Pre-Launch Update
The $PAST development team has provided some fantastic insights into their game plan for launch and short term strategy for success. We touch on topics such as tokenomics, marketing plan and launch timelines. Concluding with comments directly from the CEO, addressing their optimism for the project’s long-term success.
The answers below are paraphrased from communications with the core team of THE PAST PROJECT. Quotations are used to highlight important points directly from the team.
For transparency, all items outlined below are subject to change based on market conditions and team strategy.
Question: Does the team have an established timeline for launch?
Answer: We officially announced the rebranding and relaunch on March 6th, 2022. At that time we provided a timeline of one week, which put us on a launch deadline of March 14th. “Due to the current volatility of the market and lower trade volumes, we strongly believe we can make a more impactful launch towards the end of this week, preferably before the weekend.” Our goal is to maintain the integrity of a fair and stealth launch, so we are purposefully being ambiguous with the exact day. “We appreciate the community’s continued support and understanding with the adjustments to the timeline.”
Question: Are the tokenomics outlined?
Answer: In short, yes! Our contract and tokenomics are still in the final stages of review, but we are willing to share the following information:
∞ Total supply will be one trillion tokens
∞ Round trip buy and sale tax below the 20% threshold
∞ Currently considering reflections based on ownership of supply percentage
∞ Incorporating a deflationary burning of reflected tokens that go to the development wallet
Question: What are some hurdles your team is experiencing?
Answer: “The only issue we are facing as a team is actually a unique challenge shared across the Web3 workspace. We currently have team members living in Europe, Asia and North America. The only specific ‘hurdle’ I can think of is in syncing up the timing for meetings and voice chats. Fortunately Telegram and other information sharing platforms allow for this global collaboration across time zones!”
Question: Will the Grimutants Genesis Collection still have utility?
Answer: “GGC is still and will continue to be the genesis collection for our NFT utility. Their value and roadmap remains the same even through the rebranding. Our Play-to-Mint Grimopoly game will have a Version 2 and the Grimutants themselves will have amazing use cases in the P2E gaming we have planned. The staking rewards DApp is still in the works with the same return previously outlined, except the reward will be in $PAST tokens.”
Questions: Can you outline the deliverables your team is working on?
Answer: “I would like to take a moment and just recognize the amount of work our Design Team has been able to accomplish in this short amount of time. It’s all been happening behind the scenes but we are building everything from scratch. From text to design. Without a doubt we are going to have the most polished website design and detailed litepaper in the crypto space.” We are also finalizing our ‘Call List’ and marketing strategy. With a goal of optimizing the use of marketing funds and aligning $PAST with some of the biggest names in crypto.
Question: What is the focus of the $PAST token ecosystem? P2E Gaming, NFTs, DAO, etc?
Answer: There is no specific focus, we plan on doing it all! As a team we believe if the focus is on innovation then the possibilities and avenues for success will remain open. Creating a token that is valuable on the free market and connected to an ecosystem of utility is what we are striving for.
Question: Will the native $PAST token contain utility?
Answer: We are purposefully being tight lipped about the token utility. We firmly believe that we have captured a whitespace in crypto that has been left untouched. I’ll leave you with a quote from our litepaper; “we are confident that this revolutionary concept of “minting memories” will not only allow us to connect our most powerful nostalgic memories with contemporary blockchain technology, but also that it will enable us to shift the paradigm of power across art and, overall, the creative process.”
Words from the CEO:
“Nobody is doing nostalgia in crypto. Everybody is focusing on the future; which makes sense, as it’s a future-oriented technology and space. We feel there is a massive unfilled whitespace opportunity in the market that we can successfully capture. There’s a lot of research in the litepaper, but essentially — nostalgia is one of the most powerful psychological and physiological forces within the human body. It’s actually initiated by chemicals we’re all familiar with like dopamine, which create feelings of positivity and happiness in our brains. In fact, these feelings are more powerful during times of uncertainty than in ‘good times’ and so we feel this concept and our derived utility from it, will be equally meaningful in both bear and bull markets.
Additionally, as humans, these specific, powerful types of memories are not created equally throughout our lives — the hormones in our body that create them are most active during the ages 12 through 22. You can probably relate, think about the music, or TV shows you liked most in these ages, and how it still resonates with you now. So when we combine that data with the average age of investors in the crypto world — we’re able to build a sweet spot that we want to target, roughly the 90’s and 2000’s. Building out on both ends from there.
Furthermore, the equally revolutionary idea we’re building is “The Memory Treasury” which will bring to life the concept of “minting memories.” A lot of the issues that projects run into is copyright infringement and intellectual property, but we’re going to bypass both of those issues completely — it’s most helpful to think of this idea in specific examples. For instance, HBO owns the rights to Game of Thrones, but they don’t own the rights to the memories or experiences that the actors had while filming the show. This same concept can be applied to music, sports and other types of art. We believe there are two types of memories — personal and collective. Collective have immense commercial value, things we’re all familiar with, but operate in a world of legal issues. Personal memories, such as your wedding day, might have a lot of value to you individually, which we will also bring to life, but no real commercial value as they are specific to you. If you think about it like a Venn diagram, we’re going to target a perfect middle ground between the two — personal memories, from the people who experience collective events.
Finally, not only does this offer an immense opportunity to monetize this concept, but it also fits in nicely with one of the larger trends in crypto, and in the world right now — the question of who gets to own and profit from art? The artists themselves, or the massive brands and companies that own the rights to them? Think about the Taylor Swift vs. Scooter Braun dilemma. We believe that artists and creators should be receiving more of the rewards from the things they create, and less so the giant corporate entities that own their rights. By creating this ecosystem dedicated to “minting memories” we are able to meaningfully shift the power back to the people responsible for creating the art in the first place.”
