Community Call #3 — Recap
Hello again, NFTFY Community!
Our third Community Call on Discord happened on September 20th, 2021, integrating our community and the NITFY team.
Among the team members present were Leonardo Carvalho (CEO), Vinícius Vasconcelos (COO), and Lalo Trage (Business Developer).
A few announcements were made and we discussed the latest topics. You can listen to the event’s recording or keep reading for the event’s summary is presented below.
Intro
Vinícius Vasconcelos — COO
Thank you all for being here today. This is our third community call and we have some major updates for you.
In the last call we had, we talked about the new way to fractionalize your NFT using the Auction method. Well, we released it last week and it’s working perfectly!
The Auction Method — how it works
To use this method, you must first set a reserve price for your NFT. The reserve price is the minimum acceptable amount for sale, which will automatically trigger an auction.
The auction will last a few days, giving other people a chance to bid for the NFT and to top that price. The timer can be set by the NFT’s owner.
This method is very important and convenient since it allows the NFT to be sold at a higher price. This process also features a community fee, which is charged over the Fractions generated. Suppose you set a fee of 1%: this way, 1% of the Fractions generated will be locked in our smart contract vault. Then, when someone buys the entire NFT, we will be able to claim a proportionate amount of the total value paid, according to the number of fractions locked.
We will then use these resources for the buyback of NFTFY tokens, in either of two ways:
- To buy NFTFY and burn;
- To buy NFTFY and distribute amongst liquidity providers.
This way, all of our community and NFTFY holders will benefit from the process.
Last Week’s Summary
We had a great NFT project using our Nftfy Box tool to merge the eleven first NFTs from their collection into a single one.
Angels of Aether did that last week as well and then fractionalized the Box with the Auction method with an initial reserve price of 2 ETH. These Fractions are up for sale through fixed-price sales, and people have already started to buy them. Once someone pays the reserve price of 2 ETH, an auction will start and last for 24 hours. Other people will be able to bid higher until the end of the countdown when the final sale is executed.
NFTFY’s Marketing Strategy
We are happy to announce our newest partnership: we have just hired DigiBridge, a marketing company from the USA, to support us in our journey. Our team is confident that this cooperation will be very fruitful to the overall project. We had several meetings in the past few days, and there will be great news coming soon!
Filecoin Launchpad
Today was our last day in the Filecoin Launchpad Accelerator Program, powered by Tachyon. Their incredible mentorship allowed us to learn a lot through a total span of 12 weeks.
We were also able to practice valuable networking and produce some relevant connections there. Last week, we held a lot of meetings with some venture capitals that are ConsenSys’ partners. We clicked very well with some of them; communication and exchange are flowing nicely.
Save the Date: On September 28th we’ll be having our Demo Day!
Stay tuned for our next Community Call in October. We are looking forward to seeing you there!
