DeFine X COINKO Interview
Welcome everyone! The time for the DeFine X COINKO Interview has finally come!
Hello, I’m Jerome Kim, and I will conduct today’s interview!
Today, Bella Wang, who is in charge of the China Market Operations will talk about the creators for all generations and the future of NFT.
And before we begin, Bella, please introduce yourself!
Hello everyone, this is Bella, China Market Operation Lead of DeFine. I’ve worked in the blockchain industry for more than 3 years and worked at the senior product management team at Ontology. I have graduated from Voronezh State University in Russia.
Now as China Market Operation Lead of DeFine, I’m leading our Chinese team and working on market operations for NFT business.
Wow, what an impressive bio! You have a really wide career in a variety of industries. I guess That’s why DeFine is known actively to users.
However, Could you please introduce DeFine briefly for users who meet your project first?
DeFine is the NFT based decentralized social network for web 3.0.
DeFine aims to build not only a NFT marketplace but also expands on the potential of NFTs through the social network integrated in the platform. The platform facilitates all social interaction, engagement and communication for creators and their fanbase with digital assets like NFTs and social/fan tokens. It will provide social features for creators, collectors, and fans for all entertainment
We’ll be leveraging social elements using web 3.0 features to provide a new robust user experience for creators, NFT collectors, DeFi users, and crypto enthusiasts
Great! It seems that with such an experience, DeFine will be able to reduce the difficulties to come in the future! Now, let me ask you a few questions from COINKO about the Creator’s new generation and the future of NFTs.
Agenda Q&A with COINKO
There are many positive opinions that traditional financial markets will also focus on the intrinsic value of NFT. Various cultural contents such as art, sports, and entertainment (especially Kpop) are projected into NFT. In line with this situation, many traditional banks in Korea are promoting custody projects.
However, Currently, the oversupply of NFT projects is occurring. This is a time when the narrative of NFT is more important than ever. So, what is the intrinsic value of this creator’s NFT, and where does it come from? Let us know from the perspective of DeFine, and why you focused on NFT.
Good point. When the NFT trend hit the market, there were a lot of demands for every NFTs out there which were minted by existing digital artists and also traditional artists. We think the current NFT market is just entering the beginning stage of maturity or still in the early growth stage. From marketplaces to NFT based DeFi and various models, the market is evolving and expanding it’s industry areas.
We believe that the most important part for NFT will be the 1) collaboration with real-world assets 2) providing new ways of interaction with creators.
If the NFT remains only in the digital space and does not deliver real world value to people, it will be hard to survive. Real world value can be a digital asset that can be exchanged into fiat currency or and it can be a special benefit that can be closely related to the physical world. And also we can make new interactive tools that the fans and creators can use to communicate with each other.
The more NFTs are minted, the more real-world assets are combined and new value will be created.
The context of NFTs is evolving, starting from ownership and certificates, assets in the ecosystem, forms of finance such as payable means, and social identities. Please describe the field you are focusing on in DeFine and the NFT that will develop in that area.
As you know, we started as DeFine Art, the leading NFT marketplace in Asia. Now we are expanding our platform into not only a marketplace but also a social NFT platform. Now we are focusing on 1) new ways of social interactive communication for creators and fans 2) Web 3.0 social profile system including digital label and NFT-based honor badges 3) NFT-Fi, The ultimate marketplace for NFT collateralized loans.
Especially, our platform supports communication with creators to give fans a more exciting experience, not just collecting NFT. If anyone wants to see our social feature, please visit our website https://app.DeFine.one/discover and make a post after connecting your wallet.
According to a recent study, MZ generations in Korea spend an average of about two and a half hours a day watching one-person creator videos such as tik-tok and youtube. Maybe this is why some said ‘It will not be long before content becomes a currency’. The combination of NFT and content will make this a reality. The story of a business girl who made billions on the metaverse like Roblox is no longer an unfamiliar story. Let us know how you will make content NFT as a valuable asset and how you will attract generations to own this.
Thank you for sharing the news. We have also recognized that the MZ generation now spends even more time with individual creators in Youtube, Instagram and Tik-tok. We announced a partnership with Sandbox Network, the largest MCN company in Korea, to facilitate creator based NFT cooperation.
We are partnering with them in not just supporting them to mint NFT with creators but also we will provide a novel place for the fans to enjoy by utilizing the social features in DeFine.
Users and fans can collect NFT and have opportunities to directly communicate with creators. Also, they have exclusive opportunities to get rewards such as private offline events and special goods that fans want to have.
The First e-sports based NFT, SANDBOX Gaming’s Cart Rider NFT Auction was just finished. The combination of Esports and NFT is very interesting. A wide range of fans are expected to participate, especially the MZ generation, who are enthusiastic about esports. Please explain how users interact with esports by owning this NFT.
Auction with SBXG team is the first Esport use case in the Asia market. Considering this auction is the first time to enter the NFT market, we mainly targeted existing collectors who are familiar with NFT experience so we planned an airdrop for users who participate in the auction.
But we are talking with the partners about providing more benefits for the next NFT sales, such as winning a chance to play with the players, special NFT cards that celebrate special victories, player’s goods that fans want to collect.
We will continue this cooperation with SBXG team so please stay tuned!
Please describe your strategy — for the users who don’t know why they select your platform. Please describe your plan to grow your marketplace, NFT Artists, and eventually the NFT industry.
DeFine aims to build not only a NFT marketplace as I mentioned in the introduction answer but also we are focusing on expanding exciting social features so everyone can have a unique experience utilizing NFT. Also our native token DFA can support you enjoy social interactions with creators and get exclusive opportunities to earn profit.
We are open to everyone in this industry including creators, NFT collectors, DeFi users, and crypto enthusiasts. Every creator can make their social activity as a digital footprint and can profit by participating in the community. Every fan and collector can communicate with their creators by using new ways of interaction and can have exclusive opportunities.
Thank you for your detailed answers. Now it’s a user question session!
Do you agree that the power of the community will lead your project to grow globally? What are the services you offer to the community? What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
We believe that the community is the core element of NFT projects. NFT is a form of token that captures the social value flowing through the community. That is why we, at a fundamental level, have integrated social features into our platform. We will be bringing more features for the users to enjoy and interact with each other such as fan tokens and badge systems. By providing the right playground and tools and some boosts here and there, we believe that our community can naturally grow globally.
In terms of education, we think our social features will play a critical role in spreading the content. For example, artists themselves or fans who act as evangelists will create educational content that will be shared on our platform. Because it’s easier to share these materials among themselves, education will naturally occur between users. Furthermore, once our DAO is launched, there could be a branch within the DAO that facilitates education.
What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for? What feature would you like to add to DeFine’s Use case in the future ?
Our goal is to become Asia’s biggest social NFT platform. For our updates, we have recently announced our investment, and will soon be bringing in IPs of our partners to the NFT space. The upcoming NFTs will give the users plenty of special perks beyond just purchasing and collecting the token, so we hope that many of you can enjoy it.
You can find our roadmap here, and we plan to launch a social profile system, DeFine DAO, NFT-Fi features, and so on.
Partnership is very important in the current cryptocurrency ecosystem. I think various partnerships are essential, but how is DeFine’s partnership structured?
As we have announced today, we have received investment and signed partnerships with major IP companies in Asia. Our partners include Abyss, a K-Pop/eSports entertainment management company, and global game developer PearlAbyss, makers of the game Black Desert. Another partner is Sandbox Network, a leading entertainment company in the MCN industry. Our partners range from K-Pop to eSports, mobile games to MCN. We plan to expand our partnership to major IP companies in Asia, and also include various companies other than the entertainment industry, which includes art, commerce, and content.
You partnered with LiivSANDBOX this week, and issuing the first e-sports based NFT in Asia. Can you give brief information about this? What role does DeFine and LiivSANDBOX play in the ecosystem of each other? What benefits do you think the partnership bring to the ecosystem? and will you establish new partnerships in the coming days?
We announced that The first NFT auction for Sandbox Gaming Closed Successfully at 37 ETH on DeFine. We are very proud to be the first in Asia to issue and auction NFTs in the eSports area.This NFT was issued to commemorate the victory of Sandbox Gaming and the important role that Park IS has contributed to the team. By working with them, we can expand the NFT marketplace and ecosystem, and we are fortunate to have an opportunity to collaborate. As can be seen from the investment attraction news announced today, we have partnerships and strategic investment relationships with major gaming and entertainment companies, among which Huobi Ventures is the lead investor.
(1) DeFine expanded its field to k-pop and even e-sports. Certainly, it caught the taste of Koreans and it is a good attempt.
However, more attempts are needed for DeFine to develop further.
Do you have any other fields in mind?
(2) People are looking for something more convenient.
What do I need to buy NFT from DeFine? Is there a manual that anyone can easily follow?
As we just answered, we have successfully closed our initial investment round and our focus is to expand and strengthen our partnership. We are focusing on making use cases for the existing content, and expanding IP partnerships to address the users in Asia. Most of our focus is on entertainment including the music industry, content, and eSports. There are more to be released soon, so please stay tuned to our social channels.
We have prepared a wiki so that anyone can easily join and participate in our platform. Detailed tutorials can be found on DeFine Wiki and we’ll leave you a link below.
DeFine Wiki : https://docs.DeFine.one/DeFine-a/
This includes community guidelines and tutorials and is also specified in terms and conditions. Please feel free to check it out.
All project coins have their main Utilities & real-life usecase! So, Can you tell us what are the main role of your coin in your ecosystem? Explain it’s Utilities & Real-Life usecases? and Why should I invest in your coin for the long term?
Nowadays, everyone is interested in their own benefits from many different projects but they rarely care about the benefits of the project for the user. So what benefits does the project bring to users?
We are evolving into a platform for all users, not just for the artists. We want to expand existing crypto-enabled NFTs, including digital labels and badge systems, and also provide all creators, ranging from musicians, social influencers, gamers to athletes, a place where they can freely publish and interact with their fans through DeFine Art, DeFine Gaming, DeFine Music, and DeFine Studios.
For the token usage, DFA tokens will be mainly used for community governance and ensure the decentralization of the platform. The token will also have the following utilities.
- Transaction Fee: 2% of the sales on the platform will be distributed to the users that stake DFA tokens.
- Membership: Users who stake DFA will benefit from a variety of membership perks, in addition to generating revenue from transaction fees.
- Activity mining: Users who participate actively in the platform will be rewarded with DFA tokens.
- Governance: DFA tokens are key factors that control the governance structure of the NFT social platform and the entire ecosystem.
Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively? Secondly, are you still on track to achieve your targets as the road map says?
Many blockchain projects are on paper only and don’t have any product or have a product with no practical use case. Please let us know what is Coin ‘s current practical product in use? What are your plans for the product to be better in the future?
Yes. Our token, DFA, has governance as one of the core utilities. The other major utilities are 1) platform revenue sharing, 2) membership via staking, 3) activity incentivization. One of the core decisions the token holders could make is arbitration. Just like in the existing creative market, there could arise a dispute between the creators regarding the originality of the artwork. This is really tricky to figure out since the fundamental problem is intangible and unquantifiable. This is where the wisdom of the crowd could come into play by means of token voting. Also, governance would be able to adjust the trading fee rate and fee distribution schedule to facilitate transactions in the marketplace, and etc.
We’d say COVID had an impact on the value proposition of our platform. Online has never been so important as it is now since many of us are still in the lockdown and can’t commute to work, hangout with friends in groups etc. Even in the places where the heavy quarantine has been removed, people at last found out that working from home, communicating with the team online, in fact, really works. We see the emergence of metaverse and more people are paying attention to this movement. NFT plays a crucial role here as it DeFines the true ownership which doesn’t just stop at being mere game items. Digital ownership made crypto art to be taken seriously and fandom is really building up around the artists. This would ultimately benefit us as an NFT social platform.
We have a working platform where you could simply connect your wallet and join the social network of creators and NFT lovers now! Also, most recently, the first NFT auction for Sandbox Gaming closed Successfully on DeFine with a total sales amount of 37 ETH! So make sure to stay tuned for DeFine’s upcoming development.
Recently, the NFT platform is attracting a lot of attention in the cryptocurrency market. However, if you look at the value of NFT, the price is also very high. I don’t understand this kind of thing. Some say that it could be used for illegal purposes such as fraud or money laundering. What do you think of the value formation of the NFT?
It’s true that lots of capital is flowing into the NFT market even in this rather bearish market situation. Interesting data to point out is that by looking at the trade volume on Opensea, regardless of the overall market sentiment, it’s actually increasing. This makes sense by looking at the annual report published by nonfungible.com which the findings state that some users are holding on to NFT as a kind of insurance against the undesirable market volatility. This is one peculiarity of the current NFT market where it’s ‘easier’ for people to hold onto their tokens due to comparatively small market liquidity.
One of the core reasons why you can’t exactly comprehend the prices of the NFT could be that you are not paying enough attention to the NFT ecosystem and community in general. We are quite used to measuring the market and community sentiment by looking at the price changes which is easy to see on the charts. For you to understand the dynamics of NFT, you actually need to get involved and see how the organic users are behaving in the ecosystem. For instance, if you look at Axie Infinity’s community and their traction, you could immediately grab a brief idea that these Axie NFTs are really being used for the purpose the protocol initially designed and thus, driving its perceived utility which translates to its market price. Crypto art is the harder area since the arts are not for the utility. You may need more time to hang around with like-minded art enthusiasts to appreciate and evaluate the artists’ effort. Better understanding allows you to act accordingly in the market. And on DeFine, we enable the users to do just that. It’s an NFT social platform where like-minded people could come together and talk, interact, and appraise the NFT they own.
Many projects only talk about their strengths; But can you tell us the current weaknesses and/or challenges facing Hyper Jump?
Transparency is important. How did the DeFine project manage to provide transparency to gain user trust? Then have you done an external audit?
What is the biggest problem solving by DeFine that does not solve another competitive project?
Definitely we’re not perfect and there are challenges ahead. One of the challenges could be how can the users have a better idea on the true value of the NFT they own? Price discovery is a hard job and less known the NFT you are holding, harder it could be appraised. We think it’s safe to say there are two types of NFT in the market which are ‘more liquid’ ones and ‘less liquid’ NFTs. Liquidity comes from the market participants’ confidence on the purchase/sale decisions and this, we believe, roots out from the information. More informed the people then more likely people would act. DeFine as a social NFT platform provides the users an online space where they could have discussions on such topics. In the existing communities, you can’t be sure whether the person you are debating actually has any skin in the game because you have no real idea if he holds any NFT at all. But the social accounts on DeFine exactly show if the person is holding any NFT issued on DeFine. And possibly, this social activity could be a rewarding experience with our ‘honor system’ we are planning to integrate soon.
On the matter of security, we’ve been audited by Slowmist. This is not the perfect guarantee but naturally, our dev team is working day and night improving the robustness and UI/UX continuously.
Can you tell us the latest news of DeFine? Can you describe current development efforts, such as market expansion plans, expected applications & new upcoming program of events?
While you build your project, do you take into account community feedback and demands?
How do you plan on getting DeFine adopted and to be put into daily use by the people?
In terms of product, we will soon be launching the beta version of our honor badge system. The badge system will be the cornerstone of our social profile architecture, and will be something that the community can have fun with. Also, there will be an announcement soon about a new type of NFT we will be showcasing, so stay tuned for the news.
Also, now that we have finalized the investment round, we will be going full throttle on utilizing the IPs of our partners. We believe that an exciting journey lies ahead.
We believe that the community are the true owners of the platform and they make DeFine valuable. Down the road, the platform will be governed by a DAO in the future, and through the DAO, the voice of the community will be heard.
Thank you for your detailed replies! I’m sure that users were able to learn a lot from this interview. I am really moved that you seriously consider the whole NFT ecosystem. Also I’m looking forward to what the DFA token will do in the DeFine ecosystem. And as we saw in the Q & A session, Define team has good news today! As much as the team has received investment from a reputable investor, I hope it will have a good result :)
Any last words before we wrap up the interview?
We truly thank Coinko for this opportunity and to be honest, we were really impressed by the questions. All questions were very insightful and in fact, it was very difficult to choose only ten of them. We are grateful for the interest that the community has shown us and we promise to do our best to deliver what we have promised. We hope you will enjoy our platform and join in building a better future with NFTs. Also, There is good news today!
‘DeFine, the Social NFT Platform for all creators’
DeFine is the NFT based social network for web 3.0. DeFine provides an interactive communication tool for creators and web 3.0 users through its marketplace and social functions that support exhibitions, INO, and also digital credit systems and metaverse profile.
DeFine is building social NFTs in various fields with partners such as 3LAU, Sandbox Network, the largest MCN in Korea, ABYSS company, the management company of SUNMI, BAMBAM, PearlAbyss, a global game publisher which launched Black Desert, and MyMusicTaste, a global Kpop concert organizer.
Official website: https://DeFine.one/