How it works
igoqap is a Crowdfunding* platform that allows creators to receive support from their followers through the creation of qaps and their buying and selling
* A way to raise money for a project by asking for small contributions from many people. In return, contributors receive rewards
What is a qap?
A qap is a virtual currency that the creators will initially release for sale to their followers. Later, these qaps can be exchanged among the app's users through buying and selling.
Types of users within the application
CREATOR
If you are a singer, painter, video game player, influencer, or an NGO in need of funding, your user type will be Creator
FOLLOWER
If you would like to support your favorite artist, influencer, or simply want to collaborate with an NGO, your account will be of type Follower
MANAGER
If you are a manager of a creator and want to support them in their achievements, your ideal account type is Manager
By default, all users will have a follower account, but if you are a creator and wish to change your account type, follow these steps:
I am a creator
All users, by default, will have a Follower account
Once you change your account to creator, you will decide how many qaps you want to create by following these characteristics
- The value of each qap created will be: 0,10 €
- Minimum number of qaps: 500
It is important to clarify that the creation of qaps WILL NOT COST YOU ANYTHING
Once you have created the desired qaps, you will need to pass a popularity filter for one week in order for the creation to be SUCCESSFUL.
The popularity filter consists of:
- Getting your followers to buy 80% of your qaps
- Your qaps must be purchased by at least 16 different followers
Why 16 different followers?
This is because each follower can buy a MAXIMUM of 5% of your qaps.
If your creation has not passed the popularity filter, meaning it has been UNSUCCESSFUL, your creation will be canceled, and the money that followers used to purchase your qaps will be refunded to their wallet.
Buying and selling of qaps
(You will not be able to participate in the buying and selling of your own qaps; you can only trade qaps from other creators)
The weighted average formula is applied, taking into account the number of qaps bought/sold and their value.
Example:
– 1000 qaps in circulation
– qap value: 0,15 €
– Buy/Sell 10 qaps at 0,50 €
New qap value:
((990*0,15 €)+(10*0,50 €))/1000 = 0,1535 €
Next qap creations
Once you have passed your first creation, you will be able to keep creating new qaps at the price of your market.
These new creations are characterized by:
- The maximum period they can be on sale is 1 week
- The buying and selling market is paused during this period
- Get your followers to buy at least 80% of your new qaps
In the event that you don't sell all the offered qaps, they will be removed from the platform without affecting the previous ones
How many qaps can I create?
It will all depend on your TOTAL VALUE (the number of qaps in circulation multiplied by the value of the qap). Here's a table that explains the percentage depending on the total value interval:
Example:
Up to now, I have sold 1.000 qaps (qaps in circulation)
The value of the qap is 0,50 €
Total value = 1.000*0,50 € = 500 €
Since the Total Value is between 0.00 € and 1.800,00 €, you can only create 35% of the qaps you have sold so far (qaps in circulation).
1000 * 0,35 = 350 qaps maximum
But don't worry, you don't have to stress about it. When creating the qaps, the app will calculate your maximum and will show you the limit when you try to create them!!! 🙂
How does the value of your qaps change?
The price of your qaps will be determined by their BUYING AND SELLING among your followers.
I am follower
I want to buy qaps in a creation, how do I do it?
You will be able to buy qaps from creators during their creation, provided that those creators are in their creation week.
In the explore section, you will find different creators, and to the right of each profile, you will see the price of the qap followed by the orange "creating" button.
BUYING AND SELLING of qaps among followers
Once the qap creation period is over, the buying and selling period for that creator's qaps will begin.
To be able to participate:
- Select the creator you want to engage in buying and selling with
- On their profile, in the market section, you will find the different user orders, both buy and sell, that are waiting to be accepted
- Depending on your interests and possibilities, you will be able to accept any of these requests, or you can give other orders and have other followers accept them.
The orders you give will have 2 possible states:
- PENDING: The order has not yet been accepted by another follower.
You will have one week for another follower of the creator to accept your request. If no one accepts it, the request will be automatically canceled. If you wish to cancel it within that period, you can do so without any fee.
During this period, the qaps/money involved in the order will be frozen. If your order is canceled, your qaps/money will be returned to your wallet.
- COMPLETED: Your order has been accepted by another follower, and the transaction has been completed.
REMEMBER!
- You cannot exceed 5% of the total qaps in circulation for each creator.
- It is not possible to exchange qaps from one creator for another. To do so, you must first convert them to euros.
- The value of the qap is determined by supply and demand. In other words, igoqap does not intervene.
I am a manager. Do I get any benefits?
To become a manager, you just need to have an account, regardless of the type, and choose a username.
To benefit from the Program, the creator must enter your igoqap username. This way, you will automatically receive the money in your Wallet.
If you want to change managers, the creator can do so at any time in their profile by modifying the field or leaving it empty.
The manager program offers you the following compensation:
- 10% as a commission on the creation of qaps (both the initial and the subsequent ones)
- 0,5% as a commission on the buying and selling transactions.
If you are a creator and want to assign someone as your manager or representative, it's as easy as going to your profile information, and as shown in the image, there is a manager section where you should enter their username.
Commissions
qaps creation
- 95% creator earnings
- 5% igoqap earnings
If there is a manager:
- 85% creator earnings
- 10% manager earnings
- 5% igoqap earnings
Buying and selling of qaps
For each transaction, a 2% fee is charged to each participant in the operation and is distributed as follows:
- 2,4% creator earnings
- 1,6% igoqap earnings
If there is a manager:
- 2,4% creator earnings
- 0,5% manager earnings
- 1,1% igoqap earnings
Money deposit
For purchases through the app, a 15% commission applies.
On the website:
- By credit/debit card, 2% + 0,25 € commission
- No commission for bank transfer
Money withdrawal
In case of withdrawal via PayPal, a fee of 2,00 € applies
No commission for bank transfer
Do you have questions? Book a meeting with us 😊
