Welcome to the #ZeFi AMA with NFTSWAPS!
Today we have Crypto dude (@Cryptodude001) and Tobin (@Tobin01) with us today from the NFTSwaps team ready to answer our questions and fulfill our curiosity!
Crypto Dude: The NFTSwaps Team is a Team of 5 that consists of coders and designers, with an average of 3–4 years of crypto experience. We have been part of a few successful projects and we think this one will be the greatest, you can imagine we were very lucky with God’s timing on the current NFT mania and hype.
Tobin: Our Team has decided to remain partially anonymous to keep the platform KYC free. We are using crypto the way it was designed to be used. No selfies, no outside interference. I am Tobin Jude. I spent 9 months traveling around the world after graduating from the University. Inspired by the book “Mastering Bitcoin’’, by Andreas, I became very obsessed with cryptos. My previous experience at sesameseed (a funding platform for Tron applications) had prepared me for a better opportunity in DeFi — I met Gideon who impressed me with his solid understanding of blockchain and his several crypto experiences.
Oh, tell us about the other projects you guys have worked on before? I guess this might be interesting to share
Yah, for the personal introduction, I am Gideon, fluent in several programming languages. Heard about Bitcoin in 2018, while I was in college. Feel in Love.
Smart-contracts got popular in the crypto space, I started playing gaming dapps. Worked on a PVP gaming Dapp concept which I consider very successful and moved with the market to participate in Defi Dapps
Such an interesting background you both have..
So I and @Tobin01 are both Co-founders We got into NFTs will trying to thinking a way around the unsustainable model of play to mine gaming dapps. We were trying to figure out a way to cut of tokens from receiving dividends and that was in that way we figured NFTs can store tokens. Hence our attraction to the term DefiNfts.
Our vision to build a decentralized NFTSwaps to make NFT liquid and give investors better prices for their NFTs is great this just one piece of the puzzle, we feel like many things can be done with the NFTs and we are working together as an awesome team on NFT ideas we find cool.
So you will be launching on BEP20. I understand that most of the people now prefer it over ERC20, but can you elaborate more on why did you choose it? How sustainable is this solution for the NFT market as a whole?
Well, we believe that BSc is cheap and fast so it will attract a lot of users.
Then, our main platform features include:
Convert your NFTs to BEP20 equivalents.
In this manner, it is possible to:
Get better prices for your NFTs.
Access deeper liquidity as an NFT creator or Artist.
Make faster swaps with no time delay as compared to auctions.
Don't you fear that by the release of the project, eth gas fees would have been adjusted? Especially as the Optimism project is released this month?
I understand it from the perspective of gas fees but worried that most of the NFT are going to stay more active in the ethereum blockchain nevertheless
I am also worried that the BSC chain is going to be less attractive once lots of volumes go there? gas prices will definitely go higher no?
Binance Smart Chain is backed by Binance, the biggest, if not one of the biggest cryptocurrency exchanges on earth. You can imagine already all cryptocurrency listed on Binance can already be withdrawn as BEP20, that’s a huge liquidity opportunity to tap into.
Can you expand a lil bit more on this idea :)? How can NFTs store tokens?
Ok, an NFT holds metadata, this metadata can include the information of the NFTs rights to tokens in a contract. Simply put, an NFT can hold tokens, accrue tokens, or can be fractionalized in tokens..blah..blah
In addition to this. NFTSwaps is a DEFINFT project that aims to solve NFTs liquidity and price problems by allowing users of its platform to be able to create BEP20 representations of their NFTs which are redeemable anytime by the user. It is a permissionless protocol that allows anyone to create NFT funds and get BEP20 Derivatives of their NFTs tradeable on PancakeSwap and BakerySwap through the NFTSwaps UI.
The Liquidity of each NFT BEP20 token on any AMM Exchanges is independent of our platform and solely provided by each NFT creator team or anybody else who wishes to.
The Platform UI/UX interface is simple. Check it out: https://bit.ly/SWapsUI1 Users don’t have to leave our platform to convert their NFT Asset to BNB on Binance Smart Chain. You can check out how it works here: https://nftswaps.io/#how
so I can suggest projects through your website and $swap holders would vote for including the project
does that work for independent artists? or can I suggest a single nft ? and every NFT metadata holds tokens ?!
No, the NFT contract Creator can add his or her NFT
Or an Admin can add an NFT when we think there is a revenue opportunity to leverage with those NFTs.
Of course, voting to add an NFT contract can come in later in the future but for a start, only the NFT contract creator or admin will be able to do this as my mate said.
NFTs lose interest because they are illiquid and usually difficult to sell. At the fundamental level, this should improve users’ interest in NFTs.
There are two problems with the NFTs we trying to solve:
NFT Liquidity problem;
It’s no news, NFTs are illiquid assets. Unlike DeFi tokens, NFTs have little to no sustainable on-chain cash flows, especially on Binance Smart Chain. There are no P/E ratios or DCF models you can apply to them. They are illiquid because they are more than a financial asset class. By allowing an NFT to be convertible to their BEP20 equivalent, you can run liquidity mining programs and therefore reduce the time for them to achieve liquidity to near zero.
2. NFT Pricing Problems;
There are few price discovery and appraisal mechanisms for NFTs, the most popular being the NFT Auction mechanism. The problem with any form of NFT Auction is, you are not sure how this will turn out and you don’t really know what prices your NFT will be valued at instantly, but with tokenization of NFTs on NFTSwaps.io, you can at least accept the base price which is the value of the NFT’s BEP20 equivalent.
I have noticed that most NFTs and the NFT market as a whole becomes either still or people lose interest in it every bear run. As the majority of people won’t afford to lose their money on “collectibles”. What do you think you can do in NFTSwaps to tackle this issue? Or is there anything you can really do to tackle it?
Adding to this, the recent NFT lack a dedicated team, the majority of the NFT in Eth or BSc are just created for fun. Our solution to this is to create a launchpad for NFTs alone. With this NFT holders will rest assured that they are buying something with real value.
A lot of the recent conversation and hype around NFTs has focused on digital art or licensed collectibles, where pure scarcity is the major selling point. But what do you personally see as some of the other most compelling applications and use cases for NFT technology?
Independent artists and musicians are championing NFTs as a viable model of digital ownership, so you can say NFT has use-cases in Art and Music.
Collectibles, art, games, and virtual worlds are the key categories of current NFT use cases. Other categories, such as sports, fashion, and real-world properties, are, however, increasingly growing.
In sports, do you mean ticketing, memorabilia, fractionalized ownership, or what exactly?
NBA Top Shot for instance is a sports collectible platform that allows users to trade the collectible of NBA highlights.
Fantasy, utility, ticketing, fractional ownerships are possible NFT applications in sports and we are yet to see more full-blown use as to this field.
NBA ownership has created a blockchain exploratory committee, so we may see new blockchain use cases coming out soon, but it remains to be seen whether that will extend to NFT.
Alright. Of course, we will see more use of NFTs in sports in the coming future.
I would love to hear more about the tokenomics of $SWAPs before we open it to the community for some questions
The primary functions of the $SWAPS token are to serve as the governance token for the NFTSwaps DEX and to provide broad exposure to the NFTSwaps ecosystem by returning transaction fees received by the NFTSwaps platform to SWAPS token holders by buying back and burning $SWAPS.
SWAPS Token Information.
Token Name: NFTSWAPS
Token Ticker: SWAPS
Supply: 2,800,000 (2.8 million)
Token Contract Address: 0xc536462e5a9fdacd4f1008a91e7daba1374c0226.
$SWAPS Token Distribution.
64.2857% Public Sale — 1,800,000 SWAPS.
27% Initial Liquidity — 756,000 SWAPS
3.5714% one-year Farming — 100,000 SWAPS
1.5714% Marketing and Operations — 44,000 SWAPS
2.8571% Team — 80,000 SWAPS (locked for 1 month and vested for 12 months).
Maximum Supply: 2,800,000 $SWAPS
NFTSwaps closed a private round of 200 BNB. We have a Public Sale round to give more peeps in our community a chance to get the $SWAPS token before the listing on PancakeSwap. The public sale Round is scheduled for Saturday, 20 March, 2021 on DxSale.app. You can check out our announcement on this — https://bit.ly/PubicRound
Hello thanks for the AMA. Do you think that NFTs are actually fairly valued and here to stay, or is it all just inflated hype lately?
The concept behind NFTs is a pretty cool one, combining tokens with a more collectible aspect such as digital art or even physical real-estate. This concept states everything already. Have you conducted any outreach to existing NFT artists or communities to use your platform, or how are you going to generate real consumer demand from the start?
Yes, we have but difficult to pull them in when, the platform isn’t running yet, we will do some more outreach after the platform launch.
We will organize a meeting with some known NFT artists after our platform development.
@Tobin01 @CryptoDude001 do you think your platform can compete with platforms to bring users to your NFTSWAPs from platforms like Daofi which has been in the space for a few months and launched on xdai chain a few days back with a working product or platforms like NFTFY which has a working product and will launch soon.
Of course, we have a good business model around NFTs which will believe will make us very competitive with other NFT Platforms.
Our business model is structured in a way that we can tap into the different use-cases of the NFT market and not just being applicable only in the collectible field and gaming field. The only way we gain is if we succeed in getting widespread use of the platform and creating a platform especially useful for artists, creators, and all kinds of NFT use cases.
It would be good to launch with some actual “names” involved, you don’t want to wait too long to build momentum in a space that has lots of attention on it right now
Sure, we have intentions to get some big names on board.
And to add to this Question — How soon do you see your platform launching? How far are you in the development phase?
1-month development timeframe is the goal and it has started already, we are working on the UI and in partnership with our blockchain dev — ivynetwork.io, we did try to deliver this in 1 month and 2 weeks max, accounting for testing etc.
Oh yes, I saw ENJ (Enjin) is doing tokenized real estate stuff with LABS, that is a cool use. Echoing what some others have said about using an unproven launchpad for your public sale; have you reached out to BSCPad? They seem to have a pretty good reputation in the BSC space
As regards BSCPAD. We have good relationship with the team at the moment.
Let’s hope something good will come out of this soon.
And this was it!
We’d like to thank the team for showing up to the AMA today and fulfilling our curiosity.
Please follow the links below in order to follow the team’s latest updates and news:
Telegram Chat: https://t.me/nftswaps_io
Telegram Annoucements: https://t.me/nftswapsnews