Nftfy x Satoshi Club AMA Recap from 1st of May

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Nftfy and our guest was @ViniciusVasc and @leo_impelizieri – CEO and co-founder of Nftfy. The AMA took place on 1st May.

The total reward pool was 500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Nftfy! Welcome to Satoshi Club😀

Leonardo:
Hello everyone!

Paul Mont | Satoshi Club:
Today’s guests are @ViniciusVasc @leo_impelizieri! Welcome guys! Great to have you here!

Paul Mont | Satoshi Club:
How are you today guys? 😉

Leonardo:
Thank you for having me here today. It’s a pleasure

Great! I hope everything is fine with you all too

Mary | Satoshi Club:
Hello, Leonardo 👋 Happy to see you here 👍

Paul Mont | Satoshi Club:
The pleasure is all ours 🥳

Yes, it’s a beautiful sunny day here, and can’t wait to hear more about Nftfy as well 😁

Leonardo:
I’m looking forward to hearing from you!

Paul Mont | Satoshi Club:
Great!

Mary | Satoshi Club:
And also it will be great if you will introduce yourself to our community 🚀

Paul Mont | Satoshi Club:
Yes please 🙂 tell us more about your background. Also, how did you get into crypto? What are the essence & foundation principles behind Nftfy’s project?

Leonardo:
I’m Leonardo Carvalho, 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.

Nftfy is another primitive of DeFi. Therefore, it is a protocol the will allow the creation of countless functionalities in the DeFI ecosystem.

Paul Mont | Satoshi Club:
Just by the introduction, it is clear that the experience you have in crypto positions places you as an an expert in the cryptoverse 😉

Mary | Satoshi Club:
Yes, this connection interested many people! Can’t wait to hear more about your solutions! Btw, most people still think that NFTs are just beautiful pictures 😂

Leonardo:
NFTs are amazing! It is much more than that, right haha

Mary | Satoshi Club:
What about your team? Who is working on this awesome project?

Paul Mont | Satoshi Club:
I concur 😁

Mary | Satoshi Club:
🧐

Leonardo:
The whole team is from Brazil and some of them are:

Rodrigo Ferreira
Ph.D Yale University, Computer Science
Blockchain Architect, Smart Contracts Specialist

Vinícius Vasconcelos
Master in Electrical Engineer
Product Manager & Operations

André Salles
Attorney & Legal Counsel
MBA Professor – Crypto Economics
Head of Legal and Public Relations – BlockchainBH
ConsenSys Ambassador – Build Network

Fabrício Miranda
Solutions Architect and Tech Team Lead

Lalo Trage
Crypto Specialist & Researcher at Escola Cripto
Public Relations & Marketing – Nftfy
Polkadot Ambassador

João Hazim
Blockchain Researcher & DApp Advisor
Researcher at Escola Cripto
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.

Paul Mont | Satoshi Club:
Do you know each other personally? Or are you working/have met mostly on remote?

Leonardo:
The project has begun in a research group in Brazil called BlockchainBH, so I have already worked and met Rodrigo, André and Vinícius before. After a while we have brought some experts from Escola Cripto (Lalo and João), and due to the pandemic situation we haven’t met each yet.
Escola Cripto is a very famous and influential Youtube channel and research group here in Brazil

Paul Mont | Satoshi Club:
You will soon hopefully. That’s how the best bonds are created. 😉

Thanks a lot for the intro @leo_impelizieri ! Would you like to add something? Or shall we proceed to the questions from community?🚀

Leonardo:
We can proceed to the questions.

Q1 from Telegram User @alice_wonderland12
One of the principal features of NFTFY is fractionalizing NFTs, so I wonder, what is the difference and advantage between Trading NFT Fractions and a whole NFT? Any NFT we own can be fractionalized in NFTFY, or which ones would be available for this?

Leonardo:
Due to the their non-fungibility, we have a big lack of liquidity in the NFT ecosystem. When we talk about trading, liquidity is one of the main operational basis. Once the protocol allows the transition of value of that NFT to a fungible state, the protocol creates space for the liquidity provision for these items.

Any NFT can be fractionalized. Nftfy is a permissionless protocol and anyone can use it.

Mary | Satoshi Club:
Any NFT on any blockchain?

Leonardo:
We want to expand to crosschain and multilayer.

However, we have created all this structure on Ethereum because it is the main network and we believe that it is where the most long-term valued NFTs are. Also, it allows the connection to all the DeFI features

Mary | Satoshi Club:
I want a fraction of punk😂

Paul Mont | Satoshi Club:
Gimme one too please 🤣

Leonardo:
It will be possible haha.

Mary | Satoshi Club:
We will follow your updates, i feel that crypto will have a lot of bridges soon😉

😉

Leonardo:
We have lots of ideas to implement. I’m sure the community will enjoy it!

Paul Mont | Satoshi Club:
For sure!

Mary | Satoshi Club:
Sure! Thank you for your answers! Ready to proceed?

Leonardo:
Yes, ready!

Q2 from Telegram User @NataliyaKil
Nftfy offers us a Decentralized Application (DApp) with the proposal of Fractionalizing Non-Fungible Tokens (NFTs) into fungible ERC20-compliant Fractions. Please help me understand this process. What is it and what should the owner of the NFT do during the Fractionalization of the NFTs?

Leonardo:
Nftfy must guarantee the backing of the Fractions on the NFT and the rights of all the token holders. This process happens in a totally decentralized, permissionless and trustless way, that can be executed in three simple steps: 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 the 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.

Paul Mont | Satoshi Club:
So the exit price is set by the owner staking the NFT, right?

Leonardo:
Yes, the NFT owner is the responsible for setting the Exit Price. Once the user fractionalizes the NFT, he is no longer the owner of that. The NFT is staked in the Smart Contract and the user receives the Fractions of the NFT.

Paul Mont | Satoshi Club:
Brilliant, thank you for the comprehensive answer 😁

Let’s hop onto the next question, shall we? 🚀

Leonardo:
Sure!

Q3 from Telegram User @victorogb
Nftfy is said to have a powerful tokenomics because it is designed to help all the users to launch a complete IDO and deliver Fractions with liquidity to the open market. Everything is done to the benefit of the individual user and the ecosystem. Therefore, can you briefly explain how this powerful tokenomics is programmed to achieve all these, and are these IDOs specifically launched to the individual choice, technical & financial obligations of a user or are there laid out processes and procedures to it?

Leonardo:
Just as AMMs, Nftfy is a permissionless protocol, so anyone can launch their ERC20 compliant Fractions in the open market using Balancer protocol or another AMM.

Our tokenomics is powerful because we have tools to boost liquidity to these new ERC20s and pools that were created. To participate in our rewards benefits and tokenomics, the user needs to use NFTFY token as collateral in a Liquidity Pool on Balancer. All the pools containing NFTFY tokens will be eligile to participate in the tokenomics and the liquidity mining programs and airdrops.

Paul Mont | Satoshi Club:
Thank for taking care of this. Great answer!

Ready for the next question? 😉🚀

Leonardo:
Yeah!

Paul Mont | Satoshi Club:
This one is about Nftfy’s amazing partnerships 😉

Q4 from Telegram User @cryptofollower
Nftfy has already have big partnerships with Moonwhale Ventures, GD10 Ventures, Magnus Capital, Three M Capital, Au21 Capital and many early investors. What are the benefits that Nftfy will get from the partnership with these companies? Also as you concluded the seed phase, how much funds did you raise from your early investors? And can you share the token release for your early investors, will you lock their tokens?

Paul Mont | Satoshi Club:
All these collaborations and agreements already imply Nftfy’s been reaching some early huge milestones 😉

Mary | Satoshi Club:
Wow, famous names👍

Leonardo:
We have onboarded many important names to support us in this journey, We selected those who could aggreagte the most with the projects long-term view and would be able to help in our business and marketing strategies.

We have sold $2,7M in tokens in these private sales.

All the rounds have vesting. The Angel and Seed have 18 months, Strategic has 14 months and Private round has a 9-month vesting.

In addition to that, all the team members have a 6-year vesting. Therefore, we are going to be here for a long time working to make Nftfy even bigger!

Paul Mont | Satoshi Club:
Wow, congratulations, the ecosystem is growing! 😁🚀

Mary | Satoshi Club:
How many % from total supply were sold for early investors?

Leonardo:
15% were sold.

Mary | Satoshi Club:
Gotcha! Thank you for your answers! Ready for the next question?

Paul Mont | Satoshi Club:
These kinds of partnerships are struck only if on the other side there’s a perception of solid project 😉

Leonardo:
For sure!!

Q5 from Telegram User @andrey_seleznov
Hi Nftfy!
Your timeline shows interesting steps in the future: Money Legos and Real World assets. Please tell us more about these planned features. What are Money Legos? What Real World assets do you plan to introduce to the Nftfy platform? Thank you.

Leonardo:
Money Legos is related to the composability of DeFi. It means that countless other applcations can be created from other pre-established tools, such as AMMs, Stablecoins, Derivatives, Asset Management, etc.

Certainly, we can be considered a new primitive of DeFi, so many new features will be created from Nftfy protocol.

Regarding the Real World assets, we know that are some projects working on that and we want to support these kinds of inniciatives. We believe it will be a success!

Paul Mont | Satoshi Club:
I believe so too, the tokenization of real-world assets is gonna be a huge thing, probably already in 2021.

Leonardo:
I hope so!

Paul Mont | Satoshi Club:
Thank you so much for your clear answer @leo_impelizieri! 😉

Time to proceed with the last question for this first part of the AMA, are you ready to go? 😉

Mary | Satoshi Club:
Yes, I know that, but still, there are a lot of involved problems with binding Real World assets to NFTs👍

Leonardo:
That’s true. They will need to sort these issues out first. But in a near future, we believe that the competition between DeFi and traditional market will open some doors for that 😄

Mary | Satoshi Club:
Sure, one day it will be resolved and i hope with Nftfy help🎉

Paul Mont | Satoshi Club:
Yes, after the initial issues will have been solved, it’s gonna be unavoidable 🚀

Ready for the next question?

Leonardo:
Exactly!

Yes!

Q6 from Telegram User @mm_carlos
Generally, some artists have little freedom and are very dependent on various factors to be able to get involved in NFTs. Is it necessary for artists to use intermediaries or third parties to introduce art into your ecosystem? How does pricing and marketing work on Nftfy for artworks?

Paul Mont | Satoshi Club:
Art is indeed a very actual use case for NFTs at the moment 😁

Maybe also a catalyst for the recent NFT boom in many ways 🤔

Leonardo:
No, Nftfy is permissionless. Anyone is able to use the protocol and put their NFT in our marketplace.

The open market will price the NFT Fractions and in that moment there is a network effect that can contribute to the marketing.

Paul Mont | Satoshi Club:
It sounds great 👍

Especially as intermediaries often get a cut/share of the value that’s been introduced in a network.

Mary | Satoshi Club:
So, let’s say i have NFT what i have to do if i want to fractionalize it?

Paul Mont | Satoshi Club:
That will empower artists and NFT creators 😉

Leonardo:
You just need to go to Nftfy, choose your NFT, set the Exit Price and press the button “Fractionalize”. After that, you will receive the NFT Fractions in your wallet

Paul Mont | Satoshi Club:
Piece of cake 🎉

Leonardo:
Yeah, pretty simple!

Mary | Satoshi Club:
Fantastically easy👍 and my last favourite question) what about your platform audit?

Leonardo:
We’ve made considerable efforts to ensure the security of the contracts. Also, on May 2021 Nftfy Protocol received a third party audit from Omniscia and the full report can be accessed here:

https://omniscia.io/nftfy-erc-721-securitizer/

Mary | Satoshi Club:
Awesome! Security first!

Leonardo:
In addition, we are already planning a second audit 😉

Paul Mont | Satoshi Club:
As security is a very important topic for all the users out there! Thank you so much for sharing that info with us!

And thank you very much for the clear answers @leo_impelizieri!

Leonardo:
My pleasure to answer!

Part 2 — live questions from the Telegram community

Q1 from Telegram user @steven007sm
What is the role of token in the ecosystem? Where can users currently buy it, and what would be its use?

Leonardo:
The $NFTFY token is a fungible ERC20 token and will be the entire basis of the economy related to Nftfy’s ecosystem.
It will act as a liquidity basis for the new Fractions generated in the protocol. All the pools containing $NFTFY will automatically participate in our liquidity mining and rewards programs.

Q2 from Telegram user @BlancaSdF
Suppose a user decides to burn fractions of a specific NFT, will the NFT be unclaimable forever?

Leonardo:
Nice question!
The user will still be able to redeem the NFT by paying the Exit Price. This payment is done using Fractions of the NFT and/or the ERC20 previously set (DAI, USDT, WETH…)

Q3 from Telegram user @alptrader
Using the Nftfy will it be possible to buy an NFT with other people?

Leonardo:
Yes! We provide the collective ownership of the NFTs. So you can share your participation of an NFT with other people.

Q4 from Telegram user @ielfzary6
What are the main targets, partnerships that trying to achieve in the near future? And do you already have collaborative connections with strategic partners in the crypto world?

Leonardo:
We are working on establishing partnerships with the main NFT protocols in the ecosystems. One of our goals is to have in Nftfy many valuable NFTs and collections, partnerships with famous digital artists, digital game items…
IIn addition, we are working on a very interesting partnership with Chain Guardians. So stay tuned that great things are coming!

Q5 from Telegram user @rockmorti
Marketing and community growth are essential aspects but difficult to succeed because, there are so many projects out there trying to get our attention! How Nftfy plans its user attraction strategies, incentives, campaigns?

Leonardo:
We have onboard many partners that will help us with these marketing strategies. We have great names, such as EAK Digital and Altvest onboard. In addition, we have brought content writers and a long list of top influencers to contribute with all the marketing needed.

Q6 from Telegram user @mucana
Can you inform the NFT and Defi ecosystem about innovative products or solutions that are different from your other competitors?

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.

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.

Different 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.

Q7 from Telegram user @lahkoklu
How can I participate in Nftfy’s IDO with Poolz and will the Nftfy team launch a contest for the community to get a whitelist opportunity to buy the $NFTFY token?

Leonardo:
We are running a two-step token launch. First, there will be this IDO on Poolz and after that, we will launch an LBP on Balancer for price discovery.

You can find more information in our official group 😄

Q8 from Telegram user @ielfzary6
A lot of projects disappear in these difficult market conditions. How can you ensure the sustainability of your token what is the receipt of success?

Leonardo:
We are developing only decentralized software, so these codes will run “perpetually” backend on solid blockchains and front end on IPFS.

We have been working on this project for about a year and now it is ready to go to market. We are prepared to launch the token and boost our community!

In addition, the team has a big commitment to the project. We have 6-year vesting, so we will be here for a long time to make Nftfy huge!

Q9 from Telegram user @ielfzary6
Could you tell me a little bit about Your roadmap going forward, how do you plan onboarding users and gaining more adoption for Your project ?. What would we expect in the future?

Leonardo:
We will provide all the tools that projects have to make their IDOs in a unique platform to help anyone to manage their Token Launching.
So all these smart contracts will be provided in a simple UX. Including a tokenomics focused on boost the liquidity of these newly released ERC20s.

Part 3 – Quiz Results

In the final part, we tested your knowledge in terms of Nftfy. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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