【AMA Recap】DeFine x EnjoyHobby AMA on Telegram
NFT social platform DeFine hosted an AMA at “Enjoy Hobby”, one of Korea’s largest Telegram communities.
Bella Wang, one of the DeFine contributors, participated in this AMA.
Bella has been in the blockchain industry for more than three years including working at senior product management team at Ontology, and has a bachelor’s degree at Voronezh State University in Russia.
Questions and Answers
What is DeFine as a decentralized NFT platform? What is the vision of the project?
This is the first question!
First of all, DeFine aims to build an NFT market with social features for creators, collectors, and fans, serving as a new focal point for all entertainment. In addition, DeFine would like to leverage social interactive elements in Web 3.0 to provide robust user experience using NFT to existing creators, NFT collectors, DeFi users, and Crypto investors.
DeFine contributors want to expand existing crypto-enabled NFTs, including digital labels and badge systems, and also enable all creators, ranging from musicians, social influencers, gamers to athletes, to freely publish and communicate with their fans through DeFine Art, DeFine Gaming, DeFine Music, and DeFine Studios.
Is it possible to list artworks on DeFine as an individual NFT creator? Where do I begin?
Define is open for all users to list artwork, music, gaming-related videos and materials as long as they do not have any copyright issues. If you are a creator who wants to issue NFTs, you are welcome to produce and sell NFT through fixed sales, auction, etc. through our marketplace, and freely promote your NFT and communicate with fans through our social functions.
Detailed tutorials can be found on DeFine Wiki and we’ll leave you a link below.
DeFine Wiki : https://docs.define.one/define-a/undefined-1
How can I participate in the Park IS NFT Auction at DeFine? I would appreciate it if you could explain the steps in detail.
Thank you for your interest in our event! First of all, let me leave you the link to the auction page.
The first community-powered NFT workshop | Mine exclusive NFTs | All artists get rewarded
In this auction with Sandbox Gaming, there are three artworks motivated by Park IS, the captain of Sandbox Gaming team, in celebration of his victory of the Kart Rider league.
On the marketplace, please connect your Metamask wallet and check if it is connected to the Ethereum main network. After that, please input the price above the minimum bid price and click “Place Bid” button. After that, you just need to sign the transaction in Metamask.
Currently, DeFine is holding a promotional event where everyone who participates in the auction will be eligible to claim special NFTs that include ‘special perks’ in the future. Perks will include rewards (NFT cards, credits, etc.) and DFA token airdrop.If you are interested in the auction event, the minimum bid for auction 2 is the lowest as of now. The detailed reward plan will be announced on our social features and on our community channels.
On DeFine, you can get a loan with honor medals as collateral. However, I believe that this could be exploited by creating multiple accounts and not paying back the loans. Do you have any countermeasures against this kind of abuse?
Thank you for the question. DeFine is planning to launch a credit system based on the social profile feature, displaying social reputations in the form of medals. As you said, there remains a question of well-designed standards for these undercollateralized loans.
Basically, these problems will be solved like how Bitcoin solved the double spending issue. If we design a system where the cost of abuse is greater than the loan amount, there is no incentive to attack the system. There also could be underwriters that analyze these risks.
The DeFine platform enables a new finance system called NFT-Fi, where you can borrow or borrow funds from the NFT as collateral.
For example, people in need of funds can escrow their NFTs as collateral. Creditors offer loans with ETH or Stable Coin. Once this loan is granted, the borrower can receive funds in their wallet.
In the future, when the principal and interest is paid back, the debtor (the borrower) will get back the NFT. If the loan is not paid by the due date, the NFT will be transferred to the creditor or auctioned off on our platform.
The only risk to the creditor is the price drop of the collateralized NFT. To prevent this, DeFine is researching and reviewing risk hedging measures such as NFT minimum price guarantees, or insurance products.
DeFine has been rebranded from DeFine Arts. What was the reason behind this?
DeFine was originally released as DeFine Art, which focused on NFT marketplaces, and has been rebranded as NFT social platform DeFine.
With the NFT boom, marketplaces like OpenSea, Raribles, SuperRare, and etc. became mainstream, and many users own, purchase and sell NFTs, but it is difficult to interact further beyond possession and purchase/sales experience.
Therefore, DeFine wants to give users the experience of interacting with their NFTs, by adding elements where all creators and fans can come together more closely, and providing social features, such as fan tokens, digital labels, credits, and badge systems. DeFine contributors plan to expand this scope into more diverse forms of NFT-based interaction.
I’d like to share with you the medium articles that we announced during our rebranding.
DeFine Art rebrands to DeFine, adding Music, Gaming, and Studio to its Platform
As the first NFT Platform in Asia, DeFine Art has set numerous milestones in the NFT space with the first Korean…
Many NFT platforms have a common problem, which is the gas costs. As gas costs skyrocket, it is difficult to generate transactions on most platforms. To solve this issue, there are technologies such as cross-chains or layer 2 solutions. Does DeFine also plan to apply this technology?
It is one of DeFine’s critical focus areas to improve usability so that more users can take part in the experience. That is why solving the gas cost problem is an important problem for us. As of now, the platform supports both Ethereum and Binance Smart Chain. As you have mentioned, DeFine contributors are also continuing research on layer 2 solutions(polygon, optimism, etc.), and DeFine plans to support it on the DeFine platform when the technology matures.
Who invested in DeFine? Please let us know if you have received any investments from VCs.
DeFine is almost finished with fundraising, and you can see this list of investors and partners on the bottom of the website. To introduce some of them, Pearl Abyss is the producer and developer of Black Desert, Abyss Company is an entertainment company that manages musicians, artists, and also esports teams. Global blockchain investment companies such as NGC, Draper Dragon, and Seven X have invested and artists like 3LAU have joined as well. For our partners, it has Sandbox Network, the largest MCN company in Korea, and My Music Taste, a Kpop performance planning platform.
Unlike other projects, DeFine has attracted investment from traditional companies, as well as crypto investors, and we are working together to create various synergies in respective areas.
NFT with social media is an interesting concept. What are the goals and roadmap you are focusing on in the second half of 2021?
This is the roadmap we have. You can also check them out on the website (https://about.define.one/#roadmap)
Initiate the DeFine Social Profile system
Launch $DFA Token
Launch DeFine DAO V1.0
Release Governance, Voting, Activity Mining Features
Launch DeFine Gaming and DeFine Music
Introduce NFT-Fi including Lending and Borrowing
Upgrade Social NFT Platform with Full Community Features(V3.0)
DeFine DAO V2.0 launch
Launch DeFine NFT Collectibles with Mainstream IP
The honor badge system is very interesting. Are there any countermeasures to prevent power being monopolized? And countermeasures for possible bullying and abuse?
The DeFine badge system is an on-chain social interactive feature, where honor badges are distributed based on user activity on the blockchain.
As you mentioned, there is always the possibility that certain forces will maliciously engage in actions to award dishonor to certain groups and users. Initially, the DeFine platform will filter malicious users directly, and maintain the system.
In the future, the community will be able to decide, by launching DeFine DAO. When we finally reach that stage, the DAO will definitely need your input. Hope you will contribute too!
Will you be introducing NFT drops like mystery boxes in Binance?
Recently, Binance NFT Marketplace has been launched, and mystery boxes to get Super Rare cards are gaining popularity among users. DeFine team is also aware of this, and is currently accelerating development to design the Mystery Box feature, which give users to possess rare NFTs and benefit from holding them. These mystery boxes will include content IP from our partners.
Please keep a close look on the social channels, the community will be informed first once all is ready.
Community Live Questions and Answers
Is there a reason why the user should use DeFine instead of OpenSea, which is the largest NFT exchange or Rarible which has an incentive program available?
Of course, OpenSea and Rarible are major NFT marketplaces. However, DeFine is an NFT-based social platform for creators, collectors, and fans. It’s not just a P2P NFT marketplace, but a variety of participants share and connect their social experiences.
Currently, there is an auction going on with Park IS of Sandbox Gaming. Although Park IS a famous player of Kart Rider, he is not very well-known to the age group of 20s and 30s who are major participants of the NFT market. Do you have plans to publish NFTs with famous players like Faker of LOL games?
Collaboration with Sandbox Gaming is Asia’s first esports NFT auction. After this event, there are more NFT sales to come based on the IPs of our partners.
Famous games such as LOL, which you mentioned, are areas that DeFine s constantly tapping into. Especially the IP of game companies, such as Pearl Abyss, can be combined in many ways, so we look forward to collaborating with them.
I think it’s important to be the first mover in the market. With your partnership with Abyss Company, can you share any specific plans to collaborate with the artists there?
Can’t tell you the details yet, but our investors and partners are all working hard to create the killer content in the NFT field. As they are released one by one, there will be different reward programs that users can participate in the future auctions and events.
Please keep us in the loop and look forward to the partnerships and events that will be announced in the future.
DeFine is the NFT social platform for all creators including artists, musicians, influencers, gamers, and athletes The platform facilitates all social interaction, engagement and communication for creators and their fanbase with digital assets like NFTs and social/fan tokens.
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Official Website: https://www.define.one/
Contact Email: firstname.lastname@example.org