Today, we had a great AMA with the one and only Junkie! Junkie is the founder of Junkie AMA on discord, a devoted superhero, saviour of plebs and breaker of gains. Junkie does not give financial advice, but is recognised for deep insight and opinions on what is happening in the crypto space.
So, for those who missed out, here is the transcript so you can catch up and keep in the loop:
Junkie: @everyone Welcome Visionary, Hazel and Crusher from APE to our home. If you have any question you want to ask them please put them into the questions channel and we will get to them at the end. Okay let’s go!
What was the vision for The Monkey Firm when it first emerged as an idea? Is there a story behind the project you can share?
Visionary Ape: Well certainly, as some are aware The Monkey Firm was the first project spawned from the APEcoin ecosystem with BUST being the second. Apecoin was founded by a group of crypto enthusiasts to brainstorm and build exciting crypto projects with a focus on defi and NFTs.
H Bouvard: What was then known as MemeFarm started as a simple farm with added NFT rewards on top of basic yields and has now evolved into a marketplace, minting facility and a disruptor of a billion dollar market with our Token Backed NFT’s. Our Token Backed NFT’s are now in soft launch, ready to use and fully functional with any bep20 token, which is pretty exciting stuff! They will disrupt a multi billion dollar peer-to-peer (OTC) market.
Crusher: Yea so BUSTA is an incubator project of APEcoin — have recently launched our Beta crash on BSC, BUSTA CRASH (play here: crash.busta.gg ), which was inspired by the OG crash game bustabit.com — and yesterday we had the TGE event for $BUST, along with the deployment of our unique DEX (BUSTA DEX) which offers customisable transactions at the router level to projects who wish to list their tokens — Mark can elaborate more on this soon ( dapp.busta.gg/swap ) — btw the way I have been part of the APE team for a year now, and moved to the BUSTA team about 6 months ago.
Junkie: The token backed NFTs is a nice piece of innovation. So far NFTs are being bought/sold like normal ecommerce. This is crypto…. why are we going back to the old way of doing things. This makes so much more sense am impressed. who came up with idea? I assume mark will take the credit. Anyways, before we have arguments over that lets move on.
VisionaryApe: Hazel just said it was Donkey Kong’s idea and I was like…f___ no! It was mine.
H Bouvard: Ha ha ha
VisionaryApe: On a serious note… Utility oriented NFTs has been a big focus for us.
H Bouvard: Yeah! NFTs are more than just pretty little pictures!
VisionaryApe: …and something Boomer Ape and I have been developing with Token Backed NFTs being our latest flagship.
H Bouvard: Our Token Backed NFT’s are essentially a one click solution to a billion dollar market. Nobody has done it before! It is exciting to be the first to market and as it will be multi chain after this soft launch we have a real chance to capture a massive market share here.
Junkie: As long as you get it working with SOL ecosystem you’re onto a winner.
H Bouvard: We are looking to do ETH and Poly first, with SOL soon to follow. SOL is looking like a sexy chain to play on for sure!
Crusher: We will be going multichain with BUSTA DEX sooner rather later too.
Junkie: Talking about Boomer Ape, well more APECoin, that leads me onto our next question…. What is the connection between MFRM and APECoin? What is the competitive advantage Meme Farm has that you feel most excited about?
H Bouvard: Yes, so MFRM is a part of the APECoin ecosystem. As we mentioned prior, it was APECoin which started this amazing journey for us. And as you know it includes our other project BUSTA Those who hold APE will continue to benefit from existing and future projects. It is the fuel to our fire. Our ecosystem is exceptionally robust and going from strength to strength! MFRM is the first one to offer Token Backed NFTs and BUSTA DEX is truly unique and amazing also! Disrupting left, right and centre!
Crusher: Yea so we intially wanted to build our own DEX which would underpin the financial side of the BUSTA CRASH game — here is a link to our technical flowchart our Banalien Scientists came up with: https://uploads-ssl.webflow.com/60d740788641bf3c262abe6d/61075bec368cda2f90c347eb_BUSTA-Ecosystem-Technical-Flow-Chart-v1.2.pdf. But then we realized we had built something truly unique, a DEX as mentioned before which offers token partners customisable txn fees — Mark can elaborate on how this is attractive from an APE / MFRM token perspective.
VisionaryApe: So one of things truly revolutionary about the BUSTA DEX is the fully customizable transaction fees that take place on the router level as opposed to what many are familiar with. Many projects have them built into their own contract. The magic here is that by listing on BUSTA DEX existing projects don’t need to do a token swap etc. For example; We launched with following fee structure for each token below: MFRM 2.5% total fee 0.1% to bust 0.4% to liquidity providers 0.5% treasury 1.5% locked liquidity APE 4% fee 0.1% to bust 0.4% to liquidity providers 0.5% treasury 1.5% burn 1.5% locked liquidity.
Crusher: Here is a link to our GitBook showcasing partner tokens: https://docs.busta.gg/expanded-ecosystem/partnership-portal. We have also just announced WSB will list on BUSTA DEX, along with others in the coming days weeks.
H Bouvard: Just in response to the fees above^ you will notice for the time being we have chosen not to burn MFRM through our BUSTA DEX fees. We decided to prioritize liquidity in the beginning to have a healthy market for everyone to transact in. However, we will have burns from the revenue we make from the Token Backed NFT’s + marketplace.
Junkie: Yeh people aren’t realising yet how game changing this is. No one else is offering a product like this, and is great for projects wanting to list and can customise their own tokenomics/fees/rewards.
H Bouvard: Exactly!
VisionaryApe: @Junkie 👁 🐸 👁 damn right
Junkie: Can you outline The Monkey Firm’s Revenue model? How are you planning on generating revenue and profit long term?
H Bouvard: For sure! So, our revenue model is pretty simple. Our Token Backed NFT’s AND our art based marketplace both have a 1% fee and those fees are returned to MFRM holders in form of buybacks/burns, permanently locked liquidity and staking rewards as soon as our staking is ready to go! 25% of the fees will go to our DAO and hodlers get to decide what to use it on. We have a working product out already and as we gain more users the revenue will keep on growing. So instead of making future promises, we are providing perpetual utility now and a revenue model all ready to go! That being said, we do also have future plans but we are keeping those hush hush atm.
Junkie: Wew sounds good. Wen staking?
Crusher: In the meantime you can stake $BUST on dapp.busta.gg guys. Then APE / MFRM to follow soon
Junkie: So going back to your unique Token backed NFTs….. how is the process going to look? Tell us more about it.
H Bouvard: Love to!!! We wanted our Token Backed NFTs to really focus on being a simple solution to what is a really complex issues. It was really important that the process would feel streamlined and literally a “one-click” solution. It works like this: Simply connect your MetaMask, you select the amount you would like to sell and how much for. It can be ANY BEP20 coin/token you like. You mint this information into an NFT on MFRM, the tokens you are selling will then be wrapped in this NFT. Once you have listed your Token Backed NFT for sale, copy the link address and share it with any potential buyer. It really is that simple! It is just as easy on the other side for the buyer, they connect through MetaMask, click on the buy button, then redeem their purchased tokens into their wallet. We are currently integrated with MetaMask and looking at additional wallets in the future…. to provide as much accessibility as we can.
Junkie: Soon I’m gonna have to get my head around NFTs. Hard to teach old frogs new tricks. Every one in my group knows how little i know about them….but this looks easy for even me to do. Maybe Junkie NFTs will be the next big thing.
H Bouvard: Junkie NFTs is a great idea!!! Noted lol!
Junkie: Soo….What are the plans for the future of your ecosystem?
Crusher: So from a BUSTA perspective we are going to build more games, as GameFi space is blowing up, and I can see MFRM NFT utility being integrated for both games and of course BUSTA DEX — we are already forming partnerships with projects such as Neural Pepe (about to launch V2 tokenomics), GameStation (who about to IDO) to name a couple, want to keep rest secret. We will also be pushing partnerships to list many more partner tokens on BUSTA DEX — this will be a huge focus, esp. going multichain.
H Bouvard: Indeed, we see The Monkey Firm currently in V2
Junkie: https://twitter.com/tehMoonwalkeR/status/1433162011286937606?s=20 The $CRYPTO adoption cycle $BTC > $ETH > #DEFI & #BSC > #NFTS > #GAMEFI WE ARE EARLY.
H Bouvard: So, with MFRM, we have additional utility we will be bringing to our project, which will have very strong use cases and functionality. Lots still to come, it really is just the beginning. We are keeping our cards a little close to our chests for the moment.
Junkie: NFT & GameFi… biggest trends….. seems you guys are right on trend at the right time.
H Bouvard: For sure! It is very very very exciting times!
Junkie: What are your views regarding the future of NFTs? Are they here to stay? Does Junkie have to start learning about them?
Crusher: I have 100+ Neural Pepe NFTs — no need to convince me hahaha.
Crusher: Part of Neural Pepe Anonymous LOL
VisionaryApe: Well I think the virtual space is here to stay and we are getting ourselves more and more accustomed to living in a virtual space and NFTs are a natural extension of the desire to own digital assets in that virtual space. Not only will you have that pretty virtual picture hanging on your virtual wall, you will be living in that virtual space with NFTs with utility surrounding you in that space.
Junkie: Well soon NFTS will also be used for tickets / accreditation / certification. SO [many] use[s] for them in the real world too. OKAY got a question from @Sule_ux. ‘Will there be a NFT Busta next? And what kind of strategy so that Busta advance and attract a lot of investors?”
Crusher: So, we actually minted NFTs for both the Alpha Squad Competition and IDO — Junkie will post We are creating rich character driven lore / cannon, which will continue to be reflected in our games, as well as future competitions and maybe even merch, digital comics minted as NFTs.
Crusher: Characters include Coin King, Space Strider, Howard the Coin Appraiser, Banaliens (listed above) and of course the bad guys, Lord Ruggit. Head to https://t.me/busta_official to find out more.
Junkie: They look great. Exciting times and good work.
Crusher: Ty ser! we are mega excited
VisionaryApe: MFRM has an exciting minting NFT series in the works as well, but I’m not supposed to talk about that. Oops.
Junkie: We [have]been on for 1.5hours now think we’ve covered everything. We look forward to hearing some of the secrets you are holding on to. Is there anything else you would like to share?
VisionaryApe: Come join in TG on the APE MFRM and BUST side. Telegram always gets the insider scoops. Especially our ApeNation.
Junkie: Yes our very own @Pump&Grump is running things over there now…. congrats sir
VisionaryApe: …and soon to begin BUSTANation fireside chats
VisoinaryApe: Thanks for having us.
Junkie: Always a pleasure.
VisionaryApe: Good night.
H Bouvard: Thank you!!!
Crusher: Thanks Junkie!
Junkie: Welcome guys! Thank you all for attending!