Project Galaxy — Create New Experiences with Web3 Credentials
BTS Labs held an AMA with Project Galaxy on May 12nd. The theme of this AMA is “Project Galaxy — Create New Experiences with Web3 Credentials”. The guest we had was Darren Goh, the BD& Marketing Manager of Project Galaxy. He introduced that Project Galaxy is the largest Web3 credential data network in the world. Project Galaxy helps developers and organizations leverage NFTs and digital credential data to build better products and communities in Web3.
BTS Labs: Can you give a brief introduction about Project Galaxy? What it does, and what its vision and mission are?
Darren Goh(BD & Marketing Manager): Project Galaxy is the largest Web3 credential data network in the world.Project Galaxy helps developers and organizations leverage NFTs and digital credential data to build better products and communities in Web3.
Project Galaxy operates like Google/Facebook Ads of Web3. Project Galaxy provides tools to allow Projects to read and curate on-chain data to determine the target audience.
More than 300 protocols and organizations are currently thriving via Project Galaxy’s credential data network and application modules. In total, Project Galaxy has launched more than 2300 marketing campaigns and loyalty programs. More than 500,000 credential-based NFTs are minted every month.
Project Galaxy currently has more than 1500 credential data sets curated in the network, covering more than 4 million wallet addresses in Web3. Moreover, there are more than 1.2 million blockchain wallet users registered for Galaxy ID.
BTS Labs: What are the utilities of $Gal? Can you also share your thoughts on getting listed on Binance?
Darren Goh(BD & Marketing Manager): GAL is Project Galaxy’s native utility and governance token, it has the following use cases:
Governance: GAL token holders can vote on Project Galaxy DAO’s governance proposals.
Paying for Fees: Developers who aim to utilize Galaxy’s credential data will be charged in GAL.
Curating Credentials: Curators are incentivized to stake GAL token to signal a credential data sets value. Each credential data set will include a revenue stream that will be split between credential stakeholders pro-rata.
BTS Labs: Can you provide some use cases for different projects in different ecosystems, whether it be DeFi, DAO, etc can utilize the power of NFT.
Darren Goh(BD & Marketing Manager):In Project Galaxy, we are chain agnostic, as of now we support Ethereum, BSC, Arbitrum, Polygon, Fantom, Avalanche, Solana and we are looking into integrating more chains in the future.
Take our Solana Campaign as an example, though most of our chains that we support that time were EVM compatible, but we’ve managed to launch a multichain feast to not only incentivize the Solana Ecosystem to join in the campaign but to reward eligible users on Ethereum, BSC, and Polygon as well.
During the campaign, we’ve asked our users to have their Phantom wallet linked to their respective Galaxy ID. Galaxy ID is essentially our version of a universal username and DID for our users on the Web3 Ecosystem, and aims to make all on-chain credentials open and versatile.
Overall, we helped grow the Solana ecosystem with over 33,400 new users joining the campaign with each unique user trying an average of 5 protocols on Solana and 4,826 users completed 10 or more tasks from different partners.
BTS Labs: How do you see Web3’s future and how Project Galaxy will play a part in its development ?
Darren Goh(BD & Marketing Manager): I do think many of the projects especially the picture projects are in big bubbles, I’m not saying like the large projects like APE or Crypto Punks, I think those are fine but I guess over time we are going to see more utilities coming into NFT, so whether you can use that to listen to music, whether you can use in certain communities to use them to do voting.
I simply cannot imagine a world full of NFTs that’s only pfps and and many of those I would say probably 90 to 95 of those projects are going to die in the coming three years and only the top tier pfp projects are going to live and keep operating but that’s also one of the goals that we are doing right we want to give more utility to these NFTs and we’re excited to work with our partners on what other stuff or what other benefits we can grant to these NFTs.
BTS Labs: What would you say is the biggest challenge that Project Galaxy can face or is facing in the market when building the largest credential data network ?
Darren Goh(BD & Marketing Manager): The balance between going full permissionless and setting up standards, the team is now working hard every single day to work with quality projects to set up standards and also showcasing what type of use cases that we will be able to provide.
The team is also working hard to making the UX experience as easy as possible.
BTS Labs: Apart from Project Galaxy’s recent success, what developments can our community can look forward to in Project Galaxy’s future development?
Darren Goh(BD & Marketing Manager): Well obviously, we can’t disclose too much but May will be an exciting month for the Project Galaxy Community, so make sure you follow us on our socials.
Project Galaxy is always looking toward the future and what’s next. See below for the protocol’s Roadmap for the year to come.
Galaxy DAO Launch Governed by GAL Token Holders
Discord Bot for Auto Discord AMA Participants Credential Creation
Campaign Geofencing Feature
Galaxy Website UI Upgrade
Application Modules Dashboard V2 Launch
Credential Oracle Launch
Credential Data Tag System Launch
Permissionless Credential and Campaign Creation
Private Credential Data Support
Snapshot.org OAT Campaign Plugin
Galaxy Credential Network V2 Launch with Credential Curation System
BTS Labs Community: What’s your plan in the bear market?
Darren Goh(BD & Marketing Manager): Nothing has changed, continue to build the best product
BTS Labs Community: Users often care-less about the main technology behind the token, they rather care about the value of the token itself. So, how does ProjectGalaxy strike a balance between developing the technology and also improving the value of the token?
Darren Goh(BD & Marketing Manager): Project Galaxy credential data infrastructure will be the foundation of Web3 MarTech. It’s becoming a standard for Web3 products and communities to utilize Project Galaxy as one of their marketing channels. Current MarTech market size is $344.8bn with 5.33% yearly growth rate. Project Galaxy estimated to capture 30%-40% of market share by 2030.
Revenue generated from application modules, Credential API, and Crednetial Oracle will be used to buy back $GAL tokens from the secondary market. The estimated total revenue is ~$100mm per year.
BTS Labs Community: GAL can be the best token in 2022?
Darren Goh(BD & Marketing Manager): You bet sir.
BTS Labs Community: How we can mint nft on ur site
Darren Goh(BD & Marketing Manager): Complete some tasks provided by our partners and you will be eligible to claim :)
BTS Labs Community: When Galaxy starts charging partners, how will Galaxy handle if they don’t want to pay as they got used to use Galaxy for free? Will there be less partners?
Darren Goh(BD & Marketing Manager): I don’t think that would be the case, I would say that the platform fee would serve as one of many filters for us to protect our community members, With the richest data and the easiest-to-use engagement modules, Galaxy is now the go-to-resource for projects to engage users; as more users are rewarded based on credential data, this will create a network effect and create more credential data; this growing usage of Galaxy Network will allow credential curators to contribute more credentials to the network because the likelihood of their credentials being used is higher, which comes full circle and attracts more projects to use Project Galaxy.
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