On Oct 20, Carole, the Community Volunteer from CovasArt (a new paradigm under Web3.0), was invited to the AMA in the REI Network international community. the two sides discussed the opportunities and challenges of NFT trading market and so on. So many interesting questions from the community about CovasArt’s vision and the benefits of the partnership. Thank you so much for supporting our AMA. Now let us enjoy the recap!

Q1：Could u do a simple Introduction to Covas?

A1：Yes. Covas is a new paradigm under Web3.0, providing users and artists with high-quality NFT products and comprehensive ecosystem services. Covas not only provides global liquidity for high-quality NFT artworks, promotes circulation and maximizes capital utility, but also brings users NFT assets with investment value and a full range of safe and reliable derivatives.

So, on Covas, users can easily create, sell, collect rare digital artwork, and even trade collectibles for almost zero cost. We’re making effort to buy, sell and discover exclusive digital arts in both traditional and innovative ways. It facilitates platform governance through the DAO community governance model for true decentralization.

The upcoming Covas DAO will be our first step towards decentralization, allowing global creators and fans to establish a more stable value connection at CovasArt and redefine our world in the form of DAO.

In the future, Covas will launch a series of NFT works customized by well-known IPs through the insurance incentive mechanism. The core of Covas is to redefine the free auction agreement market. Fundamentally, it should be classified as a crypto social network platform, providing more possibilities for the global NFT collectibles market.

Q2：So far, there are well-known NFT platforms, such as Opensea, Dydx, etc. What do you think is the advantage of Covas compared to the existing platforms?

A2：Indeed. This is a good question. I think the following 6 points make Covas stand out among existing NFT trading platforms:

1. Aggregated liquidity / Cross-market ordering

For example, you can get an overview of mainstream NFTs at a glance, and directly purchase these NFTs issued on Opensea and Dydx on Covas without having to log in to their website one by one. (Coming soon)

2. Save up to 50% Gas fees / Optimized smart contracts + Batch ordering and cancellation

On the one hand, as you know, Covas is built on REI Network, which greatly reduces the gas cost; on the other hand, the batch ordering and cancellation function bring real benefits to traders. Let’s say, you want to buy 10 NFT works, only paying a one-time fee, not 10 times.

3. The lowest transaction fees + Impressive user incentive scheme

As mentioned above, our transaction fees are among the lowest in the industry currently. In addition, the diversified incentive mechanism driven by the community is also one of the important means to ensure the open growth of Covas. The user referral program is currently under development and is about to be launched soon.

4. Powerful toolkit / Collective & hybrid payment

To simplify tradings for users, a variety of widgets are also one of the highlights of Covas. Among them, take the hybrid payment as an example. Similar to the current cross-chain payment, it means that it is possible to use different tokens to settle your payment. Like, half of the payment is made in USDT, and the other half is paid in BTC or ETH.

5. Advanced vault / lending / staking / instalment model

On top of the NFT asset buying and selling, it integrates diversified Defi functions to further accelerate liquidity and maximize asset value.

6. Innovative auction mechanism (English, Dutch, Call Auction)

Compared with the general auction mechanism, Covas adds Dutch and Call Auction on top of this to meet more price comparison needs.

More notably, Covas innovatively added the Timestamp Insurance function, which means that using the price at which the user purchased the NFTs as the benchmark price. When the NFTs held by the user are lower than the benchmark price when purchasing the insurance, the system will automatically trigger the insurance contract. When the user manually triggers the delivery, the insurance contract will automatically send the payment from the insurance pool.

The payment method is based on the ratio of the insurance premium to the benchmark price and all the funds in the insurance pool, and the compensation from the insurance pool can be flexibly obtained.

Well, whether or not to use the insurance service on the NFT purchase page, it’s totally up to the users.

Q3：From the above answers, we understand that the design of Covas is very creative. Can you give a detailed introduction to the gameplay of Covas?

A3：Sure. Our business can be divided into three segments:

1. Mainboard

Only NFTs that are consistent with Covas values ​​and voted by Covas DAO can be listed on the mainboard.

2. Innovation Board

NFTs can be freely uploaded by users to meet the open spirit of community co-governance and follower engagement.

3. Launchpad

Covas Launchpad is a public artwork launching platform for both creators and users. It aims to provide Covas users with the priority to subscribe for high-quality projects, and jointly empower and expand the crypto social network in the Web3 community.

Moreover, our platform pass card is also about to be launched. Holders of the pass card can enjoy various rights and benefits of the platform, with more gameplays being added in the future.

Q4：If you want to deeply participate in Covas, you must get the pass card first. Can you tell us more details about the issuance of the pass card?

A4：All right. We have prepared a total of 2,000 pass cards. Community members will be rewarded whitelists while engaging in the upcoming campaigns. Besides our own campaigns, some limited pass card whitelists will be drawn by working with our strategic partners and KOLs. Please keep an eye on our official media accounts.

At present, we have not officially disclosed the launch time of the pass card. It is expected to be in late October. Everyone is welcome to join our community in advance to participate in the whitelist campaigns. For example, users who comment under the official account will get a chance to win a whitelist giveaway.

In terms of the benefits of the pass card, I can give a brief introduction.

a. Official community exclusive member privileges

b. Airdrop priority for high-quality projects on Covas

c. More high-quality project lottery/promotion whitelist opportunities

d. Launchpad premium project priority subscription

Of course, there are more advanced functions, but I can’t reveal too much for now.

Q5：Could you please tell us more about your roadmap?

A5：Our goal is to create a community-first one-stop marketplace for users to buy and sell across markets without missing out on any trading opportunity. Here’s the roadmap.

Phase 1 — Launching

NFT trading via REI

English/Dutch auctions

Inject liquidity from Opensea

Phase 2 — Multi-Chain

BSC asset trading

Gas fee optimization

Smart contract optimization

Batch ordering and cancellation

Launchpad and mystery boxes

Phase 3 — Aggregator

Innovative safe model

Collective and hybrid payment

Polygon asset trading

Solana asset trading

Creative toolkit development

Phase 4 — Rewards

Airdrop and staking

User trading incentives

Phase 5 — Governance

DAO

Community Governance

Q6: I guess Phase 4 is probably more interesting to users. Could you introduce your airdrop and staking rules?

A6：I can understand. Currently, no token has been issued yet, so the airdrop and staking plans will be announced when the token is designed in the future. For the current whitelist and related campaigns, please follow our official Twitter and Discord.

Q7: Finally, could you share the community links of Covas? So that users can reach you easily.

A7：Absolutely! You can find us via the following links.

Website：https://www.covas.io

Twitter：https://twitter.com/CovasArt

Medium：https://covasart.medium.com

Discord：https://discord.gg/3PKahmyZtd

Thank you so much for all your support.

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Recap｜REI Network AMA with CovasArt was originally published in REI Network Project on Medium, where people are continuing the conversation by highlighting and responding to this story.