On Saturday, April 29th, Nikita Ngan Nguyen, CEO and Co-founder at NFTify, joined a live AMA (Ask Max Anything) on GAINS Chat. She gave an informative introduction about what NFTify is, answered questions about the project, upcoming plans and much more.
This blog post includes a recap of the live AMA session and features the questions asked by community members, as well as Nikita’s answers.
Ayeley (AMA Moderator): Today, we are joined by @NikitaNguyen from NFTify. Welcome, Nikita. Let’s get started.
Tell us a bit about you. What did you do before crypto and did you have any other previous venture in crypto?
Nikita Ngan Nguyen: My name is Nikita Ngan Nguyen. I was born and raised in the suburb of Hanoi, Vietnam. After college, thanks to my Japanese language skills, I landed a job in Tokyo, my dreamland. That was with a non-governmental organization, where I had the chance to interpret for all the top Vietnamese politicians who visited Japan for labor collaboration.
I stayed with them for over a year until I decided to switch to the biggest Vietnamese IT company in Japan, for a more dynamic environment. Ever since I’ve spent over 12 years in the IT industry.
I 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.
Ayeley (AMA Moderator): Awesome. NFTify. What is it about in a few simple sentences?
Nikita Ngan Nguyen: Sure. NFTify is a platform where people can create an NFT store without coding.
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.
The platform will also provide built-in AI services for copyright protection purposes, which is probably what people are concerned about the most when it comes to digital content.
These are the coolest basic features that you’ll be able to experience soon in the next couple of months.
Ayeley (AMA Moderator): That sounds pretty easy and straightforward. What are some incentives for people to want to create their own store with Nftify as compared to just using an existing store like Opensea.
Nikita Ngan Nguyen: We are a completely different solution.
NFTify is the only platform to allow people to create an NFT store without coding and customizing it to make it their own brand. We are also the only platform to provide Copyright protection. NFTify also provides a bridge to exchange NFT on parachains or external chains such as ETH, BSC. That means the digital asset will have a larger ecosystem to interchange and trade.
Ayeley (AMA Moderator): Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
Nikita Ngan Nguyen: Yes, we have closed our private sale.
We have all big VCs supporting us such as Moonrock, Morningstar, Master Ventures, M6, X21, Exnetwork, Spark, etc.,
This is for us to develop the main features of the platform as well as take care of marketing and business development.
In the future, we plan to add more features like Defi, utility applications to give users a more well-supported ecosystem. We have a foundation reserve for this, but let’s see.
Ayeley: Great. What is the token use case and how does it capture the value of the ecosystem you’re building?
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.
Ayeley: Before we take our Twitter questions, what stage is the project at? And what should we look forward to in the coming months?
Nikita Ngan Nguyen: We plan to release our MVP and AI feature by the end of June. In the coming months, we will continue to work on the main features as well as develop DeS services: encryption, compression, etc.,
Twitter user @meml1997
I saw on your tokenomics that 25% of it is destined to “Foundation”, but I couldn’t find more information about such a thing. Can you share more with us? What is this Foundation and what purpose will it have? Why does it need 25% of your tokenomics?
Like I explained above, this is for us to expand the platform by creating more features in the future to minimize the hustle of having to raise funds again.
For example, we’re talking about NFT Frame for people to display their NFTs after purchasing like I explained above, this is for us to expand the platform by creating more features in the future to minimize the hustle of having to raise funds again.
For example, we’re talking about NFT Frame for people to display their NFTs after purchasing
Twitter user @EKasapidi:
NFTify will have something called “Community Plugins”, can you give us more information about it? What are they and what purpose do they have within your platform?
Yes, this will allow users to integrate with community modules to improve, for example, payment method, user interface, NFT display, storage options, etc., Imagine it like WordPress plugins
How did you convince the community that NFTify is a long-lasting project? And where did NFTify receive its funds for development?
I do get this question a lot. And I’m very glad to see the community looking for a long-term investment.
NFTify has a very clear mission, to make it easier for anyone to join the NFT economy and start making money with it.
We have a great development team that has experience building hundreds of blockchain projects.
Our team member's profiles are very transparent with great experience in the space. You can look us up :)
We understand real-world problems, and we’re confident this is the foundation of the solution.
I have regular conversations with real artists who struggle to sell their art. Because they have to deal with the middle man, the old system that treats them like workers, fake issues, etc.
As you see, our platform focuses on all these points.
The funds come largely from big VCs that I mentioned earlier.
Here are quizzes Nikita Ngan Nguyen asked the community:
Who are NFTify ideal users?
Who would be the No1 artist, whose NFT you would like to purchase?
If you were able to have the NFT of your favourite artist, how would you want to use it?
Last question, what holds you back from supporting NFTify?
Really all the stores that are created in NFTify will have the same characteristics? Or can the creator implement some properties or functions other than those that are available in NFTify?
They will be able to customize to create their own brand, integrate with different plugins to add more functionalities to their own store
Can you name SOME of your recent partnerships that could help with the NFTiFY project? Is there a partnership coming up in the near future? Can you tell us who it is with?
Absolutely, we have Polkafoundary as our founding partner
Momentum6 is leading our marketing. All other VCs that I mentioned will help with networking and business development and marketing support also
For the ecosystem, we will announce a partnership with one of the most successful NFT projects in the coming weeks. They will help us onboard great artists to become our 1st use case. We’re also carrying on discussions with artist agencies in Hollywood, a Gamified project, and another dancer agency to have different types of stores on NFTify
For IDO, we partner with Paid Ignition and Redkite (also PKF).
From your tweet: Independent artists, small businesses, & others will be able to create their own NFT store without prior coding experience- quickly and easily
Can you please explain how easy this would be?
It will be very easy, just like creating a shop on Shopify
NFTify is developed or based on Polkadot, right? When it comes to NFT, isn’t it more practical and robust to use Ethereum? Wouldn’t Ethereum chains provide better compatibility with NFTs? Don’t you plan to integrate more ecosystems in the future?
ETH has very expensive and increasing gas fees.
To avoid that, we build on Polkadot which is 100% compatible with Ethereum and BSC
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?
We will have a 10% royalty setup at MVP stage.
After that, we’ll allow people to set up their own percentage
What is the core problem that NFTify is created to solve, why did you bring this project into existence?
The core problem is: to creating a marketplace it takes months and a lot of money, which most artists don’t have, especially the NFT space is moving so fast.
Instead of spending 7 months and a few hundred thousand USD to create a marketplace, people without Blockchain or technical capability will now be able to have their own store
Did I wonder why build on the substrate?
This has been asked in previous AMAs, please kindly check my answer in the recaps on our website
BSC is trending now because it has low gas costs and high transaction speeds. Do you have any plans to move to BSC?
We will provide a bridge to BSC.
Ayeley (AMA Moderator): Thank you Nikita for joining us today. It was a pleasure having you in our group today, and taking the time to answer all our questions.
Nikita Ngan Nguyen: Thank you for having me. And thank you all for your questions and fun time!
Go ahead & open your NFT stores via: https://nftify.network/