions I really have are; when will the crypto trading fantasy be available? It’s just my opinion but I think it would’ve been better to wait until then to host this AMA. My next question is how are the prize pools funded with it being free to play, where do the funds come from? For my final question I just wanted to ask what are all the other games on the list about ? The NFT one makes sense but the rest were too jumbled and crowded at least for me on IOS mobile browsing.
For my thoughts on how to improve I would recommend adding some information to each game it’s frustrating to navigate the starting page,(again on IOS mobile so it could be easier on desktop) and then to click into one of the games to try to get some information it just shows a leaderboard.
I look forward to trying it whenever the fantasy crypto portfolio comes but the UI and descriptions really need work if it’s going to hold users in my opinion.
What have you learned so far about the market and market participants through this game?
Question for FluffyPony: You were openly very critical of many crypto projects in the past (including Ethereum). From what I remember you only really advocated for BTC and Monero.
Considering this new project, have you changed your mind on ETH, Dash, BCH etc? E.g. https://np.reddit.com/r/ethereum/comments/5oumbc/why_does_fluffy_pony_hate_etherem/
Do you still consider them scams?
Yat? Wtf where’s Tari. Why have you moved onto new nonsense words before finishing the first