AMA Recap- 21 Oct CEO Night
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Join the CEO Night AMA where Bernard Lau, LABS’ new CEO shares his views on the new LABS Club Project!
Date: Oct 21, 6 PM SGT (10 AM UTC)
Leave your questions on Twitter & in Telegram to win a share of 80 USDT!
Aihcleon:
Welcome to our CEO Night, everyone!
Today, we have some news that we want to share with our community members.
Our CEO, Bernard Lau will be going to share some of these updates with you shortly.
Can I see some reactions on this before we begin? 🔥
The last two weeks have been a whirlwind, as it marks the renewal for LABS Group. We have been introducing LABS Club — an exclusive hub that offers traveling benefits and rewards generations via Residence Pass NFTs, and most recently, Bernard Lau becoming our new CEO of LABS Group.
Please give a warm welcome to Bernard Lau for his first CEO night with us, fam! 🙌
Aihcleon:
Before we kick the CEO night off, I would like to shed some light on what LABS Club is for those of our listeners that have not heard of LABS Club. Can you share with the community what LABS Club is about?
Well, for those of you that don’t know.. 👀
LABS Club is redefining the traditional real estate and hospitality industry by utilizing blockchain, and web3 technology. LABS club aims to make real estate accessible to everyone by utilizing fractional ownership in blockchain tech. Within the LABS Club ecosystem, we have the Clubhouse, which serves as the NFT Marketplace (this is where people can buy / sell their NFTs.)
Also, congratulations to you on being the new CEO of LABS Group. We are all curious to know what made you decide to take over the CEO role? Can you share with us what LABS Club is all about and what can the community look forward to?
Bernard Lau:
It’s an honor to be here as the new CEO of LABS, and I am ever grateful to Yuen for giving me this opportunity to bring LABS forward and to bring our vision to reality. I’ve always felt that Real Estate and blockchain could always go hand in hand, and felt the opportunity was here for us to move towards that direction.
I will elaborate more on LABS first as a whole. We’re a blockchain company that focuses on Real Estate (RE) tokenization, but as we all know RE is a broad spectrum, and we’re talking about RE as a whole which includes Residential and Commercial properties. After studying the industry as a whole, we figures that Resorts and Hotels is the best entry point for the new LABS Group as it is a great mix of Real Estate + real life utility that users can enjoy and experience at the same time.
LABS Club is a platform that enables resorts and hotels to run their own Residence Club program, targeting an audience who aim for longer and recurring stays. We enable hotels to build a strong and versatile loyalty program which greatly rewards the users
Its essentially a Resort + Hotel NFT Marketplace where resorts and hotels will come on board, and will have the ability to mint their own NFTs.
Essentially creating their own Timeshare/Residence Club Programs.
The NFTs will be called Residence Passes, which are NFTs backed by utility and stays at resorts, and the gives out perpetual rewards from Marketplace Transactions.
The Clubhouse, which is the Marketplace is where people can buy, sell and trade these Residence Passes.
Aihcleon:
Well said! We all do see that vision as well.
Moving forward, we have seen the recent announcement on partnering with the Top 10 Football Club and we all know these partnerships bring huge benefits to crypto projects.
Can you explain further on this strategic partnership and would this be in line with LABS’ business model? How can this partnership benefit LABS Group? What can we expect from them?
Bernard Lau:
We are partnering one of the biggest teams in Global Football, one of the Top Premier League teams thats are multiple Premier League champions.
They have a following of over 100 million followers. Our official title would be the Official Hotel and Resort Partners. This Premier League Club will be our official Global Partner for LABS Group. This deal will run up to the 2024/2025 season.
The reason why we decided to move forward with this is.
1. Gives us legitimacy on a global standing. We see huge Crypto companies partnering with stadiums and football starts, we believe that we can be on part with these giants and fortunately the Football Club shares our vision for this to happen.
2. Some of the collaterals that they can provide us is a guaranteed XX million impressions, 1 minute advertising at ALL home game matches,
videos with first team players and legends, and ultimate exposure to millions or viewers worldwide.
3. We will be creating special Co Branded Residence Passes with the football club, so on top of enjoying your stays at the resorts, and receiving rewards. You may also head to England to watch matches and get exclusive memoribilia!
*end*
Aihcleon:
As you know, the community is eager to know about what is going on with the crowdfunding platform. Can you share with us the progress in that area?
Bernard Lau:
Crowdfunding platform has received huge support from investors over the years, but we felt that it was probably one of the less efficient ways for crypto adoption as each project that we build will require a long development time. What we did with Kunang Kunang was a great pilot project, but due to events like COVID, there were delays and this holds LABS back to fulfill its potential at a quicker pace.
We are keeping the community’s best interest in mind, thus we have made a strategic decision to shift focus to the LABS Club project and bring more value to the investors. As a platform / marketplace, we are able to scale and much quicker pace and to onboard resorts and hotels at a much faster pace to the blockchain.
Soon, we will be offering crowdfunding platform investors the option to swap their investments to a Residence Pass of equivalent value or higher, which we believe is a much stronger asset and has more potential to rise in value, if compared to just the original crowdfunding arrangement. On top of that, you could choose to visit or stay at those hotels too!
*end*
Aihcleon:
Thank you for clarifying that, Bernard!
We are now moving on to the LABS community session where we will have Bernard answer questions that we have gathered earlier: 3 questions from Twitter and 3 Live community questions so our Telegram community will also be a part of this!
Bernard Lau:
Lets go!
Aihcleon:
The first twitter question from @Adhityas0O
“Can you tell us some of the use-cases of the tokens in your platform? What are the uses of these tokens in your platform and in the market? What are the benefits when buying and holding your tokens for a long period of time?”
Bernard Lau:
This is an interesting one. I think we had this asked a couple times already.
Heres my take on it. As mentioned, I felt that Real Estate is too broad a spectrum to limit the LABS tokens use case to just one utility. I’ve always seen LABS token as more of an ecosystem token. We’ve studied many angles on how to use it which includes,
staking for rental, for utility,
using LABS to redeem free hotel nights
purchasing NFTs. etc etc.
At the end, it ultimately depends on how to utilize the token with the product that we are building that can benefit the community and ecosystem.
I will say that LABS Club is not the only project we are working on. Just that we are focused on Resorts and Hotels tentatively. From what I can reveal now, for LABS Club, LABS tokens will distributed as rewards for holding on to Residence Passes. We will be having one of our largest staking events coming soon over the next couple weeks. Stake your LABS tokens for further Residence Pass discounts, win free seats to Football matches etc etc.
*end*
Aihcleon:
Second question from @LEVROM0NOV
“ In the future, do you plan to develop some kind of Staking or Farming program? Do you offer multilingual support for all non-English speaking communities? Will the platform implement the use of KYC?”
Bernard Lau:
Just to add, on a later phase we are also looking into Residence Pass rentals which involve LABs tokens.
*end*
Bernard Lau:
We will have our largest staking program in the next few weeks to commemorate our Football Club announcement. And also to show gratitude to our followers that have stayed with us over the years.
We have been experimenting and looking into Staking for Rentals, and staking for hotel utilities. But we’re still looking to find the perfect program that fits our new business model.
Our platform will be multi-lingual. We can’t promise for all languages for now, but we will add the languages as we start to enter different markets in different regions across the world.
As of now we wont be implmenting KYC, only to the resorts and hotels that come on board. But we will need Residence Pass holders so share some information when they redeem nights at resorts, as this is a regulation globally that identification is needed when checking into resorts.
*end*
Aihcleon:
Third question from @Siska
“Where is @labsgroupio road map now? Are all targets in accordance with the current road map? and what are the next steps that will be taken in the future?”
Bernard Lau:
The LABs Group roadmap has been updated recently on the new website, which aligns to what we are building. As of now, the teams ultimate goal is to get LABs Club up and running by Q1 2023.
We are working extremely hard to make sure this happens on top of the marketing announcements with the Premier League Club. The focus now up to the platform launch is to work on B2B, meaning getting as many resorts and hotels on board.
Over 2023, we will be looking to onboard more hotels and potentially working with other companies Web2 and Web3 in the industry to extend our reach globally. On the tech side, we will be working on upgrades to the platform as we move along, introducing new modules that we believe would benefit our users, for eg: Residence Pass rentals, Lease to buy options, swapping Residence Passes between hotels.
And also a more versatile backend system so that Resorts could further customize their packages, add more perks, seasonality to curate a product which would fit their respective target markets.
On the marketing side, we may look into further partnerships, hosting more events at properties under LABS Club portfolio, and looking to partner other entities from different sports or industries at the same scale of this Premier League Club to boost global recognition.
*end*
Aihcleon:
Well that is the end of our Twitter sessions.
Here comes to our live community question, we will open the chat for 30s. All questions must tag me with an “@Aichleon” and related to LABS, Bernard will pick 5 questions to answer.
Aihcleon:
We will be stopping chat in 10s.
Bernard Lau:
Wow thats a lot.
I will try to answer as many questions as possible.
give me some time to scroll, and ill answer as many as possible.
please be patient! :)
Bernard Lau:
[In reply to @tolgaozek]
Question:
Labs Group announced its NFT-themed resort hotel last year. What is the situation now for the hotel ? And any corporate facilities, factories could be NFT’ed? @Aichleon
Answer:
https://www.booking.com/Share-g5EuaAs
Its running great, fantastic reviews, won a couple design awards.
You could check us on all OTAs.
Kunang Kunang will be one of the first few properties to be listed on LABs Club.
Bernard Lau:
[In reply to Ade Rachmansyah 👉👈]
Question:
Most of projects just like to speak about the “long term vision and mission” but what are your short terms objectives?So, What are you focusing right now?About All the investors hold token for short term. What are the benefits for holding $LABS token? @Aichleon
Answer:
Short term objective is to launch LABs Club.
November : Announce Football partnership
and the rest of the year building partnerships and getting hotels on board
Bernard Lau:
[In reply to John Michael]
Question:
Within the LABS ecosystem will there be benefits to collecting multiple LABS Club Passes? For example, tiers and/or rewards for multiple Pass holders?
Answer:
Yes we have a loyalty program. similar to “Bonvoy”
The more Passes you collect, the more “nights” you stack.
You will reach certain tiers… Traveller > Adventurer > Exploerer etc.
You unlock further discounts, free nights, exclusive invite to events. etc.
Bernard Lau:
[In reply to Alikaa Azzahra 🐣]
Question:
IS This Your project only for elite investors, how about others with small funds, is it open to everyone? @Aichleon
Answer:
Theres a product for everyone. Our platform caters to 100 room hotels to just singular villas. 5 star hotels to boutique hotels.
It depends what you want.
Bernard Lau:
[In reply to Sallyhere]
Question:
@Aihcleon How do you balance between being CEO of gravity Resorts and LABS?
Answer:
I’m blessed with a strong core team in both companies.
Gravity is purely real estate and hospitality.
LABS is the tech company that will bring these traditional industries on the blockchain.
So far, its going well, but we will be hiring and expanding our team moving forward to go into different regions.
Bernard Lau:
[In reply to Ade Rachmansyah 👉👈]
Question:
The real estate industry has always been quite traditional and classical. How has LABS defied quality standards in order to attract more investors and decentralize the real estate industry? What advantages has blockchain provided to LABS?
@Aihcleon
Answer:
Theres a question below that asks about LABS business model and ill tackle these 2 questions together.
Real Estate has always been one of the most stable assets globally. We do not intend to change this, and is one of the reasons why we are temporarily moving away from tokenization “tokens” and moving to NFTs.
We can add unlimited benefits to NFTs, the longer you hold it the more beneifts you get. As for moving Resorts and NFTs on the blockchain, the biggest benefits we can get is.
1. reduce transaction times. from dealing with agents and paperwork , to just a few clicks.
2. to reduce intermediary costs, and marketing costs compared to traditional sales models.
3. to give more utility to our users. Less marketing cost = more utility
4. blockchain enables us to break it down to bitesizes. smaller buy ins etc.
Bernard Lau:
[In reply to Lorem]
Question:
Partnership most is always an important factor for every project. So who is your partner? What are the benefits you get from those relatiionships?
Answer:
Our potential partners are all the hotels globally. Thats 600,000 resorts and hotels.
On the crypto side, any company that allows us to improve our offering, make management and operations more efficient, allows us to scale futher.
We work with NFT projects to create themed villas similar to themed rooms at Disneyland hotels. We are open to plenty of opportunities
Bernard Lau:
[In reply to Higher Education]
Question:
Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?
Answer:
We will get to there soon.
Bernard Lau:
[In reply to Alikaa Azzahra 🐣]
Question:
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project? @Aichleon
Answer:
We’ve only just started. Ask me again in 6 months. You guys have seen nothing yet 🤣
Bernard Lau:
[In reply to Itz-Abhi]
Question:
Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?
Answer:
Yes the entire platform will be audited prior to launch
Bernard Lau:
[In reply to Vency]
Question:
How strong is your team? Many projects starts with good impression and later abandoned the project. What makes your project different than others? Can you Please share with us?
Answer:
We have a pretty strong team.
Our advisor is the President of Singapore Fintech Association, Mr. Chia Hock Lai. who works closely with the Singapore Government.
Our Platform Developer is also the President of Access Blockchain Association of Malaysia. Which we will share in the near future.
What makes us different is that I come from a traditional real estate and hotel background. And we have physical assets readily available to plug into the platform. I think thats a huge plus, rather than just 100% theory
Bernard Lau:
[In reply to Ade Rachmansyah 👉👈]
Question:
What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year? @Aichleon
Answer:
Football Announcement,
Platform Launch
Building partnerships with hotels.
Bernard Lau:
[In reply to Evergreen]
Question:
Is your platform suitable for crypto beginners? Or does it only limited for professional users ?@Aichleon
Answer:
We will make it as user friendly as possible to cater to everyone and not just Web3 enthusiast. The end goal is always adoption adoption adoption
Bernard Lau:
[In reply to Higher Education]
Question:
Where i can get all the latest news about ? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Answer:
@Aichleon lets put all the links in a pinned message somewhere.
Bernard Lau:
[In reply to KOPALPURa]
Question:
Hi sir,
Can you give an overview of your Tokenomics, and the UTILITY of Token? Or What is the tokenomics of you project?
thanks.@Aichleon
Answer:
these are all public information.
Bernard Lau:
[In reply to Alikaa Azzahra 🐣]
Question:
What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token? @Aihcleon
Answer:
Focusing on the product, less on the tech.
Our product gives you the freedom to live everywhere around the world.
Its what we want to empower our users to do.
There are 10 billion LABS tokens.
There are 600,000 hotels world wide. As adoption increases, the usecase will as well. Its a natural process that will improve the value of the token.
Aihcleon:
I was a bit late to the AMA… thought: maybe i can PM you and it can be asked.. never hurts to ask you i thought.
Hello,
Since the project investment terms have changed from an APY based on income of the property towards the new idea of the residence pass and other things: what if I as an investor from a year ago am not as enthousastic about the new plan? Can I get my investment, based on the old project terms, back (in the amount of LABS tokens or USDT tokens invested) because of this change?
Thanks for your consideration to answer this question.
@johnreign
Bernard Lau:
[In reply to Aihcleon]
Answer:
REDFund owners get an APY based on income of the property as agreed on all the paperwork
Residence Pass gets that + the choice of being able to use those nights. Its 2 in 1.
We will be offering all RED Fund Owners and Crowdfunding investors the choice to actually choose. I hope for a bit more patience, so you can actually understand and see what we are building before hastiliy making decisions.
On a side note, most REDFund investors have profit sharing rights to Kunang Kunang at cost price. The first pay out is in April 2023 a year after our launch.
We will be addressing this in an official email in the near future.
Bernard Lau:
[In reply to Evergreen]
Question:
Is your project a community only for English speaking an countries or for users not of other languages ?@Aichleon
Answer:
We will start with English, and branch out the more regions we reach.
Bernard Lau:
[In reply to KOPALPURa]
Question:
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? can you share it with us?@Aichleon
Answer:
In the works!
Bernard Lau:
[In reply to Muskan7D]
Question:
Most of investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits/value for investors to hold your Token in long term?🔸
Answer:
When you buy real estate, you buy it for years.
Thats what its for. Stability.
We intend to give you the same, but we allow you to also travel the world while doing it.
Bernard Lau:
[In reply to Flyman_gk]
Question:
Are you a global project or local project?
At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners?
thanks mate.@Aichleon
Answer:
We are global. But for 2023, we will be focusing in tourism heavy countries to build partnerships. Japan, UK, Thailand and Indonesia are our immediate regions.
Bernard Lau:
[In reply to Chukky]
Question:
What is the most ambitious goal of your project? Could share with us any Upcoming Updates?@Aichleon
Answer:
The goal is to make the Residence Pass a valuable asset that is used frequently by travellers globally in the future. I want people to think Timeshare = Travel = Residence Pass = LABS
*this is before we get to Residential properties*
Aihcleon:
Dear LABS Members, please stay tuned for the LABS announcement group and drop your questions to our CEO and I’m sure Bernard would be more than happy to answer the community’s queries.
Before we end this AMA, please have a check on the LABS Group main telegram channel on announcing the Live AMA & Live question winner. We would like to have all of you to join our Discord as we will be having more events on our Discord that you can all enjoy.
Link will be sent in the Telegram group.
Thank you Bernard once again for the CEO night. It was such a pleasure to have you on here sharing with the LABS community ! Have a great weekend ahead everyone and stay safe! 🎉🎉🎉🎉
Bernard Lau:
Thanks Guys! I tried my best to answer as many as possible.
Hope you guys have a clearer view of what we’re building.
About LABS Group
LABS Club is powered by LABS Group Limited, a platform that offers end-to-end real estate blockchain real estate projects. It was first established in 2018, and we are partnered with some of the biggest names in the real estate world, such as Ananda Development, Living Land, and L.P.N. Development, as well as hospitality companies, such as Arena Esports Hotel.
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