On the 20th of April, TAG community has a Telegram AMA with NFTFY x TAG Ventures
At the AMA, Leonardo Carvalho CEO & Co-founder NFTFY and introduce and share many Interesting information about NFTFY.
And here are the key
takeaways of the AMA:
Tag: The AMA would be happened as follows
- Segment 1: Greeting and Introduction.
- Segment 2: Answer the closed questions from community (5questions)
- Segment 3: Live Q&A session (5 questions)
Tag: Yes, Let’s start with segment 1: Warm up
At this AMA, I would like to introduce Mr Leonardo Carvalho – NFTFY CEO & Co-founder ( @leo_impelizieri ) of NFTFY. He will provide detailed information on NFTFY as well as some key products, new advanced features and exciting events that will be held in the near future.
First of all, I’d like to thank all the team members of TAG Ventures for all the support in these past few weeks. It’s been amazing working with you!
Thank you everyone for saving your time to join us today. It is a pleasure to be here and answer your questions.
Tag: First, could you please introduce your team and NFTFY?
NFTFY: As some of you might already know, NFTFY is a Decentralized Application that provides the fractionalization of Non-Fungible Tokens. It is the trustless way of sharing ownership of NFTs, allowing the connection to all the DeFi functionalities and bringing instant liquidity to the NFT ecosystem.
NFTFY is a permissionless protocol that allows anyone to generate ERC20-compliant Fractions fully backed by the NFT. In that way you would be able to do whatever you want with your Fractions, such as sharing or selling them to friends and partners (Private Offering); or making an IEO through the creation of Liquidity Bootstrapping Pools using Balancer protocol to provide liquidity to your new ERC20s (Public Offering). Once you do that, you create a whole new market full of possibilities, being able to integrate the NFT Fractions into all the other DeFi applications.
The project was born in April 2020, after a few members of BlockchainBH, an important research association in Brazil, participated in the Hackmoney ETH Global Hackathon. Since then, the team has grown a lot and we have onboarded many experienced partners in the crypto market.
I’m Leonardo, CEO and co-founder of NFTFY. I’m an Electronic Engineer, but since 2018 I’ve been fully connected to the crypto market, when I joined BlockchainBH as Head of innovation and founded my first startup in the crypto ecosystem. I have been recently nominated as ConsenSys Ambassador and since April of 2020 I’ve been dedicating full time to the development of NFTFY .
The whole team is from Brazil and some of them are:
Ph.D Yale University, Computer Science
Blockchain Architect, Smart Contracts Specialist
Master in Electrical Engineer
Product Manager & Operations
Attorney & Legal Counsel
Head of Legal and Public Relations – BlockchainBH
ConsenSys Ambassador – Build Network
Solutions Architect and Tech Team Lead
Public Relations & Marketing – Nftfy
Blockchain Researcher & DApp Advisor
Public Relations & Marketing – Nftfy
We also count on a high level team of Developers and Designer that are working hard to develop everything perfectly for the official launch.
We have a strong board of advisors that have been supporting us with all the business strategies and partnerships.
Tag: And could you tell us What are the competitive advantages of NFTFY compared to other projects?
NFTFY: NFTFY is completely Decentralized, Permissionless and Trustless. It is a simple open-source code that guarantees the backing of the ERC20-compliant Fractions by the NFT and ensures the rights of all the token holders.
The three main processes of NFTFY (Fractionalization, Redeem and Claim) happen in an instant way and you don’t depend on anyone to buy some Fractions, nor to buy the whole NFT. You simply buy them without any intermediaries and without any kind of block by another user.
Many protocols have special agents that can control the smart contracts with special admin powers or private keys. In NFTFY, everything is decentralized. Once you have generated the Fractions, you only need to comply with the rule of the Exit Price to do the Redeem and Claim.
Differently from some competitors that stake the NFT in a pool full of other ones, in NFTFY we see and value each NFT as a unique piece, just as it is meant to be.
Tag: And could you please share with us some new upcoming events, as well as big partners NFTFY has been working with during its development period ?
NFTFY: For the
past two months, we have dedicated ourselves to onboard strategic partners that
had the potential to boost our community and to connect us to all the NFT and
DeFi ecosystems, high-tech projects and even to early-adopters communities
We haven’t announced all our official partners yet, but some of them who joined in the beginning can be seen in our landing page, such as: Tag Ventures, MoonWhale Ventures, Magnus Capital, Three M Capital, Dots Capital, Crypto Dorm Fund, Blockstar Technologies, Flow the Seed, Chain Ridge Capital, Part 1 Capital, Phoenix, Altvest, Escola Cripto, Neo Ventures, Congonhas Inova, CSP DAO, BlackDragon, DCI Global, DAO Capital…
We have also made a great partnership with EAK Digital, one of the biggest PR agencies that will help us to structure our marketing plans. They were part of the organization of BlockDown 4.0, one of the greatest blockchain digital events, in which I had the opportunity to be a speaker among so many important names in the crypto ecosystem.
Nftfy is already ready to be launched. It has been through the first audit process by a company called Omniscia – which, by the way, was a success – and our DApp can be tested in the Kovan TestNet. We have designed a very friendly-user platform that allows anyone to operate all the three main processes in a very easy way!
To continue, we turn to Segment 2: Answer the selected Twitter questions.
Firstly, I would like to say thanks to Tag’s members who have sent many good questions about NFTFY to us on Twitter
Tag: Now we
turn to the 1st question. It’s from @HONGphc50627894
DeFi is so popular that many platforms are competing with each other … as blockchain projects begin to build protocols & applications to support DeFi. So, what is your strategy to attract new users in the DeFi world?
NFTFY: Our strategy is to bring innovation through the main feature of NFTFY, the NFT Fractionalization, which has all the main characteristics required in DeFi: Decentralized, Permissionless and Trustless.
One of our main objectives is to allow anyone to launch their new ERC20s in the market with liquidity. Therefore, the process of creating a new token is no longer exclusive for development teams and projects. NFTFY allows anyone to fractionalize an NFT and create a whole new market for their Fractions, being able to enjoy all the other features of DeFi.
We have always thought about NFTFY as a new protocol layer, the Fractionalization, which would interact with all the other ones, such as Exchanges, Derivatives and Lending. In that way, NFTFY can be considered as a new building block for the DeFi Money Legos.
We have many ideas to implement in the next few months and we will also support the community initiatives to innovate on the DeFi and NFT ecosystems. Also, a strong utility and incentives for $NFTFY holdings will strengthen the community over time.
Tag: And the next question is from @lucky_mbu
Could you explain how NFTFY works and what makes it safe? I mean the range of options you have to execute the contracts
NFTFY: NFTFY allows anyone to generate ERC20-compliant Fractions fully backed by a Non-Fungible Token. There are three main processes in NFTFY: Fractionalization, Redeem and Claim.
The Fractionalization process only requires the user to set the cryptocurrency and value of the Exit Price, which is a simple rule that represents the maximum amount that someone needs to pay to buy the whole NFT. After that, the NFT is staked in the Smart Contract and the ERC20-compliant Fractions are generated.
After the Fractionalization process, the user can make either a Private Offering or an IDO using their new ERC20s. In the Private Offering, you can sell your Fractions in a private way. In the IDO, the user can create a Liquidity Bootstrapping Pool (LBP) using Balancer protocol to provide liquidity to these Fractions. Once the LBP is created, everyone will be able to trade these Fractions in our Marketplace, with their price defined by the open market. Each Fraction will have a maximum price related to the Exit Price previously set by the user in the Fractionalization process.
The Redeem process happens when someone wants to buy the whole NFT. In that case, the user just needs to pay the Exit Price using Fractions and/or the cryptocurrency set in the beginning. If the user doesn’t have any Fractions, it is possible to simply buy the whole piece by just paying the Exit Price using the cryptocurrency previously defined. On the other hand, if the user already has some participation in the NFT Fractions, it will just be needed to give these Fractions to the contract and pay the remaining amount of the Exit Price.
Anyone who pays the Exit Price will receive the NFT from the stake. This payment is stored in the Smart Contract’s vault and it becomes the new backing of the remaining Fractions. In that way, the remaining Fractions are now worth their maximum price and all the other Fraction holders are able to exchange them for a proportional amount of the value stored in the vault. This is the Claim process, in which all the other token holders will be properly awarded.
Our protocol accomplishes this process via an entirely decentralized and software-guaranteed backing mechanism, thereby eliminating the need for all intermediaries. Additionally, NFTFY brings legal contractual elements through the Lex Cryptographia methodology and employs legal contractual concepts through Smart Contracts, guaranteeing user rights in a simplified manner. No one has private keys nor special access to the NFTs staked in the Smart Contracts.
Tag: The 3rd
question is from @TiYu06610914
How does your project encourage users to join the network? I mean, why is your coin selection a good choice out of the hundreds of coins currently in existence? Also, what are the specific problems your project wants to address in the ecosystem?
NFTFY: The $NFTFY token is a fungible ERC20 token and will be the entire basis of the economy related to the NFTFY’s ecosystem. $NFTFY will act as a liquidity base for the new Fractions generated in the protocol. In addition, all the pools containing $NFTFY will automatically participate in our liquidity mining and rewards programs.
The main problems we want to address are:
Low Liquidity: lack of liquidity limits the presence of more investors in the NFT ecosystem.
Investment Risk: Given the highly speculative nature of the current NFT marketplace, investors could face the risk of buying some expensive NFT that could worth much less in the following days, due to the significant price fluctuation within a short timeframe.
Monetization of Assets: Extremely high priced NFTs may not be able to be sold for their true value within a reasonable timeframe.
We give the power to connect each NFT to all the features of the DeFi Ecosystem.
Tag: the 4th question is from @PhanLMinhQuan1
What do you think about the boom of the NFT + DeFi association that is causing so much interest in the world? How does NFTFY project take advantage of and exploit this reality?
NFTFY: I have been following the NFT ecosystem since
2018, and the countless possibilities we can have with them keep impressing me!
Due to the composability of DeFi and Ethereum smart contracts, it was clear that this boom would happen. Also, this hype and the trend of creating valuable NFTs confirm our main thesis that sharing the ownership of NFTs is a powerful and necessary tool for both ecosystems. The fractionalization allows DeFi to monetize and speculate on NFTs. In addition, the NFT ecosystem experiences a new way of ownership along with a variety of gamification possibilities in the market.
Tag: It’s from @baobao31802828
Can you provide an overview of your economics? Will the design of the token increase and decrease with the success of the platform, does it include any scarce pathways, such as equity, storage, or burning?
NFTFY: The $NFTFY
has a total supply of 100 million units that will be distributed during six
years. It is divided into:
30% DAO Treasury
20% Liquidity Mining
5% Ecosystem Fund
5% Marketing & Operations
All the topics above are inserted in a 6-year vesting distribution.
Regarding the token sales, 15% of the token total supply has been sold to onboard strategic partners in the private rounds.
3% of the total is reserved for Business strategies, such as Advisory and other partnerships. From that number, 300,000 tokens will be used in the launchpad with Poolz.
Finally, after that, 2% of the total supply will be used in our Liquidity Bootstrapping Pool on Balancer.
We have a strong rewards mechanism to stimulate the Liquidity Providers. Every pool containing $NFTFY as collateral will be eligible to participate in our liquidity mining program.
As soon as our tokenomics is completely running, there will be a fee-collection system from some of the Liquidity Pools, in which part of these fees will be used as rewards for the liquidity providers and another part will be burned. However this idea is still under analysis.
Now we turn to Segment 3: Live Q&A session (5
At this segment, I will open the chat a few minutes to receive the questions. Let pick your favorite ones when the chat’s closed
Tag: What place in the modern financial system will Defi take? What fundamental problem does NFTFY solve in the modern financial system?
NFTFY: DeFi is designed to democratize the financial system for everyone.
NFTFY is all about freedom. It is another basic financial service that gives power to each individual to launch their new tokens in the open market with liquidity.
Tag: without proper marketing and capital infusion, project dies, how do you convince us you have adequate marketing power and capital to push this project to the top project ?
NFTFY: During our private sales, we were trying to onboard those partners who could contribute the most to our long-term vision. We diluted the tokens as much as possible among many important partners that committed themselves to support and help us to grow and become global.
Besides that, we have strong marketing team and plan that will give the project all the support needed. We also have a partnership with EAK Digital and Altvest that will bring great value in terms of marketing strategies.
Also, we have onboarded many important influencers in the crypto market that will help divulge the protocol around the world.
In addition to that, we have a lot of ideas to implement in NFTFY, lots of new integrations and possibilities. So we will be here for a long time to develop and deliver the best features for DeFi and NFT ecosystems.
Tag: How important is the community to you? and how can we collaborate or help you for the development of the project?
is extremely important for us! They are the basis of everything and we always
try to bring benefits to the community.
OUr focus is to develop innovative and interesting DeFi applications in order to keep the community interest and also bring them incentive mechanisms. We will keep developing technological support to provide all the best features to them!
Tag: I am an experienced developer and ethical hacker, do you have plans for hackathon so as to check the security of your ecosytem periodically and also invite developers to build?
NFTFY: Sure! That’s in our plans. We have sponsored the last ETH Global Hackathon and we will also provide an ecosystem to empower anyone that wants improve and develop our features.
Tag: I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I NFTFY choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token ?
NFTFY: NFTFY is the project of our lives.
We have a long vesting for our tokens (6 years) and everything we will do from now on will be to improve the NFTFY ecosystem in the next years.
We know how powerful a decentralized community is, so we have designed a structure that aggregates value in the long term view, that engages the community participation and that stimulates the connection between DeFi and NFT ecosystems.
We also count on a very high level and passionate team that will develop all the integrations and plans we have in mind.
Therefore, we would like to have a strong community and great partners that share these same values as we do.
Tag: Could you please share with us your website and social media channels, so members can follow you and be kept up to date on your progress?
Tag: Thanks so much for taking your time with very detail answers ! Wish NFTFY success, breakthrough, sustainable development and hope that TAG will be a reliable partner of NFTFY in Vietnamese market.
NFTFY: Thank you all for being here today and for all the great questions. It was a pleasure to answer all of them and to share more information about NFTFY with you.