Accroding to Cointime Web3 Builder Hub Daily

Cointime:Introduce yourself and use one sentence to describe what is Element Market. 

I'm Sea, from Element Market and in charge of operations. Element Market is a community-driven aggregate trading market where you can think for any asset you actually want. You can trade BNB Chain assets and Polygon assets here. And we’ve launched a launchpad to help new projects get started faster and better by recommending blind boxes of high-quality projects. At the end of this month or next month, we will launch arbitration version. Welcome to use the Element Market.

Cointime:Can you tell us about the founding story of Element Market and how the idea came about?

We actually started doing Element Market two years ago, and in that time, in China and South Asia, I suppose do not have too many people know what is NFT yet, but our team has gotten some popularity. Our team has a background in crypto games, four years ago we made a small blockchain game called Crypto dog, so we understood NFT before anyone else. We thought that different cultures in the world should have different NFT, especially China and South Asia, which should have NFT that fits their own cultures. Soon we got a lot of support from people, so we opened up the Element Market.

Cointime:Element Market has attracted investments from prominent venture capital firms such as Sequoia Capital, Dragonfly Capital, and SIG. During the fundraising process, what do you believe was the most compelling aspect of Element Market that impressed these investors and ultimately convinced them to invest in your company? Was there a particular aspect of your technology, team, or market potential that stood out to them?

Our team was working on NFT before anyone knew about it. We have enough matched backgrounds and extensive experience to be the most attractive to prominent venture capital firms. They believe that we are trustworthy. Another important point is that the trading market is a good business model and the market for NFT is promising. We like to spend a few days telling them what NFT and trading market are, and of course it's very smoothly. We 've also built enough of a market and moat in two years, and we have been expanding our offerings to cater to a growing number of knowledge-based users.

Cointime:Could you share some key data such as global community user size, the number of NFT works available, trading volume, etc.? What trends do you anticipate in the future?

Our transaction volume has exceeded $20 million. The largest transaction volume is from Ethereum and the second is from Polygon and BNB Chain. We have 250,000 users that are already traded on the Element Market. We have twitter community and we have DC community. In the DC community, the average number of users online is about 50,000, considering that different users have different online times due to different time zones. We are still working hard on how to serve more chains. We are keeping an eye on top topics and market changes. We are trying hard to collaborate with high quality projects to pick a good portfolio for users.

Cointime:Can you discuss any notable success stories or high-profile sales that have taken place on Element Market?

One is SPACE ID on the BNB Chain, and SPACE ID is building a universal name service network that seamlessly coordinates and connects people, information, assets, applications across blockchains. The turnover has been the highest recently. We have a great product offering for domain names, and for search and display, so you can find exactly what number you want to buy.

The second one is a social NFT we collaborated on, the model is that if a girl has an NFT and a boy has an NFT, they can put together and come to make friends like a couple in a virtual network. This product brings a lot of fun to the users.

Cointime:Can you provide some insight into the geographic distribution of your user base on Element Market? Are the majority of your users based in China, or is the platform seeing a more diverse international audience? Additionally, can you share any plans or strategies your team has in place to expand and grow your user base in overseas markets?

30% of the IP location is based in China and 20% are in Vietnam. Next is the U.S., Canada and Australia. We hear people talking about Element Market in the U.S. and Singapore, so I think people are using Element Market on a global scale.

For growing our user base in overseas markets, we have a lot of ways. Our team is taking more offline conferences in the U.S., and also introducing more oversea projects. And we find that it will be hard for you to introduce secondary NFT collections to a new market. So we give them bonuses, give users bonuses, give collectors bonuses, and give anyone bonuses so that they have a second choice. More important, for some of the new creators, their NFT collection in the secondary market are not that liquid. We try to give them a better solution to get higher liquidity.

Cointime:Element has been long been working on reducing gas fees since launch. The Element NFT Creator Certification Plan is one of the strategies to achieve zero gas fees for creators. What other measures have you implemented to minimize gas fees?

There are two main ways we approach this problem from a technical perspective. First, we made the token contracts used in most NFT transactions on the market into standalone contracts, which reduces the user's gas fee, and can significantly reduce the gas fee when we purchase multiple NFTs at once. The second point is that we change the core code to Assembly, the basic language, so as to optimize the code processing efficiency, and thus reduce the gas fee.

Cointime:How does Element Market leverage its liquidity aggregation and cross-marketplace listings to provide users with the best trading experience across multiple blockchains? Can you explain the underlying technologies and mechanisms?

I think on a technical level, liquidity aggregation is doable, it's very easy to get the API and do aggregation as long as other markets are willing to share with you, which Opensea, for example, is very willing to do. But some markets are not so willing. So it's more of a strategic question of what kind of market you want to be, whether it's open or whether you just want to play on your own.

Cointime:Element has recently opened applications for the Elemetas pass and you have described the aim as revolutionizing utility NFTs. Can you provide insight into the big picture of the Element ecosystem and the roles of the Elemetas pass, ELE token, and Element DAO within it? Can you provide examples of real-world use scenarios for the Elemetas pass?

The more popular one at this stage is PFP NFT, Utility NFT has more utilities compared to it. If you are an Elemetas Pass NFT holder, you have certain rights in airdrops, exclusive user rights, community governance, etc. What is the next NFT development? The answer we think is Utility NFT. So that’s why we do it. We are willing to have new ideas to stimulate the NFT market and think about what’s the next. That's why we see Elemetas Pass NFT as revolutionizing utility NFT.

Elemetas Pass NFT holders will become partners in the ELE DAO community co-build and share long-term benefits, and enjoy exclusive avatar/NFT pledge income/VIP4 privileges/early experience of advanced features/airdrop/Lanuchpad royalty discounts. And we will add more along the way. For the Element ecosystem, we want to build an active market, we definitely want to link with a lot of NFT projects, on the one hand, these NFT projects want to link with the users and give their users more benefits, on the other hand, users would love to get airdrops. So we can have both in our Element ecosystem through Elemetas Pass NFT. So it's very interesting, and it's very revolutionary. We want to show people there is a new way to do NFT.

Cointime:Can you discuss the current state of the NFT market and where you see it heading in the future?

I think Utility NFT will be the future of NFT, you can have your own design on it and get some special benefits, it will attract more people's attention. More and more companies are starting to build long-term relationships with their users to establish a continuous IP influence, while combining their products with practical value in reality, such as VIP tickets for concerts. In this case, Hong Kong has done a good demonstration.

Cointime:What are some of the biggest challenges and opportunities that Element Market faces in the NFT marketplace?

That's an interesting question. The biggest challenge, I think it's not just precisely to what Element is facing, but about the industry as the whole. Focusing on Element, users already know that we are a community-driven aggregate trading market and have the lowest gas fee. Are there other functions and advantages we can offer? Such as, social function and mobile function. So we have a lot of functions that we want to do. But we have to pick up what is the most important right now, what is more efficient for our users? I think that’s the biggest challenge for us right now.

Cointime:In light of the recent controversy surrounding the environmental impact of NFTs, can you speak to Element Market's stance on sustainability and any efforts the company is making to minimize its carbon footprint?

I met a guy in Hong Kong 2 or 3 months ago who said he was a classmate of the Opensea’s founder. He was working on an NFT project on CO2. In the future, a country, an enterprise, has to pay the amount of CO2 he emits this year. If you put this way of trading carbon tickets in an NFT way, it will be much easier. I think that is revolutionary. We also hope that by improving the technology we can do NFT in a more carbon-friendly way.

Cointime:What are some of the new features or updates that users can expect to see on Element Market in the near future?

We may not be the best now, but we want to be the best one. We want to offer more NFT collections in the future with lower gas fee. People can use Element Market freely. We're trying so hard to be the best one.

I'm Sea, from Element Market and in charge of operations. Element Market is a community-driven aggregate trading market where you can think for any asset you actually want. You can trade BNB Chain assets and Polygon assets here. And we’ve launched a launchpad to help new projects get started faster and better by recommending blind boxes of high-quality projects. At the end of this month or next month, we will launch arbitration version. Welcome to use the Element Market.

Cointime:Can you tell us about the founding story of Element Market and how the idea came about?

We actually started doing Element Market two years ago, and in that time, in China and South Asia, I suppose do not have too many people know what is NFT yet, but our team has gotten some popularity. Our team has a background in crypto games, four years ago we made a small blockchain game called Crypto dog, so we understood NFT before anyone else. We thought that different cultures in the world should have different NFT, especially China and South Asia, which should have NFT that fits their own cultures. Soon we got a lot of support from people, so we opened up the Element Market.

Cointime:Element Market has attracted investments from prominent venture capital firms such as Sequoia Capital, Dragonfly Capital, and SIG. During the fundraising process, what do you believe was the most compelling aspect of Element Market that impressed these investors and ultimately convinced them to invest in your company? Was there a particular aspect of your technology, team, or market potential that stood out to them?

Our team was working on NFT before anyone knew about it. We have enough matched backgrounds and extensive experience to be the most attractive to prominent venture capital firms. They believe that we are trustworthy. Another important point is that the trading market is a good business model and the market for NFT is promising. We like to spend a few days telling them what NFT and trading market are, and of course it's very smoothly. We 've also built enough of a market and moat in two years, and we have been expanding our offerings to cater to a growing number of knowledge-based users.

Cointime:Could you share some key data such as global community user size, the number of NFT works available, trading volume, etc.? What trends do you anticipate in the future?

Our transaction volume has exceeded $20 million. The largest transaction volume is from Ethereum and the second is from Polygon and BNB Chain. We have 250,000 users that are already traded on the Element Market. We have twitter community and we have DC community. In the DC community, the average number of users online is about 50,000, considering that different users have different online times due to different time zones. We are still working hard on how to serve more chains. We are keeping an eye on top topics and market changes. We are trying hard to collaborate with high quality projects to pick a good portfolio for users.

Cointime:Can you discuss any notable success stories or high-profile sales that have taken place on Element Market?

One is SPACE ID on the BNB Chain, and SPACE ID is building a universal name service network that seamlessly coordinates and connects people, information, assets, applications across blockchains. The turnover has been the highest recently. We have a great product offering for domain names, and for search and display, so you can find exactly what number you want to buy.

The second one is a social NFT we collaborated on, the model is that if a girl has an NFT and a boy has an NFT, they can put together and come to make friends like a couple in a virtual network. This product brings a lot of fun to the users.

Cointime:Can you provide some insight into the geographic distribution of your user base on Element Market? Are the majority of your users based in China, or is the platform seeing a more diverse international audience? Additionally, can you share any plans or strategies your team has in place to expand and grow your user base in overseas markets?

30% of the IP location is based in China and 20% are in Vietnam. Next is the U.S., Canada and Australia. We hear people talking about Element Market in the U.S. and Singapore, so I think people are using Element Market on a global scale.

For growing our user base in overseas markets, we have a lot of ways. Our team is taking more offline conferences in the U.S., and also introducing more oversea projects. And we find that it will be hard for you to introduce secondary NFT collections to a new market. So we give them bonuses, give users bonuses, give collectors bonuses, and give anyone bonuses so that they have a second choice. More important, for some of the new creators, their NFT collection in the secondary market are not that liquid. We try to give them a better solution to get higher liquidity.

Cointime:Element has been long been working on reducing gas fees since launch. The Element NFT Creator Certification Plan is one of the strategies to achieve zero gas fees for creators. What other measures have you implemented to minimize gas fees?

There are two main ways we approach this problem from a technical perspective. First, we made the token contracts used in most NFT transactions on the market into standalone contracts, which reduces the user's gas fee, and can significantly reduce the gas fee when we purchase multiple NFTs at once. The second point is that we change the core code to Assembly, the basic language, so as to optimize the code processing efficiency, and thus reduce the gas fee.

Cointime:How does Element Market leverage its liquidity aggregation and cross-marketplace listings to provide users with the best trading experience across multiple blockchains? Can you explain the underlying technologies and mechanisms?

I think on a technical level, liquidity aggregation is doable, it's very easy to get the API and do aggregation as long as other markets are willing to share with you, which Opensea, for example, is very willing to do. But some markets are not so willing. So it's more of a strategic question of what kind of market you want to be, whether it's open or whether you just want to play on your own.

Cointime:Element has recently opened applications for the Elemetas pass and you have described the aim as revolutionizing utility NFTs. Can you provide insight into the big picture of the Element ecosystem and the roles of the Elemetas pass, ELE token, and Element DAO within it? Can you provide examples of real-world use scenarios for the Elemetas pass?

The more popular one at this stage is PFP NFT, Utility NFT has more utilities compared to it. If you are an Elemetas Pass NFT holder, you have certain rights in airdrops, exclusive user rights, community governance, etc. What is the next NFT development? The answer we think is Utility NFT. So that’s why we do it. We are willing to have new ideas to stimulate the NFT market and think about what’s the next. That's why we see Elemetas Pass NFT as revolutionizing utility NFT.

Elemetas Pass NFT holders will become partners in the ELE DAO community co-build and share long-term benefits, and enjoy exclusive avatar/NFT pledge income/VIP4 privileges/early experience of advanced features/airdrop/Lanuchpad royalty discounts. And we will add more along the way. For the Element ecosystem, we want to build an active market, we definitely want to link with a lot of NFT projects, on the one hand, these NFT projects want to link with the users and give their users more benefits, on the other hand, users would love to get airdrops. So we can have both in our Element ecosystem through Elemetas Pass NFT. So it's very interesting, and it's very revolutionary. We want to show people there is a new way to do NFT.

Cointime:Can you discuss the current state of the NFT market and where you see it heading in the future?

I think Utility NFT will be the future of NFT, you can have your own design on it and get some special benefits, it will attract more people's attention. More and more companies are starting to build long-term relationships with their users to establish a continuous IP influence, while combining their products with practical value in reality, such as VIP tickets for concerts. In this case, Hong Kong has done a good demonstration.

Cointime:What are some of the biggest challenges and opportunities that Element Market faces in the NFT marketplace?

That's an interesting question. The biggest challenge, I think it's not just precisely to what Element is facing, but about the industry as the whole. Focusing on Element, users already know that we are a community-driven aggregate trading market and have the lowest gas fee. Are there other functions and advantages we can offer? Such as, social function and mobile function. So we have a lot of functions that we want to do. But we have to pick up what is the most important right now, what is more efficient for our users? I think that’s the biggest challenge for us right now.

Cointime:In light of the recent controversy surrounding the environmental impact of NFTs, can you speak to Element Market's stance on sustainability and any efforts the company is making to minimize its carbon footprint?

I met a guy in Hong Kong 2 or 3 months ago who said he was a classmate of the Opensea’s founder. He was working on an NFT project on CO2. In the future, a country, an enterprise, has to pay the amount of CO2 he emits this year. If you put this way of trading carbon tickets in an NFT way, it will be much easier. I think that is revolutionary. We also hope that by improving the technology we can do NFT in a more carbon-friendly way.

Cointime:What are some of the new features or updates that users can expect to see on Element Market in the near future?

We may not be the best now, but we want to be the best one. We want to offer more NFT collections in the future with lower gas fee. People can use Element Market freely. We're trying so hard to be the best one.