Recap AMA of ByteNext with CryptoRoyals
Date : 23 May 2021, at 3pm UTC
Hosted by : Jannat
Speaker : Vernon
Good evening everyone, I am pleasured to have Vernon , CEO of Bytenext to join our AMA today.
Hello @serenula So nice to have you with us for AMA Session today.
Hello Jannat, its great to be here. Thank you for having me
It’s our pleasure sir 😊😊
• Introductory Questions :
Q1 Can you please introduce yourself as well as Bytenext?
Well, my name is Vernon as introduced. I am a Singaporean and living in Singapore at the moment. I started my career in retail, namely HP and Apple. Soon, I moved on to the blockchain scene through companies that specializes in ride sharing and legal documentations. Now, I am the CEO of ByteNext
About ByteNext. ByteNext was established in Singapore with a sister office in Vietnam. ByteNext is an ecosystem including many DAPPs with the aim of solving all problems in life by applying the preeminence of Blockchain technology, and aims at promoting Blockchain technology to be applied systematically. Now, ByteNext focuses its efforts to bring traditional painting to the world of blockchain though AvartaArt.
Sounds good 🍻🍻
Q2. What are the advantages of Bytenext??
We pride ourselves in the powerful ecosystem that we aim to create. Having an all-inclusive ecosystem will benefit our users in the long run.
• Twitter Questions :
First question from Twitter :
Maybe BYTENEXTIO really takes into account several risk factors for each protocol. which includes the staked capital, daily volume, how long it has been applied without incident, etc. Awesome bro !! how can you determine the cost of insurance coverage in BYTENEXTIO ?
From : @kenny_kimora
Thanks for the question. There are a few parts to this.
1. Real artworks will be stored and preserved in special museums or centers with professional preservation processes under real time.
2. As for the NFTs itself, we are working with our legal team and art experts and are in the midst of coming up with it.
3.Regarding the cost of the coverage, it will be mostly based off the value of the final deciding price of the NFT after the auction has ended
Second question from Twitter :
For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?
From : @mariacahya3
Great question. Funds are indeed important to run not just a blockchain company but any company.
For ByteNext, we have secured both our seed and private rounds of funding. With our financial capacity, we can build up a good model for AvatarArt in a certain country. This will be a strong foundation for us to expand this model globally because we have real revenues.
As for our profits. Here are some examples
- Transaction fee for NFT products: For every successful transactions, AvatarArt and authors wil earn a certain amount of profit.
- When an auction is done, we will get a certain percentage of its value.
- We charge a fee from selling NFT which represents placements in 3D exhibitions.
Third question from Twitter :
Many projects have similar features & services, but I can see that you are bringing out new innovation with your project. In the end, what will be your vision ?What are you trying to achieve in the long term with your project?What are your plans to get there?
From : @sujonsokhi33
Thanks for noticing our innovative approach! Our vision is that we want to bring NFT closer to the community, at the same time make it own real values and be applied widely in life.
For the long term goals and plans, we plan to disrupt the traditional auction market by fully digitizing it, creating a movement for artists to develop and grow, as they will be able to access many art lovers worldwide and bring value and recognition to their works, keeping the painting world alive and relevant
I really appreciate that 🤩
Fourth question from Twitter :
Success of a project also depends on how large the community is. Do you have plans to spread awareness to both crypto users and non crypto users in the world? Especially non-English speaking countries that may be restricted from accessing your project?
From : @stevencurtis011
Most definitely. It is one of our aims to make NFTs more accessible to non-crypto savvy users.
I personally struggled with language barriers during my travels and I really feel that language should not stop anyone from learning or accessing new technologies.
In ByteNext, we have plans in place to access the crypto communities worldwide by working with KOLs and artist in those countries. With that, we will be able to have them support us to promote and spread AvartaArt.
And to top it off, my main team is in Vietnam, which is predominantly a non-English speaking country :D.
I totally agree on this..👍👌👏
Fifth question from Twitter :
What is the reason you choose BSCstation to do IDO? and Why did you decide to BSC before other, more solid chains like Eth or Polkadot? Are you planning to integrate more chains in the future or will you achieve all of them thanks to BSC?
From : @hukaeabc
Important question. Now, we chose BSCS due to a simple reason. Up till now, BSCS has developed strongly in terms of both communities and users
It has indeed became an attractive platform for IDO and therefore, we believe that this collaboration will be helpful and impactful for AvartaArt to spread widely in the community.
Why not Eth or Polkadot. Well, comparing with Eth first, the current BSCS network helps people transact quicker and in a more cost-saving manner.
comparing with Polkadot, many people may disagree with me but after much discussion, we feel that as Polkadot does not yet have an official mainnet, there are some potential risks involved.
ultimately, AvatarArt aims to spread our product to the community therefore we already planned for multichain integration. Besides the current application of BSC, we are making efforts to research other platforms (Ethereum, Polygon, Fantom, etc.) to integrate later.
Thankyou for answering our questions
• Live Questions :
- Get it:
What is the $BNU tokens utility in the ecosystem? Where it will be used and why would the demand for $BNU tokens increase ?
Token BNU is a utility token in the AvatarArt ecosystem, created under BEP-20 on Binance Smart Chain. In the future, BNU
will be converted to the native token of the Blockchain developed by ByteNext with the ratio of 1:1
- Be used to join auctions and pay for NFT transactions
- Be used to buy placements in the 3D virtual reality space to put paintings on
- Be used to pay for authorization rights whenever each transaction is done successfully
- Be used to create liquidity pools for the system
- Be used to do Staking/Farming
- Be used to pay for fees in the ecosystem
As far as I know the model of turning artists’ works into NFTs is very popular, so why do you still join this model? What makes ByteNext outperform the competition?
Current NFT products mainly focus on unrealistic valuation, digital reproduction of game or animated characters and digital images. Meanwhile, AvatarArt aims to bring real physical paintings to NFT, making it literally one of a kind both IRL and online. Besides trade markets, AvatarArt provides a function to auction products. We will always be looking forward and innovating to build up on our own expertise process which cannot be cloned.
🚦 On Bytenext’s Whitepaper I could observe that the Quarter III/2021 of Bytenext Roadmap comprises the creation of a Network of diligence experts for paintings and artists in the world, could you please give me a brief overview of the number of experts that are going to be working in this upcoming network? Could you tell me what your most ambitious undertaking is by setting up this international network? Are these experts coming from different parts of the world?
Thank you 🎈🎈🎈🎈🎈🎈🎈🎈🎈
Yes. we are now under the process of connecting to experts in the world. In Vietnam and Singapore, we are connecting to a large number of artists and experts and they are very excited about our Blockchain-based platform. Most definitely, art experts will come from other countries so that their assessments will be at the highest accuracy level.
4. Yuri Plisetsky:
❓ Avatar Art by ByteNext allows artists to conduct auctions & transactions globally. How is the price for the works set? What parameters determine it?
The artwork price will be set after it is verified by our experts. There can be some parameters such as the reputation of artwork and artists, its status, current condition etc.
Which one of these aspects important for you?
1-Increasing Token Price&Value
2-Empowering Platform Development
3-Building Community Trust
4-Expanding Partnership Globally
In what order?
Most empowering platform development, for without it, there will be nothing to show.
Next will be Building community trust, no community no ByteNext.
Followed by Expanding partnership globally as we will need the support of the art industry and art experts, again, going back to the question on languages.
Lastly, increasing token price and value. Once again, our aim is to promote, upkeep and digitize the painting industry and build a powerful ecosystem from it.
It was great to be a part of this informative session
And knowing this much about your project
Thank you so much everyone for joining us for todays session with Bytenext and special thanks to @serenula for such an informative session.
It was a blast! I greatly appreciate the chance to share about our project and hope to see everyone coming on board, curious and excited about our growth!
Looking forward to the success of Bytenext