DeFiRaccoons
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DeFiRaccoons

AMA RECAP : DeFi Raccoons x NFTb.

Date : 18 JUNE 2021
Host : SB
Guest : NFTb Team.

INTRODUCTION.

SB | Admin @DeFi_Raccoons:

Please be so kind to introduce yourself 🙂

Tommy:

Hi everyone! I am the Chief Operations Officer at NFTb. I have over 8 years of experience in leading marketing for Fortune 500 companies and high-growth tech startups.

Previously, I held roles at DXC Technology (formerly Hewlett Packard), where I developed an app to distribute content and capture user data, and also at Swinburne University, where I helped launch the University’s first Accelerator Program. I have also previously worked at a Venture Capital firm where I advised many blockchain companies.

SB | Admin @DeFi_Raccoons:

Ok, once again welcome, glad to have you with us today! We like to start off with an elevator-pitch for the people that haven’t yet heard of NFTb– Tell us what #NFTb is and what are you guys trying to showcase?

Tommy:

Sure — there are awhole lot of things I’d love to share

As the world comes to understand the value of NFTs and the sheer amount of creative potential that NFTs can unlock, it’s important to build a platform that enables anyone to affordably create and sell their creations.

Our mission at NFTb is to create an NFT marketplace with the best user experience for anyone, anywhere.

NFTb is a Premium NFT Marketplace built for speed and affordability on the Binance Smart Chain and expanding to multi-chain support with subsequent product updates. Users anywhere around the world can join the platform and create, sell and trade digital art at a fraction of the cost of other platforms.

Since launching just over a month ago as the first NFT marketplace on BSC, NFTb has already shaken up the world of NFTs by:

- Pioneering charity income split feature, which allows users to donate a portion of sales to a selected charity

- Providing substantial cost savings for creators and collectors who have been using the ETH network to transact and create NFTs.

Currently, we are working to further innovate by integrating the DeFi + NFTs through NFTb Earn. Our staking and liquidity mining program, which will reward users in a fun way.

SB | Admin @DeFi_Raccoons:

NFT is definitely a hot topic

How are you planning to make your project more user friendly?

Tommy:

First off, adoption is a huge challenge for NFTb and NFTs in general. There is still a huge learning curve for users to own or create an NFT. From understanding how to manage a cryptocurrency wallet to adding a whole new list of words into your vocabulary such as “minting” or “gas fees”, many people are discouraged by having to take a deep dive into the unfamiliar.

In order to provide a great user experience, we have to make sure that new users are welcomed with an intuitive platform with langauge that they can understand.

We have onboarded over 300 of artists and creators (still 2K+ on our waitlist). However, we are finding that many artists need a lot of guidance before they are comfortable with creating their first NFT. To bridge the gap in knowledge and scale the onboarding process we are investing heavily in building an educational program for creators to get started with NFTs.

Once users are familiar with NFTs we educate them about our features and how we compare to other NFT platforms. Here a few features we can use to help people understand us compared to other NFT marketplaces.

Here’s a screenshot of how we compare to other NFT Marketplaces

Secondly, we have decided to focus on one NFT vertical (Digital Art) to not ovewhelm users that visit out platform. We want to present our platform so that it feels like a curated experience for all visitors of our website.

Check out how we have achieved this here —

SB | Admin @DeFi_Raccoons:

Regarding comparison:

Rarible and Open Sea have already established themselves among the Community.

How is you project better than them?

You would prefer coordinated marketplace with Open Sea and Rarible.

Or want to monopolised the market

Tommy:

Many NFT marketplaces are built on Ethereum. With ETH2 perpetually about to be released, and many L2 solutions yet untested, it’s unclear that congestion on ETH is holding back the potential for NFTs to be adopted and innovation in this sector.

Compared to ETH based platforms, the cost of minting and transacting an NFT on NFTb is much lower. Minting an NFT during peak ETH network congestion may cost an artist $150 USD (excluding sale transactions) while minting an NFT on BSC usually costs <$1.

We believe that lower fees will empower many amazing artists and creators, by helping them showcase their work and receive the visibility and value that they deserve without having to pay expensive transaction fees. We will soon help artists understand how much they will save on gas fees by choosing to mint on NFTb vs. ETH-based marketplaces via a gas calculator.

It is true that ETH based NFT platforms have a strong marketshare and we have a lot of work to do to catch up!

The NFT ecosystem on BSC is just starting to emerge and we expect this to grow quickly when Binance launch their NFT platform.

But we don’t intend to limit who creators can sell to. We want creators to be able to take advantage of the benefits of both the BSC and ETH networks. We believe that creators shouldn’t be restricted when it comes to who they do business with. We are adding cross-chain support to enable artists to reach buyers on whatever platform they are on. This allows NFT creators to experience the best of both worlds; lower fees, less risk, faster transactions on BSC, and access to ETH-based NFT marketplaces where there are currently more buyers.

SB | Admin @DeFi_Raccoons:

So you have taken up BSC platform

Why did you prefer it over Ethereum .

Was decreasing gas fees the sole motive?

DeFi Naut:

Interested in this aswell 😉

Tommy:

NFTs are still relatively new and we are seeing novel use cases for it seemingly on a daily basis. We strongly believe NFTs will flourish and grow exponentially in the next 5 years.

High costs remain a huge barrier of entry for users buy and sell NFTs. There are still many NFTs verticals that are nascent incl. AR/VR, Digital Idenfity (not that you’d sell your digitla identity), etc

We want to build on a platform which is in the best place to lower the barriers of entry for new users. I’m sure if you mention that it costs >$100 US to make a transaction on ANY marketplace to someone that dosen’t understand crypto, they would be shocked.

DeFi Naut:

So I see NFTb is aiming to be a customer friendly and toptier marketplace for NFTs right. Are you thinking solely in terms of like art / game skins / visual stuff. Or would you guys be open to explore other types of NFTs aswell in the future?

We’ve seen a lot of other use cases recently e.g. real estate property, token liquidity, DeFi related NFTs, … there’s loads of use cases

Tommy:

Our team has made a deliberate decision to focus on digital art as we believe this has long been undervalued and is ripe for price discovery. We decided to build a user-centric product before expanding to other NFT verticals such as gaming, AR and other digital assets.

Although we are currently recognized as the Premium NFT marketplace on BSC, NFTb is really about building a multi-chain protocol for digital ownership. Like any asset that can be owned and traded, we believe the intrinsic value of NFT comes from the aggregate perception of value from interested parties.

DeFi Naut:

OK that makes sense. Go with the flow, currently the most adoption and thrive is indeed in the art/visual department

SB | Admin @DeFi_Raccoons:

NFT projects usually require huge investment.

Who are your key partners helping for the development as well as funding the project?

Tommy:

In short — we want to do everything right for one NFT vertical, before moving to others 🙂

We are backed by world-class investors and VCs which include The Binance Accelerator Fund, Spark Digital Capital, MetaConstant, Rarestone Capital.

One of our investors include the legendary YouTuber, KSI. 😇

DeFi Naut:

When are you guys listing / launching? Is there an MVP running?

SB | Admin @DeFi_Raccoons:

When and where is your IDO?

Tommy:

In terms of partnerships — We are proud to have pioneered a Charity income share feature that enables artists to opt-in to donate a portion of their sales to charity. Artists will be able to support causes they believe in by selecting from our whitelisted charities such as GiveWell and the Binance Charity fund.

We knew that the environmental impact of minting NFTs is a key concern for creators, so we partnered with Nori to empower artists to reduce the environmental impact of their NFTs via the platform’s advanced income share feature.

We recently announced a partnership with Watsi a charity that is funded by Tencent that is involved in delivering and funding healthcare.

These partnerships with leading charities include plans to run joint marketing campaigns to help them fundraise. This will attract new artists and other stakeholders to our platform, who have never worked with NFTs before! 😇

We also know security and authenticity is a huge concern for buyers and creators — we will soon announce a partnership with a 3rd party that works with companies like SuperRare and other top-tier art galleries to verify the artwork.

DeFi Naut:

That’s quite impressive to say the least!

I am wondering about the competition 🙂

Let’s talk about your competitors. Since NFTs are a hot topic right now, we’re seeing a lot of NFT marketplaces.

E.g.; Refinable, Binance’s own NFT marketplace, etc — How do you plan to solidify yourselves as the go-to marketplace?

Tommy:

Sure !

I mentioned our comparison against ETH marketplaces here.

For NFT Marketplaces in the BSC ecosystem — there is no premium NFT marketplace solely foccsused on creating a curated experience on the BSC ecosystem.

Most of the current ones are open access meaning they are quickly filled with spam, stolen works, and extremely low-quality work. You can take a quick glance to see other NFT marketplace platforms on BSC to see the difference in quality between NFTb and other platforms. We want to set up our platform so that it feels like a curated experience for all visitors of our website. We hope this gives new and aspiring artists comfort knowing that their high-quality work will be among many other great pieces.

As Binance launches its own NFT platform, we are working with Binance very closely to grow the NFTs on BSC. Users will be able to directly list on Binance via our API.

In terms of other collaborations with Binance NFT, that is something we are working on, but can’t share at this stage :). But you can expect something within a month

DeFi Naut:

Last question I have before SB continues, did you delevop all the tech behind the marketplace yourself? Or are you working together with tech providers?

Tommy:

The development of the product and technology is lead by our CTO who has a lot of experience building blockchain products. All the development is largely done in house but we do occasionally use other tech providers (such as for auditing, etc)

SB | Admin @DeFi_Raccoons:

What is the USP of NFTb that makes is different and special from other projects?

Tommy:

Yeah definitely, our team is product lead and we are working on developing features to accelerate our growth. We are working on the following to differentiate ourselves:

- We are serving underserved markets. There is currently a lack of support for languages other than English on many NFT Marketplaces. NFTs have been an unprecedented source of income for many artists from developing countries. These artists are underserved with current NFT marketplaces. We are building multi-language support on NFTb to provide greater access to these artists (launching in Q2 2021!).

  • As I mentioned earlier, we believe that creators shouldn’t be restricted when it comes to who they do business with. We are adding cross-chain support to enable artists to reach buyers on whatever platform they are on.

This allows NFT creators to experience the best of both worlds; lower fees, less risk, faster transactions on BSC, and access to ETH-based NFT marketplaces where there are currently more buyers.

  • We will be launching $NFTB yield farming and staking soon. More details to come.

- And lastly, as I mentioend before, we will continue to see traction and proliferation of NFTs on BSC with the launch of Binance’s NFT platform, which we are working very closely with.

SB | Admin @DeFi_Raccoons:

Please tell something about your plans for future. About your Roadmap ahead in 2021

Tommy:

Haha I overshared our plans in my response above.

But in the short term, we are working towards our IDO next week on 21 June.

In the medium term (next 2–3months) we will be launching in new markets (China and Russia in Phase 1) via the multilanguage support.

SB | Admin @DeFi_Raccoons:

So you are focusing on global market

Tommy:

We are shifting more resources to focus on helping artists capture value from DeFi as well.

The rest of our roadmap can be followed here —

😇

Yeah — only ones that will create the most impact, because we unfoteunyl don’t have infinite resources haha

LIVE AMA QUESTIONS.

sky:

halo sir @lvto8

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 project generate the profit?

Tommy:

This is a good question! And one that I haven’t seen this come up before.

All 3 of our Founders have come from a technical background and have experience working for venture capital firms. so we are very product foccused and have experience managing capital and growth for high growth startups.

You won’t see NFTb spending excessively in marketing (which is usually a huge expenditure for marketplaces), until the BSC NFT ecosystem expands

We have revenue streams to keep the business afloat — Like any marketplace platform (Grab, Alibaba, etc) that connects 2 different markets (creators and buyers in NFTb’s case), we take a portion of sales. The more NFTs that are transacted via NFTb the more we can generate a profit. Our profits will grow as long as the number of transactions that occur on NFTb increases.

NFTb has other alternative revenue streams such as partnerships for marketing campaigns and platform services (such as being able to pay to promote your NFT on NFTb).

Owen Porterfield:

I am really cautious about security. So How secured the NFTb is ? Did you make any audits? And What are the major points of your project which can attract users.

Tommy:

We take security and protecting our users very closely ❗️

As part of NFTb’s commitment to ensure that the platform is safe for users involved in our ecosystem, we have engaged respected security audit firms CertiK, Hacken, and HAECHI AUDIT.

These firms will be working closely with our team to complete a comprehensive audit of the NFTb smart contracts using industry-leading tools and practices, at a time when many projects are launching their token without strict audits.

As a platform built on BSC, anyone is able to view the underlying smart contract code and identify bugs, should they exist. This is often great as the more eyes that are on the code, the greater the opportunity for vulnerabilities to be picked up and resolved.

However, this also means that vulnerabilities can be found by malicious actors, and once a smart contract is deployed — attackers are given the opportunity to exploit. While our development team has implemented the highest standards in development and testing, we welcome the opportunity for a team of highly qualified security experts to diligently scrutinize our work and probe for any vulnerabilities.

Tracey:

As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain NFTb and also the team that are working hard during this pandemic?

Tommy:

Forutunately, COVID-19 hasn’t impacted our businesses and our team. 🙏

If anything, it has allowed our teams to stay indoors and focus on developing our product. COVID19 also had the unexpected outcome of getting people into blockchain projects, which has helped increase the visibility of NFTb

Try:

Do you have a Global ambassador Program or any Reward System? Does I get any benefit from holding this token for long term?

Tommy:

Yes we do! With the launch of multilangauge support we are workign on growing communities via our ambassadors.

Ambassadors are rewarded by completing specific tasks (bounties) and are also rewarded through a shared pool of tokens (so everyone is able to be rewarded)

You can learn more here —

Get it:

What is the role of token in the ecosystem? Where can people currently buy it?what would be its used?

Tommy:

NFTb is built to reward creators and platform users. The $NFTB token is designed to reward all network participants.

There are many ways to earn $NFTB, which include:

- Incentivizing both creators and collectors for interactions on the platform

- Early-adopters will be rewarded with airdrops based on usage

- Earn $NFTB by unlocking achievements on the platform

- Staking and Liquidity Mining Rewards

There are also many ways to use the $NFTB token, which include:

- Platform fee discounts

- Governance

- Platform services (advertising and promotions)

- Staking and Liquidity Mining

- Integrations with BSC based platforms on accepting $NFTB as a payment token

Group’s Description:

An investor community for everything related to DeFi, NFT, IDO, Blockchain, and much more. We share our analysis, fundamentals and hold AMAs with all sorts of projects!

That’s all we have time for today, until next time, consider joining our socials underneath to join our DeFi Discussion!

🦝 Join DeFi Raccoons Telegram Channel
🦝 Drop a follow on Medium
🦝 Follow up The DeFi Naut

Now for a disclaimer — I’m not a financial advisor, anything you read on my Medium isn’t financial advice, it’s a log of myself doing due diligence on projects, please verify any and all information presented (error reporting welcome) and make your own decisions.

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An investor community for everything related to DeFi, NFT, IDO, Blockchain, and much more. We share our analysis, fundamentals and hold AMAs with all sorts of projects!

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SB

cryptocurrency enthusiast,WRITER and reader.

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