Okay Bears AMA Recap and Summary
Last week we announced the launch of OKAY. With the help of our friends IMG, OKAY will become the on-ramp for web2 brands entering web3.
To learn more about what OKAY is, announcements will roll out every two weeks between now and April, with a grand reveal at NFT NYC. Follow @okayxyz and watch this space.
TLDR: OKAY rewards Okay Bear holders with digital, physical, and co-branded phygital drops to flex or flip, as well as priority access to exclusive mints from world-renowned brands through our Streaks & Badges platform.
From the Q & A:
For those who didn’t get a chance to tune into the Twitter Space hosted by Okay Bears, here’s a summary of the AMA surrounding the launch of OKAY. Although not comprehensive, it provides insight into the thinking around the OKAY platform, including answers to a few pressing questions.
Q: Are there plans for Okay Bears to become ‘metaversable’?
We are currently assessing the various metaverse options and determining the best course of action for the brand. Okay Bears has been designed with both physical and digital elements in mind, such as wearable clothing and cross-platform abilities. Adam notes: Our focus is on serving both our community of holders and our brand clients, and we will evaluate any expansion based on its potential benefits for both parties.
Q: Can you provide more information about the honeypot initiative and what kind of support it offers for community-led initiatives? Is it just financial, or are there other benefits to accessing that pot?
Kais: We have provided (and will continue to provide) support through financial, design, and marketing resources. Some examples include supporting the UK OKB DAO in their digital efforts to fund software development, providing design support to a community member launching Okay Beans, and offering marketing support to a community member's custom shoe brand, Mr Simply Customs. Building alongside our community is a core brand value of Okay Bears.
Q: Can you provide more information about the staking process, including how it will impact the overall supply and how it will contribute to increasing the floor price of Okay Bears? Can you also share any projections or calculations that have been made regarding this? How does the team envision the floor price of Okay Bears growing in value through these actions?
The team has discussed several ways to increase the value of the NFT, including reducing the supply while increasing demand by offering exclusive drops and partnerships through Badges and Streaks, conducting Airdrops to holders, and working with other brands to offer premium access to their NFT drops. Kais: The goal is to continue to build out the okay.xyz platform and capture the previous success of Okay Bears, focusing on creating value for holders and working with brands to grow the community. Okay Bears is more than just an NFT project, it’s a company with plans and a vision that extends well into the future, and we're not just sitting around waiting for market conditions to change. Our focus in the next six months will be to further develop and expand our brand, with the goal of achieving previous successes for many years.
Adam: To manage this, Okay Bears are currently evaluating various income streams and determining which ones would be the most beneficial for our organization to pursue. However, as we only have a limited amount of time and resources, we must prioritize which opportunities have the most potential for success. Our focus is on launching a new platform, which will clarify our strategy and goals. In the future, we plan to provide more information about the structure and features of this platform.
Q: How does holding an Okay Bear relate to the upcoming airdrops, such as discounts on products or getting both the physical and digital versions? Also, how does the number of bears held influence these benefits?
We are exploring various options and innovations to link holding an Okay Bear with rewards. Instead of just discounts, there may be other benefits such as early access, complimentary airdrops, and exclusive offers. Kais notes: However, we cannot give more information at this moment, but we will update the community soon once more details have been released about the Badges and Streaks.
Q: Many holders believe that the IMG deal would mean collaborations with large brands here and there, but this sounds like a lot more than that. Can we consider ourselves as IMG's exclusive and primary arm for transitioning web2 brands into web3? Can you provide more information on this?
Kais: We can't say that we are IMG's exclusive and primary platform for bringing web2 brands into web3, but we can go as far as saying we are IMGs only on-ramping platform into web3. There is a lot of work being done behind the scenes with those licensing conversations, and we are optimistic about reaching mass market adoption in the near future. We are receiving positive responses and having productive conversations with potential partners through IMG.
Can you provide more information on the advantages of owning an Okay Bear and any benefits associated with owning rarer Okay Bears?
We plan to offer benefits to Okay Bear holders similar to those offered by other projects, such as free merchandise, exclusive collection drops that can be flexed or flipped, and other rewards that can be redeemed in a closed ecosystem. Kais: at the absolute very least, whatever stuff you think you're benefiting from by holding other projects is coming to Okay Bears. The only thing we will stay away from at this stage is crypto coins. We have spoken a lot about why this might not be the case forever, but we don't really think we need it now. We will be able to elaborate more on the “rewards” in the upcoming announcements, so keep an eye out!
What would one or two metrics make you say that Okay Bears has gone mainstream?
Adam: We are currently limited to a total addressable market of 10,000, which has been a limiting factor for our collections. Many projects have taken this as a hard cap and have looked for additional revenue streams or products to generate more income from awareness, hype or demand. We are currently working on innovating and expanding our total addressable market to put us into the mainstream.
Secondly, there will be a basket of analytics around the engagement of investment-grade NFTs. Additionally, we want to highlight that we have not only artistic and technical elements in our project but also a message that we believe in and can positively impact the world. Even though we may be facing a difficult economic situation, our message of positivity can be amplified by our community and through partnerships with brands. We aim to expand our reach and engagement with this message.
