RECAP New Year Live AMA with Nam Nguyen — ByteNext CSO
Mr. Nam Nguyen — ByteNext CSO
Ms. Chi Phung — From ByteNext MCP Department
Chi Phung: Welcome Mr. Nam Nguyen to our New Year AMA with the topic “NFT Economy Model” today. Can you share with us a little bit of information about your background?
Nam Nguyen: First, I want to say “Hello and Happy New Year” to ByteNext beloved community. I hope you enjoy your holiday with your family.
About how did I start in this industry. The first time I invested in crypto was in 2017, since then, I was with VBC Ventures to support the frontiers and pioneers in this very new technology field.
For the question “What brought me to ByteNext?” It is very coincidental, because my friend asked me to assist with the project. I am quite confident that I understand the industry, also what needs to be checked to account. That’s why I chose the ByteNext team, they are very passionate about their goal. Actually, they are all experienced developers.
Dive into the topic
Chi Phung: You’re the one who directs the Strategy of ByteNext, why do you choose NFT as the core value? What is it about NFT that intrigues your interest?
Nam Nguyen: About NFT, many of you can hear about it and also NFT is pretty much a buzz word in the marketing term today. Last year, I learned a lot about NFT, especially from June to August 2021. If you participate in the NFT industry, you will see the trading volume from a few millions in 2021 to 4 billion right now. But now, we still have problems with NFTs in terms of liquidity. Artists find it difficult when they want to present their digital artwork, and also people now don’t know the economy model to evaluate the values of NFT projects. So it brings everyone in industry to a question “How are NFTs gonna survive if they don’t have intrinsic value?”. And the answer is it needs to held an economy loops?! You can not just mint NFTs because of their rarity, it needs to offer more use cases in the next few years. You can see Adidas, for example, if you own the Adidas shoes NFT, you can receive the real shoes in real life. So, the NFT Economy model will bring more intrinsic value to the NFT holders.
Chi Phung: Can you talk a little bit about Physical NFTs — Something that ByteNext is focusing on right now instead of Digital NFTs?
Nam Nguyen: The very unique point of ByteNext team is we are trying to NFT-fy the Physical Artworks and you can see it’s very simple and easy if you mint a Digital NFT.
However, it’s very difficult to price Digital NFTs, their prices are mainly based on their rarity and it’s very easy to duplicate a Digital Jpeg file, and that is one huge problem of Digital NFTs.
For ByteNext, we want NFTs with a base value, while Physical NFT always has the base value and the price will not drop to nothing. For Physical Artworks, you have the ownership of the valuable physical artworks in real life. ByteNext has a strong belief that we can open and improve the liquidity of this industry. ByteNext will not only feature Physical Artworks, but also integrate Social NFT and NFT Merchandise for Gamer Communities and people around the world as well.
Chi Phung: Can you explain in a simple way the definition of NFT Economy?
Nam Nguyen: For example, it is your birthday and I want to give you a birthday cake, then I just need to buy an NFT, and I send it to your wallet and you can use the NFT to redeem. It’s very simple, NFT will play like proof of authenticity of purchase when you bought or you sold a unique & valuable asset.
Chi Phung: Why are we talking about the NFT Economy and why is it important in the Metaverse?
Nam Nguyen: NFT plays a very important role in the Metaverse, because without the NFT, you can not prove anything. NFT is like a passport and will help content creators get a bigger share of profit when they release a very successful music video or launch a game. So that it brings huge values to creative communities and that is how the digital content economy works in a proper way.
Member: NFT has received a lot of support from VCs and partner projects recently. What is the main factor that drives this flow of money?
Nam Nguyen: For example, if you own a Physical NFT Artworks, the revenue stream can come from minting and then selling it to other people who have digital frames and they can display your physical artwork in their house. That is how NFT brings the income stream to the owner. It is real, the opportunity is real.
Member: Can you make it clear about minting a Digital NFT & minting a Physical NFT?
Nam Nguyen: They are different in metadata. For example, with Physical Artworks, in the metadata, you can see the information like the name of the picture, the year of the painting, the name of the artist. But for the Digital Artworks, they show only JPEG files and you can literally duplicate the content anywhere.
Member: How do ByteNext solve this tricky problem of Physical Artwork NFTs?
Nam Nguyen: We have custody services and our board of curators will accredit the authenticity of the artworks with world-class curation standards. The valuation process will be conducted within a fair framework before presenting the NFTs on blockchain.
Member: BNU on BSC and AvatarArt is on Flow. Is there any chance to integrate both on the same chain?
Nam Nguyen: AvatarArt is now on Flow, and BNU token is on Flow as well. Because we plan to launch all of our products on Flow, actually, we are not building on another chain.
Member: What are the upcoming initiatives that are being worked on the team behind NFT Art?
Nam Nguyen: After the launch of AvatarArt, we will conduct at least one collection of NFTs every week. At our first stage, we strive to standardize our business process & also perfect all the Tech Systems to support physical NFT artworks.
Member: How will the ByteNext launchpad work?
Nam Nguyen: ByteNext launchpad will be launched after the Lunar New Year because we want to conduct Physical NFT Artwork first and then we will move on with ByteNext launchpad. We will have busy weeks ahead, please stay tuned and we will let you know when we have the exact timeline for our launchpad.
Member: Current NFT projects are mostly ponzi and scam, how will ByteNext solve this problem?
Nam Nguyen: To be honest, you can not solve this problem. Actually, what we can do is try our best to bring true values to you. For example, with Digital NFTs, the developers can abandon the project anytime if they don’t want to do it anymore. While with Physical NFTs, they have the base value, so it is safer for you.
Member: Can you show us the project’s vision in the next 3 years?
Nam Nguyen: I will try my best to imagine how we’re gonna be in the next 3 years. I think at that time, people will become familiar with the term NFT. I think you can use NFT in your everyday life just like your visa card & what I can say is: 3 years are long enough for us to see breakthrough changes in the NFT space. That is what I believe and the ByteNext team is already working on both software and hardware technologies like AR, VR or MR to come closer to the future Metaverse, showing what our people can do on the Blockchain world map.