NiftyPays x Satoshi Club AMA Recap from 24th of October
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from NiftyPays and our guest was the founder of NiftyPays Vinshu Gupta. The AMA took place on 24 October.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Gold Rocket | Satoshi Club: @Vinshu27 hello and welcome to Satoshi Club
Vinshu Gupta: Hi everyone
Great to be here
Gold Rocket | Satoshi Club: Hello
Gold Rocket | Satoshi Club: Nice to e-meet you
Vinshu Gupta: Same here
Gold Rocket | Satoshi Club: How are you doing?
| Satoshi Club: Welcome..
Vinshu Gupta: Doing good. It’s a Sunday but back to back meetings
Gold Rocket | Satoshi Club: We are really excited about upcoming AMA.
Let’s start! Introduce yourself please. How did you get to be involved in crypto & NiftyPays
Tell us please about your position in NiftyPays
Vinshu Gupta: I am the founder of NiftyPays. I am en ex blockchain banker and have been working with blockchains for as long as I can remember
7 years and assisted almost 200+ blockchain projects with another development studio that I lead called Nonceblox.
NiftyPays started because of this problem we saw with many NFT startups being illiquid and so we come in trying to solve that problem with instant liquidity against NFTs
Gold Rocket | Satoshi Club: good background
Give us a brief introduction to the project. What is the essence of NiftyPays
Vinshu Gupta: Great one
Vinshu Gupta: So all NFTs that you see out there can only really be redeemed for cash in one way : you put it on an open marketplace and wait for someone to buy or bid on it.
Pretty pathetic way of selling your NFTs or making any money out of it.
NiftyPays offers an instant liquidity solutions via our AMM pool where users can come in directly upload their NFTs and are able to get cash they need instantly
Its as easy as thatm
| Satoshi Club: Exactly
Vinshu Gupta: You can even out your NFTs for renting if you don’t want to sell them or fractionlize them
Gold Rocket | Satoshi Club: Also we would like to know more about your team. Who is on the project team core?
Vinshu Gupta: We picked some of the best NFT experts from Nonceblox ( 300+ resources today). We aggregated a team of 8 for NiftyPays having solid NFT engineers having background on working on projects like Sandbox, Mintable, VulcanForged and Polygon
Some of their profiles are here
| Satoshi Club: Awesome are they all from the same region?
Vinshu Gupta: Yes, we are a very Indian company for now
Some of the most experienced blockchain talent here
Gold Rocket | Satoshi Club: really! India is at the forefront of the crypto industry
Thanks for great introduction, we have several questions which were selected for the 1st part. Ready to start?
Vinshu Gupta: Yes
Gold Rocket | Satoshi Club: @Jonahapagu shoot please
Q1 from Telegram User @yellowchamp
I noticed that Nifty has so many media partners and as I count it,you almost have 30 media partners as of the moment including Bloomberg,Bitcoin Insider ,Yahoo Finance and many more. So far for having many media partners,what great impacts did it brings to your platform? What are the advantages that those media partners contribute into Nifty network? Does those media partners helps you to attract more investors and users to try and explore Nifty? Generally,how do you negotiate some media platforms to be your partner? Do you have contract and any deals with them? Thank you
Vinshu Gupta: Good one
At this point of time we don’t need Investors. We are 9 times oversubscribed and have way more investors reaching out to us then we would like.
These media partners are typically there for brand exposure and user interest
They usually cover whats happening with Nifty and get us more user interest. We are focussed on early clients at the moment and making sure our dev is on track
Gold Rocket | Satoshi Club: Thanks for your answers. Can you please share with us your road map?
Vinshu Gupta: https://www.niftypays.com/#roadmap
Here it is
| Satoshi Club: So apart from Media partners, what other partners do you have?
Vinshu Gupta: At this point we are strategically partnering with some top notch NFT and NFT liquidity projects out there
We have great partners like : VulcanForged, Charged Particles, Tryshowtime, Polygon, ArcadeNetwork, Defi11, Shoefy, polkacipher and many more
We are figuring out deals with a lot more and include their NFTs on our platform
| Satoshi Club: Great names here..
Gold Rocket | Satoshi Club: these are very famous and influential projects! congratulations!
Q2 from Telegram User @Jamesxmen
In this Quarter, NiftyPays will schedule to launch their main fundraise events whic are the private sale & public sale. Can you tell me what percentages will you allocate for private sale & public sale? Tell more about your private sale event? How many early investors & partners of NiftyPays will be participated in Private sale?
I like to participate in your public sale event. How Will users be whitelisted, Are there any applications & forums to register for participating in Public sale event? How much is the maximum allocation for one user? What will be the initial prices of $NIFTY token in Private sale & public sale respectively? What will you do with these funds for the growth of NiftyPays ecosystem?
Vinshu Gupta: So many questions in one but let me answer what I can
So we have already completed our seed and private sale. The sale is 9 times oversubscribed
Gold Rocket | Satoshi Club: Wow! Really amazing results
Vinshu Gupta: We did a small pre IDO on launchpool as well and got almost 3.2M USD worth of interest for mere 250k worth of tokens
Now we will have our public sale for 300k out of which 150k will happen on TrustPad and remaining 150k will happen via NFT whitelisting currently happening on Vulcanforged marketplace
Vinshu Gupta: The funds will be used to develop and market our liquidity pool and upcoming Renting platform
You can with go to TrustPad for whitelisting or head to Vulcan’s marketplace for getting some allocation
Gold Rocket | Satoshi Club: you have achieved amazing results
Thanks for your detailed answers
Ready to proceed to the next question?
Vinshu Gupta: Yes
Q3 from Telegram User @Brainchest
I have a question about the NFT collateral?
1 sometimes a very expensive NFT may not sell for a long time and it is easier to pawn it, knowing that the price may drop soon.
So, I collateralize you a well-known NFT at the peak of its popularity, at what price do you get it?
At what price do you get it? OpenSea market price or at yours own price?
if the price goes down and i will not return loan, do yoг рфму Lender protection from this situation?
Vinshu Gupta: Great one. So we typically monitor all our NFTs which are collaterized for their position and give you a margin call to pay the loan back if NFT value is falling
If however there is a bad loan then we compensate the lender of money via our Reinsurance pool. So you as a user is protected in every case
Gold Rocket | Satoshi Club: it’s good that you care about your customers.
| Satoshi Club: Within what range of fall do you give a call?
Is there a percentage or once it just begins falling
Vinshu Gupta: 40%
Yes on 40% we give you a margin call and at 30% we liquidate the NFT
| Satoshi Club: That’s a pretty fair percentage…
Vinshu Gupta: If you don’t fund your loan account
| Satoshi Club: How do you fund the reinsurance pool?
Vinshu Gupta: The reinsurance pool is funded by the our token holders as an optional pool with bigger rewards. So you can contribute to reinsurance pool as a riskier investment position but the risk reward ratio is also higher
Gold Rocket | Satoshi Club: Well! this is a very important point.
Thanks for clarifying
| Satoshi Club:
Gold Rocket | Satoshi Club:Let’s jump to the next question
Q4 from Telegram User @Asela1112
According to your whitepaper, I noticed that NiftyPays have integrated a fractionalized NFTs within their ecosystem & NFT marketplace. Firstly, I need to know How are you going to evaluate a fraction of a NFT? In which manner will the ownership regulations be implemented for a fractionalized NFT? How will this feature be impacted not only on Artists but also on buyers? Can we use fractionalized NFTs for the lending & borrowing purposes within NiftyPays ecosystem?
Vinshu Gupta: So we will fractionalise NFT on the euler’s bonding curve. Each subsequent fraction of NFT would be higher in price then the previous one and pay royalties to previous ones. This will ensure that early buyer of fractions are benifitted and hence fractions are sold faster.
Once fractionalised you can then use the fractions as mini NFTs within the ecosystem. This will ensure greater liquidity and better volumes for trade-in hands
| Satoshi Club: So does this mean the Fractionalized NFT’s can also be used as Collaterals?
Vinshu Gupta: Yes you can reinvent or re-collaterise them
Gold Rocket | Satoshi Club: as far as I know, users who put their NFTs on the platform will receive airdrops from partners on the platform. how does it work?
Vinshu Gupta: So we want to ensure early participants on the network are incentivised. Once you put your NFTs on the platform for staking, we airdrop you promotional NFTs from our partner projects
Partners like these and upcoming ones
Its going to be randomized and longer you stake the more you earn
Gold Rocket | Satoshi Club: thanks for clarifying.
Let’s talk about security, how safe your platform is for users.
Vinshu Gupta: The platform contracts are audited for Certik and NonceAudits. We also have our legal opinion issues for making sure that our users don’t get involved in any legal mess when using the platform.
Gold Rocket | Satoshi Club: Bravo!
Vinshu Gupta: [Nonceblox the parent studio has also done regressive pen testing on platform contracts to ensure that users data and NFTs are safe
Gold Rocket | Satoshi Club: Thank you for your responsible approach to security!
Q5 from Telegram User @Pavel_Jarosh
One of the platform actors are listing partners. These are third party content creators (i.e. listing partners) who may list their NFT projects on the NiftyPays platform to gain exposure, and gain access to $NIFTY liquidity by distributing their native project tokens. Please advise if their participation is free or there’s a fee for listing their NFTs or a tax to pay once the NFT is sold? What advantages are expected for them for participation and interaction?
Vinshu Gupta: Listing partner Don’t have to pay anything but would have to stake $NIFTY tokens for getting rights to list. This will ensure that $NIFTY tokens are always in demand and the buy pressure is maintained
The more you participate and more you stake, the more rewards are earned
Gold Rocket | Satoshi Club: Рlease share your useful links with Satoshi Clubbers to your social networks
Vinshu Gupta: https://linktr.ee/NiftyPays
All our important links here
Q6 from Telegram User @MudaraSilva
I am interested to know more details on your feature of NFT Renting. You have indicated that the rent will be paid in $NIFTY based on an agreement between two parties. What will heppen if the borrower breaches the agreement? Do you intervene to the process and help to get the rented NFTs back? What will happen to $NIFTY payments? Are you liable to pay them on behalf of the borrower if he stops paying? Please explain the legal background of this feature of NFT Renting.
Vinshu Gupta: The multisig features ensures that NFT is always secure and tenant can’t just run away with your NFTs. So if they stop paying we just forwarded you the one time termination cost and relist the NFT for “available to rent”
Part 2 — live questions from the Telegram community
Q.1 from telegram username @lattebuck
I checked and read the details on your website and I can tell this is a really great project but I wonder why should I hold NiftyPays tokens and not sell and be a long term investor?
Vinshu Gupta: The longer you hold the longer you earn. Think of it like BNB for NFT world
Q2. from telegram username @Sambalkacang
Halo sir, @Vinshu27
Is your platform suitable for crypto beginners? Or does it only limited for professional users ?
Vinshu Gupta: No limit. As long as you know what is an NFT and what are cryptos, you can jump in and start exploring the awesome world
Q3. from telegram username @maybe33
What is your knowledge in the field and what makes you an ideal team make this project a success? And who are your Strategic Investors? @Vinshu27
Vinshu Gupta: 7 years of experience working in blockchain. 200+ projects delivered through Nonceblox. I am an all our Tech guy.
Q4. from telegram username @MariaKamilang
What kind of NFTs that can be added to NIFTY? @Vinshu27
Vinshu Gupta: Any NFT that has been minted on ETH ot Polygon chain
Will add support for Avax and BSC soon
Q5. from telegram username @faxplay
Do you have any plans to to crate a web 3.0 ecosystem and leveraging multi-chain capabilities with NiftyPays project?
Vinshu Gupta: Yes. We are currently going live with ETH and Polygon and will add more chains staring with BSC and AVAX
Q6. from telegram username @maindratagustinus
Hello mr. @Vinshu27
do you have AUDIT certificates?
Vinshu Gupta: Yes from Certik https://www.certik.org/projects/niftypays
Q7. from telegram username @Thuy2358
A strong community not only brings interesting ideas to the project, but also attracts larger partners. So how does the project plan to build your community? And are there plans to recruit people with Blockchain experience to the project team?
Vinshu Gupta: We do that via Nonceblox : www.nonceblox.com
Q8. from telegram username @Jamesxmen
You stated that NiftyPays project will imitate a governance system like Compound project at stage 3. Please calrify about the government model?
Vinshu Gupta: Instally it will be more semi-centralised and moving forward everything will happen through a governance portal run by token holders
This means like any other financial asset say real estate, bonds, stocks, etc
Q9. from telegram username @Antonio287
Website is in Multiple languages Including Hindi, What are your Expectations from Investors from India, How do You see the Growth of Indian Crypto users in upcoming times?
Vinshu Gupta: India is going to be a crypto giant in next 10 years and it is a big market for us
Q10. from telegram username @rinnguyen
Could you tell about the sales?
What about Private and Public sale?
Which event is going on or about to be open?
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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