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AMA Recap —DareNFT x BasicsCapital: explore DareNFT latest news and roadmap!

At 12: 00 pm (UTC) on Oct 6th, Duke Nguyen, CEO of DareNFT was invited to be the guest of AMA in TokenHunter Official Telegram Group. During the AMA, Duke introduced DareNFT and its unique advantages in detail. Duke Nguyen shared the partnerships of DareNFT. Not only that, but he also answered many questions from users.

DareNFT is an NFT2.0 project that innovates the current NFT protocol and facilitates the adoption of NFT in real life.

DareNFT has developed a protocol allowing for a suite of products that solve the current issues of NFT 1.0 to further enhance the relationship between NFTs, relationship between NFTs’ owners and reduce the risk of NFT ownership to generate mutual benefits of the new NFTs exchanging models.

Duke Nguyen’s sharing knowledge points are full, and here we will sort out the essence of AMA for everyone to review.

Q1. Can you tell us where the idea for DareNFT came from? What need does it fill?

Duke Nguyen:The idea to create DareNFT actually came from DareWork. Before founding DareNFT, I founded an online education company called DORA.

I found that the problem of reused learning materials and revenue sharing mechanism was still an unsolved problem. Since then, DareNFT was started as an NFT platform for derivative content, then expanded to NFT 2.0.

Q2. We see you have a large team, Can you tell us a little about them and their skills and experiences.

Duke Nguyen:We are great team with strong background in technology and blockchain.

First, I’d like to tell you a little bit more about myself. I’m CEO of DareNFT. I’ve worked in technology startups for ten years. I attended Hanoi University of Science and Technology before receiving a Japanese government scholarship to study quantum computing. I had many articles published in leading technology magazines during my studies and received a job offer from Microsoft after graduation.

Our COO is Teddy Nguyen, my brother. He previously served as the Chairman and Co-Founder of Sotatek, a leading blockchain outsourcing firm in Vietnam. He is also a co-founder of Icetea Labs, a well-known crypto project incubator. Mr. Teddy has worked for a number of well-known Japanese and American corporations.

Mr. Teddy’s close friend, CTO Thomas Nguyen, was a former CTO at Luxstay and Head of Solutions at Adayroi. He is also the CEO of Agile Blockchain, a leading provider of blockchain solutions in Vietnam.

Victor Tran, Co-Founder of Kyber Network, serves as the team’s advisor. Mr. Victor (Vu) is Mr. Duke’s classmate and the inspiration for the entire DareNFT team to build this project. Mr. Thi Truong, CEO and Co-Founder of PolkaFoundry, Icetea Labs, and Redkite IDO platform, is also joining us. Mr. Thi was extremely helpful to the team in developing DareNFT’s strategy.

Q3. You label yourself as the universal NFT 2.0 protocol for Digital assets, what exactly does this mean? What is NFT 2.0 ?

Duke Nguyen:We call our protocol as NFT 2.0 to differentiate with the current status of NFT — NFT 1.0 What we do here is to solve the problem of NFT 1.0

As you might know, the current problems of NFT 1.0, which are:
- Unrecognized benefits between NFTs
- Unrecognized relationship between NFT owners
- And hidden risks of NFT Ownership.
We think the mainstream adoption of NFT depends on its ability to wholly reflect the benefits of digital assets. DareNFT has developed a suite of products that solve these problems.

So, DareNFT’s protocol is what we called NFT 2.0.

Our first product is DarePlay, the GameFi platform including a blockchain gaming launchpad for non-NFT games, alongside a launching IGO service, Rent-to-Earn and Lease-to-Earn marketplaces for in-game item NFTs.

We have had plans to move further with the derivative NFT content platform after our first product has been completely built and well positioned in the market.

Q4. You have some huge backers/partners and are working with some of the best NFT games, in what ways will DareNFT use these partnerships to advance their concept?

Duke Nguyen:On the investor side, we have received investments from a number of well-known investment funds and venture capitalists, including Kyber Network, Cosmos Gaming Hub (6th largest validator on the Cosmos network), OneSoft, Momentum 6, Kardia Ventures, MoonWhale Ventures, Magnus Ventures, X21, AU21… Investors will help us to strengthen the financial resources, leverage and boost the awareness of DareNFT to crypto community.

In terms of partners, we have a number of high-profile game projects that could become the first customers/users of DareNFT. OneSoft is both an investor and a key product partner, as are Planet Sandbox (an NFT game that recently completed a private sale with $1.5 million in total raised capital), Warena, Knight War, and Zitga (a studio with a big game in Vietnam). Many more strategic product collaborations will be announced in the coming months.

In terms of community support, DareNFT has almost unanimous support from the majority of Vietnam’s major communities. As an example, consider the TokenHunter group, Basics Capital. There are also Cryptoholic, Black Mamba, TradeCoinVietnam, CryptoChecker, Migoi, Kiwi, Crypto Holding, VBC, CoinF and others.

just share with everyone the list of backers. You can check this on our website at: darenft.com.

Q5. can you outline the key features of your 1st product, the IGO launchpad and rental marketplace for NFT games?

Duke Nguyen:Yes. And it called the DarePlay. This product will convert traditional games into NFT games. (This is a true blue ocean because Vietnam has a very developed game industry and they are gradually embracing NFT and blockchain in order to replicate the success of Axie Infinity or other games.)

DarePlay will convert in-game items into NFT property. DarePlay also offers a launchpad and IGO service, allowing these games to launch tokens and sell tokens to the community.

Dare Play will provide a marketplace for NFT game exchange and the rent-to-rent model. DarePlay will allow NFT game users to bring up their items and exchange or rent-rent them based on their needs.

DarePlay’s new features are important in attracting participants. Furthermore, we had users who were both NFT and traditional games right before the launch.

Q6. One of your stated use cases is your derivative work marketplace, can you briefly outline this for our community and explain how it works and why its so important?

Duke Nguyen: Thanks for your question. This is the 2nd product of DareNFT, the Darework.

DareWork is an application that is also built on top of DareNFT and allows NFT derivatives and co-owned NFT models. DareWork’s property object is content on the Internet such as a book, a song, a piece of music, video…

The outstanding feature of DareWork is to provide 2 derivative models and NFT co-ownership as I said in the description of DareNFT:

1. NFT derivative: a song by author A is tokenized and becomes NFT on DareNFT infrastructure, then author B hears the song very well and wants to remix it. On the DareNFT infrastructure, author B can remix the song as a derivative NFT and when this song — NFT derivative generates revenue for author B, the DareNFT infrastructure ensures a part of the revenue, aka royalty , will be flowing into author A’s pocket。

2. 2. NFT co-owned: For example, 2 song writers bring the song to DareNFT to mint 1 NFT representing that song. When the music generates revenue, for example, it is resold, the DareNFT infrastructure will ensure that the revenue flows back to the pockets of both original authors at the rate agreed upon by both parties.

Q7.Your future roadmap shows integrations with many chains, which is amazing, but what is coming up in your roadmap in the more immediate future? Do you have any upcoming news that will excite our community?

Duke Nguyen: In this month, we focus on the IDO. This is our first IDO. So, it’s very important for us and I want to share this news to everyone in the TokenHunter community.

We have planned to launch IDO on 2 Launchpad:
- The 1st one is on BSCStation: https://t.me/darenft_official/61
- The 2nd one is on KAI Starter: https://t.me/darenft_official/128

The questions from community question part.

Q1. I see that some of blockchain game already touch down with DarePlay, make a partnership about their NFT will sell at Dareplay marketplace, however there is still more top tier game out there, will you expand the partnership with some of the top tier game out there?

Duke Nguyen: Yes, of course. We are open for any gaming company to join with us. Let me share with you some current partners that join with us. DareNFT has received funding and is a partner with OneSoft, a large game studio in Vietnam that is ranked 15th among the world’s top game publishers. OneSoft’s traditional games will be the first NFT games available on DarePlay. You can read about DareNFT and OneSoft’s collaboration here:https://medium.com/darenft/darenft-and-onesoft-come-together-to-revolutionize-the-gaming-industry-with-blockchain-technology-1748cc6dbc6c

Q2. NFT is one of the most popular and popular topics in the current block chain.Can you share your views on NFT?Do you think NFT will disturb the current financial system?How do your project processing in the NFT field?

Duke Nguyen: We still in the early phase of Blockchain industry and NFT technology. With the limitations of NFT 1.0, I think it’s very hard for NFT that can affect the currenct financial system. Until the age of derivative products from NFT, we still might think that this is a bubble or not.

Q3. I’m very concerned about the Dareplay platform. Can you tell us more about it? What is the maximum and minimum time interval of renting a NFT? Is the rental function safe?

Duke Nguyen: For time interval of renting, it will depends on the rules that both participants agree in the smart contract. We have plan to build this. However, if you want to rent for longer time, you will need to mortgage equivalent assets to ensure safety for the lease. We will share more about this on our medium. Please stay tune with us and read more about DareNFT at: darenft.medium.com

Q4. As I read that your first product is DarePlay, a GameFi app with a platform called IGO form and marketplace for renting NFT game items. So I wonder that how NFT renting mechanism work ? Can you explain more about it ? Is it more beneficial to rent NFT instead of buying one ?

Duke Nguyen: There are many ways to establish this rental-lease mechanism/relationship. However, with DareNFT, it is quite special because NFT has unique properties unlike FT (fungible tokens).

The way DarePlay uses it is to use “NFT-cloning”. I will take the example that person A has an item X that he wants to lease, A will deposit this NFT X into the pool in DarePlay. Person B who wants to rent this item back, will have to put the rental into the pool and be able to get NFT X’ which is a “cloning” of NFT X through a smart contract authorized by the game using X as an item and built by DarePlay.

At the end of the rental period, NFT X’ will disappear and the money B put into the pool is transferred to A

This is how DareNFT thinks it will optimize the NFT leasing in the best way. Alternatives like actual staking with illiquid NFTs would be difficult to apply because such NFTs cannot have a clear market valuation like FTs are coins & tokens.

Q5. Can you explain the role of the $DNFT token in the ecosystem, How is your token distributed? How many tokens will be printed? And how many tokens will the DareNFT team lock?

Duke Nguyen: Users holding DNFT tokens will receive:
1. System Fee/Commission
2. DareNFT DAO revenue
3. Deflationary model: rewards for stakers/LPs, discount for end-users, used for burning and reserve

we locks 22% total supply of team. I also shared with you our token metrics.

Q6. I want to know what makes this project stand out, what makes it different from other projects that might be similar. Also, what is your maximum potential? And what are the outstanding features of DareNFT and how do you attract customers?

Duke Nguyen: Let me show you a pic that we compare ourselves with other competitors.

Currently, there are few infrastructure projects for the NFT sector. According to our observations, the Yield Guild Game project and reNFT both intend to develop rental NFT protocols and use a rent-to-earn model to generate market revenue. In comparison, YGG and reNFT do not have a co-ownership model or a digital asset derivative model.

We believe that the co-ownership model and the digital asset derivative model will give the DareNFT project a significant competitive advantage over other projects.I’d also like to send you this image so you can easily compare DareNFT’s features to those of other projects.

Q7. What is the condition that participates in IDO, how ability is selected white list, besides white list, still have other way to participate in?

Duke Nguyen: You can read all the rules for participating IDO at these links:

- The 1st one is on BSCStation: https://t.me/darenft_official/61

- The 2nd one is on KAI Starter: https://t.me/darenft_official/128

End of AMA.

Let’s witness the future of DareNFT !

TokenHunter Socials:

Telegram:http://t.me/tokenhunter_official

Twitter:https://twitter.com/_TokenHunter

DareNFT Socials:

Telegram: https://t.me/darenft_official_group

Twitter: https://twitter.com/darenft

Website: https://darenft.com

Medium: https://medium.com/darenft

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DareNFT is the universal NFT 2.0 protocol for Digital Assets. We’re a product suite solving current problems in NFT 1.0. Our first product is DarePlay, the GameFi platform allowing for a launchpad onboarding non NFT games & rent-to-earn & lease-to-earn marketplaces for game items

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