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Recap: Membership NFT AMA

AMA recap

During the exciting AMA yesterday, the LiveTrade team answered lots of interesting questions from users. We have compiled a list of good questions to help those who could not attend the AMA event learn more about our membership program.

1. Is there any lock time applied when upgrading or degrading membership NFT level?

You can only upgrade your membership level by two methods:

– Purchasing the NFTs when it is opened for sale this Oct 31 – Nov 4.

– After the offering is closed, you can only purchase it from other users on the DApp’s NFT marketplace.

For degradation, you can redeem the NFTs for LTD anytime. After redeeming, your level will be degraded.

2. Can I trade my NFTs with other users? If yes, will the marketplace open on DApp too?

You mean can the NFTs be sold and purchased between users, right? There will be an NFT marketplace where users can sell their membership NFTs, and even NFTs from other partnering projects.

3. Members are entitled to private allocations from LiveTrade, so if the members redeem their NFTs to LTD, will they still be able to keep the benefits from the private sale or will they refund the investment?

NFT owners still retain their private sale allocations of the projects in which they participated. They can continue to claim the tokens of their allocation until the end of the project’s vesting period.

4. Users can purchase up to 15 Elites. What is the difference between 1 Elite owner and 15 Elite owner?

If you have more NFTs, you will have more investment opportunities from the LiveTrade ecosystem, i.e. you can have more allocations of several promising projects at the same time.

5. Can I use my NFTs for farming or staking?

We have no plan for NFT pools yet but it is a nice idea. LiveTrade team may consider it in the near future.

6. The NFTs are transferable but forfeit their redeemability after being transferred, can LiveTrade shed more light on this?

That means the NFTs can be redeemed by their original owners. After being transferred, whether by trading on NFT marketplace or by direct sending, the NFTs are only used for enjoying privileges and cannot be redeemed to LTD anymore.

7. The privileges of each tier are pretty much the same, the only difference I see is the NFT badge, instead of a Diamond I can keep the Elite tier which also has the same perks but the required LTD is lower. Can you tell me more about Diamond tier privileges minus the NFT badge?

Actually, the privileges will be different. For example, although all can participate in DIPO & joint projects, different tiers will have different allocations. That varies depending on each project.

In addition, members of different levels may receive different amounts of airdrop or enjoy different rates of lending (Repo) features.

8. Do I have to convert membership NFT to LTD to upgrade my membership level or just additionally pay the different amount between my current level and the higher?

You have to redeem your NFTs to LTD, then you can use more LTD to upgrade to higher level as you want. The higher tier you achieve, the more advantages you receive.

Remember that you can only upgrade your membership level by redeeming NFTs to LTD within the offering time (Oct 31-Nov 4).

9. What is the maximum supply of membership NFTs? If there is a limit, what if users want to become a member but no one sells their NFTs?

The maximum supply of each membership NFT will be indicated in the offering page. If you want to be a LiveTrade’s member, you can purchase the NFTs during the offering period.

10. Is the number of LTD required fixed when the value of LTD changes?

The price of each membership NFT is indicated on the offering site and it is fixed. But later, when users trade on the marketplace, the price might fluctuate depending on the supply/demand and the decision of the sellers.

We hope that by reading this article, users will learn more about LiveTrade membership program. 

Don’t forget to prepare for the membership NFT offering tomorrow. Stay tuned!

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