On Sunday, May 2nd, our CEO and Co-founder at NFTify, Nikita Ngan Nguyen along with Thi Truong, Co-founder & CEO at Polkafoundary joined a live AMA (Ask Max Anything) with BANANA, Benjamin R. and David from Banana Capital. The AMA was held at NFTify Official Telegram group.
Below is the recap for questions and answers for the AMA. Keep going!
Shanana: NFTify’s Cofounder, Nikita Nguyen; and Thi Truong, Polkafoundry’s CEO are here with us to answer your questions. So, without further ado, Let’s get this show on the road!
Nikita Ngan Nguyen: Hey hey, my name is Nikita Nguyen. I was born and raised in the suburb of Hanoi, Vietnam. I’ve spent over 12 years in the IT industry. I started my IT career with the largest IT company in Vietnam. was in charge of business development for their Japan and US branches until we founded Ekoios, our Blockchain development house in 2015.
At Ekoios, we get to engage and provide business & tech consulting, development services to hundreds of Blockchain startups all over the world. That definitely gives us a general picture of the Blockchain ecosystem, and helps us come up with the idea of creating NFTify, a platform that we’re confident will become very impactful that is lacking out there.
Thi: I guess I’ll be short because Niki is the main character of today. My name is Thi Truong (pronounced as Tee), working for nearly 20 years in the software industry. I used to work as a key member of Kyber Network, then quit and found Icetea Labs, which spin-off to PolkaFoundry.
I worked with Niki before, we know each other very well. She is a great girl, and I am happy to support NFTify with all my abilities.
Before we dive into the details, can you explain to us what’s NFTify and how did you come up with the idea? What is your overall vision with NFTify?
Nikita Ngan Nguyen: Long story short, NFTify is a platform where people can create an NFT store without coding, at a very low fee. Anyone can start a store, tokenize & sell NFTs right away instead of spending months and hundreds of thousand of USD to develop something like Opensea, Niftygateway…. This is exactly the problem that we wanted to tackle, to help lower the bar for everyone to join the NFT space.
A year ago, before most of the world had heard of NBA TopShot NFTs — now a half-a-billion-dollar business, Ekoios started receiving streams of pressing requests from clients around the world. Recognizing the tremendous value creation opportunities in tokenizing and selling their digital assets as NFTs, they were anxious to launch NFT marketplaces for people to sell their art galleries, gold and other commodities, sports trading merchandise, and a myriad of other uses.
But no Shopify of NFTs existed. Even TopShop…
To develop a marketplace like Opensea, it requires months of development and hundreds of thousands of USD.
That’s when we came up with the idea of creating NFTify.
Thi: I can imagine that any artist can set up their own shop on NFTify, just like a writer set up their own blog on WordPress.
Benjamin R.: So, I dived in the whitepaper and I can see there’s a plan to add a lending, collateral platform where people can collateralize NFTs to execute Defi transactions, this is awesome. NFT are often very illiquid assets, so I’m curious about that, can you please give us some examples of how it will work in detail?
Nikita Ngan Nguyen: Yes, after MVP, we’ll integrate Defi features including lending, staking, etc.,
NFTify will provide a P2P marketplace for collateralized NFT loans. It allows borrowers to put up assets for loans and lenders to make offers to lend in return for interest.
Benjamin R.: I think we already covered the next Q, but let’s say I want to open my own store on NFTify, how difficult would that be for me? Will I have to learn coding or graphic design?
Nikita Ngan Nguyen: It will be very easy. No coding or graphic design experience is needed. It will be just like setting up a store on Shopify. However, to protect copyright in the future, we require store owners to provide KYC.
Benjamin R.: What are the $NFTify token use cases and are there any incentives for the token holders? Also on which chain will the native token be launched?
Nikita Ngan Nguyen: Users will use our token, which is N1, to set up a store, purchase plugins to customize store, etc., N1 will also be used to buy and sell NFT on NFTify. We will have reward & promotion events. The last thing, N1 will be used for the platform governance. You can check out our Tokenomics, fully disclosed on NFTify.network for more details.
In the digital world, Copyright protection is extremely important. So how does it work? How is it guaranteed that you (or the system) know who is the real owner of an NFT in the Marketplace? And what if the people who create the same NFT, but change a little thing of it?
Nikita Ngan Nguyen: I see. This is where our requirement for KYC and AI services comes into play. Storeowners when registering a store will need to provide KYC, so in case of dispute, we will be able to communicate. And our AI will detect similar/fake content to have timely actions, including removing it from our platform.
Benjamin R.: I’m just curious about Red Kite, this is really exciting to have a new Launchpad I’m assuming it is built on Polkafoundry, so it will be cross-chain?
Thi: Red Kite will run on ETH and BSC first. And when we obtain the Kusama parachain, it will run there too. Then Polkadot parachain afterward. May add other blockchain support in the future if demand is high (Solana, Polygon, Cardano, Near, etc.).
We will organize parachain crowdloan on Red Kite as well.
There’s a huge market for NFTs in today’s world. A lot of artists are coming up with their own NFTs. Does NFTify plan to hire a renowned artist for it’s platform? Would there be incentives for early artists and curators?
Nikita Ngan Nguyen: Artists since the early dawn has had to deal with paying too much to the middle man, feeding the money machines. Their arts are way undervalued because of the old system.
We are having ongoing conversations with big artists including dancers, musicians, actors, gamified projects, etc., to be NFTify’s 1st adopters.
You’ll hear some partnerships announcements soon enough.
And of course, early adopters always receive the best deals.
About your long-term marketing plans. which big partnerships do you plan on utilizing to pass your product onto the normal consumer — especially non-crypto people in the world?
Nikita Ngan Nguyen: We look to partner with a lot of digital content providers, game/animation production companies, artist management agencies, etc.,
I read that store owner will need to provide KYC when creating a store in NFTify. However, these accesses are often limited, especially in Latin American countries, such as Venezuela. Are there any limitations within NFTify with respect to countries?
Nikita Ngan Nguyen: Hmm, I actually was not aware of these limitations in Latin America. We will check with our attorney.
I understand a lot of marketplaces out there don’t require KYC.
But NFTify will focus on original digital content to serve real artists and the people who value their arts.
How does the team create Revenue from the Sale? What is the Model?
Nikita Ngan Nguyen: Store owners will pay a low fee to set up store.
After that, we will charge per transaction for every NFT sold on our platform
Will copyleft licenses like creative commons or GPL be supported and if so, how will you deal with them?
Nikita Ngan Nguyen: This is a tough question. I guess as long as we have proof of real owner, CC or GPL will be treated as a registered owner, if that makes sense.
Are you looking to partner with projects like ORAI which will have their copyright product aiRight to address the counterfeit problem?
Nikita Ngan Nguyen: Ekoios has its own AI team with tremendous experience and capability in computer vision and machine learning. Hence, we’re developing 100% in house and will release this feature within the next month
Where do you see NFT’s in 5 years time and how is NFTify positioned to take advantage?
Thi: NFTify will be to NFT world as what Shopify be to the non-blockchain e-commerce world. That is what I see, Niki might have a slightly different view though :D
Nikita Ngan Nguyen: More and more people will understand and appreciate how NFT helps artists solve the real-world problems. Their arts will be delivered to end-users faster, less fake issues, everybody gets a fairer share for what they do….
NFTify makes it sooooo easy for everybody to join. So people who have been curious about NFT but don’t understand what it is, how to make money with it can try. I hope that by this, we will bring in millions of users in the coming years.
@cucucubu: General NFT and NFT Determine which is your best version of the difference to use,,and Any contents that are more collectible: images , video, etc …? Thank for AMA
We will focus on digital content that is more collectible, correct, including images, videos, music, gamified items…
@braddey: Hello, can you tell us more about royalties on NFTs? Can Individuals owning an NFT determine the percentage of royalty or is it done automatically on the platform?
10% royalty is set as default in our MVP version. After that users will be able to set their own percentage.
@luckyrembrandt: How will those NFT stores actually work? Only the owners of a collectible of a specific theme will be able to publish their content in them? or really collectibles can be created in the same stores?
Owners if given the sub-admin right to other users, will be able to publish content and mint NFT. We will have user guidelines.
Benjamin R.: Thank you very much Nikita and Thi for your time.
Nikita Ngan Nguyen: Great time!
Go ahead & open your NFT stores via: https://nftify.network/