AMA with nftfy
CAG: @leo_impelizieri @ViniciusVasc Welcome to our community!
It’s great to have you here with us today — thanks for attending.
Leonardo: Hello, everyone! It’s a pleasure to be here today. Thank you for your time and opportunity
Vinicius: Hi everyone, nice to meet you all!
CAG: Let’s start then 🙂
Could you please introduce yourselves and explain your role within NFTFY?
Leonardo: 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.
I’ve been studying this connection between DeFi and NFT for a while and I’ve been leading Nftfy since then, bringing ideas to the product and delivering innovative solutions to the DeFI ecosystem.
Vinicius: I’m Vinícius, COO and co-founder of Nftfy. I’m an Eletrical Engineer, and I’ve been following the crypto market for the past two years. I’m responsible for the delivey of all the ideas proposed, product management and also for some aspects of public relations.
CAG: Very interesting. Definitely great resumes from both of you.
Could you briefly explain what is NFTFY?
Leonardo: 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.
It is a permissionless protocol that allows anyone to generate ERC20-compliant fungible Fractions fully backed by the NFT. 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.
Nftfy protocol is a Smart Contract that allows the transition between states of fungibility.
CAG: Got it. Do you have any competitors at the moment building something similar?
Leonardo: Since we have started the project, we found some other protocols trying to solve the same problems as we do. However, we have always had a very strong vision of DeFi and we knew that to match DeFi requirements our protocol should be completely decentralized.
Nowadays, we know some projects that try to solve these problems using DAOs most of the time with a centralized management, or protocols with a centralized point of failure, like a private key that gives access to the whole portfolio of NFTs or to the smart contracts.
So, that motivated us to keep the protocol open to establish connections to all the DeFi features, as no other does.
CAG: Understood. Sounds very good.
Can you talk about what is the utility of the token?
Leonardo: The $NFTFY 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, to boost community and liquidity to this ecosystem of many newly created ERC20s. All the pools containing $NFTFY will automatically participate in our liquidity mining and rewards programs.
CAG: Very nice. What can we expect for NFTFY in the near future? What are your plans?
Leonardo: Our Smart Contract is ready and it has already been audited. We will launch it just after the official launch of the token in the market.
We have many ideas to implement in the protocol, such as providing features so that anyone will be able to make their own Initial Dex Offering.
Also, we have some ideas to connect to other DeFi and NFT protocols and implement different types of gamefication for NFT projects.
We have a long term vision that also think about the community, for which we have reserved a DAO treasury that we will implement a decentralized governance to value the power of the community.
CAG: This sounds interesting. So is TGE around the corner?
Leonardo: Yes, it is!
We have recently finished our private sales, in which we onboarded many important partners in the market and we have everything almost ready to announce the TGE. We are just waiting for some final details in the contract to have it officialy announced. We invite everyone to stay tuned 😁
We can say in advance that the official LGE will be on a Balancer’s LBP.
CAG: Awesome.. I am really excited for this project, and it looks like the best is yet tome come 🙂
I’m sure the community has also a lot of questions to ask so let’s have them!
Member 1: I joined an event on Clubhouse recent weeks about digital art / NFT. One case that becoming common was told: Downloading art pieces from open social media sharings and tokenizing it as if owning by the way and selling via NFT marketplaces.
How does Nftfy deal such situations?
Leonardo: Data market of the fractionalized NFTs being traded in the open market could bring a good analysis regarding the trust in the NFT. In Nftfy we have a collective ownership of the NFTs, which mean that many people will do a due digilence of the same art pieces, to validate which one is the original.
Member 2: What is a “shareholder agreement”? and how does NFTFY handle the current high gas costs today and in the future?
Leonardo: Based on the Lex Cryptographia concept, we analysed a Shareholders’ Agreement, which is a traditional contracta that explains how the shareholders manage their interests.
With that in mind, we designed our Smart Contracts that guarantees the backing of the Fractions on the NFT and assures the rights of all the token holders.
Regarding the gas cost, it is an Ethereum issue that has been affecting many projects, and we have plans to implement our protocol on Layer 2 and also on BSC. However, in the first moment, we will be on Ethereum Mainnet, because it is where we can find all the most long-term and valuable NFTs.
Member 3: can you explain a little about the CLAIM Process in NFTFY?
Leonardo: There are three main processes in Nftfy: Fractionalization, Redeem and Claim.
The Fractionalization is the process where the user sets the Exit Price, stakes the NFT and receives the ERC20 compliant Fractions backed by that NFT.
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.
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.
Member 4: What are main key points to making Nftfy strong about security , Protection and speed? And What are the killer features of Your Project ? What is the vision and goals Your project wants to achieve in 2021?
Leonardo: Nftfy is completely decentralized and software-guaranteed. The Smart Contracts will manage all the assets and no one will have any private key nor special access to them.
Our main vision is to create a strong community and bring countless innovative solutions to the NFT and DeFi ecosystems.
Member 5: How secure is NFTFY? How has NFTFY developed technology and security to build NFTFY into a truly secure and reliable platform? And What problems does NFTFY solve in the NFT market? What benefits does the Balancer Liquidity Bootstrapping Pools (LBPs) bring to users?
Leonardo: The main problems we want to address are the lack of liquidity, high investment risk and the monetization of assets.
The Liquidity Bootstrapping Pools were created to launch new tokens in the market, in a fairer way, as the LBP has great features avoiding front-running and bots, allowing the open market pricing of the asset.
So our main goal with the LBPs is to help all the users to launch their onw ERC20s in the market with liquidity.
Member 6: Quite unique that you are boosting instagram for a crypto project — what is the reason for that . Are you catering to the trading or to the more “artist” part of nft
Leonardo: This is part of our marketing plan. Instagram is a great network to atract other people who are not in the crypto ecosystem yet, such as countless of artists who are starting to joing the NFT world. So this is an interesting way to reach out to them.
Member 7: Can you explain how NFTFY manages ownership of it’s NFT’s? Are you planning to use decentralized digital identities?
Leonardo: In the Fractionalization process, the user stakes the NFT in the smart contract, defines an Exit Price and then receives the Fractions of it. From that moment, the NFT remains staked and no one has any special access to it.
The only way to get the NFT is by paying the Exit Price.
Member 8: Because security comes first, so has Nftfy been AUDITED? if so, which platform is involved? and What are the top most important priority of Nftfy?
Leonardo: Sure! Our Smart Contract has already been audited by a company called Omniscia, and we will have a second audit soon by another company, that will also audit our secondary smart contracts.
Our main priority are to have our smart contracts running perfectly, to create a powerful and engaged community and deliver many new features and integrations from our core smart contract.
Member 9: can you explain the concept of fractionalization of Non-Fungible Tokens?
Leonardo: It can also be called as a “Fungibilization” process, because our smart contract allows the transition of the monetized value of an NFT into fungible Fractions.
This process must guarantee the backing of the Fractions on the NFT and also the rights of all the token holders.
Member 10: with more and more hacking now a days, do we have taken measures to secure token minting function?
Leonardo: The protocol is permissionless and the smart contract assures that all the its usability follow the same rules.
Alright everyone that’s a wrap! Thanks to everyone who participated and special thanks to Leonardo and Vinicius from NFTFY for answering our questions and being with us today.
Make sure to follow NFTFY to stay updated with their launch and news:
Also follow them on Twitter to show some support:
Leonardo: Thank you very much for the opportunity. It was a pleasure to answer all your questions!
Vinicius: Thank you all, it was a pleasure to be here with you!
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