Recapitulation of NFTFY PROJECT AMA event held at AMA LOVERS CLUB.

9 min readMay 8, 2021

Recapitulation of NFTFY PROJECT AMA event held at AMA LOVERS CLUB.

Venue: https://t.me/amaloversclub
Date: Saturday, 8th May, 2021
Time: 16:00 UTC

The NFTFY PROJECT team was represented by Let's welcome @ViniciusVasc and @Leo_impelizieri who judiciously shared with us detailed knowledge and information about NFTFY PROJECT.

1st Segment: INTRODUCTION

Q1: Can you please introduce yourselves and your background, also introduce the team working on NFTFY?

ANS: Hey, everyone!

I’m Leonardo, CEO and co-founder of Nftfy. I’m an Electronic Engineer, but since 2018 I’ve been fully connected to the crypto market, when I joined BlockchainBH as Head of innovation and founded my first startup in the crypto ecosystem. I have been recently nominated as ConsenSys Ambassador and since April of 2020 I’ve been dedicating full time to the development of Nftfy.

The whole team is from Brazil and some of them are:

Rodrigo Ferreira
Ph.D Yale University, Computer Science
Blockchain Architect, Smart Contracts Specialist

Vinícius Vasconcelos
Master in Electrical Engineer
Product Manager & Operations

André Salles
Attorney & Legal Counsel
Head of Legal and Public Relations - BlockchainBH
ConsenSys Ambassador - Build Network

Fabrício Miranda
Solutions Architect and Tech Team Lead

Lalo Trage
Crypto Specialist
Public Relations & Marketing - Nftfy
Polkadot Ambassador

João Hazim
Blockchain Researcher & DApp Advisor
Public Relations & Marketing - Nftfy

We also count on a high level team of Developers and Designer that are working hard to develop everything perfectly for the official launch.

We have a strong board of advisors that have been supporting us with all the business strategies and partnerships.

Q2: Can you introduce NFTFY, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?

ANS: Nftfy is a Decentralized Application that provides the fractionalization of Non-Fungible Tokens. It is a permissionless protocol that allows anyone to generate ERC20-compliant Fractions fully backed by the NFT. In that way, we can say that Nftfy is the trustless way of sharing ownership of NFTs, allowing the connection to all the DeFi functionalities and bringing instant liquidity to the NFT ecosystem.

The main problems we try to solve in the NFT ecosystem are the lack of liquidity, high investment risk and the monetization of these assets.

Nftfy is completely Decentralized, Permissionless and Trustless. It is a simple open-source code that guarantees the backing of the ERC20-compliant Fractions by the NFT and ensures the rights of all the token holders.

The three main processes of Nftfy (Fractionalization, Redeem and Claim) happen in an instant way and you don’t depend on anyone to buy some Fractions, nor to buy the whole NFT. You simply buy them without any intermediaries and without any kind of block by another user.

Differently from some competitors that stake the NFT in a pool full of other ones, in Nftfy we see and value each NFT as a unique piece, just as it is meant to be.

Q3: Well, liquidity is quiet a big problem not only for NFTs but for DeFi as well

How do you intend to solve this?

ANS: That's right, it is a big issue. After the Fractionalization process, the user receives ERC20-compliant Fractions fully backed by the NFT. So, Nftfy allows anyone to generate their own ERC20s and they are able to launch these Fractions in the open market with liquidity, through the creation of Liquidity Boostrapping Pools on Balancer.

Q4: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?

ANS: We have been working on this project for about a year now, and we've done everything in a bootstrapping way until January of this year,
Our smart contracts were already audited in March of this year and we have everything ready to go to market.
We had our IDO on Poolz last Wednesday (May 5th) and it was a huge success. Now, we are preparing for our official token launch. We are going to launch an LBP on Balancer on Monday (May 10th) and it will last 36 hours. AFter that we will the Uniswap listing and start of our Farming Program.
Then, a few days later, we wilil have the official launch of our marketplace.

Q5: Can you briefly describe your PARTNERSHIPS so far?

ANS: We have onboarded more than 30 major partners in the crypto ecosystem. We tried to bring those who could aggregate the most to the project's long-term view and they are all committed to support us with business development and marketing strategies. Some of the names include MoonWhale Ventures, GD10, Lotus Capital, AU21, Magnus Capital, PetRock Capital, and much more!

AU21 seems to be partnering with a lot of projects

What's your partnership relationship with AU21?

If you can share!

Yes, they are great! They will help us in some business strategies and by establishing partnerships with some great NFT protocols!

Q6: Can you give an overview of your Tokenomics, and the UTILITY of the $NFTFY Token?

ANS: The $NFTFY is a fungible ERC20 token and will be the entire basis of the economy related to the Nftfy’s ecosystem. It will act as a liquidity base for the new Fractions generated in the protocol, boosting liquidity to this ecosystem of many newly created ERC20s.
Like I said, the users will be able to launch their own ERC20s in the open market by creating LBPs on Balancer. So we encourage everyone to use the NFTFY token as collateral in these pools, so they will automatically participate in our liquidity mining and rewards programs.

We have many incentives in Nftfy for those providing liquidity in these pools. All the liquidity providers will participate in many rewards in our platform, such as airdrops of special NFT Fractions!

2nd Segment: LIVE Questions

Q1: On Nftfy website i see term called Minimum Viable Fractionation (MVF), which consists of three main processes: Fractionalization, Redeem and claim. Can you explain to us each of these processes and how they are different?
https://twitter.com/IEO_Alert/status/1391066233353605126?s=19

ANS: In Nftfy, there are three main processes: Fractionalization, Redeem and Claim.
Fractionalization is the process where the user sets the Exit Price, stakes the NFT and receives the ERC20 compliant Fractions backed by that NFT.

The Redeem process happens when someone wants to buy the whole NFT. In that case, the user just needs to pay the Exit Price using Fractions and/or the cryptocurrency set in the beginning. Anyone who pays the Exit Price will receive the NFT from the stake. This payment is stored in the Smart Contract’s vault and it becomes the new backing of the remaining Fractions.

In that way, the remaining Fractions are now worth their maximum price and all the other Fraction holders are able to exchange them for a proportional amount of the value stored in the vault. This is the Claim process, in which all the other token holders will be properly awarded.

Q2: Due to the volatility nature of crypto assets, investors could experience a drastic fall in the price of NFT's after purchasing it at an high price. What mechanism has NFTFY put in place to help ensure that everyone will be able to buy fraction of them at a fair price in the open market?
https://twitter.com/BisolaHafsat/status/1391064061232693255?s=19

ANS: During the Fractionalization process, the user needs to set an Exit Price for the NFT. This exit price will be maximum amount that someone needs to pay to buy he whole NFT.
Once the user launches the ERC20-compliant Fractions with liquidity using Balancer's LBPs, the open market will price these Fractions. So, now the Fractions have a real-time price history and they have a fair price defined by the market.

Q3: We are facing many problems in the NFT market...For example 1.Low liquidity
2.Investment Risk
3.Monetization and ownership
How NFTFY will help us solve these problems???and How to help us NFTFY to manage a beautiful NFT market ??
https://twitter.com/Gamer10001865/status/1391057007692574723?s=19

ANS: By Fractionalizing the NFTs, we empower anyone to generate and launch their own ERC20s in the open market with liquidity. The NFT Fractions are all ERC20-compliant and they represent that unique NFT.
In that way, having these ERC20-compliant Fractions with liquidity, users will be able to interact with the main DeFi applications.

Q4: I read that NFTFY is currently an erc20 token, so I wonder, is it in your plans to migrate to another network like BSC due to the fee costs in ETH?
https://mobile.twitter.com/uaamoises8/status/1391057603682258951

ANS: In this first moment, we are going to be fully on Ethereum, because we believe it is where the most valued and long-term NFTs are. However, depending on the community's requests and demands we can implement cross-chain and other layer solutions.

Q5: Among the several existing top DEXes, why did you decide to stick with Balancer Protocol for trading of the ERC20-based NFT fractions generated on NFTfy? Also, what's the difference between "Redeem" and "Claim" in relation to NFT fractionalisation?
https://twitter.com/kerzy_f/status/1391067018418401287?s=19

ANS: Balancer is an incredible AMM technology that allows the creation of different pools configuration for various intentions, offering the best solution for the launching of new ERC20s in the market.

Q6: What do I need to do to be part of the LGE on Balancer LBPs (Next Event) that will be starting on the 8th of May? What are the requirements that needs to be met to receive some of the tokens from this event?
https://twitter.com/mikenit90/status/1390997069683376131?s=19

ANS: Our LBP on Balancer is due May 10th (on Monday) at 13:00 UTC. This LBP will last 36 hours and we will offer some very interesting incentives for everyone who buys there. It will be the last change for everyone to purchase NFTFY tokens before the Uniswap listing.

Please, take a look at our article explaining all the details:

https://medium.com/nftfy/quick-steps-to-the-nftfy-lbp-9f8fb1cee47

Q7: Do the price for each partition would be proportional to the number of fractionalization? Who will decide the number of fractionalization that the NFT will have, Nftfy or the seller will?
https://twitter.com/Stefano3210/status/1390866152818192384?s=20

ANS: In this first moment, the user will receive 1,000,000 ERC20-compliant Fractions fully backed by the NFT. This is a fixed amount for now, but depending on waht the community thinks about that and on how the market will react, we can implement other possibilities for this amount.

Q8: Defi and NFT are currently on fire , could you inform NFT and DeFI ecosystem of innovative products or solutions that make NFTFY unique!
https://twitter.com/DrMonica56/status/1391068942542639104?s=19

ANS: Nftfy is completely Decentralized, Permissionless and Trustless. It is a simple open-source code that guarantees the backing of the ERC20-compliant Fractions by the NFT and ensures the rights of all the token holders.

The three main processes of Nftfy (Fractionalization, Redeem and Claim) happen in an instant way and you don’t depend on anyone to buy some Fractions, nor to buy the whole NFT. You simply buy them without any intermediaries and without any kind of block by another user.

Many protocols have special agents that can control the smart contracts with special admin powers or private keys. In Nftfy, everything is decentralized. Once you have generated the Fractions, you only need to comply with the rule of the Exit Price to do the Redeem and Claim.

Differently from some competitors that stake the NFT in a pool full of other ones, in Nftfy we see and value each NFT as a unique piece, just as it is meant to be.

Q9: How do you plan to spread awareness about your project in countries where English is not well spoken? Do you have a local community / public so they can better understand your project?
https://twitter.com/amaloversnews/status/1390100012324073475?s=19

ANS: We have onboarded many strategic partners around the world to support us with community creation. We have a goal to build a strong, engaged and global community, so we are already planning these details.

CONCLUSION:

Thank everyone for all the great questions! I invite you all to join our Telegram group and enjoy all the possibilities of getting airdrops there! There will be many incentives for our community!!

Thank you in advance for the trust and support. Looking forward to having all of you using Nftfy!

Follow Us On Our Various Social Media Communities For More Update;

Our LBP on Balancer is due Monday (May 10th) and it will be the last chance to purchase NFTFY tokens before the Uniswap listing. We will provide Farming of NFTFY for those participanting in the LBP. It will be huge!

https://medium.com/nftfy/quick-steps-to-the-nftfy-lbp-9f8fb1cee47

Telegram:

https://t.me/nftfySec

Twitter:

https://twitter.com/nftfyofficial

Discord:

https://discord.gg/jEqfqGTV7V

Medium:

https://medium.com/nftfy

GitBook:

https://docs.nftfy.org

We will have lots of news today and tomorrow especially in our Telegram group and Twitter