Hi Everyone! Thank you for patiently waiting for us to compile this $SIPHER Token Public Sale FAQ list!
We understand that some of the members in our community are unhappy & concerned with regards to some of the details regarding the Tokens sales mechanics!
We also want to let you guys know that the community is the heart of SIPHER. We wouldn't be where we are today without our community! We understand all your concerns and we take them very seriously, which is why we are hoping that this FAQ can provide you with some of the thought processes the team has gone through to make some of the these decisions.
Before we start with the FAQ section, we want to reiterate a point we have mentioned from the time we have started this project. Our vision for SIPHER is to build an exciting and enjoyable play to earn experience for all gamers. Owners of Genesis SIPHER NFTs have never been promised any short term returns & the value of these NFTs come from the fact that they are the first to enter the World of Sipheria to explore & enjoy the world, battle and collect amazing loots, along with various rewards including $SIPHER and $ATHER tokens, and have superior cloning features among some other utilities that will be added along the way. That being said, let's move on to the FAQ to address some of the questions by our community.
Frequently Asked Questions
Why is there no $SIPHER Token whitelist/private sale for NFT buyers or Early Adopters?
Of course, this is one of the MAJOR concerns of the community. In this day, some Play-to-Earn games which have NFTs launched before the game have provided some sort of benefit to the players with regards to tokenomics, such as providing NFT buyers with a presale or a whitelist of sorts. Now, why has SIPHER decided to not announce any benefits for NFT holders with relation to the tokenomics?
- Initially the team wanted to provide NFT Holders with a private sale, however, what stopped us was the following.
"Use the Service to participate in fundraising for a business, protocol, or platform, including but not limited to creating, listing, or buying assets that are redeemable for financial instruments, assets that give owners rights to participate in an ICO or any securities offering, or assets that entitle owners to financial rewards, including but not limited to, DeFi yield bonuses, staking bonuses, and burn discounts." - OpenSea Terms of Service
Now at this point we are left with 2 options.
Option 1 : Disregard OpenSea's Terms of Service, risk getting delisted, and provide our NFT Holders with rewards anyway.
Option 2 : Avoid any Private Sale mechanics related to our NFTs, and remain tradable on OpenSea.
Of course, at this time we are also aware of many other projects that are not complying with certain regulations on OpenSea. However, SIPHER decided this is a risk we do not want to take given that OpenSea is currently the largest peer-to-peer marketplace for NFTs as of this moment, and has the largest trading volume and liquidity. OpenSea also gives SIPHER plenty of exposure, and we already have 3 collections listed on there.
With that said, we are working on developing our Sipher Marketplace to have more flexibility on the things we do for our community. More info will be provided later.
Why did the SIPHER team allocate only 4% to the public launch and 25% for Team & Advisors?
Firstly, we are not trying to play a comparison game over here. Some projects have allocated more to the public and some projects have allocated lesser to the public. Historical allocations of tokens for games released earlier than us does not need to validate how we might necessarily allocate our token distribution.
We strongly believe 4% is the correct allocation for the initial public sale. Kindly allow us to elaborate.
- The SIPHER ecosystem is designed to be progressively owned, contributed, operated, maintained and upkept by the community, which consists of its players, guildmasters, streamers, fans and builders. Now imagine "selling all XX%" of tokens to buyers immediately at public sale. This would result in not being able to give & rewards players, guildmasters, streamers, builders who may or may not have the means for purchase, but are adding tremendous constant value to the ecosystem
- 30.4% is being allocated to "Gameplay Incentives & Marketing". Meaning that, by owning a Genesis Sipher NFT, you will be the first to dive into the world of Sipheria to play & earn $SIPHER tokens!
- 10% of our Tokens will be allocated for "Listing & Liquidity Rewards". This means that, those who own $SIPHER tokens could stake them via our Staking Smart Contract to earn more $SIPHER. Additionally, they could provide liquidity via $SIPHER/$ETH liquidity pairs on DEXs such as Uniswap and earn LP fees and extra $SIPHER tokens.
In short, we want the players, the builders, the story tellers, the streamers, the guilds, the people interacting and playing and living in Sipheria day by day, to progressively become owners of $SIPHER tokens - not only the groups of individuals who have the funds to purchase during our Token Sale.
Secondly, we decided that 25% to the Team and Advisors are a fair allocation, based on the following:
- The team and advisors are locked in for 16 months cliff (lock-up) period followed by 24 months vesting
- Furthermore, we have been rapidly expanding our team, which started with 20 members, to where we are now at about 90 people strong. We estimate that by the end of 2022 we will have around 150 people in our company. These $SIPHER tokens will be used foster and recruit talent into SIPHER.
Why do VCs receive X allocation during the seed sale versus NFT buyers who have been supporting this project since day 1?
We believe there is no competition between our VCs and our Early Supporters who purchased our NFTs. We are all part of the same team, contributing in our own unique ways to bring the World of Sipheria to life.
When our VCs were announced to the public, our early supporters were the ones who were most ecstatic about the big news!
We believe that the majority of our community members are very happy that we introduced our VCs as they wish to see SIPHER grow tremendously for the long term and they understand the importance of having the support of our experienced partners with proven track records of success.
SIPHER's partnership with our VC's existed long before the INU launch. Arrangement to receive support and advice from VC's are not done across a matter of days, but rather, require months. We revealed our VC's on the 26th of October, but in reality, we started working with our VC's on months before.
To read more about our VCs, you can head to this article here.
Besides capital, VC's bring SIPHER immense value over the long term such as:
- Market access to different countries & important stake holders
- Help with hiring & building our team and advisors
- Facilitate connections with other key players in the game: L2, Blockchain solutions
- Advice on strategy & growth of the company
- Advice on blockchain tech, game tech, game-economics know how
Our VC allocations are also locked up and take a very long term commitment & low-time preference position. We believe our allocation to VCs is thus completely fair and the support of our VCs AND our community is essential to the success of the project and the game in the long term.
To know more about the allocations to VCs, please refer to this link
What is the reason for bringing forward the token sale?
We understand the concern and believe it is fair that some of our members feel that this token launch is too fast just coming out of a NEKO launch on the 7th of November. We were discussing with our partners and our internal team regarding the best time to launch the token before coming up with the final decision to launch the token public sale on the 6th of December. Below are a few reasons why:
- We believed the overall crypto market sentiment is good which will help facilitate an easier public launch than in a "bearish" market. There is no right or wrong here. We had some advice from experts regarding the ideal timing for the launch of the tokens as well. The December timing seemed very favorable for the market at the time we made this decision.
- We want to implement ambitious products surrounding the game that would require additional resources and expertise including but not limited to:
- A scaling solution (side-chain or layer2) that will facilitate better UX for our gamers
- An NFT marketplace dedicated to our games
- A frictionless onboarding experience for our gamers who are non-crypto-natives
- Rolling out token incentives earlier would provide our company with more resources and thus more flexibility to use these resources to scale faster. We want to deliver a well polished and an amazing gaming experience for our community. Delivering that to our community's expectations is our team's highest priority and having more resources at this time will allow us to do so more effectively.
Why are some Countries Excluded from the $SIPHER Initial Token Sale?
Broadly, for Token Sales, countries are generally excluded due to the following issues:
- Legal or Compliance related Risks and Complexities
- Sanctions due to Suppressing the Financing of Terrorism
- Compliance to Anti-Money Laundering Regulations
Having said that, we understand some of the concerns of the community, and have since looked into ways we can remain compliant to our obligations while opening up the $SIPHER Initial Public Sale to citizens of other countries which were originally excluded in the initial announcement. Our current updates as follows:
Update on Token Sale for Singapore
We understand that the majority of our Community based in Singapore were concerned about being unable to take part in our $SIPHER Initial Public Sale. In the spirit of transparency, because of the jurisdiction where SIPHER is incorporated, and more importantly, in order to remain compliant with the rules surrounding Singapore taxation laws, we had to weigh and balance (a) the need to collect and store more information about our participants from our Token Sale than we originally wanted, with (b) providing access to the Token Sale to Singaporeans.
However, after discussions with members of our Singaporean Community and internal deliberations, it seems largely acceptable that as a trade off for opening the Token Sale to Singapore, we will be collecting and storing the following information from Singaporean Participants for a minimum of 5 years in order to remain compliant with our legal and regulatory obligations:
- your Singapore IP Addresses,
- your Ethereum Wallet you have contributed from,
- your Contribution amounts to the Token Sale.
If you are from Singapore, but do not agree with these terms, please do not take part in the $SIPHER Initial Public Sale. Update on Token Sale for Philippines
We understand that a significant portion of our supporters are from the Philippines and would be affected by being unable to take part in our $SIPHER Initial Public Sale. Originally, this decision was made out of prudence due to the Philippines being on monitored high-risk jurisdictions for money laundering and/or terrorism financed activities - but they are not explicitly blacklisted. We are currently consulting with experts to understand the potential risks, and if our legal advisors are sufficiently satisfied that we are not at a high risk of being used as a medium for illicit activities, we will open the Token Sale up to the Philippines accordingly.
UPDATE 5th December 2021: After consultations with our legal advisors, we have determined that the risks of our participants from the Philippines being used as a medium for illicit activities were not as high as originally expected. As such, we have decided to open up the Token Sale to citizens of the Philippines.
Why are there NO Airdrops to Early Supporters?
To read more about AIRDROPS, kindly refer to this article here:
Note: SIPHER is under no obligation to declare every single process of our operations, and for a lot of them they are under strict disclosure arrangements and have ramifications for the project long term. Rest assured, as you read in the article above, we will always protect the interests of our community.
How can you assure the value of the SIPHER Genesis NFTs in the long term when the clones are also able to clone?
We have already addressed this question in . The value of the Genesis playable characters is inherently in its utility and scarcity. The value of overall playable characters rely on the benefits and value they will give the large amount of players and participants in the Sipher game ecosystem.
We understand that our community has concerns regarding the cloning power of Genesis vs Clones, and a number of members in our community are under the impression that the Cloning for Clones will entirely replace the Cloning of Genesis Siphers - when this is simply impossible and not intended.
Let's think of a Genesis and a Clone as two separate factories, Both producing the same product but at different quality levels, yet they have the same input costs.
For every 1 vessel core sent to the Genesis Factory, the player will have a higher chance of getting a clone that is high quality, and the clones from these genesis have a chance of becoming stronger than the genesis itself.
For every 1 vessel core sent to the Clone Factory, the player can only RARELY clone a clone that is as strong as the clone, and even if the player is using the best clones available as the basis for the factory, they will still be UNABLE to match the high quality production % of a Genesis Factory.
- If Genesis is Generation 0
- Clones from Genesis are Generation 1
- Clones from Clones are Generation 2 and so on
Generation 1 and Generation 2 have the ability to BE stronger/better than generation 0. But Generation 0 WILL ALWAYS be the best source of new clones.
Now considering that vessel cores are a limited resources, the market will self correct so that all of the vessel cores will go to genesis holders. The reason is simple, someone that has a clone will acquire more value selling their vessel cores to a genesis holder, because they don't have a chance of competing with their sub-par factory.
This means that 95% of top tier clones that are introduced into the eco system will come from the genesis holders. The reason for this is simple. Why would you clone from a Generation 1/2, only to come up with a Clone that can sell for maybe 100$.
But if you sell the vessel cores to a genesis holder, they can make a clone that is better, and sell it for a higher value. Thus the market will always direct to genesis being the majority of the cloning power for the game.
Additionally, these NFT characters come equipped with various items of different rarities that clones will not have right away, but instead will have to spend time playing to acquire. Clones will only have a basic set of items starting out.
And if you are worried about an oversupply of low tier clones flooding the market, remember that the burning mechanic exists for this exact reason.
The reason that Clones from generation 1/2 exist, is that as the number of gamers for Sipher increases to the hundreds of thousands, the genesis will not be able to keep up with demand, this is a NECESSITY to facilitate player growth. But this is not at ALL at a detriment to genesis holders and their dominance on the cloning market.
Disclaimer: The value of having a productive asset is the goal. However there is never assurance of "value" and "profit". We do not, and will not ever promise such things.
What is the difference between a supporter that bought an INU X months ago and someone who just bought an INU now?
A person buying an NFT character at the time of mint versus a person buying it on secondary market at any given time are considered an owner of the NFT character with the same promised perks and benefits given as stated in our .
If you take the view through the lens of the opportunist, the benefit for buying at Mint is to participate in the randomization or lucky draw of the characters, with the chance of acquiring rare NFTs that could be valuable.
Everyone who participated at each mint event were advised that this is a long term vision, with our planned roadmap, to not spend more than they can afford to lose or keep dormant for a long time, and to always do their own research. Ideally, anyone who would buy an NFT because they acknowledge a fair exchange of value at that moment in time.
An owner who possesses multiple NFT characters are also given benefits as stated in our .
The same can be said for our rare NFTs, full-sets and 1/1s.
In addition to many Guilds that are buying these in-game characters assets. You can count on them as: YGG, Merit Circle, MTTM, Salad Guild, GWD, Avocado Guild, GuildFi, Railings University, ReadyPlayerDao, Salad Ventures, YGG SEA and many more in the waiting list.
As to why the groups and individuals above are buying now versus 6 months later, what are the incentives of them holding, we think everyone has their own thesis, but the common theme is that they all are betting on the long term.
With all that said, OG Holders and Members who have been holding SIPHER NFTs from the very start will benefit more from the airdrop.
What about progress in game development?
A Game Development Diary is under development, we had initially planned to release this in December, but since the community has been requesting it, we have unlocked it early for the community members to take a peek. Please understand that this is VERY unpolished. As it gets to game launch, the game development diary will come with monthly updates so that it is easier for users to parse. For now the Community can have a look below.
Spaceship and Comics for genesis NFT holders, when are these getting delivered?
First of all, we want to apologize for the delay of these 2 important utility benefits for the GENESIS SIPHER holders. We only mentioned a delay but we did not communicate why there was a delay in these 2 areas and we feel we should have done this a long time ago. We apologize for not updating with you guys on the reason why there was a delay earlier!
- Comics The Sipher Team was engaging a very strong comic team from SEA that have worked for many high profile comics in the past (think marvel, dc). But when we worked with with them in depth, we found that their strengths was more in Art rather than story telling. We wanted a product that not only had fantastic art, but also an amazing story that people would love to share and reread.
Thus, the team decided to prioritize the story first, and in the process of this, we have made two key hires, who have very strong backgrounds in film as well as writing, and they are now spear-heading our world building team. To build the story for not only the Sipher game, but the comics, and many more media to come.
Thus the Comics have been delayed as per the road map, but this will lead to a comic that the Sipher Team is proud of, and not something that we rushed out to meet a deadline.
- Spaceships As you may have already guessed, the Sipher Team has grown from a team of around 20 people, to a team that is 90 strong, and we are only expected to grow more. We know more than anything that the up-coming video game is the most important deadline for us, as well as for the community. Because of this, literally all available resources, whether it be artists, or game development, are being prioritized and focused on the game development.
Because of this, the spaceships were temporarily put on the back burner as we scaled the team more to meet the increasing demands of work, and we am happy to say that we have found a solution, and I will have a detailed update regarding Spaceships within the next week. Please refer to our latest roadmap here:
When will Neko Dutch auction tiers rewards ie. sculptures & swags are delivered?
At the time of planning the Dutch Auction Tier rewards, we had already begun our discussion with maddies on hosting our merchandise at their store + the design for the sculptures.
The Limited Edition Sculptures would normally take some time as we would need to confirm the order quantity based on the number of people who have qualified for the Sculpture rewards based on their respective tier. The sculptures are currently in production and would be expected to be ready to claim in the first week of February.
The exclusive merchandise based on the respective tier rewards is pretty much nearing the end stages of completion. We would give a detailed guideline for those who qualified for the exclusive merch to claim their rewards by the last week of December!
We would like thank everyone for your continued patience and support with regards to the tokenomics. We hope that most of your concerns have been alleviated after reading this FAQ. However, we understand there could be still some members of the community who might still be unhappy after reading the FAQ above. Please do feel free to voice your concerns in a constructive manner to our moderators at any time. Rest assured we would always like to protect the interest of the overall community as the community is the heart of SIPHER, but please remember to treat your other Sipherians in a way you would like to be treated.
Thank you everyone ♥