Community Call #2 — Recap
Greetings NFTs lovers!
On August 16, 2021, our second Community Call on Discord took place, which had great participation from our loved community.
A large part of our team was present at the call, among which we highlight: Leonardo Carvalho (CEO), Vinícius Vasconcelos (COO), and Lalo Trage (Business Developer).
You can listen to the recording of the event, or read the summary of the main points discussed below.
Intro
Vinícius Vasconcelos — COO
Hello everyone
Thank you all for being here today. This is our second community call and we have some major updates for you.
Major Smart Contract Update
The first big announcement is that our CTO made some great changes in our smart contract responsible for the fractionalization process.
The first version of it, which was deployed in October 2020, was too expensive and it wasn’t making the process viable for the regular user, especially when gas fees were high. So he worked on that to make the process cheaper and more accessible to our community, and now, if you want to fractionalize your NFT, you will pay way less than before.
This is a great achievement and we are very confident that we will have many more NFTs being fractionalized in our platform from now on.
Fixed Price Sale Method
The second feature, and perhaps one of the most difficult so far, was released last week and it is the Fixed Price Sale.
Now, once you fractionalize your NFT, you can set the number of fractions you want to sell for a fixed price. That way we avoid the high costs involved in opening a liquidity pool for the trade of fractions.
It is like an order book, where you can create your selling orders and wait for people to buy them. And you can also accept the Buying Orders (offers) of others.
We have implemented that aiming for a better UX and making the trading experience much easier and intuitive.
Let´s mint a BOX full of NFTs?
The third thing is that we have released our new feature called Box, in which people can gather multiple NFTs, just like a collection for example, and put them inside a box, which is a single NFT. So, you can make a box mixed with Punks, BoredApes, Meebits, whatever you want, and then you can fractionalize them as a single NFT and start selling fractions of it.
This is a great idea for people who want to get exposure to different NFTs at the same time, diversifying their portfolios, allowing them to buy Fractions of Boxes full of Valuable NFTs.
If you want to gather your own collection with your favorite NFTs, put them inside a Box in Nftfy and Fractionalize it. It is super simple!
Another use-case for the Box Feature is for gifting someone, as you can just send the Box NFT to any other wallet and transfer the ownership of those NFTs to another person. Great isn´t it?
Multi-wallet
We have finally released the multi-wallet integration. In fact, it was more difficult to implement than expected, especially because we are a multichain platform and there were some technical issues due to that.
But now you can access nftfy.org through your Metamask or through the WalletConnect feature, in both chains, Ethereum and BSC.
That will allow more users to join the ecosystem, fractionalizing NFTS, buying and selling fractions, providing liquidity, and farming.
UX and The Graph integration
And last but not least, we have finished the complete integration with The Graph Protocol. Now our platform is much faster, the NFTs are loading way quicker than before. That also allows the application to show all NFTs that users have in their wallets.
Besides that, we kept working on fixing other smaller details in the platform which also were not working as expected.
New features ahead
User profile
Once released you will be able to create your own profile on Nftfy and get access to your collection and fractions in your wallet with a nicer experience. You will also be able to see other user´s profiles and see what they have been creating and trading.
Reserve Price with 24-hour auction
We are going to improve the mechanism of the exit price (or buyout price) of the whole NFT, giving the user the option to set a Reserve Price with a 24h auction model where once the reserve price is met, a 24h auction starts allowing other bidders to join the auction, raising the final price of the asset.
That gives more dynamism and allows a better price discovery.
Collective Purchase Smart Contract
This is the most expected feature inside the Nftfy Decentralized Headquarter and that we have been working and designing for almost 3 months on a silent mode.
Soon, any user will be able to create a Collective Purchase Group for most any ERC721 NFTs on the market. Imagine that you want to buy a very rare and expensive NFT and you only have 10% of the money needed. You will be able to create a collective order to bid on it with other people, no matter if you know them or not.
After the purchase is finished, the asset will be fractionalized and the fractions will be proportionally split among each user that participated in the group.
The whole process happens in a totally decentralized and software guaranteed manner.
What to expect next?
As you can see, the team has been working hard to bring creative and innovative solutions to the NFT market.
We have been looking for several partnerships to spread the use of our technology and to promote the concept of shared ownership of NFTs.
There is no doubt that it is a long way to go, we have several challenges ahead, but this is what motivates us to continue racking our brains to bring the best solutions for the market.
Stay tuned for the next Community Call in September. We are looking forward to seeing you there!
