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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 NFTify and our guest was @Nikita_Nguyen?—?CEO & Co-founder of NFTify. The AMA took place on 26th of May.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1?—?introduction and questions from the Website
Gold Rocket | Satoshi Club:
Hello again, dear community! We are pleased to announce AMA with NFTify
Today our guest is @Nikita_Nguyen!
Andres M. | Satoshi Club:
Welcome to Satoshi Club @Nikita_Nguyen
Nikita Ngan Nguyen:
Hi everyone. nice to be here today!
Andres M. | Satoshi Club:
We are glad to have you here Nikita!
Gold Rocket | Satoshi Club:
Hello and welcome to Satoshi Club Nikita
Nikita Ngan Nguyen:
Wow. Your group is huge! love it.
Gold Rocket | Satoshi Club:
We are very excited about the upcoming AMA, and you?
Andres M. | Satoshi Club:
18k members online excited for this AMA session
Nikita Ngan Nguyen:
Wow. So many active users. It’s great!!!!
Gold Rocket | Satoshi Club:
Please tell us a bit about yourself!
How did you get to be involved in crypto & NFTify?
Andres M. | Satoshi Club:
Let’s start with a short intro about you @Nikita_Nguyen
Nikita Ngan Nguyen:
Sure. My name is Nikita Ngan Nguyen. I’m the CEO & Co-founder of NFTify.
I’ve been working in the IT industry for the last 12 years, and Blockchain in particular for the last 6 years.
Gold Rocket | Satoshi Club:
Great background
What is the essence of NFTify?
Nikita Ngan Nguyen:
I’m a businesswoman first and foremost. It’s like a natural instinct for me to turn any topics into business :D… before NFTify, I am also the Co-founder of Ekoios?—?a Leading Blockchain & AI development company in Vietnam.
Well, first of all, NFTify is a platform where people can create an NFT store without coding.
Anyone can start a store, tokenize & sell NFTs right away instead of spending months and hundreds of thousand USD to develop something like Opensea, Niftygateway….
Gold Rocket | Satoshi Club:
Wow! this is amazing
Nikita Ngan Nguyen:
This is actually the problem that we wanted to tackle when Ekoios got so many request to develop NFT marketplaces over the last 1 year. With NFTify, we will be able to lower the bar for everyone to join the NFT space.
Done.
Gold Rocket | Satoshi Club:
Mass adoption per se?
Andres M. | Satoshi Club:
How did you choose the name?
Nikita Ngan Nguyen:
Firstly, it’s about NFT so we start with “NFT”. And when we thought about what our basic features allow users to do, it’s kinda like the Shopify for the NFT.
So we took the “”ify”” from the already well known and made it “NFT” + “ify” = “NFTify””
Gold Rocket | Satoshi Club:
I like it
Gold Rocket | Satoshi Club:
How long does it take to develop a project? What plans do you have for the future? And what can we expect from NFTify?
Nikita Ngan Nguyen:
Well, it requires months of development for NFTify. In terms of development, we have released AI Services demo and the 1st demo platform with basic features such as: Register Store Account, Generate Store and Create/Edit NFT.
https://www.youtube.com/watch?v=k8R0OI2xGrY
Here is our NFTify 1st Sprint Demo video outlining some basic features.
Gold Rocket | Satoshi Club:
In fact, it looks simple enough.
What features are you personally most proud of?
Nikita Ngan Nguyen:
The team is focusing on building NFT platform to allow users to create NFT store. We follow scrum method, so from now until end of June, every 2 weeks we will release 1 sprint. But like I mentioned, we will release the entire MVP by end of June
Gold Rocket | Satoshi Club:
Great news about MVP
Andres M. | Satoshi Club:
What makes you different of another similar projects?
Killer features I mean
Gold Rocket | Satoshi Club:
Also, we would like to know about your team. Who is on the project team core?
Nikita Ngan Nguyen:
Well, i would say:
NFTify is the only platform to allow people to create an NFT store without coding, and customize it to make it their own brand.Our platform also provide Copyright protection which is probably what people are concerned about the most when it comes to digital content.
Definitely! I think that is one of the most important parts to give us the confidence to succeed.
We have a veteran excellent blockchain team, led by my CTO Do Dinh Dong, who has over 15 years of experience in IT. The team has developed hundreds of Blockchain projects from scratch to finish for global partners for the last 6 years.
Our Ai team has developed products that have been deployed in the Vietnam traffic monitoring system, hospital and building management systems all around the world.
Our BA (business analyst) team has tremendous understandings about the blockchain ecosystems. I am absolutely proud of and confident in my team!
Andres M. | Satoshi Club:
Where is based NFTify? Only Vietnam?
Gold Rocket | Satoshi Club:
Really have something to be proud of!
Nikita Ngan Nguyen:
I’m living in LA while the core team is in Vietnam rightnow. But we are a global project. We have partners all around the world
Andres M. | Satoshi Club:
Thank you for the intro Nikita, I think now our members are even more excited to learn more about your project
That’s why we have collected some interesting community questions for you.
Gold Rocket | Satoshi Club:
Thanks a lot for your great intro!
Nikita Ngan Nguyen:
My pleasure!
Andres M. | Satoshi Club:
Let’s proceed
Q1 from Telegram User @Josegamboac
From the art world to sports, an alarming rise in counterfeits over the past decade has been destroying the value of collectibles markets. Non-fungible tokens (NFTs) are returning value to the collectibles market by providing a transparent and traceable record of the authenticity of a digital asset. NFTify adds even more value to digital collectibles with its artificial intelligence services to help protect copyrights and other attributes of NFT. But how does your copyright protection mechanism essentially work?
Nikita Ngan Nguyen:
It’s a long question. I can see this guy really cares about NFTify.
With AI integration, whenever a store owner uploads his work to the platform, it is analyzed and alerted. And our AI will detect similar/fake content to have timely actions, including removing it from our platform.
Gold Rocket | Satoshi Club:
Satoshi Clubbers love good projects
Nikita Ngan Nguyen:
You can test the app and AI Services demo here: https://ai-live-demo.nftify.network/
Much appreciated!
Gold Rocket | Satoshi Club:
Great service! It’s very good that you are concerned about this.
Andres M. | Satoshi Club:
That’s a great idea to protect users
I think the question is correctly answered, would you like to add something before the next one? @Nikita_Nguyen
Nikita Ngan Nguyen:
Yes, I think that’s what the artists are really interested in.
Let’s go to the second one.
Q2 from Telegram User @meml97
It caught my attention that one of the features the platform offers is Customization: “NFTify helps organize the layout of your store’s appearance through themes. It also supports store owners to customize and unlimitedly extend functions via Community’s plugins”. Can you tell us more about this? How will this customization through themes be possible? Also, what are Community’s plugins? What unlimitedly extend functions do they offer? Do users have to pay something to be able to make these custom changes?
Nikita Ngan Nguyen:
Store owners will need to pay a small fee to set up. They will also be able to purchase plugins to customize their store in the future. The community plugins will help users improve: payment method, theme, information display, etc.,
Users will use our token, which is N1, to set up a store, purchase plugins to customize store, etc.,N1 will also be used to buy and sell NFT on NFTify.
Andres M. | Satoshi Club:
Talking about it, what are the main benefits for N1 holders?
Nikita Ngan Nguyen:
N1 will be used for the platform governance… Everyone can hold NFTFY tokens as long-term investments cuz we are here for the long term.
As a project that gets funded by investors and the community, we have to think for their benefits. We focus on the actual business of the platform after launch. We do believe in our ability to solve the real-world problem and will focus on getting NFTify in front of the people who will benefit from it.
Gold Rocket | Satoshi Club:
Tell us please about your tokenomics btw.
Nikita Ngan Nguyen:
Oh sorry. I have to restart my TG to see your question.
Gold Rocket | Satoshi Club:
Np
Nikita Ngan Nguyen:
Our full supply is 200.000.000 N1 tokens, with an initial supply of 12,300,000. Initial Market Cap is $980,000.
For more information, you can access our tokenomics on https://nftify.network/
Gold Rocket | Satoshi Club:
Thanks for your answers! Ready for the next question?
Nikita Ngan Nguyen:
Yes.
Q3 from Telegram User @giovannialc
We know that with NFTify the market forms are quite broad, giving users the possibility of producing money with the purchase of token at low cost to be sold at a high price obtaining profits that could double or triple the user’s capital, giving many the possibility of starting over either in your business or in a company, but this trade that has had an impact on others who are dedicated to NFTs in the market, that is, practically professionals, since they feel that they are throwing their money overboard that Causes this problem , because users more dedicated to the medium feel that they lose all or part of what they invest? How could they solve this by giving the stability that these users who have been in the medium for a long time want?
Nikita Ngan Nguyen:
I don’t think I understand exactly the problem your raising here.
Token price depends on many factors, of which developing the platform and its ecosystem, in order to improve utility and liquidity of the token, is what we’re in control of and plan to do.
For artists, they will have an infrastructure to sell their NFT at their own setups in terms of price, number of copies, royalty fee etc… on whichever network they choose
Gold Rocket | Satoshi Club:
Thanks for your answer!
Can we proceed? Or you want to add something?
Nikita Ngan Nguyen:
Pls continue.
Q4 from Telegram User @andrey_seleznov
Hi NFTify!
NFTify is built on POLKAFOUNDRY to overcome the limitations of Ethereum. As we know PolkaFoundry is a substrate-based parachain optimized for NFT and DeFi apps in the Polkadot ecosystem. Does this mean NFTify will not need to win a parachain auction by itself? What will happen with the project if POLKAFOUNDRY fails to win a parachain auction in the future? Will NFTify have to migrate to a different parachian in that case? How resource consuming may that be and will it possibly negatively affect users if this case comes to life?
Nikita Ngan Nguyen:
Yes. To overcome current limitation of Ethereum, NFTify chose to build on PolkaFoundry, a powerful Substrate-based parachain optimized for NFT and DeFi apps, and will become part of the Polkadot ecosystem. PKF is going to audit for a slot soon. Right now, they are 1 of top 10 platforms on Polkadot, so we’re pretty ok
Done
Gold Rocket | Satoshi Club:
I also think this is a great choice.
Thanks for your answer. Ready for the next question?
Andres M. | Satoshi Club:
Thank you for the clear answer
Nikita Ngan Nguyen:
Yes. I can see all messages now. lol.
Andres M. | Satoshi Club:
Perfect.
Q5 from Telegram User @Jonahapagu
Reading through the story of how NFTify was created, one of the challenges you mentioned that global startups and enterprises faced in tokenizing and selling of their digital assets as NFT’s, was the absence of a Shopify for NFT’s and how it would had taken them more than 20 months to create their own opensea.. How was NFTify able to build and create an e-commerce NFT platform in just about 12months, what were the key factors that accelerated the development of your platform within this timeframe and as an e-commerce NFT platform how do you intend to convince and attract top Global startups and enterprises to the idea of tokenizing and selling of their digital assets as NFT’s on NFTify.
Nikita Ngan Nguyen:
We’re very fortunate to have a well-rounded and experienced team of both technical and business people.
On the development side, we’re backed by Ekoios with a team of over 120 Blockchain & AI engineers. On the strategy and network aspect, we are backed by many of the top Tier1 VCs and well-known advisors such as Thi from Polkafoundry, Kyle from Master Ventures, Garlam from M6, Dr Deeban from GD10. etc., They will make sure we have all the connections, strategies we need to succeed.
Lots of exciting discussions to build the ecosystem and partnerships are already going on before the launch of the platform. You should expect some major announcements soon.
And the bottom line is, we believe in the mission of NFTify to be the captain NFT, to lower the barrier for everyone to join the NFT space.
Done.
Andres M. | Satoshi Club:
You have done a lot of amazing things with this project, but we would like to know what is coming in your roadmap? What is the major event coming for NFTIFY?
Nikita Ngan Nguyen:
We have closed our fundraising, announced many major partnerships in IDO, marketing, technology integration etc., Most recently, we’ve partnered with DAO Maker on rewards pool, staking and with Faraland to launch its first gamified NFT store on NFTify.
In terms of development, we have released AI Services demo and the 1st demo platform with basic features such as Register Store Account, Generate Store and Create/Edit NFT.
Especially, we’ve just announced about opening whitelist, IDO timeline on to the community. We are confirmed to launch on Ignition and Redkite. The IDO date will be June 4th. You can go to our TG group for more details.
We’re having many ongoing conversations with other projects to onboard the artists to register and sell NFT on NFTify.
Stay tuned for more announcements to come
https://twitter.com/nftify_official
https://t.me/nftify_official
https://t.me/nftify_ann
Andres M. | Satoshi Club:
That’s amazing, congratulations, how is the process to staking?
Gold Rocket | Satoshi Club:
Perfectly! Faralend was at our AMA. great guys! please tell us about your partnerships а bit.
Andres M. | Satoshi Club:
Let’s join everyone
Gold Rocket | Satoshi Club:
June 4th is very soon! I think you are all very excited!
Nikita Ngan Nguyen:
Well, the gameplay will revolve around the Faraland NFTify store to create a gamified NFT store where the Faraland and NFTify communities will be able to trade in real-time.
Through NFTify, Faraland users can: securely store NFT-backed heroes and equipment on the blockchain, buy and trade heroes and rare equipment with other players, increase NFT Heroes value through unique attributes, trading, and game activities and also equip heroes with the best items and assign them powerful skills.
Andres M. | Satoshi Club:
Btw, is KYC needed to use your platform?
Nikita Ngan Nguyen:
Yess. We’re so excited now and also very busy with a lot things to do :”)))
Yes. Store owners will need to provide KYC when creating a store on NFTify. Therefore, we’ll be able to communicate and clarify the issue.
Nikita Ngan Nguyen:
I understand a lot of marketplaces out there don’t require KYC.
But NFTify will focus on original digital contents to serve real artists and the people who value their arts.
Andres M. | Satoshi Club:
Thanks for the clarification. Is time to go with our last question of this part of the AMA, would you like to add something else before?
Nikita Ngan Nguyen:
Let’s go-ahead.
Andres M. | Satoshi Club:
Yes, we understand is necessary
Q6 from Telegram User @Indomiekuy
I read from your whitepaper, NFTly will integrate Defi features including lending, staking, and more. How does your lending and staking mechanism work I’m NFTly? To use your feature, do we need KYC?
Nikita Ngan Nguyen:
In the next phase, there also will be a lending, collateral platform where people can collateralize NFTs to execute Defi transactions, and Gamified for gamers to trade Gamified NFT.
Andres M. | Satoshi Club:
Congrats, a lot of exciting events are coming
Nikita Ngan Nguyen:
Many thanks.
Andres M. | Satoshi Club:
You’re welcome Nikita, thanks to you for your clear and great answers.
Part 2?—?live questions from the Telegram community
Q1 from Telegram user @sheikhhsaab
After IDO of NFTify, are you planning to list #NFTify in Cex Exchanges?
Nikita Ngan Nguyen:
We will plan to do so, of course. Hope we can be listed on CEX in the near futures.
Q2 from Telegram user @JuanBerbesi
After creating my Nft without any expense as mentioned, can I offer my Nft at the price I want? And what currencies does your platform work so that they can buy it from me?
Nikita Ngan Nguyen:
Yes. You will set the price for your NFTs. For the MVP version, you can just use our token N1 for purchasing.
Q3 from Telegram user @BJosefina61
What are your plans to integrate NFTs to DeFi, is the idea very challenging?
Nikita Ngan Nguyen:
In my opinion, DeFi and NFT will exist side by side and complement each other’s shortcomings. In the DeFi market, you can trade, mortgage or lend with crypto assets, now you can completely use NFT as collateral.
Q4 from Telegram user @mucana
NFTify realized that users can create NFT stores. Will they be able to sell all types of NFT products? Is there a limit to the quantity or product variety?
Nikita Ngan Nguyen:
We will focus on digital content, more in the art world such as Image, video, music, gamified.
Q5 from Telegram user @Anjan336
I am excited for NFTify IDO so what platform you using for IDO of NFTify?
Nikita Ngan Nguyen:
We are confirmed to launch on Ignition and Redkite on June 4th. The announcements have just been released in our channels.
Please be sure to follow our Telegram and Twitter for more details.
Q6 from Telegram user @BlancaSdF
Building communities is one of the most critical but essential points that leads the project to success. How is NFTify working to build communities that are faithful to the project and its mission and vision?
Nikita Ngan Nguyen:
Community is a vital part of our project progress and we really appreciate and will take on board everyone’s comments and ideas as much as it’s possible. We value the impact on the community. Currently, M6 together with over 100 top KOLs are leading our marketing. Besides, we are partnering with many other NFT projects who already have great communities to bring the masses to the platform.
Q7 from Telegram user @atillayeni
Do you plan to burn your tokens what is your tokenburn map?
Nikita Ngan Nguyen:
Yes, we’re considering it.
Q8 from Telegram user @xperia3
What is PolkaFoundry and why did NFTiFY chose to build on PolkaFoundry? What are the benefits of PolkaFoundry when you compare it with others?
Nikita Ngan Nguyen:
Better performance, Low network fees, and Cross-chain interoperability are the benefits when we chose PolkaFoundry.
Q9 from Telegram user @JuanBerbesi
What type of security do they handle, how do they guarantee their users that investing or using their platform is totally safe and that our funds will be safe?
Nikita Ngan Nguyen:
Users will have the Two-Factor Authentication, Prevent multiple failed login attempts, Encrypt data…
Only save centralized data when needed. Coin / Token / NFT will be stored in the user’s wallet instead of on the platform.
For smart contracts, we absolutely have an audit for security.
Q10 from Telegram user @Beterror203
How many use cases is your NFT unlimited?
Nikita Ngan Nguyen:
Gamified, music NFT store will be first in the line. Next step, we will launch a secondary marketplace for people to trade NFTs without having to list them on another platform.
We already have many partners and also ideas for add-on applications to give more ways of use to NFT owners. We are shaping the NFT world. So I can only tell you that it will be very exciting.
Part 3?—?Quiz Results
In the final part, we tested your knowledge in terms of NFTify. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 300$.
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