Thank you to everyone who joined AMA Blockelite x NFTb on 15th June at 01:00 PM UTC I 08:00 PM (UTC+7). Here is the recap for those who missed this AMA.
Yuno – Blockelite Host: Hello fellow Eliters and welcome to another Blockelite AMA Series
So ladies and gents, Our special guest today is Tommy – COO of NFTb
Hello Tommy @lvto8 , welcome to Blockelite today
Tommy – COO of NFTb: Hi everyone ! I am very happy to be here 🙂
Yuno – Blockelite Host: I’m happy too 🙂 thanks for joinning today
How are you today?
Tommy – COO of NFTb: It’s been a good day so far. We have been working hard leading up to our IDO.
Yuno – Blockelite Host: So great
On to the Segment 1 of our AMA, we hope you’re ready for the next few questions coming at you!
Tommy – COO of NFTb: Lets go!
Yuno – Blockelite Host: We will enter Segment 1 right now !!!
Q1: Can you briefly introduce yourself as well as the NFTb?
Tommy – COO of NFTb: Hi everyone! I am the Chief Operations Officer at NFTb. I have over 8 years of experience in leading marketing for Fortune 500 companies and high-growth tech startups.
Previously, I held roles at DXC Technology (formerly Hewlett Packard), where I developed an app to distribute content and capture user data, and also at Swinburne University, where I helped launch the University’s first Accelerator Program. I have also previously worked at a Venture Capital firm where I advised many blockchain companies.
Our mission at NFTb is to create an NFT marketplace with the best user experience for anyone, anywhere.
NFTb is a Premium NFT Marketplace built for speed and affordability on the Binance Smart Chain and expanding to multi-chain support with subsequent product updates. Users anywhere around the world can join the platform and create, sell and trade digital art at a fraction of the cost of other platforms.
Yuno – Blockelite Host: Thank you, for your introduction, our pleasure to have you join us today
Q2: As we know “NFTb is the first premium NFT marketplace on BSC”, why did NFTb choose BSC instead of other blockchains? What makes artists and creators should to choose you?
Tommy – COO of NFTb: There is no premium curated NFT marketplace in the BSC space. Most of the current ones are open access meaning they are quickly filled with spam, stolen works, and extremely low-quality work. You can take a quick glance to see other NFT marketplace platforms on BSC to see the difference in quality between NFTb and other platforms.
We want to present our platform so that it feels like a curated experience for all visitors of our website. We hope this gives new and artists comfort knowing that their high-quality work will be among many other sorts after pieces.
The BSC NFT ecosystem is just starting to emerge, with only a few NFT marketplaces launched in the last couple of months. We decided that we want to focus on one key area (Premium artwork) before expanding into other types of NFTs like Music, AR, Gaming. We will be expanding into more NFT categories in Q2 + Q3 2021!
Yuno – Blockelite Host: Thank you, next question
Q3: What is the business model of NFTb? How can NFTb generate profit/revenue to sustain your project? How can investors and your project become a win-win?
Tommy – COO of NFTb: Thanks that’s a great question 🔥
Like any marketplace platform (Grab, Alibaba, etc) that connects 2 different markets (creators and buyers in NFTb’s case), we take a portion of sales. The more NFTs that are transacted via NFTb the more we can generate a profit. Our profits will grow as long as the number of transactions that occur on NFTb increases.
NFTb has other alternative revenue streams such as partnerships for marketing campaigns and platform services (such as being able to pay to promote your NFT on NFTb).
Yuno – Blockelite Host: depend on transaction
Tommy – COO of NFTb: yeah exactly
Yuno – Blockelite Host: Sounds great, Next question
Q4: What is the market strategy of NFTb to get mass adoption by millions of users, artists, creators, and investors outside the crypto space?
Tommy – COO of NFTb: Many marketplaces usually find that they have to spend a large portion of their budget on marketing and advertising to acquire new users (think to Uber and Alibaba). Our view is that we can acquire users and increase platform awareness by leveraging our community and creators.
Marketing is our bread and butter for driving value to our platform. We love to learn from our competitors who have paved the way for NFT marketplaces and we will be implementing their successes. At the same time, our team is prepared to take risks by trying new ideas and best practices!
We like to take an education first approach when it comes to creating content for our marketing campaigns.
For acquiring new users that are choosing from different NFT platforms, we use education as part of our growth strategy. Adoption is a huge challenge for NFTb and NFTs in general. There is still a huge learning curve for users to own or create an NFT. From understanding how to manage a cryptocurrency wallet to adding a whole new list of words into your vocabulary such as “minting” or “gas fees”, many people are discouraged by having to take a deep dive into the unfamiliar.
As an NFT marketplace, our focus is to ensure that we are continually adding value to both our creators and collectors by growing users on both sides of the market (creators and collectors). We believe that we are very early when it comes to the adoption of NFTs and that there are still plenty of opportunities for artists to create their first NFT and collectors to purchase their first NFT.
We have onboarded over 300 of artists and creators (still 2K+ on our waitlist). However, we are finding that many artists need a lot of guidance before they are comfortable with creating their first NFT. To bridge the gap in knowledge and scale the onboarding process we are investing heavily in building an educational program for creators to get started with NFTs.
Once users are familiar with NFTs we educate them about our features and how we compare to other NFT platforms. Here a few features we can use to help people understand us compared to other NFT marketplaces
Yuno – Blockelite Host: Rarible , Opensea, SuperRare, … hmm I know it
Thanks for sharing ,
Last question in segment 1
Q5: What milestones have NFTb achieved and what is the next roadmap for 2021?
Tommy – COO of NFTb: We are proud to be the first NFT Marketplace to launch on BSC with a working product. In just one month, NFTb has onboarded over 300+ verified artists (there are still over 2000 artists still on our waitlist) that have minted over 400+ exclusive NFTs. 🎉
In terms of what’s next on our roadmap, we are a product-focused team that are focused on delivery compelling features for users.
Here are some product features that will be a catalyst for growth at NFTb:
- Multi-language support: We are serving underserved markets. There is currently a lack of support for languages other than English on many NFT Marketplaces. NFTs have been an unprecedented source of income for many artists from developing countries. These artists are underserved with current NFT marketplaces. We are building multi-language support on NFTb to provide greater access to these artists.
- Multi-chain support: As stated earlier, we believe that creators shouldn’t be restricted when it comes to who they do business with. We are adding cross-chain support to enable artists to reach buyers on whatever platform they are on. This allows NFT creators to experience the best of both worlds; lower fees, less risk, faster transactions on BSC, and access to ETH-based NFT marketplaces where there are currently more buyers.
- Yield Farming: The NFTb team has helped many artists and creators experience the power of DeFi by generating income through the sale of NFTs. To further incentivize users to participate on the NFTb platform we are introducing NFTb Yield Farming.
- Binance NFT Integration: As Binance launches its own NFT platform, we are working with Binance very closely to grow the NFTs on BSC. Users will be able to directly list on Binance via our API.
Yuno – Blockelite Host: I like farming and waiting for Binance NFT in June
Tommy – COO of NFTb: just around the corner 🙂
Yuno – Blockelite Host: We wrapped up nicely the first part.
Join: @nftbcommunity to update information and IDO 🙂
Are you ready for Segment 2 (5 best questions from twitter)?
Tommy – COO of NFTb: Yes 👊
Yuno – Blockelite Host: Our guest is ready, we will start Segment 2 right now !!!
Q1: There are popular NFTs marketplaces like OpenSeas and Rarible. Why would artists and content creator prefer NFTb? Do you plan to allow cross-chain NFTs in the future?
Tommy – COO of NFTb: Many NFT marketplaces are built on Ethereum. With ETH2 perpetually about to be released, and many L2 solutions yet untested, it’s unclear that congestion on ETH is holding back the potential for NFTs to be adopted.
Compared to ETH based platforms, the cost of minting and transacting an NFT on NFTb is much lower. Minting an NFT during peak ETH network congestion may cost an artist $150 USD (excluding sale transactions) while minting an NFT on BSC usually costs <$1.
We believe that lower fees will empower many amazing artists and creators, by helping them showcase their work and receive the visibility and value that they deserve without having to pay expensive transaction fees. We will soon help artists understand how much they will save on gas fees by choosing to mint on NFTb vs. ETH-based marketplaces via a gas calculator.
For NFT Marketplaces in the BSC ecosystem – As stated before, there is no premium curated NFT marketplace on the BSC ecosystem. Most of the current ones are open access meaning they are quickly filled with spam, stolen works, and extremely low-quality work. You can take a quick glance to see other NFT marketplace platforms on BSC to see the difference in quality between NFTb and other platforms. We want to set up our platform so that it feels like a curated experience for all visitors of our website. We hope this gives new and aspiring artists comfort knowing that their high-quality work will be among many other great pieces.
But that’s not all – as I mentioned before we are building multi-chain support. We want users to be able to take advantage of the benefits of both the BSC and ETH networks. We believe that creators shouldn’t be restricted when it comes to who they do business with. We are adding cross-chain support to enable artists to reach buyers on whatever platform they are on. This allows NFT creators to experience the best of both worlds; lower fees, less risk, faster transactions on BSC, and access to ETH-based NFT marketplaces where there are currently more buyers.
Yuno – Blockelite Host: Next question
Q2: How do Your project plan to combine it with DeFi?
Tommy – COO of NFTb: The NFTb team is focussing on driving the adoption and growth of NFTs on BSC as well as bridging the gap between DeFi and NFTs via its Yield Farming feature, NFTb Earn. Users will be able to stake $NFTB to earn $NFTB and $BAO.
The BAO token is a reward token, designed to bootstrap network growth on the NFTb platform while making it an easy and fun way to earn rewards for supporting our native token.
While $NFTB is the main utility and governance token of the platform, $BAO holders can:
- Gain access to exclusive yield bearing NFT drops; and
- $BAO tokens can be staked to return additional rewards in $NFTB — this gives holders a stake in NFTb’s revenue both on NFT sales + Yield Farms.
As we grow the NFTb ecosystem we plan to have some NFTs only available in our exclusive drops section for $BAO holders.
Yuno – Blockelite Host: Thanks for sharing
Q3: How many different ways does NFTb reward creators and platform users? Can users with NFTB tokens get a transaction fee discount on NFT purchases?
Tommy – COO of NFTb: NFTb is built to reward creators and platform users. The $NFTB token is designed to reward all network participants.
There are many ways to earn $NFTB, which include:
- Incentivizing both creators and collectors for interactions on the platform
- Early-adopters will be rewarded with airdrops based on usage
- Earn $NFTB by unlocking achievements on the platform
Staking and Liquidity Mining Rewards
There are also many ways to use the $NFTB token, which include
- Platform fee discounts
- Platform services (advertising and promotions)
- Staking and Liquidity Mining
- Integrations with BSC-based platforms on accepting $NFTB as a payment token.
Yuno – Blockelite Host: Continue with Q4
Q4: You have great artist on your platform, but it seems like everyone can make ‘arts’ nowdays. Do you have any qualification of nft art that could be minted?
Tommy – COO of NFTb: In just one month, NFTb has onboarded over 300+ verified artists that have minted over 400+ exclusive NFTs. We still have many artists and communities we can tap into (there are still over 2000 artists still on our waitlist) — as a premium NFT Marketplace, we have a comprehensive vetting procedure for onboarding artists.
Our vetting procedure ensures that our platform is set up to feel like a curated experience for all visitors of our website. This ensures that we can ensure that buyers can make a clear judgement of value when seeing high-quality work on our platform.
Yuno – Blockelite Host: Perfect
Ok, last question of this segment, everyone please prepare good questions for segment 3.
Q5: How do you think with Asia market? Does your team have any plan approach ASEAN which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Tommy – COO of NFTb: We think the ASEAN users are ready for a Premium NFT marketplace that will showcase the work of ASEAN artists along with other great artists from around the world. There is currently a lack of support for languages other than English on many NFT Marketplaces. NFTs have been an unprecedented source of income for many artists from developing countries. These artists are underserved with current NFT marketplaces. We are building multi-language support on NFTb to provide greater access to these artists.
We are doing a Phase 1 expansion by launching NFTb into the Chinese and Russian markets. Once complete, a few ASEAN countries will be included in Phase 2.
Yuno – Blockelite Host: You are awesome, thanks for answer all 5 best questions from twitter of my community.
Last Segment for AMA today, The guests will select 5 best questions from the community
In what ways do you think NFTB contributes so that financial institutions can benefit from the advantages that DeFi offers?
Tommy – COO of NFTb: This is a very interesting question! We are hyperfocussed on making sure NFTs are adopted by the masses. However, in terms of making sure traditional financial institutions understand the value of NFTs (via DeFI) much needs to be done in the industry to educate the decisions makers in these institutions.
It has been very exciting to see the Bank of Korea looking at the value of NFTs in their CBDC experiment
Many projects rug pulled and exit scam recently. Why should investors trust your project not to do the same?
Tommy – COO of NFTb: We take security and protecting our users very closely!
As part of NFTb’s commitment to ensure that the platform is safe for users involved in our ecosystem, we have engaged respected security audit firms CertiK, Hacken, and HAECHI AUDIT.
These firms will be working closely with our team to complete a comprehensive audit of the NFTb smart contracts using industry-leading tools and practices, at a time when many projects are launching their token without strict audits.
As a platform built on BSC, anyone is able to view the underlying smart contract code and identify bugs, should they exist. This is often great as the more eyes that are on the code, the greater the opportunity for vulnerabilities to be picked up and resolved.
However, this also means that vulnerabilities can be found by malicious actors, and once a smart contract is deployed — attackers are given the opportunity to exploit. While our development team has implemented the highest standards in development and testing, we welcome the opportunity for a team of highly qualified security experts to diligently scrutinize our work and probe for any vulnerabilities.
If there was a project that copied your entire platform and technology for development, what would $NFTB do? and how $NFTB solves it?
Tommy – COO of NFTb: That’s a good question. With many projects being open-source it isn’t hard to copy or fork the code. This isn’t a concern for us as we are actively investing in ways as we are investing in building processes in operations, marketing, finance and development to ensure that those are not easily replicated
Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefit from holding $NTFB in long-term?
Tommy – COO of NFTb: Yes, we just launched an ambassador program last week and we are actively recruiting. If you are interested in helping us further the adoption of NFTs, join us here 👊
Who are your real competitors then? How can you capture the most value from this nascent market?
Tommy – COO of NFTb: Although it may appear that our competitors are other NFT marketplaces like OpenSea, Rarible, etc.
We are defining a new space for ourselves which relies heavily on helping users get the benefits of NFTs + DeFi. There are no competitors in this area that does both together well.
Yuno – Blockelite Host: Thank you for joining today AMA! It was awesome!
Our AMA session is now over !!!
Tommy – COO of NFTb: Thank you everyone! I really had a great time seeing all the original questions