HENDRIK HEY AT BINANCE LIVE AMA SERIES

MILC Platform took part in the Binance Live AMA series on 14th September 2024. Here is the complete summary of this AMA.

Question 1: Please introduce yourself. What is your project about, and could you share a bit about your experience in the crypto industry?

Answer: My name is Hendrik, and I’m from Munich, Germany. I’m the founder and CEO of the MILC Platform, which stands for Media Industry Licensing Content. In my previous career, I was a TV producer and ran several TV shows in Europe. I even opened my own TV station in Germany and one in Switzerland. It became clear to me that new technologies would significantly impact our traditional media business, so we started integrating blockchain technology early on.

We want to create a licensing platform to facilitate the trading of valuable licenses, which blockchain is perfect for. Subsequently, we developed our own token, $MLT, which launched in 2020 after a challenging start in 2018 during the crypto winter when Bitcoin dropped from $20,000 to $3,000.

In November 2021, we launched our metaverse platform, which we had been developing even before it became known as the metaverse. As we realized we couldn’t limit ourselves to just television, we created a collaborative marketplace for all media — publishing, music, gaming, art, and of course, film and TV. The transition to 3D is unstoppable, and our aim is to collaborate with others instead of everyone creating their own separate platforms.

We are one of the few content metaverse platforms in the market, leveraging our media industry background to transform it from within. While development takes time, we remain committed and persistent.

Question 2: Could you share a bit about what makes the MILC Platform unique compared to other metaverses and virtual spaces?

Answer: We made a significant technical decision to build our metaverse platform through the browser. This approach is challenging because it limits the data flow and impacts the 3D quality. However, we believe that metaverse platforms should be accessible from anywhere in the world on any device.

This decision necessitates data compression, and while the graphics on the MILC Platform are impressive, we are focused on ensuring that data flows through the browser effectively, ideally under 200 megabytes. This backend development distinguishes us from others.

Content distribution is crucial, and establishing ourselves as a content marketplace in the metaverse allows professionals to interact directly with users. Unlike traditional TV shows where direct interaction isn’t possible, our platform enables real-time engagement with actors, writers, and musicians in a 3D space.

We are on the cusp of creating a completely new experience, and while the exact nature of that experience is still unfolding, it promises to be exciting. We believe we are well-positioned to lead this transformation.

Question 3: Let’s talk about how the MILC project encourages user engagement and fosters a sense of community within the virtual world.

Answer: That’s a great question! After spending the last three years in development, we’ve realized just how complicated this process can be. For example, transporting a video through an interactive 3D space sounds simple, but it’s quite challenging. Now that we’ve made significant progress, we’re focusing on enhancing the user experience.

While there are many metaverse platforms, users often find themselves unsure of what to do beyond just wandering around. We’re now exploring what motivates users to engage in the metaverse. Recently, we opened a car racetrack, which adds a fun, gamified aspect to the experience. We’ve also hosted several film festivals, including the first-ever one in the metaverse last March, which garnered significant attention.

Additionally, we’re launching MILC City as the first smart, sustainable city in the metaverse. This will incorporate a complete energy system and showcase technologies that reflect the energy transformation process. It will serve as a marketplace and trade fair for innovative technologies that users will experience in their everyday lives. We aim to connect users with hardware solutions, offering insights on energy savings and waste management.

We have many projects in the pipeline, and while development takes time, we’re excited about our focus on front-end user experiences. We believe the metaverse should provide practical benefits that users can incorporate into their lives.

Question 4: Are there any opportunities for users to monetize their activities or creations within the MILC metaverse? If so, how does this system work?

Answer: Absolutely! The MILC platform invites both professionals and creatives. We provide the necessary tools for users to monetize their work. For instance, if you want to sell a piece of art as an NFT, we have an NFT marketplace and art gallery where you can exhibit your work for free and set your price.

Our platform handles all the backend processes, including billing and payments, so you can focus on your creativity. If you have an idea for an event or presentation, reach out to us — we’ll help you find the right space.

Unlike other metaverse platforms, we don’t sell land, properties, or buildings. Our revenue comes from advertising, which we believe should be compensated. Users can engage freely in the metaverse, and we encourage creativity. Recently, a user approached us with a project to display a rock sculpture he crafted over several years. We helped him showcase it in our metaverse, where he can share videos of his work and market it.

We’re also launching Music Island, providing opportunities for live performances and promotions. Whether you want to sing, promote a movie, or host a podcast, we’ll support you in showcasing your talent. We aim to empower users, regardless of their experience level, as long as the content maintains a certain quality. So, yes — be creative and let your imagination run wild!

Question 5: How can we communicate with each other in the Metaverse? If I’m a fan of a writer or singer, how can I interact with them?

Answer: That’s a great question! We have several ways for users to connect. In the Metaverse, there are multiple 3D spaces. For example, at Music Island, artists can create personal fan rooms where they occasionally interact with fans. Users can also hang out in common areas and engage in conversations if they’re open to it.

Additionally, we have a 2D community similar to Telegram, where users can chat with anyone willing to interact. We are also working on multiplayer functionality to help users find others who share their interests. For instance, if you’re looking for fellow music lovers, you might connect with people who have similar tastes.

Our AI assistants can also help! You can tell the AI what you’re interested in, like table tennis, and it will guide you to relevant groups. Our goal is to ensure that users feel connected rather than isolated, unlike many traditional social media platforms.

Question 6: Do you have any tutorial videos or guidance for newcomers on how to access and use your metaverse?

Answer: Absolutely! You can simply visit MILC Metaverse and click the login button to get started. Once logged in, you can easily explore using the map that shows you the locations within the MILC Metaverse city.

Currently, the Art Gallery is accessible, featuring various artists. We have some buildings open for exploration, while others are under construction, indicating upcoming content.

While not all features are available yet, we’re focusing on building engaging experiences. Our metaverse will provide utilities beyond just a virtual space, unlike other platforms that offer static buildings without functionality.

We aim to create meaningful interactions that enhance daily life. As we develop our features, we invite the community to contribute ideas and suggestions. While our metaverse is operational, it’s still evolving — much like a theme park in development. We expect to see significant growth in about a year.

Importantly, we want to transform how social media functions in the web3 space. Unlike platforms that treat users as products, we see users as partners. Therefore, once we generate revenue, 50% will be shared with the community. This way, the community can benefit from the platform’s growth.

The more subscribers we have, the more attractive we become to advertisers. Growing our community is vital for accessing advertising revenue, so your participation is key!

Question 7: Could you share a bit about your native token, $MLT? How can people access this token in your ecosystem, and what are its utilities?

Answer: The $MLT token has several utilities. It serves as a professional medium for media license trading. For instance, if a film from the USA is purchased in Europe, $MLT can act as an intermediary tool to facilitate faster transactions, especially when dealing with fluctuating currencies like the dollar and euro. It functions as the primary currency within the platform for all activities in the metaverse. We also use $MLT for incentives and reward programs, such as rewarding users for energy-saving actions in the metaverse. You can connect your wallet to the platform to use $MLT, which is listed on several exchanges, including Gate.io, MEXC, PancakeSwap, and Uniswap.

Question 8: Can you talk about some of your notable partnerships or collaborations that support the growth of your platform?

Answer: Absolutely! We recently collaborated with ION Power Grid, a smart energy production initiative backed by engineers and market professionals from the energy sector. Our goal is to create a decentralized energy market with a tokenized infrastructure, which has garnered significant interest from major players in the industry.

Another key partnership is with ZAPZEE, a prominent media company in Korea. Given Korea’s strong media market, this collaboration allows us to access opportunities that were previously unavailable.

Additionally, we’re working with K4 RaLLy, a racing game company set to release their new game in October. This collaboration is particularly exciting as it’s based on Unreal Engine 5, like our metaverse. We’re also discussing potential partnerships with major racing tournament infrastructures, but I can’t reveal specifics just yet.

Moreover, we’re close to finalizing a groundbreaking partnership to create the first global virtual studio in the metaverse. This would revolutionize media production by allowing collaboration across various disciplines — graphic designers, writers, actors, and more — within a single virtual space.

Lastly, we have some publishing collaborations in the works that I can’t discuss until they’re officially announced, but there’s a lot happening as we transition from development to an operational phase. Stay tuned for more updates on these exciting partnerships!

Question 9: Who is your target audience, and how does the platform view different types of users: gamers, creators, or businessmen?

Answer: Our target audience is quite broad. Interestingly, we’ve found that the metaverse demographic isn’t as young as expected, with many users in their 30s. This is primarily due to our current focus being more B2B and business-oriented. As we progress, we anticipate broader public access. However, younger users may find it challenging to spend long hours on their PCs, so our audience spans from ages 14 to 80.

One exciting project we’re working on is a virtual zoo. Unlike traditional zoos, which often confine animals, our virtual experience offers a different approach. Users can embark on a virtual safari with 180-degree views, interacting with animals via AI agents that provide information. Our vision is for families to enjoy immersive experiences together, such as exploring different ecosystems, from the microscopic world to the age of dinosaurs.

The potential for metaverse expansion is limitless. Our aim is to create engaging and educational experiences that surpass traditional entertainment options. Imagine experiencing concerts up close or integrating thrilling rides within them. I’m genuinely excited about the future and how it can enhance reality in ways we can hardly imagine — potentially exceeding even the best theme parks.

Question 10: What security measures are in place to ensure user privacy and security within your virtual environment?

Answer: The metaverse has the potential to be a much safer space than the current internet. Unfortunately, the internet is rife with scams and uncontrollable elements. On our platform, user management will leverage AI technology. If any illegal activity is detected, we can swiftly remove the offender without involving law enforcement.

We are also developing our own AI system, giving users control over their personal data. No platform, including ours, should have access to your valuable information without your consent. Currently, it’s difficult to know who is accessing your data, but in the future, users will have complete control. Advertisers will need to seek permission to interact with you, and they may even have to compensate you for your data.

This approach ensures total data protection. As long as users comply with our platform rules and laws, we won’t need to know their identities. Data privacy is crucial, and we believe that no commercial platform or government should have access to personal information beyond what’s necessary.

Question 11: What are your future development plans?

Answer: As I mentioned, there are several initiatives in progress that we aim to incorporate this year. We want users to notice the increasing number of activities happening within our platform, making it more exciting to visit us regularly. Ultimately, our goal is to become the leading global content marketplace in the metaverse. I believe this is achievable, as we are not just focused on our platform, but on building a community of professional content providers and producers. Together, we can create a vital hub for content interaction.

Our vision is collaborative; we want to leverage the strengths of other prominent media representatives and partners. Being number two is not enough for us — we aim to be number one! Currently, we are among the only operational metaverse platforms with a clear focus on our objectives. Our team members have extensive experience in the media industry, which gives us a unique perspective.

While we may not know exactly how this transformation will unfold, we are excited about the journey. There will be significant experimentation along the way, and that’s the exciting part! We are on the brink of a new era in media, whether it’s music, television, or art. Future generations will consume media in ways we can’t yet imagine.

Question 12: Would you like to share any suggestions for the community?

Answer: I encourage the community to closely follow developments in the web3 space. We are in a transformative period, and such opportunities don’t arise often. I strongly recommend staying informed about blockchain, the metaverse, and AI. These elements will undoubtedly impact your lives, and the better prepared you are, the easier it will be to adapt. Explore the innovative tools available to you!

About MILC

The MILC platform aims to become one of the leading business and entertainment Metaverses. A melting pot, connecting the professional media industry with its fans. In addition, MILC Platform offers a blockchain-based multimedia marketplace for professional content providers to trade licenses for movies, television, streaming, online publishing, music, gaming and art. The company also focuses on Web3 consulting, supporting complex real-world industries on their Web3 journey.

The MLT (Media Licensing Token) serves as a medium of exchange, contract signing vehicle and revenue sharing medium across all platforms within the MILC Metaverse.

MILC Platform Socials:

Website | Metaverse Social Community | X (Twitter) | Telegram | Medium | Email | Whitepaper