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Defi Degenerates — A Community AMA with Naruto BSC

Onto Round #2!

If you missed the first AMA, that can be found here.

The second AMA hosted several similar questions with our project lead Gaara (Telegram: @DemonsoftheSands) but with some new ground covered as well.

Best of all — these questions primarily came from the Defi Degenerates community.

Below are the questions summarized.

For a full unedited transcript, please hop over to the Defi Degenerates Discord where the full conversation is hosted.

What is $NARUTO2?

Gaara: So NARUTO2 (the token itself) works by applying a 4% tax to each transaction. 2% of the tax is redistributed to holders (like every other BSC token out there right now) and 2% is burned.

In our first month or so of existence, we’ve already burned 15% of the total supply. Naruto BSC (the project) started out as a Naruto Fan Club with the purpose of distributing Naruto Fan Art NFTs to community members.

But once we began, we saw that there is so much room for growth in the NFT space on BSC. It is basically non-existent on this chain, for no reason other than the fact that no one has really endeavored to provide the tools necessary for it to really take off. Everyone who has built something — or is in the process of building something — is basically just ripping their UI and interface straight off Bakery Swap, and Bakery Swap isn’t even a good starting place.

We decided to change that. So we built (and are building still) JutsuSwap.

For reference, this is what Bakery Swap looks like. If your favorite NFT project has a UI that looks like this, then they didn’t build it themselves:

An Example of Bakery Swap

$NARUTO2? What happened to $NARUTO1?

Gaara: We had an issue with presale distribution. Basically, we had implemented a transaction limit of 100,000 $NARUTO to help fight against whale manipulation but then — when it came time for our presale contract to distribute the tokens — that function stopped the distro.

So we had to:

  1. Redeploy the contract without the limit

2. Pull all of the Naruto liquidity (which was a pain in the ASS because the transaction limit forced us to do like 70 separate transactions)

3. …and then we gave everyone all of the $NARUTO2 they were due, whether they bought at presale or off Pancake Swap.

In retrospect, we should’ve just stuck with $NARUTO, but we didn’t want people to get confused.

So JutsuSwap is its own NFT marketplace too? Like Opensea or Rarible?

Gaara: It will be, yes. Early iteration is already up and running — jutsuswap.com

Is anyone going to be able to list their NFTs on your Marketplace or only ones you choose?

Gaara: All artists will be able to mint whatever they choose and sell for whatever currency they desire.

That last part actually makes us pretty unique. Rari and OpenSea are pretty limited in what they allow payment-wise.

How do holders of $NARUTO2 benefit in the ecosystem if the NFTs are going to be purchased by the currency that the creator/project chose instead of NARUTO2?

Gaara: The Naruto Treasury receives a cut of each transaction that comes in. That treasury directly pays for marketing (it paid for this AMA actually) and more NFTs to be made for the project.

(When an NFT is purchased) $NARUTO2 is sent to a script which automates transfers between two wallets. Eventually, that amount is reduced to zero due to the tax. The result is automated dividends for $NARUTO2 holders and an automated burn.

Can you remove things from the JutsuSwap marketplace? Like pornography, for example?

Gaara: Yes, of course.

If an artist has no idea how to make their art into an NFT, does your platform make it simple for non-technical artists to share, sell, and make an NFT of their art — or do they need to make it into an NFT first before using your marketplace?

Gaara: We are working on building a very simple and easy to use UI. Our whole goal is to make NFTs more accessible by providing services to artists and projects which are cheap and intuitive.

But on top of that, we are giving the NFTs minted through us utility.

On a long-term perspective, do you think there is a future for NFTs on BSC — or will everyone use Ethereum because of its decentralization and better chance of having the ownership stored there forever (or long enough)?

Gaara: It’s a fair question. Do I think BSC NFTs will overtake ETH? No, probably not. But the technology behind them is relevant on both chains and will remain so.

We are happy to be at the forefront.

Bakery Swap and other websites have tried (well, with near zero success) to launch/promote NFTs on the BSC blockchain.

Why do you think your NFTs are going to do better than anyone else’s?

I couldn’t agree more on Bakery Swap and other websites. It hasn’t worked for them because, well, what’s the point of their NFTs?

I alluded to this before, but the NFTs you purchase through Jutsu Swap — whether they are our NFTs or our Partners’ NFTs — will have a purpose (if your project buys in to the next stage, that is).

We’re also the only platform on BSC that can support the 1155 standard rather than only 721. Which is not easy to do.

Furthermore, we have a presale this weekend for our second token — $BRUTO (Boruto Token). You will be able to stake the NFTs you buy with $NARUTO2 to yield $BRUTO (in addition to $NARUTO2 and $NARUTO2/BNB pools).

The more expensive in $NARUTO2 your NFT is, the higher your APY in the NFT staking pool.

$BRUTO will be the proof of concept for what will ultimately make Jutsu Swap matter more than our competitors.

How will you judge the APY per NFT if there are multiples of the same one that sell for different prices?

Gaara: This would be based on the price that the partner offers to sell their NFT at.

It wouldn’t be related to resale price

Wait — so there will be resales on your website?

Gaara: Yes, user-user auctions are coming very soon

Will you be able to stake any NFT that a partner lists?

Gaara: Yes. Precisely.

While this won’t be ready by the time of presale, we are also going to offer a new model for our partners who have chosen to initially distribute their NFTs through JutsuSwap.

So, where the model now calls for 75% burn of the tokens sent in to purchase our partner’s NFTs (unless the partner directs otherwise), we hope in the future to allow them to actually stake their own NFTs through us to farm those tokens instead.

(For example), a partner would…

  1. Mint their NFT and list it on JutsuSwap
  2. Someone buys it
  3. We take a cut of the payment
  4. The partner’s treasury gets a cut of the payment, and 75% of it goes to their NFT staking pool for their community members to mine.

…then their community members could stake that NFT they just bought to earn back some of the money they spent on it and eventually profit from it. All before they even go to sell the NFT on the market.

Which, again, is a market that we will be offering to people.

Are you planning to partner with other NFT projects on BSC then?

Gaara: We have already partnered with 4 other projects on BSC to sell their NFTs through us. We also have a partnership with DeFiPie which has allowed us to open up a borrowing and lending pool on their platform.

Do you have any concerns about copyright issues at some point? Would there be a possibility that the project would close?

Gaara: This question comes up quite a bit.

In the first instance, what we sell are fan-art NFTs — original works by artists that we hire. If they wanted to come after us then it would be like them coming after a fan club.

Even if they did — and we continue to grow and everything — no, the project will not be shut down. Our liquidity unlocks in 2 months. We will likely take that opportunity to rebrand our project to make it more universal and approachable by the greater NFT space. Names such as $BRARI and $BNFT have come up.

Would it be possible for you to release music NFT support? Basically, people would be able to sell audio instead of art.

Gaara: I’m a huge music guy, man. I would love to support audio NFTs.

We’ve also looked into doing our own version of Waifus/Hashmasks but on a smaller scale. 1500 Ninjas with interchangeable headbands/clans, etc.

Can you give us a rundown of the new $BRUTO tokenomics?

Gaara: The BRUTO token itself will have a time-based variable tax. So, when you first claim the token, the tax is at its max percentage. Then, over time, the tax decreases.

The purpose is to help avoid the massive dumps that many farms suffer (even when they integrate buybacks, which we will as well). The total supply will be 100 million or 1 billion, depending on how the rest of the testing goes. The presale price we can’t say for certain until the max supply is in stone.

We are strongly considering (almost a certainty at this point) a system in which holders of a set amount of $NARUTO2 will get first shot at the presale and a lower price. It will likely be a 30,000 $NARUTO2 requirement (but this figure is subject to change).

As far as yields are concerned, other than BRUTO and BRUTO/BNB, NARUTO2 and NARUTO2/BNB will have the highest yields on the farm.

The raise itself has settled on a 1000 BNB hard cap so that we have deep liquidity to support the NFT staking without causing insane levels of downward pressure.

This cap is always subject to change based on market conditions.

When is the $BRUTO presale?

Gaara: We are shooting for Sunday (March 21st), but I am waiting on final confirmation from the other developer before I make a formal announcement.

Any closing thoughts?

Gaara: The long and short of this is that there are several projects who are trying to do the same thing as we are right now, but we will end up doing it better than them.

We are further along in development than any other NFT marketplace outside of Bakery Swap. Even if you include Bakery Swap, we support a standard they cannot and are providing the NFTs you purchase from us a direct and immediate use case.

Our farm is going to be awesome.

NFT staking to yield tradeable tokens means that all you have to do is recoup what you spent in $NARUTO2 is to be in profit on the farm. Based on testing so far, that should be pretty damn quick.

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