LABS Update AMA with Crypto Society on 8th July 2021 -featuring Yuen (CEO)
It’s our pleasure to have Yuen Wong, CEO at Labs with us here again today for our 2nd AMA with Labs. I would like to welcome you here on behalf of our entire community.
Hi all, thanks for having me here and I’m both honoured and delighted to share our project and updates, especially LABS’ world’s first community powered and owned NFT fractionalised Resort.
I would like to share a little video on this if you all don’t mind.
3 minutes and then I will be back? Thanks a lot.
Watch “Behind the Scenes with LABS Group: Interview with Yuen Wong (LABS Group CEO)” on YouTube
Let me know when you’re back :)
Watch “Behind the Scenes with LABS Group: Interview with Mahesh Harilela (Chairman of LABS Group)” on YouTube
One more, so will be back soon😆😎
Hahaha ok np
Alright, I hope you all like the videos and have gotten some understanding on what we want to do and achieve.
Thanks and this is Yuen here, the CEO of LABS Group.
Ok thanks, was great AMA (Laughing gif)
Could we begin with a reminder with a brief history of yourself and your team, and your roles at LABS?
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 and 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 managing partner doing project collaboration. This allows me to learn what makes or breaks a blockchain project.
Great combination of fields to be in — Real-estate and Crypto
And due to this very hybrid business that marries blockchain and real estate, our team consists of blockchain, finance, real estate and legal professionals.
Lastly, remember to follow us here:
Thanks Yuen; For those unfamiliar with Labs, how would you describe LABS if you were talking to someone unfamiliar with digital assets?
LABS is a Digitised Real Estate Investment Ecosystem powered by blockchain and community.
LABS’ 3 Prong Strategies:
1. Crowdfunding and Trading Platform
2. Collaterised Lending Platform
3. NFT rewards solutions on Resorts and Hotels
LABS redefines the real estate investment world by resolving the pain points including illiquidity and high entry costs.
And we want to bring real estate investment deals directly to everyday investors.
For example, LABS coming NFT on Resort project which is coming live on the 15th of July on Refinable NFT marketplace:
Can you tell us about why you thought LABS needed to be built and what problem it solves?
LABS is a Digital Real Estate Investment Ecosystem, a business that has been started since 2018 with the aim of disrupting the real estate investment world by changing the way people invest in it.
LABS will achieve this by resolving the 3 Main pain points on the industry:
2. High initial investment costs
3. High transactional costs
4. Difficulty in performing cross border property investment management
Again, taking our coming NFT resort project (Kunang Kunang Resort), we issue 365NFT to fractionalise the entire resort.
1. One can invest directly into that resort with a much lower cost
2. Certain selective incentives, rights and rewards can be designed and allocated to sordid NFT
Each NFT actually represents a specific day of the year and they collectively represent 100 percent profit backed rewards of that resort.
And these rights stay for 30 years.
This was one of my questions down the line but thanks for introducing us to the concept. It is really very exciting. I will bring it up again shortly
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?
Well let’s keep repeating so that everyone got that drilled into their minds on how great this idea is😆
I got that drilled into mine already.
Hahaha — ok good plan
Basically, there are a few ways of doing this.
One way is more straightforward, we move the asset title into s custody and then issue tokens pegged to the numbers of total shares of that company that owns the real estate asset.
Whatever that project wishes to raise can have the relevant shunt of tokens put on our platform for sales. Of course, prior to that we need to do the due diligence accordingly.
Then all net revenues generated can be converted into rights currencies and distributed accordingly.
The other way we can do what we will be doing: using NFT which we think is certainly groundbreaking and especially suit resort and hotel investment.
Love the simplicity
Since it is now more than just investment but also enjoyment.
nice- Wait till I ask later down the line😂🤣😂
Hence LABS will bring direct resort and hotel investment and enjoyment deals to everyday investors.
Following up on the previous question. What is the LABS token used for? Can you describe the Tokenomics?
LABS tokens are Ecosystem tokens (Utility tokens) with our special G.A.I.N.S. model :
Our token holders can vote on important matters of interests.
LABS token holders can get early access to real estate projects that the ecosystem introduces.
LABS token holders can get incentives should they decide to get involved in our projects on our ecosystem.
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 long terms holders.
Awesome — Thanks Yuen — great info!
Why should people invest with you instead of investing with traditional real estate funds?
Because simply the traditional way has a few major barriers to smaller investors.
The lack of liquidity.
The high entry costs.
The high maintenance costs on the investment and property.
The difficulty in doing cross border investment.
Even if you want to talk about REIT…
REITs versus LABS (Digitised Real Estate Investment Ecosystem):
Can any investor invest in REITs?
Can REITs be invested with 100 USD easily?
Can REITs be invested even without a bank account?
Also access right? Its not easy to get involved in real-estate if you’re not plugged in and REIT’s have very limited returns
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 cost?
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?
The answer: Mostly not but LABS can.
Yes that’s correct.
For LABS we will work with trusted global developers to bring you good deals.
We will give you the peace of minds by doing due diligence on behalf, and solve the legal challenges and fund distribution for you.
ok so now here’s my question about the NFT’s; Tell us a little about the worlds first resort NFT and the red fund
Sure, first of all, it is the world’s first community-powered and owned NFT fractionalized Resort.
You can find the resort and NFT details here: https://gravityresortskk.labsgroup.io/
It first started when the team started asking ourselves, how can we disrupt the real estate industry. What pain points are there? Then we looked at the resort and hotel industry, which has been badly hit by the covid situation. But yet, hate to say this, it is however the best timing to talk to them. Before this, it was almost impossible to get their attention.
And we look at the timeshare industry, its bad reputation due to lack of transparency, lack of accountability and most see just schemes to grab your money and it is extremely hard to get to stay in those places which they promised.
And then we think to ourselves, can NFT be used to fractionalise resorts and hotels so that they can be invested by everyday investors easily while the pain points of timeshare be resolved?
The answer is a resounding yes, because with blockchain and NFT, we can design different rewards and incentives into those NFT, including profit backed rewards, staying rights, incentives based on memberships etc.
This is really cool
I can’t say it any differently
Then we talked to resort developers and we are lucky to have found our strategic partner, Gravity Resort. As an experienced resort veteran, they see the things we want to do and achieve. They decided to partner with us and go big on this. Here I thank them for their support. And it is such a beautiful resort, which was already 70 percent done when we got to know each other. We know we can’t miss this project. Furthermore it is the right sized project for LABS. And the Glamping concept is wonderful and unique. Glamorous Camping it is.😎
So we proceeded to do a lot of hard work on due diligence, setting up the right legal structure and ensuring compliance etc. Not easy to do a real estate project, especially one taking up entirely.
So can we put on VR goggles and just zone out on your NFT resort?
Glad that you think the same way as I do:)
It does resolve the pain points of traditional timeshare industry by providing accountability, transparency and trackability, while also bringing resort and hotel investment and enjoyment deals directly to retail investors.
It is a Real physical Resort so anyone can go there for a real 3D or 4D experience😆
Not your metaverse
Hahahahaha — 😉
Our team went for the site visit.
Looks really nice!!!
Tell us about the red fund pls
The LABS RED Fund is Real Estate Digitisation fund, and this is fund number one.
All current contributors will have first preferences and incentives in participating in future rounds. We are looking at Japan and Thailand next. All public can participate except the US and Hong Kong.
And for LABS partners and communities, there are current incentives provided. Please refer to the site: http://contributors.labsgroup.io
The role of the RED Fund in this resort project is to commit on the resort acquisition, conduct the due diligence, handle the legal and compliance, administer and market the campaign etc.
That’s awesome ❤️
LABS want to make it community powered and owned. But nevertheless, the project would go ahead as LABS Group and its partners would back it all up if need be.
It is backed by 90 years of profit sharing at 15 percent projected, and if all NFT are sold out all contributors get an exit with the premiums and principals. Even if the NFT are not all sold out within the first round, they can be resold on secondary markets in subsequent rounds at fixed prices which are higher.
Kindly refer to the LABS Real Estate Digitisation Fund Synopsis here: LABS Real Estate Digitisation Fund Synopsis.pdf (https://drive.google.com/file/d/1Szlqt8qcacS7VkJ7bGTTkPuLd64yELMp/view?usp=sharing)
The close date of the RED Fund will be 10 July though and we have raised enough to say the project will go on live auction this 15th July, all 365 NFT.
The 4 pillars of your ecosystem are FRACTIONALIZATION, CROWDFUNDING, LENDING & SECURITY EXCHANGE. Can you please describe them and how they may relate to each other? Im particularly fascinated by the lending portion.
Well to make it short, these elements all interact and are interrelated to solve the issues of illiquidity and high involvement costs.
Crowdfunding thru dimension and Fractionalisation reduces the initial investment costs.
The collaterised lending platform allow users to borrow against their real estate tokens/NFT and then reinvest to obtain financial leveraging.
The exchange facilitate trading.
This is really exciting
So that’s how we intend to form the digitised real estate investment ecosystem.
Please let us know about your staking rewards as well as your incentives. How and where can I stake my labs tokens and what are the incentives you refer to on your website?
Right now we have LP staking and are now reopening our naked staking, aka single side staking.
However LABS will be having our own staking pool later so that LABS tokens that are bought back from the open markets with the ecosystem profits are being distributed to this pool.
Thanks — looking forward to this
What are you currently working on and can you describe your future roadmap?
Sorry — this may have been addressed above with the resort and red fund
We will be updating and releasing our revised roadmap.
Some things have been happening much faster such as the entire NFT Resort deal, coming in mid July.
We are also working on the collateralized lending platform so that the nft holders can stake the NFT and borrow against them to gain financial leverage.
The LABS crowdfunding platform can actually go live anytime and we have successfully implemented it on Polygon. However, I have made a decision to focus on our NFT resort project, as I believe it is really disruptive and ground breaking.
I’m with you
May the force be with us then😎
Since our last AMA with you, Labs has been listed on Gate and Kucoin Congratulations!! Are you working on listings on any other exchanges? And if so Can you tell us which one and/or the timeline?
Yes we are listed in those plus Bitmart.
We are in discussion with another exchange and hopefully we can share that once it becomes concrete.
Not forgetting uniswap is also important to us😌
Is there any exclusive breaking news about LABS that you could share with us here today?
Hmmmm… Well, not that explosive perhaps, but we are already in talks with a few more resort and hotel developers, and a couplee of them are farther well known.
So hopefully we can strike final agreements with them and also make hotel investment and enjoyment deals direct to everyday investors.
Great news 😎
Do you wish to let us know anything else that was not covered in the questions above?
Watch “Behind the Scenes with LABS Group: Interview with Bernard Lau (CEO & Co-Founder of Gravity Resorts)” on YouTube
Some words from the CEO of Gravity Resorts, and he is definitely committed to make it together with LABS
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 and for those who wish to ask their own questions.
COVID 19 has slowed down many of our economies with all the projects, so what problem are you facing? Can we be of any help? Are you still on track to achieve your goals or are you planning a new development?
Well actually the special situation makes it the best timing for LABS to launch the NFT on Resorts and hotels using our ground breaking concept.
Now the developers are more than keen to discuss deals and offer good ones. In the past they might not be that receptive to new concepts and solutions too.
What are the key milestones on your roadmap-both things you have already achieved and things that we can look forward to?Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
We don’t have a burn plan but we do have a buyback and redistribution plan which we believe is best suited for us to build and boost our ecosystem growth while taking care of the short and long term vested interests.
Although ETH 2.0 is delayed. When it is deployed on Blockchain, the problems of transaction fees and network speed will be solved, most of the projects today are built on BSC, so what do you think when your project uses the network? BSC instead of ETH?
As our system is firstly built on ethereum, and considering the fact that we want scalability and cost efficiency, we will go with Matic network.
However, we also want to reach as many communities as possible and hence we decided to have a multi chain platform.
I will invest in you. However, there are many fake websites or Page. So
How can I recognize your website or page?
Please share your link.
Please always follow us here:
And always google LABS group and I believe we will appear in the first few searches on the first page
@labsgroupio | Linktree
Linktree. Make your link do more.
Pi Ka Chu
What do you think about the Asian market in crypto? Does your project have any plans in the future to go to ASEAN which is a potential market in crypto?
For LABS we want to be a global project and hence we go for global investors and backers.
However for real estate projects we might firstly focus on southeast Asia projects due to higher returns, more sexy and close proximity to US and that we have better network.
Thanks a lot everyone, don’t forget our date on the 15th July at Refinable NFT marketplace.
Together we will make blockchain history, and bring resort and hotel investment and enjoyment deals for everyone.
Bye for now and see you all soon. Cheers.