LABS Ama with Crypto Society recap on 4th March 2021 (with a MASSIVE prize surprise!!!)
LB
Welcome @Yuen_Wong, what a honour having u here today ❤️🙏
Yuen,
Thanks for having me.
Bilo 2000
Pleasure to have you here
Yuen
Watch “Introduction to LABS Group” on YouTubehttps://youtu.be/gpsqqqwvwZ8
Bilo 2000
It’s our pleasure to have you with us today Yuen. I would like to welcome you here on behalf of our entire community.
Yuen
For those who haven’t seen this yet, a bit of background on what we want to achieve, the high level stuff.
Bilo 2000
Great share!. Thanks
Yuen
And also, just to share news, our strategic partner Enjin, has just had a great performance in the market. Amazing. And we have more collaboration soon, which will be announced in a day or two.
Bilo 2000
Cant wait to hear more! Could we begin with a brief history of yourself and your team, and your roles at LABS and what you were doing before LABS?
Yuen
Sure.Hello all, again thanks for having me here! My name is Yuen, and I’m the founder and CEO of LABS Group, which is a digitised real estate investment ecosystem powered by blockchain.My background has always been in blockchain, then real estate, and that’s why I’m doing this great project with a great team!
Prior to launching LABS, I was Managing Partner for a UK property company and I’m still involved at times in Bitmart exchange as a partner doing protect collaboration. This allows me to learn what makes or breaks a blockchain project.
Bilo 2000
So I wont ask you when did you encounter Crypto then :)
Yuen,
My team was firstly blockchain people, then along the journey we include now property people, then finance then legal. For example, we have been able to have Mahesh, who is from the renowned Harilela Family in Hong Kong, to join our board as the Chairman. His family privately owns 19 hotels.
Bilo 2000
Yes we saw your recent video as you where walking through the streets of HK. Quite impressive
Yuen
And we know the team needs to be comprehensive too. So we also have property listco chairman as advisor while on the other spectrum, have Michael aka Boxmining as our advisor. He later invest in LABS too, and this is public info. In fact, we have quite a few top influencers invested in us. And I do mean TOP :)
Bilo 2000
Can you tell us about why you thought LABS needed to be built and what problem it solves?
Yuen
Well a few of us started by thinking what can blockchain really do to certain industry. Can it disrupt that industry?
Then we looked into real estate, and immediately saw the few core pain points.
Bilo 2000
Brilliant
Yuen
The 4 Main pain points in the industry:
1. Illiquidity
2. High initial investment costs
3. High transactional costs
4. Difficult to invest and or manage cross borderly
Bilo 2000
How did LABS start?
Yuen
And we thought to ourselves, cab blockchain change that? Disrupt that? Or at least improve that. Answer is a loud yes -2018.
Bilo 2000
Definitely a loud YES!
Yuen
However at that time, a lot of time was spent in coming up with the right concept, completing the team, building the partnerships, building the platform… And waiting for the right timing! We have to remember in 2018, many still thought that bitcoin was a scam, digitization of asset was just a dream etc And we have to understand property developers tend to be conservative people.
Bilo 2000
It does feel like a new era in Crypto doesn’t it. Very little question that Crypto is there to stay
Yuen
What has made them change? Unfortunately, sad to say, covid situation has also forced them to change…To find a new way to raise funds…
Bilo 2000
True — I think BTC’s resurgence with a vengeance quieted the nay sayers :0
Yuen
And look at defi… A financial market will always look at lending, Adobe m since it is the core need…And then expand to other areas…
Bilo 2000
Very True — How would you describe LABS if you were talking to someone unfamiliar with digital assets?
Yuen
First of all, the name LABS stands for Liquifying Asset Backed Securities and it is a Digitised Real Estate Investment Ecosystem.
LABS’ vision is to make real estate for everyone by changing the way people invest in real estate thru digitalisation, thereby solving the high involvement and transactional costs as well as illiquidity.
The blockchain powered ecosystem is comprised of:
1. Primary trading platform: the token issuance and Crowdfunding platform
2. Secondary trading platform: Digitised Real Estate Exchange, regulated and able to target retail investors.
Bilo 2000
That’s a great vision. Will have a few questions on this a little later in the AMA
Yuen
3. Auxiliary DeFi platforms: staking pools, collaterised lending platform and integration of DEX.
LABS tokens are utility tokens with the G.A.I.N.S. model, namely governance, access (to projects), Incentives, nomination (rights) and staking (for rewards).
Hence LABS is unique as it is actually a hybrid model. The tokens within the ecosystem are ST and yet LABS tokens are UT.
Bilo 2000
Excellent! Can you explain the basic model with which you are tokenizing real estate development? How do you transform Cost and revenue of a real estate project into tokens?
Yuen
Ok, when we say we tokenise a property, we are in fact mainly digitizing the shares of the investment company that holds the property title deed.
After doing that, the digital shares or tokens can be readily traded just like bitcoin. Except that it is a security token that needs to be of full compliance.
And when there’s rental yield or sales proceeds, we all then convert them to USD stable coins and distribute accordingly or even thru the smart contracts.
Bilo 2000
I see — ok thanks. Following up on the previous question. What is the LABS token used for? Can you describe the Tokenomics?
Yuen
LABS tokens are Ecosystem tokens (Utility tokens) with our special G.A.I.N.S. model :
G.A.I.N.S model:
…Governance
Our token holders can vote on important matters of interests.
…Access
LABS token holders can get early access to real estate projects that the ecosystem introduces.
…Incentives
LABS token holders can get incentives should they decide to get involved in our projects on our ecosystem.
…Nomination
LABS token holders can nominate projects they wish to be launched on our platforms and be rewarded.
…Staking (for rewards)
LABS token holders can stake the tokens to get rewards. LABS will use its governed 80 percent profit generated by the LABS ecosystem to buy back LABS tokens from the open market in a quarterly manner, and distribute to the staking pool in accordance to the size and days staked in the pool.
By buying back from open markets with the ecosystem profits, the token price would be boosted and holders will be rewarded when the ecosystem gets even bigger traction.
This unique mechanism will address the needs of short term investors and mid to long terms hodlers. 20 percent of the total token supply is allocated for the fund raise. Initial market cap is 3.8M.
Some might be so used to small cap defi project and say this is high. However in our opinion, it is really , really low.
Imagine this… We are a great team with a great concept and we have great traction, and we see disrupting the largest asset class… where should we be positioned in CMC?
I think we would be among the top 100in the foreseeable near future. And go and check their market cap :)
Bilo 2000
Thanks for this detailed and clear explanation. With regards to the Initial MC, I suppose it depends on the project and its potential so I agree that its not an easy thing to judge if its too high or not. Your project is very unique and has very different attributes to it and so your IMC is in price discovery mode if I can use that phrase
Yuen
We are very optimistic on that. But I guess I just have to given my position in the company😌😃
Bilo 2000
Why should people invest with you instead of investing with traditional real estate funds?
Yuen
Very good and valid question… But I have no answer….
Just kidding… I have a lot of questions instead
Can any investor invest in REITs? Can REITs be invested with 100 USD easily?Can REITs returns be distributed directly into your wallets? Can one invest in global REITs easily? Can REITs be traded easily and at a low costs?
Bilo 2000
😄
Yuen
Can REITs be staked to borrow digital currencies to reinvest and hence leveraging? Can REITs give you the Liquidity you want? Can REITs operate as a low cost investment vehicle?
Ok the answer is: LABS can but Reits cannot.
Bilo 2000
ok ok ok i get it🤣
What are you currently working on and can you describe your future roadmap?
Yuen
Well, the most immediate thing we need to be focusing on… Is our IDO on Uniswap on the 12th March.
This has been brought forward by an entire month given our hugely successful private round fund raising (Part of my job now is to tell people I’m sorry but we have sold out completely )
Bilo 2000
I would love to be able to do that 😁
Yuen
Given that, the whole team is extremely busy…marketing, planning, coordinating and such. And we will have some big big news to go along with it…
Bilo 2000
👀
Yuen
Maybe I will reveal one here… We will announce a strategic partnership with a NYSE property listco which has over 1bn worth of property. Actually they invested but as a listco, they can’t really say they have you invested in a blockchain project’s tokens. If you know what I mean
We will also be ready to showcase our platform which is built. And then we have also some big big big news ready after listing, lol. To give secondary market a big boost. 😂
Bilo 2000
I was going to ask you this later but
Yuen
Sounds like my job should be a news-broadcaster…lol
Bilo 2000
go for it 😂
Yuen
*zipped*
Bilo 2000
(Sad face gif) How are your construction development proformas done? Are they done by you internally, or is it your construction development partners or is it an independent 3rd party? And how can you assure your investors that the projected and revenues are what they should be?
Yuen
We will look at this in this way.. Our primary platform which is our crowdfunding platform powered by blockchain, will be suitable for early stage projects. With that higher associated risks, they will come with higher expected returns. We will all conduct the due diligence and demand professional valuation report.
For our secondary trading platform which is the exchange… We can only list near completion or completed projects that are yield generating. The latter is the requirement from government, in order to protect the interest of retail investors.
Remember, our exchange approval allows us to target retail investors. And this is the game changer. Since no longer we need to only sell to professional investors, which limit the market.
Think B2B versus B2C
Bilo 2000
Great to hear this. I will have a few more similar questions along the same line which will serve to explain to potential investors how you address typical CD matters. It is generally held as a belief that construction and construction development is a corrupt space filled with price manipulation, kick backs, extras etc… that occur after the project proforma is complete and then before and after subcontracts are handed out How do you manage this and what steps will you take to ensure your investors this will not happen?
Yuen
I guess first of all, we try to be transparent as much as possible and only work with reputable partners. And well ultimately, the end results will speak and if it matches industrial benchmark, then all is good. And in fact, thru LABS, returns would be higher due to more efficient transsction and distribution process.
Bilo 2000
Nice — Who is it, I know a few people at JLL
Yuen
It is on our team info but he is based in Hong Kong
Bilo 2000
ah ok
With the price of construction materials constantly increasing and lately, at a rate we haven’t seen before, how will you address these increases in cost in your proformas?
Yuen
Actually we are not the developers so that isn’t really impacting us at least directly.
Bilo 2000
So you are awarding Fixed price contracts with the builders?
Yuen
LABS will be a light asset model. Relying on blockchain tech to disrupt the real estate investment world LABS is not involved in any development.
Bilo 2000
Ok I see. Thanks. Are you working on listings on any exchanges? And if so Can you tell us which one and/or the timeline?
Yuen
LABS wrk be on uniswap on 12th March and then we will start looking in depth to discuss with some CEX. For now, we are going our Uniswap listing will be so successful that it makes the CEXes come to us instead.
Bilo 2000
Ok thanks. Are you working with other projects or on any new partnerships?
Yuen
Yes, we are in deep talks with some of the largest defi projects for collaboration. And also we have formed several partnerships with developers.
Right now, blockchain wise, we have Rio defi, Centrifuge, Enjin and Polkacover as strategic partners
Bilo 2000
Are you targeting a specific type of property’s such as residential rental towers vs hotels vs something else? Please explain the reasoning behind these decisions
Yuen
The first batch of properties will be in SEA and mostly luxury resort type.
Why? Because we know Asia well and have close connection here, and the yield on SEA are much higher than many other areas.
Plus, Covid has made them suffer and hence willing to offer good pricing and support.
Bilo 2000
Fantastic — Thanks
Is there any exclusive breaking news about LABS that you could share with us here today? Pleeez say yes 🙏
Yuen
However, that said, we have received expression of interest from Europe, America, Japan etc… Hahaha.. You are putting me in a very difficult situation before we formally announce it.
Bilo 2000
😂
Yuen
Ok, we are giving away a luxury unit in Phuket island as a lucky draw for our IDO listing and LGE event 😌
Bilo 2000
🥳🥳🥳🥳🥳🥳🥳🥳🥳🥳🥳
LB
👀 Sticker
Bilo 2000
Announced here at Crypto Society for the first time!!!!
Yuen
And there will be a massive campaign to go along with it
Mar000 D 🥥
Phuket :D
LB
Real estate prize 👀 massive!!
Yuen
I’m worried by then people all be sick of hearing about LABS😅
Bilo 2000
No don’t worry — no one will be sick of hearing about this. Biggest prize in Crypto history!!!
Yuen
Let me find the video on that unit
Bilo 2000
❤️
Yuen
The first ever blockchain project to give away a property…how does that sound?🤔😌
Bilo 2000
Wow Yuen — I dont think anyone can top this news but Do you wish to let us know anything else that was not covered in the questions above?
Bilo 2000
Amaaaaaaaaazing!
Yuen
Not that I can think of now as this is the fourth AMA I have done today…but only shared this news with you all😂
Bilo 2000
Thank you — we really appreciate that you shared this with us ❤️
Thank you for your time in answering our questions here today. We are all very appreciative of your time and of the answers you have provided.
With this, we will open up the chat for those who wish to personally thank you for your time with us here today.
Ok — We muted the chat again to give Yuen a chance to answer some questions if he’s still around — don’t forget guys that he’s in HK and its very late
Yuen
I will just pick one or two to choose it off okay? Thanks
Bilo 2000
ofc
Kabir
Hello @Yuen_Wong
Could you please give us an overview of your roadmap? And which event you think will be a game changer for LABS community?
Yuen
The game changers:
Digital exchange license that allow us to target retail investors. Integrating decentralised collateralized lending platform in LABS ecosystem. Working with Enjin to introduce NFT plus property
I think that’s it and I so choose it off with LABS project highlights:
LABS key highlights:
1. Real estate is the largest asset class (>228tn USD) and the way people invest in it can be disrupted. Digitised Property on blockchain offered to global investors thru crowdfunding and digital exchange is the answer.
2. LABS ecosystem solves all real estate investment pain points:
… Illiquidity
… High barrier of entry
… High transactional and exit costs
By:
Fractionalising real estate investment
Global Crowdfunding utilising digital currencies
Transactions and distributions on blockchain
Exchange offering and trading
3. LABS revolutionary and wholistic business model is an ecosystem comprising 3 different layers focusing solely on real estate:
…advisory and management
… Issuance and crowdfunding platform
… licensed digital security exchange
4. LABS augmented its ecosystem by incorporating DeFi solutions, including staking pool, Dex and lending platform.
LABS crowdfunding platform is built on Polkadot with their support.
5. LABS has traction and project pipelines:
… Advisory and management deals done
… Issuance and crowdfunding platform fully ready
… Digital security exchange license obtained and in UX/UI testing and finalisation stage.
… LABS already have projects officially agreed to be launched
6. LABS has great token design, economics and usage, and address to both markets looking for short and long term rewards:
G.A.I.N.S model:
…Governance
…Access
…Incentives
…Nomination
…Staking (for rewards)
7. LABS has strong international strategic partnerships in both blockchain and property sectors:
…America
…Europe
…Greater China
…SEA
…Middle East
8. LABS has a strong team with knowledge, ability, credentials and network in real estate, blockchain, finance and legal to make this project works.
9. LABS is strategically located for this project：
Hong Kong is property crazed and a place where most property groups are headquartered here.
It is hintered by a newly rich China where many investors look to invest in overseas properties to diversify their risks and returns.
10. The timing is perfect:
… Adoption of Crypto currencies (even by institutions)
… Advent of CBDC/DCEP (aka digital RMB) raised awareness and acceptance
… Covid further expedites digital revolution as well as making property owners more willing to explore other ways
Yuen
Bye guys.. 3.30 am here and I’m gonna zzzZzzzzZzzZzzZzz 😌
