LEXIT AMA: LEXi Coin Launch To Power Next-Generation NFT and DeFi Platform

Hey, everyone, it's Rachel Wolfson here. Thanks again for joining us. For another exciting AMA today, we have two very special guests. We are joined today with Amir, he is the CEO and founder at Lexit. And Katja, she's the Chief Business Officer and co founder at Lexit. Hi, Amir. Hi, Katya. How are you guys?

Hi.

Hi. Great. How are you? Thank you for having us.

Yeah, thanks for joining us.

I'm really amazing.

Yeah, I'm so excited to be speaking with you both today because obviously NFTs and DeFi, those are the two hottest buzzwords in the space right now, and you guys know all about it, so that's really exciting stuff.

Thank you very much. Looking forward to this.

Yeah, yeah, definitely. So, before we get into my questions, I'm just going to remind the audience to please send your questions our way. We've got two great experts here, and just remember to subscribe to our YouTube channel. Okay, so first question. What is Lexit and how is it different from other NFT launchpad platforms?

Well, lexit.com we are a NFT launchpad with integrated liquidity defi pools. And imagine if, say, Uniswap and the best NFT launchpad you can imagine would have a baby. We would call it lexit.

What he means is LEXIT is a. It's a DEFI and NFT launchpad platform that enables you to tokenize your intellectual properties such as arts, music, films, inventions, collectibles to NFTs and. Yeah, and we make them tradable on the Lexa Defi liquidity pools.

Okay, very cool. So let's dig a little bit deeper into those details because I'm sure it may be confusing for a lot of people. So let's better understand why artists would want to create NFTs on the Lexit platform versus other NFT platforms out there.

Right, right. See, the thing is, basically any decent coder can just go now and create a NFT with solidity on Ethereum. Now you have an NFT that's great, a good piece of code, but what are you going to do next? It's like as an artist or inventor, you want to seek out and reach people. You want to reach out for funding to materialize your ideas into a product, maybe, or into something great that people can enjoy, such as a book or a film or, or TV show, music or painting, which you want to share across. So if you have this NFT now as a, as a artist or inventor, it's not going to carry you far away because you need to reach the masses the people to actually know about you. And this is the big difference here, that with Lexit.com you can really do that. We take you in and we're going to dig more into detail in the further questions, but you can actually do that and reach the masses and monetize on your intellectual property, which essentially is backing that nft. Right. And furthermore, the next big problem is liquidity. You have to provide liquidity. If you, as an artist or a project or a team of people, want to make your NFT tradable, you have to go yourself, you know, to uni or to pancake swap and provide liquidity. And we're talking about serious amounts of money here, six figures at least, to do so. And I don't know many people who can do that. And we help. This is what we do.

Got it. So that's the defi aspect in all of this. It's kind of rolled into one entire platform, is what you're saying, right?

Yes, pretty much.

Got it. I'm curious to know, and I'm always. Yeah, no, it's very awesome. I'm curious to know because whenever I hear about really cool projects like this, I'm always curious to know a bit about why these projects were created. Is it something. Why did you guys create this platform? Is it like a personal thing or how did this idea come about? What's your story there?

It's actually a pretty interesting story because that's actually how I met Amir. I was in Tallinn, Estonia in 2016, and I bumped into him and I met him and his crazy geniuses and I think that's when he was working on. You were working on a different startup and you were.

I just came up with the general idea.

Right?

Yeah.

So, yeah, it was like I was trying to actually monetize on computer code a pretty amazing GPS engine for mobile phones from a previous idea, a startup, actually an app we did, but it didn't work, so it failed, like many startups do. But this code was so good, I thought, I'm going to find someone to at least license it, or I can sell it to some of the bigger corporations, take the funds and start something great, right? And I soon realized, heck, there is no such place on the Internet to do so. And it's definitely not on Blockchain. And it was always on my radar. You know, it's like since 11 in that space, 2011. And I was thinking to myself, why isn't there a space where I can take my intellectual property, tokenize it, put it on a blockchain make it accessible, try to monetize this way, like a total different approach and mind. That was like, I think a year before anyone, before the term NFT was even, you know, coined, if you want, actually fits pretty well here. Coined, right? We're all about coin here. And so, so it was really an exciting moment. And yeah, Katya, she was around at that time and she was so excited about everything. What I was, you know, it was crazy talk, right? What are you trying to do? It's like, you want to do that? How are you going to do that? There's so many big corporations who do whatnot. And I said, there is a way. Blockchain can change a lot of things if done well. And so instead of going into the crazy in those ICO times, everyone was just talking about X this, X that, how to make money. And I was thinking, this is boring, guys. How about we think a bit further? How can we create something which has a real life application to it, used on blockchain and can actually empower people?

Got it. Yeah, very interesting. On that note, I just want to remind the audience, please send your questions our way. They know everything about NFTs. My next question for you guys is. When we think of NFTs, a lot of the times we may think of artwork, but it seems like this expands much further than artwork. So, Amir, you've mentioned intellectual property a lot. Can you explain what type of NFTs are being placed. Placed on this platform?

Yeah, yeah, definitely. See, we are opening Alexa this year and we say arts and inventions. So arts are encompassing music, paintings, drawings, collectibles, collectibles, even very important writings. These are the things in arts, visual arts in, in terms of, you know, videos and films and whatnot. So this is all intellectual property. Somebody created that and somebody owns that intellectual property, the copyright. A more, you know, you know, popular term for that. And same goes to inventions, which is to us. It could be a patent that you have or you want to, you know, patent something you created. And you need money for that because it's quite expensive. It goes quickly into five figures to just for one country, United States, for base patent. It's like, yeah, with all. It's 20k to start with around, you know, you need specialized lawyers and whatnot. So you need money to protect your invention. And in order to approach big companies, to maybe excite them about it and to license it and to create a product out of it, because that costs even more money. So you need funds to get started, or you're a filmmaker or you're a video game designer, you know, you have this basic idea, this 10 seconds video you created of it as a demo and you want to see if people like this idea for a video game, but you need funds to do so just to get started, right? So it is about providing access, access to people with great ideas, whether they are technical nature or creative nature in arts and entertainment, and making these accessible to many more people who support you. But in return obtain this NFT and might gain even profit from that personally. And this is what I like. I like win win situations.

Got it. So it seems like once an NFT is created, is it placed in a liquidity pool? Is that what happens?

Well, to be more specific about that, it's a good question, Rachel. Now the NFT's been created, all right, first step is the artist or inventor comes to Lexa and says, I'd like to do this. This is what I do. First step is we are going to background check and vet and make sure that this individual company or party has the rights to that intellectual property that is going to be nft. Or is the righteous owner of this collectible. Like he can have to provide proof of ownership of a collectible, something valuable, a valuable process, you know? Yes, yes. So once that is cleared and it goes, we say, yes, we'd like to do that. So we do gatekeep a bit on that part, especially in the beginning, to make sure that that really good stuff is passing on the first launch pads. So now we are assigning a date on the launchpad and now what happens is we are going to make it very public to the entire Alexa user base, to anyone who's participating, who wants to participate. They have to apply whitelist. Also kyc. We have to do it the right way. There is no gray zone here to obtain this nft, or better, a fraction of it, because this is now what we are. What makes us so different than many other NFT platforms? You see celebrities, NFT for one. Nft, a dunk shot from a famous NBA player going for a lot of money. Seven figures. Wow. Well, this guy or the team who owns the rights on this footage, they are already pretty well off, aren't they? I mean, they're famous, rich and famous. But is everyone rich and famous? No. So we are providing access to everyone. We are putting on NFT into parts. We're splitting them apart, right. And make it accessible to more people to participate.

Got it. Okay, cool. And I'm going to ask you about the Lexi Coin shortly, but we've got a Few questions from the audience coming in. So obviously I want to take those, because that's important. Let's see here. So Kumar is asking, how is the Lexa of 2021 different from 2017? Because the name remained the same and Amir's passion is the same. Did anything else change except the concept?

Okay.

All right.

In the very first 17 project, which had a legacy coin, and I want to just say here publicly, too, the legacy coin, anyone who ever uses credit card or anything else on an exchange or presale to obtain the legacy coin, you will be swapped. Anyone who paid for coin back in the days will be swapped. I just want to make that very clear. All right, about that later. It's not important now, but it's important to me. So the difference right now, Kumar, and this is a very good question, and I'm happy to answer it, is I was in 17 with the team, and we had another part of Lexit, which is M and A, mergers and acquisitions, which is a very complex process to put on a blockchain. And so we soon realized we should stick to the roots of the project, which is intellectual property, than NFTs, and extend that to the best possible platform to make it work. And as soon as we realized, great, the tokenization, we figured it out. How to split, how to do that, how to distribute. All these aspects were clear. But then we realized to really empower the people, you need to give them more. Right. The NFT issuer, the guy or the company or the lady who's doing it, they have to have the possibility to liquidize some of it. Right. To fund themselves and to really get kickstarted. Because nothing in this world is happening without putting down some dough. We know that. Right. So we have to support them. So we ditched basically the M and A part for now. Well, we'll see. And focus entirely of our intellectual property, NFT LaunchPad and DeFi Liquidity Pooling.

Got it. Cool. On that note, Amir and Katya, I want to talk about the Lexi Coin, because that launches tomorrow. Congratulations. So, yeah, maybe explain what the Lexi Coin is, how people can obtain it, what you guys are thinking, because it launches tomorrow. I'm sure that's super exciting for both of you.

It's. I mean, like, it's been a rough patch, right?

It's. It's been a lot. It's. Yes, we are going to be tomorrow available on Pancake Swap and then on the 28th on Bitmart, so. Which is exciting. It's been a roller coaster of a month. Sleepless nights, but we're super excited.

I want to make it very public right now. We're live on the Internet, right, guys, this lady just basically works four full time jobs. And I'm not kidding, whatever I throw at her, she's just like, I did it already. I was like, no, and I'm serious. I want to say thank you.

Thank you, Amir.

Thank you, Katya.

Thank you, Amir. And thank you, Rachel and Cointelegraph.

Yeah, of course.

Yeah, we're very excited about it tomorrow. And how it started was, as a matter of fact, the plan for an IDO and everything was there, but it was planned for a bit later. But what happened is weeks ago, essentially like not even eight weeks ago, I had a phone call with an associate and friend of mine who has always been a strong supporter, Tim Frost. He's the founder or co founder, there are some other founders too, of the Yield app. And guys, check out Yield app. It's an amazing, amazing app. Very simple to use. Yield App from Tim Frost. So I have him on the phone and he's like, amir, what's up? He has his deep voice. He's a 6 foot 10 guy, you know, ex NBA player, great guy. Anyways, he's like, what's up? What's going on? And Lex, what are you doing? So I'm telling him what I just told you guys what we're doing. And he was like, I gotta get you connected to a few guys. And all of a sudden I'm in a zoom call with the four guys who call the shots at BSC Pad, which is, well, the hottest launch pad on the planet. And those guys were listening to me, probably thinking with a British accent, this guy's a loony or something, you know. But they told me we have a huge queue here, but basically, pick your date. And I was like, holy crap, I'm actually not ready for that. We thought we have a bit more time, but it worked. So we were pushing like crazy. And yeah, tomorrow is the day to get it out there.

Cool. And then we've got a question from the audience. Eyaz is asking, what's the starting price?

$1 USD.

$1. Okay.

USD.

Got it, got it. Okay. And then my question is, because, Amir, you brought up Binance Smart Chain. I'm wondering, can you guys discuss why you chose to do it on Binance Smart Chain versus Ethereum? I don't know if there's any specific reason, but I've been hearing a lot of people launching on Binance Smart Chain lately versus Ethereum. And yeah, just interesting.

Yeah, the thing is, we all know currently there's a lot of projects switching from Ethereum USD 20 to Binance Smart Chain, which is a fork and essentially the very same thing, except a few benefits. At this point, I want to express my gratitude to the entire Toronto team around Vitalik who created Ethereum. You guys are trailblazers. You opened up a new world. Smart contracts and anything related to that. And we're very happy that this ever happened because you did set a new direction for crypto in general. But the reason why we switched from ERC20 to BEP20, well, one of the reasons is, yeah, the fees, they are an issue. And yes, Ethereum is coming up with significantly great improvements, which wouldn't be an argument anymore, but the main reason is that I really was convinced that BSC Pad is the right partner. You know, those guys really run many successful launches and I just felt, okay, if we're doing it, we're gonna have to do it with those guys. And, well, they're running on Binance Smart chain. And I was having a discussion, a discussion with our co founders here with us three, and it was, wasn't the light decision, believe me that. Because I do love Ethereum. Right. Could be faster, but it's a great bloody thing, right? And so we came to the decision that let's swap over to BEP20BSC and let's do it.

Made sense.

Got it. Cool. Okay, awesome. Audience members, just a reminder, please send your questions our way. My next question is because we were talking about the Lexi Coin a little bit. What are the uses when you have that? How do you use it? How is it used in the ecosystem? I'm sure there's many uses and I think it's really important to talk about that.

Well, I mean, the reason why, first of all, I'd like to just scratch a bit. Why an IDO in the first place? I mean, we're a project and we want to be enabled to hire up the best people we can get our hands on, right? Because you need smart, very smart people and these people are very sought after. You know, they have, you know, have wages to pay. So we do have to make an ido, and we have a very small allocation for liquidity ourselves of only 2% of the entire total supply. That's very important to understand why are we doing this ideo. But secondly, we'd like to get the Lexicoin out there in as many hands as possible, create awareness about it, which is then leading to the launch of the platform. And we hope to increase this awareness among inventors and artists of all kind to realize what actually of an opportunity Lexi.com is for them. And together, because we can create the greatest tech, the most beautiful platform, the easiest user interface and experience. But it's not going to be worth a dime if it's not being used. And so we have to create awareness. And it's a good thing to create awareness with a Coin launch, meaning that people are interested maybe in, you know, increased value in trading it. So you are in the, you know, in the buzz, hopefully.

Got it.

Okay.

Katya, did you want to add anything to that about the Lexi Coin? And it's. Yes.

Yeah, no Lexi Coin. It will be definitely the practical purpose that will, that you will need to participate on Lexit, so almost like the central enabler to all our products and services. And also there will be announcements coming up. I don't know how you can be earned.

Yeah, you can even add something, huh?

Yeah. Okay. Yeah.

How far do we want to. How far do we want to do it?

Well, we will be introducing upcoming staking programs and by participating also in our DEFI liquidity pools as a form of reward for participating. So there's going to be a lot of announcements that we're going to be having in the coming weeks. You know, as much as our IDO is going to be tomorrow, we're just getting started. So it's going to be definitely an essential enabler for everything.

And for anyone who is not thinking about, hey, I should try to get on BSC Pad and do it, try, do it white list yourself. And anyone trying to maybe obtain some Lexicoin tomorrow at Pancakeswap or two days later on bitmart, I want to let you know one thing. Now, we talked about the NFT launchpad, and the only way to purchase any nft on lexi.com on the launchpads is going to be via the Lexicoin exclusively. No Bitcoin. Sorry, it's on purpose. Why? Of course we want to, you know, increase adoption of Lexicoin. So if you ever want to obtain NFTs on Lexit and you want to get those Lexis fairly cheap. Well, I can't say that. No, I can't give any recommendations. I'm trading. Sorry.

Yeah, that's interesting. For the NFTs that are on the platform, can you talk about what those NFTs are?

I mean, this is a segue, actually, to the third pillar of Lexit itself. Right. We do have the NFT launchpad. We do have the defi liquidity pooling with later on various combination of trading pairs, not just Lexicoin, you can do completely different things. Even third party projects who want to provide liquidity for their own coin, they can come to Lexit and open up a liquidity pool not related to the NFTs on the platform. So we are in a way competing with Uni and Pancakeswap too. But that's what it is, right? Crypto has to be open, open minded. That's what we believe. Decentralized and give everyone a fair shot. So this is what we want to take advantage of too. But it's important to understand that the third pillar. Okay, we started doing it, we realized the tokenization is possible. The defi pooling. Okay, good too. But then we realized it's going to be tough in the future to meet the increasing demand on performance on the protocols available right now. We need more hash speed, way more. We realize soon. And so it began long ago. Ferhad Zebra, our CTO was creating together with me an architecture and then he started developing it. He's our chief choreographer and CTO and he's really smart. This man is so smart. And we create alien. He's an alien essentially. He must have some, some habitat on the dark side of the moon or something. I don't know. He's just crazy. Crazy. And he's such a nice and funny guy too. So. And we realized we need more performance, we need more flexibility in the protocol to do so. We need a bit different consensus and how to do things to make it high performance. Yeah, you're hearing right. We started doing it and the lexnet is in a prototyping phase right now and it's very exciting. It's a highly performant but fully cross chain oriented new protocol which is going to power Lexit, which is on top. Just essentially a decentralized application. And next year we're going to open up the lexnet for anybody for free without any licensing or any of sorts. We're going to open source the thing and make it available to anybody who wants to create great dapps and use this protocol which is driven again by Lexicoin.

Got it. Very cool. Okay, we've got a couple questions coming in from the audience, so I'm going to take some of those. We've got a lot actually. So Jonathan is asking, he's asking a few questions, but one of his questions is what is the percentage for staking?

Not yet determined. Okay. We are announcing it. We will come up with the staking before. Maybe you want to explain that?

Yeah.

Yes. She's the business.

Yes. So we're gonna, we're gonna announce that within the month. We're just kind of crunching some numbers, but it's, we're gonna tier them and you know, within three months, six months, 12 months, and we're gonna see what makes sense. But I think it's gonna range, I like ranges between 4% to, let's say 15 to be on the safe side. But it's, we'll get to that. But the announcement should come up, I think pretty soon. Four weeks.

Yeah, probably like that.

Right? Look for it on Cointelegraph.

Yeah. Look. Follow us on Twitter.

Join the Telegram Exactly. Yeah. Jonathan is also asking what is the starting market cap for the IDO estimated at? Right.

Well, since it's public now, 650,000 Lexicoins each one BUSD. That's an initial, you know, second 0.0 of 650K USD market cap. But of course there is a few parties in liquidity. We have a lockup for all pre sale. For instance, we did a very successful pre sale, sold it out. Very, very nice. Thank you to all presale backers. You guys are amazing. Because they are locked up and everyone knows what that means. They cannot immediately go to pancake and immediately sell off, you know, coin to make profits. So it's a strong commitment here and because they know they have to wait for a bit of time to get that and additionally they'll be on a vesting schedule, linear vesting over months and months. So that's very good to anyone who's participating right now on the initial ido, because I believe, and the whole team, we discussed that and we said if we're doing it, it has to be a fair launch. And also very important for you guys. We upgraded our contract of lexicoin and the contract address for you coders, it's public, you can read it up, you can check the code yourself. We have a comprehensive anti bot protection. So there's a thing called front running, which is essentially automated trading by computer programs. Bots who are pumping up the price of a coin and then on a peak they just cut it off and sell off and wipe the order books. So that's not going to be possible. If we have this pattern in the trade, they're going to be kicked out. So pretty cool. Fair.

Got it. Nice. I want to direct the conversation a little bit back towards the platform side of things. I'm curious. So obviously this is a very unique concept. NFTs and DEFY are you guys, do you have any Competitors in this space. Is this kind of the first platform that actually takes both of these concepts and combines them?

I mean, I would say we don't. Right. I don't think we do. But you know, there's. I don't think I haven't seen a platform that has NFTs and DeFi on one platform. No, we're trying to create that one stop shop, a user friendly experience. Right. So I don't know, you could elaborate more, Amir, but I would say no.

I can say that one of my daily routines in the morning is to Google if there's anyone coming up with something similar just to motivate myself to be better. So no, at the moment we don't see there are great NFT launchpads out there and you know, opensea whatnot, and they're really, really doing tremendous good work, I gotta say. And you guys are also highly regarded within our team because you are part of the space. And we try to find a way to put NFTs which are fairly simple mechanism in itself. Right. But enable so much. This is incredible. It's like water. Water is such a simple thing, but. Right. All of life. So. And NFTs are kind of an amazing, amazing vehicle to accomplish new use cases and monetize things in a totally different way, which is good. It puts people to work and creates opportunity. Hopefully as many more people will prosper out of this. And thank you to all of you NFT launchers out there, you are inspiring. But we are different.

Right? So interestingly enough, and I just wrote an article on this, it sounds not like you guys are doing the same thing, but a tiny bit similar. Have you heard of centrifuge? They're more on the enterprise side of things where they're taking business things like invoices and tokenizing those, turning them into NFTs, putting in a liquidity pool. So based on that, because obviously it's different but somewhat similar, would you guys, I'm just curious to know, would you be merging in the future into the enterprise space where you can tokenize invoices or things such as builds of lading and turn those into NFTs and then have a liquidity pool or is this strictly for intellectual property like you were saying, Amir?

Yeah, see the thing is with base technology and the base frameworks of centrifuge, we are aware of them, they could technically do what we do in a way, but it would completely go astray from the business model. And same to us, you know, enterprise there got to be, there has to Be good solutions for them, too, but we don't think so. We are very happy with empowering anyone with a brilliant mind to reach the masses and to find its way out there. And not saying it's boring to do something else, but I think it's. Listen, arts. Let's take just arts for once. What is art? It's the very thing that makes you and me, dear listener and viewer. A human being without music, without literature, without feelings expressed in carvings or in a sculpture. We're just, you know, apes. Okay. So I think it's such an important aspect of human nature. Arts plus inventions. Building things that make us safe. Not freeze. Fly to Mars with Elon Musk and never come back. Don't ever dump bitcoin again. Dude, I'm kidding. So, you know, this is important to us. And so we are very committed to that empowerment of everyone who has the merit and the talent.

Yeah. And we want to focus on that. And we want to focus on bringing opportunity to anybody and everybody with true talent. There's so much hidden talent and all over the world that normally goes unnoticed, bump down the queue and. Or even they don't even have the courage or support to make it to that queue in the first place. So I think with Lexit, what we want to bring is equality to the industry and not have the privilege, I guess, decide whether you're entitled to your own success. So we want to focus on that creative side. You know, our platform is, you know, everyone has a fair shot.

Totally.

I mean. Yeah. Affordable.

No, this is very important. Racial. This is such an important thing to us.

Yeah.

I really imagine that once we up and running and there might be a few kids somewhere, say, Manila, Philippines, who are not raised in a wealthy environment where they have a father and mother who can support them in their dreams, you know, because that's the reality. You, Rachel, and us here, we're privileged people. We live in a privileged environment in safe countries, fairly safe countries. But this is the exception. This is 90% of the population on this planet. Don't. That's the hard reality, the harsh reality. And the least we can do is to give. Give everyone a fair shot. And I want those kids in Manila to know we're with you guys. Code your thing, make your demo come to lexa.com, try to NFT. Try to find a way to monetize. Convince us and you get launched. Let's go to Nublider. Stay Neptune for Nublar.

So I love that. That's amazing. And you know what? That's what Blockchain is about. I mean, I, I have. I focus a lot on enterprise because that's kind of what I've been doing over the past years in the space. But blockchain is about including everyone from around the world having that open nature, allowing opportunities for everyone in underdeveloped countries. And so I just love what you guys said. Obviously, I think enterprise use cases are extremely important, but what you said for your business use case is so important for creatives and artists anywhere in the world. And that's what blockchain is about. So I love that.

Yeah.

Thank you for recognizing this is important.

That's what honestly pushes us every day. And we're super excited. It's going to be a really fun ride to do this and create this opportunity for so many people around the world.

Absolutely right.

Thank you for this recognition. This is very important. Yeah.

Yeah, that's great. I'm going to take a question from an audience member. The crypto investor is asking, so if I was Disney, could I sell Mickey Mouse through your platform? I mean, it's a funny question, but actually, you know, it makes sense. I guess.

You want to do this. Well, dear crypto investor, very, very.

You're on our telegram. I know.

Anyway, if you were to own the rights on the fictional character Mickey Mouse, which I loved as a kid, but then he creeped me out and I was afraid of him. Kidding. I love him still. Mickey Mouse is cool. Big ears like me, you know. Anyway, so if you were to own the rights and copyrights and reproduction and rights in making prints of anything of sorts of. Yeah, sure. If the Disney Corporation would come around and say, hey, Lexip team, pretty impressive, we have a few ideas, we're all ears. Yes, essentially that's possible because it is intellectual property, even if it looks funny.

So based on that question, I have another question you briefly mentioned. There's a KYC process where you just kind of do due diligence to make sure that that property is actually that person's property. Can you talk about what that process is like for KYC on the platform?

Right. It does depend a bit on what is the intellectual property. Say it is a painting. A talented painter is coming along and he's saying, I have this painting, I own it, the copyright. They have to provide proof as far as possible that this painting belongs to them. A certificate, for instance, or they purchase the painting and somehow they managed to even purchase copyrights, which in some countries isn't even possible. So based on your country, where you're from, and the regulations and laws from your country. We will take an evaluation and vetting if this is actually yours. That's the first step. The second is at the same time basically is a kyc, meaning a full kyc. Like if you open up a bank account, you have to provide identity, proof of address, who you are and everything. So we have to make sure that you are not on any embargo list and any, any sorts of which would prohibit you to participate. If you're passing all this and you're the owner of this intellectual property, then you pass the most important gate and then you come to the evaluation side of things where we, you know, try to deem if that's something interesting to our community at this time or not. And we are aware that at some point there might be a lot of applications coming in. So we are working on AI powered systems to kind of filter out a bit for us. Because it would be humanly really difficult to do it, you know, at some point probably. Yeah. But yes, guys, you need to tell us who you are in real and if you really own it, we need to know, else we can't do it.

And we're gonna take it very seriously.

Yeah.

And I think she is frozen.

Is she frozen?

Okay, yeah, I may be frozen, but I can still hear you. Apologies if I'm frozen.

Yeah.

Okay.

I lost. We lost you for a second. There we go.

So you mentioned, Katya, that you're going to take it very seriously, the KYC process.

You didn't really, you didn't lose me that much. No, no. For us, it's very important that we do take this very, you know, very seriously. And we're going to in place a very strategic partnership. We have our cto, Fairhat Zeba, that's creating a whole process around it. And it's, we're, we're very, you know, we're gonna put a very strategic process in place.

It has to be fair play. Right. And we try to reduce the space bad actors have on the Internet. It's not easy, but we want it to be a fair place and that nobody is gonna be, you know, damaged materially or in any other way.

Yeah, got it. Yeah. That's obviously really important. Another question that I wanted to ask was the physical aspect of NFTs. So let's say you have an artist with the painting, you tokenize it, it becomes an nft. If somebody wants to purchase it, would they also receive that physical item as well as the nft or are you doing anything with physical. Is what I'm trying to ask here. Right?

Right. Yes and no. It depends what the nft, the copyright or item owner wants. So if they say, for instance, I have footage of something rare nobody has seen before and I just want to provide access. So the NFT could be a key to provide access to that footage on a stream or anything of sorts. But it could be that an artist who's a painter or a writer wants to sell indeed the copyrighted ownership, the sole, you know, title of it to somebody else, you know, as an nft, that's possible too. There would be a transaction happening in between those parties. And two, so there are multiple ways of doing so. It all depends on the item. And what is the purpose of the nft? Because that's the most important questions to us. Right. Especially for Katya in the business segment, if you want to NFT something, right. You got to tell us. Yeah, right. What do you want to do with this? Does it make sense? Do we think that, and we do have a lot of experience in this segment, do we think that this is something that interests people? You know, of course.

You know, and that's going to be part of the exciting part because we're going to, we're going to explore all the different unique ways that you can NFT and tokenize something. So it's going to be, it's, it's going to be exciting.

Maybe you can tell them a little bit about our exciting partnership. Like this is very exciting.

Yeah, yeah. So of course. No, well, there's, as I mentioned earlier, we are going to announce many strategic partnerships and you know, offerings that we're going to have in the near future. But one of them is toasted. So they are a media company based in Amsterdam and they hold thousands of never, never seen before footage of backstage videos, interviews, studio sessions, studio sessions, all the back from Amy Winehouse, Coldplay, Beyonce, and we're super excited. We were actually the other, the other day with all the founders looking through some of the videos and it's, it was crazy. So crazy.

It was an epic moment.

It was an epic moment. And right now what we're doing is actually this week we're sitting down with the CEO Paul and we're going to explore unique ways of how we can tokenize all these never before seen footages and provide many innovative use cases for.

You guys, offer a nice deal to the artists.

There's going to be so many different people that are going to benefit from this that we're just so excited to show you guys for when we're going.

To Launch the emotional connections. Right?

It's, it's going to bring back and we're going to throw, we're going to bring campaigns to it. It's, it's works, we're getting to work. We're excited.

Absolutely lot I'm excited to hear more. That's really cool. I hope I see some, you know, old music collections that I listened to when I was a kid. You know, Britney Spears or something like that.

Destiny's Child, hint, that's gonna be, that's nft. Yeah, there's gonna be a lot, there's a lot of really exciting. I'm very excited. That's like my part, my big part of my role.

So yeah, I'm a big fan of some of these things, like a huge fan of some of these artists. And I'm thinking to myself, wow, you've got a pinch yourself. You might have a shot here of, you know, building this into your startup with your partners. This is just mind blowing.

It's fun. Yeah.

So let's see.

Yeah, yeah, it is mind blowing. But I wanted to ask you both because this is such a unique platform that you've built merging NFTs with the DeFi space. Do you think, I mean right now we've seen this NFT boom, everybody's excited. It's, it's kind of going mainstream. Christie's, you know, they're doing auctions, NFTs. But do you think that this is the future of the NFT space? I mean, obviously it's not just going to stand still at what it is today, but do you think that NFT and Defi is the future of the NFT space and could even potentially go mainstream moving forward?

What do you think?

Go ahead. You go ahead.

Absolutely. See as we speak right now, not far away from you, Rachel, a bit more south in Los Angeles, the big seven media corporations are tossing in a lot of money into blockchain NFT solutions to find a way how to build it for themselves, what they always do, each for themselves, competing with another. This is not how we click. Right? We're crypto and as crypto we are open minded, we are inclusive, right? We want to create something that anyone can use. And yeah, those guys are doing it not just for fun. They are realizing quickly that this is a very interesting vehicle, NFT to open up entirely new revenue streams to access content and entertainment. Just one example of the entire NFT space. Right. So I think that what's happening right now with the big auctioneers like Sotheby's and whatnot and the big ball players videos of slam dunks and whatnot. Well, this is fun in a way, but really to me it's just a way to raise awareness and I'm grateful it happened. You know, it's kind of hilarious to me, you know, in a way that so much money, this is some serious money we're talking about. To me, a million bucks is a lot of money personally, you know, and I'm thinking to myself, it makes no sense. But on the other hand, I'm grateful they did it because it did, you know, I mean, Jimmy Fallon was talking, I think on late night, you know, about NFTs. I was like, heck yeah, dude. More please. So I think that the future is wide open and that the possibilities are almost limitless. So let's do it.

Yeah.

And we have a great team of developers and internal team that are every day looking at new ways how to create a more user friendly platform and to make it more mainstream. So it's really exciting. So that's definitely. We think it is the future, but I think it's just starting. Yeah, right.

Yeah, I agree. It's just getting started and that's why projects like Lexit are so important. I just want to remind the audience we've got a few more minutes, so please send your questions our way.

No questions from the audience.

Nothing from you, Rachel?

I was just about to say my questions are boring.

No, no, I like, I'm just kidding.

I'm joking. Speaking of my questions, I have another one based on what you guys were saying, because we all tend to agree that this is the future of the space, but we're just getting started. What are the biggest challenges that still need to be overcome in order for this to go mainstream?

I think education is definitely one big thing we need to. And that's one of the. One of our goals is to continually continuously educate our audience so that the 12 year old one day will understand, but also are the elderly every single generation. I think that's one big challenge and user experience. I think it's definitely a big thing we want. One of our biggest goals is to, I don't want to say it to be Apple friendly, but it's. You know what I mean? So it's just going to be so that when you go on Lexit, it's you, you get it right away. Okay, I could do like that. Right. So I think to make it mainstream we definitely need to continually to educate and then also provide user friendly platforms and maybe not so many of them just Lexit. I'M kidding.

Yeah. Crypto. Crypto is just such a great space and blockchain technology itself is so exciting to so many people. But guys, let's not kid ourselves. There's so many people out there, like 99% who don't yet know how to open up just a simple wallet somewhere. You know, we need to put way more effort in building solutions and making people understand our solutions in a simpler way in order to have this mainstream adoption. It's not enough that someone knows over my bank account, I now can buy crypto with my credit card and I have Bitcoin, you know. No, we all know this field is way more diverse in ways how to utilize blockchain technology. Right now we are one of the many cases out there. We're quite unique. Yeah. NFT launchpad with defi liquidity. We are basically, you know, this is. It's a crazy cool thing, I got to tell you that. But there's so many other great ideas and we have to make the people understand how do they work in simple examples. Not saying they don't know, but if you don't have the information, how would you know how to react, how to use it? So we need to educate, as Katya said.

Yeah. And to that side to be able to diversify and to have to give opportunity and equality to everyone. We do need to continue to educate and that's one of our goals. I know. My goal for sure is to continue to do that and to provide that so that it becomes user friendly and easy to use for everyone.

Right.

Adopt.

Yeah. And that's just.

Now Apple tried to sabotage me. Update. Automatic update.

I was like, no, no, you're listening.

Really? Really? Guys, I'm kidding.

But based on what you both were saying, first of all, I agree 100%. Second of all, Katya and you mentioned that's one of your goals is education and educating people on this new scene space and this unique platform. Do you have any other goals that we can expect to see in the next six months or so? I mean, obviously educational content. Yeah, but what, what else can we expect to see from Lexit?

Yeah, of course. Well, we're going to build our office. That's definitely. And then look for more strategic partnerships as toasted. So anyone listening to this, give me a ring. But we're hiring. But yes, definitely building our, our, you know, our home. Home base, our headquarters. And also making sure that our. We're all ready for our launch date. For our launch. NFT launchpad for August. But we have many goals that's Just one of them. That's just one of them. To make sure that we do diversify.

I mean, you can find the roadmap, for instance, anyone who wants to dig into it on Lexi.com and there is white paper and there's a road map, one of the last slides. And you can see what we intend to do if you really want to know more details about it. Yeah, but it's quite some work. But we think we can, we can keep the pace and we're going to have a bit more sleep in the next weeks, hopefully. Because this campaign.

Whoop.

Yeah. Yeah. But our goal is definitely we're supposed to launch a Q4, beginning of Q4 for our NFT launchpad. So we're just going to. What we're going to be doing for the next, you know, whatever, three months, three, four months is to make sure we have everything in place for that to run smoothly, successfully, with all our partners and new partners to come.

Cool. And you mentioned you're building an office. Out of curiosity, where is that? Is it US based or is it Europe or.

Right. I gotta tell you something. I have two wonderful sons, Isaac and Kim and 11 and 13. And I'm traveling a lot and they live with my ex wife, which is a wonderful woman, Leah, and they live in Hamburg. So we basically could have chosen any spot in the world to build the base. And because we work decentralized, like a blockchain currently, except CEO CTO Ziba Farhad is with me all the time. I don't let this guy far away. And so I asked the team, my co founders, like, hey guys, I'd like to pick Hamburg, Germany because my kids are there. Yeah, it didn't take them 0.1 second to say, of course. And so I love them for that.

Yeah.

So it's going to be Hamburg, Germany.

Yeah, that's going to be our headquarters.

Next month actually, like in two weeks.

Awesome. Cool. But I'm assuming even though it's based there, you're going to be global. I mean people in the us, people in Asia, people anywhere could basically work for Lexa.

And after. Yeah, we are, we're going to work. We're hiring globally for sure. And after we launch our NFT launchpad, we're going to definitely go on a world tour. So to promote and partners, close partnerships. So we'll be everywhere. Asia, Australia, US.

Pretty exciting.

Yeah. So we're excited.

Awesome. Well, I hope to catch you guys in person soon. If you make it to the US or if I do.

We will. I will.

La, San Fran, Cisco are plants.

So we will.

Awesome. I can't wait. We don't have any other questions from the audience, so on that note, I just want to give you guys a minute to just let everyone know how they can be in touch with you. Just say your telegram group, the Twitter handle again. Maybe an email, because I'm sure people want to reach out and find out more.

Yeah, yeah, definitely. Our Twitter is co. So important.

Capital Lexit. C O, lowercase.

Yeah. So you could follow us on Twitter. You go on our website also www.lexit.com. it has all the information. Our telegram, our Instagram, and also you can subscribe to our newsletter as well.

Or just Google that thing here. Right?

Yeah. And then do you want to add anything?

Well, no, that's pretty much it. I mean, I'd like the lady to have the last word, so thank you.

Yeah, no, thank you so much, Rachel and Cointelegraph. It's been really great.

And thanks for everyone watching. We love you guys.

Yeah, cool. Well, thanks, Amir. Thanks, Katya. It's been a pleasure. I can't wait to meet you guys in person, and I'm really excited to hear what's to come with Lexit. Thank you to our audience for joining us today. Please subscribe to the YouTube channel for future AMAs, and we'll see you guys next time.