On Thursday, November 18th, our CEO and Co-founder Nikita Ngan Nguyen joined a live AMA in the Polygon Official Community. 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.
Chinmay | Polygon: Please welcome @NikitaNguyen from NFTify team
Nikita Ngan Nguyen: Hello Polygon Community. A pleasure to be here.
Chinmay: Thank you so much for joining 🙌. Before we start, would love to hear your crypto journey so far @NikitaNguyen, how you end up with NFTify?
Nikita Ngan Nguyen: Absolutely! My crypto journey started with my IT career, which dated back to 2010 when I was in charge of business development for the largest IT company of Vietnam in Japan
2015, I got a friend who wanted to develop an ICO. He needed blockchain development. So I, together with a few colleagues decided to spin out to found Ekoios, which is the leading Blockchain development company in Vietnam right now.
Ever since, we have helped hundreds of Blockchain startups all over the world to build ICO, e-wallet, DEX, CEX, then NFT marketplace/auction platforms lately. That definitely gives us a general picture of the Blockchain ecosystem and helps us come up with the idea of creating NFTify.
I think I first bought a cryptocurrency in 2017, at the peak :D
But luckily I stick around, so here I am :)
Chinmay: Let’s get into the project and talk about what NFTify is? How is it different from others and what are its features?
Nikita Ngan Nguyen: First of all, NFTify is a multi-chain NFT Marketplace platform that enables anyone to create their own NFT storefront without coding at all.
The thing that sets NFTify apart from other projects is that we’re one of — if not the first — platforms to lower the bar for everyone to join the NFT space. Our platform makes it easy for even the least technical person to try out and create a fully functional NFT marketplace from the ground up, where they can create & sell NFTs in a matter of minutes.
Our platform provides all of the following benefits:
That’s only to sum up some of our major features.
Sorry about the long answer
Chinmay: Wow! It is such a powerful tool for literally anyone who wants to get an idea of what it feels like to have an NFT project or someone who’s looking to build a huge community and wants to get deep into the NFT space, with all the cool necessary features, it is a powerpack
If you’re an artist looking for a platform not only to mint your NFTs but have your own store is something truly amazing 💯. I’m an artist myself, try to make digital art, regular art, sketches etc.
With this platform, I could have all of my art minted into NFTs and on a custom domain name as a website 🚀 can’t wait to try it out
Nikita Ngan Nguyen: I think the NFT is much more than just the hype we’re experiencing. It is an innovative technology that will improve how commerce, interactions, ownership, collaborations., in the future.
What we’re trying to build is a platform for anyone to play around with their idea, in their own niche, whether it’s art, music, sports… at the lowest barrier. And hopefully something great will happen from here
Chinmay: Definitely totally agree with you there, NFTs will be the driving fuel for the web3 space in my view 💯
How’s NFTify recruiting new users? Are there any incentives for new users to get on board now?
Nikita Ngan Nguyen: We’re very active in recruiting new users. Our ideal users range anywhere from an individual artist who just wants to learn about NFTs, to a museum, a blockchain game project that needs its own NFT marketplace that doesn’t have enough time and technical resources to develop one, a brand that is exploring the new business they could build via NFTs, someone that’s already selling on OpenSea/Rarible etc., but wants more advanced features such as customization or implementing their custom token for payment method etc.,
Furthermore, we’re starting to expand our brand name by participating in the industry’s biggest events such as NFTcon, NFT. NYC, and the upcoming DCENTRAL in Miami. I will be in the same panel with Polygon at DCentral Miami end of this month, actually!
In the process of participating in these events, we also had/have had the opportunity to establish connections & partnerships with big artists and major brands.
We are also implementing an affiliate program with major KOLs in the NFT space to encourage their followers to open stores on NFTify. And to top it all off, our referral program provides new users with plenty of perks and rewards to help them jump-start their business. If you have a friend who has a store on NFTify, they can invite you to join the platform, and both of you can earn rewards up to 40% of the transaction fee.
Chinmay: Wonderful ⚡️ so polygon community, don’t forget to get in on this 😁 I bet the NFT NYC experience would have been fantastic.
We all watched the space grow in pandemic and now that things are getting better, we are looking at so many opportunities to celebrate the growth and development of the industry, feels great
Nikita Ngan Nguyen: It was one of the craziest weeks I’ve experienced
Times Square was flooded with NFTs. So many events and demos of the future that we’re trying to create… I think after that event, the number of New Yorkers who started to ask questions about NFTs increased tremendously
Chinmay: It must be crazy, moving on — what are the challenges you faced during this entire journey? Educating users, or other aspects of building the community.
Nikita Ngan Nguyen: Educating users is definitely a long process. Many people that have studied NFTs for a while when they decided to jump in struggle installing Metamask or have never done a crypto transaction on a DEX… So for the totally non-crypto audience, I imagine it will take quite some time.
Also for us, one of the biggest challenges would be to get people to the basic understanding of NFTs, so they can apply that and be creative in what they do. For example, NFTs being used as tickets to join exclusive events, contents; NFTs being used to provide more liquidity for assets, any kind of asset, not only in-game assets…
NFTify is providing a platform so anyone can experiment with their idea, and build their own NFT business, instead of just selling on an open market like Opensea. Who knows some of you here will build something even bigger than Opensea. NFTify only launched in July but proudly hosts over 4000 stores. This is only the beginning, and we hope to see many more and be the back of many successful NFT businesses in the future
Chinmay: Definitely! Educating users should also get easier as we move towards this NFT driven space, users are adapting very fast,
The other day my grandmother was asking what NFT is here in India Amitabh Bachchan has launched it and many Bollywood stars are getting into it, this transition of NFTs going mainstream is the best thing we are witnessing right now
Nikita Ngan Nguyen: Wow, your grandmother! What did you explain to her?
Chinmay: I told her that it is just like an artist creating one of its kind painting of Amitabh Bachchan She did watch Sholey so she nodded
Nikita Ngan Nguyen: I love that
Chinmay: I’m sure the next thing she’ll be asking is how to buy it, and I’ll say wait for me to sell it on my own store on NFTify 😄So It is a great platform, what made you choose Polygon for its base?
Nikita Ngan Nguyen: That’d be awesome! Firstly because of your compatibility with the Ethereum Virtual Machine (EVM) and very low gas fee compared to Ethereum. The gas fee is already a major topic, especially for NFT games these days.
But as transaction volume increases, it will play an even more important role. More over, NFTify store owners are able to import their collections and resell on Opensea. Polygon is 1 of the 2 chains besides Ethereum that are supported. So we hope to go hand in hand with Polygon in this journey to bring NFTs to mass adoption.
Chinmay: Perfect! You mentioned that 4000 stores are already created on NFTify, how many of them are on Polygon?
Nikita Ngan Nguyen: 700
Chinmay: Nice. What incentives & benefits is NFTify providing to stores built on the Polygon
Nikita Ngan Nguyen: We are launching a $5,000 contest for best-selling stores on Polygon. You can find details here. We hope to explore your stores soon!
And hopefully, we will have some of the best selling stores on Polygon soon, so we will have even more support from you guys :D
Chinmay: Is there any fee to create and use a store on NFTify?
Nikita Ngan Nguyen: Nope, it’s completely free. We only charge a 2.5% service fee for each successful transaction. We are planning to roll out monthly subscription plans next January at various price points based on users’ demand for advanced features. These plans are designed to encourage complete beginners to join the NFT economy, as well as to incentivize store owners to sell more.
Chinmay: Awesome! Does your project have your own token? Can you break down the token metrics? What are your token utilities?
Nikita Ngan Nguyen: Our token is N1. Token full supply is 200.000.000 N1. Token utilities include:
- Trade NFT.
- Free transaction fee if using N1 for buying or selling NFTs
- Platform governance
- Paying for plans from next January onward
- Staking, joining our launchpad (coming soon)
Chinmay: Perfect! A big problem in the NFT market is that counterfeit and copied NFTs are sold at low fees. Does NFTify have solutions to protect creators’ copyright and prevent copying NFTs?
Nikita Ngan Nguyen: NFTify will provide built-in AI services to help users detect fake, duplicates or similarities, hence enhancing copyright protection. We launched a demo so you can check it out from our website nftify.network
We are also releasing minting before selling soon so that owners can claim their ownership on the blockchain before someone tries to steal their works.
Chinmay: That will make things a lot smoother💯 What are the recent developments in terms of the product? Are there any upcoming campaigns that you are focused on?
Nikita Ngan Nguyen: We honestly can’t wait to share with you what we’ve been working on. In our upcoming sprint which will be released next week, you should be able to import NFT collections from any platform, making it really frictionless for NFT creators to list their existing collections to their stores on NFTify.
Together with the features I mentioned above, we’re planning to make our platform more accessible for stores with multiple artists/collaborators. And this means that these artists can altogether create NFTs in the stores and the revenue from selling the NFTs will be distributed accordingly among the artists or store collaborators.
And many more exciting features to come namely: transfer NFT, auction, fiat payment, discount code, mystery box, NFTpad, NFT buyers whitelist, bundle NFT sale…Our development backlog list is very long and we just keep adding more cool features to our roadmap on a weekly basis.
Chinmay: What are your plans for the future, what should the community look out for? What can we expect from you guys in the future?
Nikita Ngan Nguyen: The economy of NFT will be much larger than that of physical products. Our ambitious goal is to become the infrastructure of the NFT eCommerce.
Besides continuing to develop and enhance the platform itself, potentially open NFTify’s API to allow apps and plug-ins to be added with better velocity, we will also launch our own launching pad, NFTPad, Defi solution as part of NFTify Ecosytem to support NFT projects and increase collaborations among projects within our ecosystem.
Chinmay: Awesome 👌 How do you see this market in 5 years and the role NFTify plays in it? What will happen if the market changes radically to another trend than NFT? What is your strategy in this case?
Nikita Ngan Nguyen: In 5 years, NFTify hope to have provided the infrastructure for many thousands NFT marketplaces and projects in every industry including art, music, sports, fashion, collectibles, games etc.,
Nikita Ngan Nguyen: If the market changes radically to another trend than NFT, as a business we will need to pivot, in all time.
Even though I think the market can change, but NFT is not a trend
Chinmay: 100%. And on that note. Let’s hear it from our community. Before we do, would you like to say anything to our community
Nikita Ngan Nguyen: Thank you for the long session. My team is all here to answer your questions, no matter where you are in this NFT journey. It’s a creator economy. Let’s build the metaverse together!
What are the requirements for listing NFTs on NFTify? Do I need to hold $N1?
Nikita Ngan Nguyen: You don’t have to hold N1. Some advanced features will need to be unlocked using N1, but from January that will also be removed when we switch to subscription plans. So, basically no requirements.
Currently minting NFTs can be very expensive especially on Ethereum. Does NFTify have any solution to handle the fee problem?
Nikita Ngan Nguyen: That’s why we’re working with Polygon to lower to fees. Users can create Polygon NFT Marketplace so far.
What NFT formats does your platform support?
Nikita Ngan Nguyen: ERC721 & 1155
You mentioned about subscription plan. What p.rice will this subscription be for users and what benefits will they have in a month of service?
Nikita Ngan Nguyen: There will be Free plan, Basic, Advance and Premium. Each plan allows you to use different features. Please follow our announcement channel for updates in January.
How the content with which you create nft is stored?
Nikita Ngan Nguyen: IPFS
Nikita Ngan Nguyen: Thanks team for the support! It was an amazing session.
Chinmay: Totally enjoyed it! NFT talks are never-ending 😄 NFTify is an amazing platform and can only go up from here🚀 Thank you @NikitaNguyen for being such an amazing guest 🤝 Thank you so much for your time.