On 12 August, 2022, HC Capital’s community had the opportunity to exchange with Ty Blackard @Tytaninc – Founder of NFTY Finance to join the AMA to provide useful information about NFT Finance’s.
This AMA is organized by HC Capital – The leading cryptocurrency community in Vietnam where investors and traders can receive the latest news and signals as well as discuss and share investment experience in the cryptocurrency space.
- Time: 21h Friday, 12/08/2022.
- Location: https://t.me/HCGemAlerts_chat.
- Airdrop: 200 USDT
Part 1: Q&A from HC Capital team
Part 2: Top best questions from form.
Part 3: Mini Quiz.
Content of the AMA program
Part 1: Q&A from HC Capital team
Jannie: Okey ! Let’s start our AMA 🚀
Today Ama will start now with Part 1: Some questions from HC for NFTY Finance
You can say “Done” when the answer is finished, @Tytaninc
Q1. Could you give us a brief introduction about yourself and NFTY Finance project ?
Absolutely! Hey everyone, I’ll go ahead and start with an intro of myself and our companies.
Ty Blackard: My name is Ty, and I typically go by Tytan.ETH. I’ve been in the space since 2017, trading crypto, making creative content for crypto, and more recently creating companies and products. I have a passion for creating relationships and communities that embody my views, and my views are simple. Everyone can win. I’ve seen projects rug throughout the years, but I firmly believe that value can be created and retained in this industry through new innovative business models and blockchain technology.
In late 2020 I co-founded NFTYLabs and built our first MVP called NFTYConnect, which let users prove ownership of NFTs for access to gated discords and telegram groups from a web app link. It was cool, and everyone liked it, but we wanted to move on to other things like token gated ticketing using NFTs (Web3 ticketing/NFT Ticketing), and now more recently, NFT-Finance. For web3 ticketing, we launched socialpass.io which already has two major channel partners that we’re working with for a series of token gated events. And for NFTY Finance we’re nearing testnet
Earlier this year, I also had the chance to co-found the PitchDAO which is a DAO focused on helping web3 founders grow. It has over 900 industry professionals, ranging from exchanges, marketplaces, investors, prominent web2 companies, builders, engineers, and more.
Jannie: Q2. How did you come up with the idea of NFT Finance? Could you tell us some of the highlights of NFT Finance ?
Ty Blackard: Actually, I can’t take credit for the genius of NFTY Finance. That genius idea was birthed by Digital Lawrence my Co-founder and CEO. The way we came upon the idea for NFTY Finance is that we were really happy with the development of SocialPass, but we knew that there was a big gap that we werent covering for an on chain product that deals with NFT Finance.
So Lawrence, one day comes to my house and says that he has an amazing idea for an onchain product that uses NFTs as collateral. We talk about it for a few minutes and realize it’s a bullet proof idea. You don’t get many of those often.
First let me explain what NFTY Finance is:
NFTY Finance is a brand new NFT-DeFi platform that facilitates the instant capture of liquidity from NFT assets without the need to sell them and provides lenders with a new way to generate income by lending out their stablecoins with minimal risk. The primary goal of NFTY Finance is to provide NFT collectors with a genuine, one-of-a-kind platform where lenders, borrowers, and NFT collections all benefit. Important components of this soon-to-be-released hybrid NFT and DeFi platform include the ability to borrow and lend money and the utility of the NFTY token.
So to explain some of the highlights of NFTY Finance I’ll list out a few:
-Liquidity shops: This allows lenders to be able to lend out for specific NFT collections with competing loan terms and capture the NFTs at a discount if the borrower doesn’t pay back a loan.
–$NFTY token: The NFTY token is a strong utility token with liquidity on multiple networks, and now with added utility in the NFTY Finance ecosystem. For every transaction that is done on the platform for loan issuance, $NFTY is used as the primary fee structure. 1% of the total transaction for a loan is charged to the borrower up front each time a borrower wants to get a loan. That fee is paid in NFTY.
These are just a few highlights.
Jannie: Q3. What is the most ambitious goal of NFTY Finance? What is the ultimate vision that your project is trying to achieve within the cryptocurrency market? I would appreciate it if you guys could share with us any upcoming updates.
Ty Blackard: The most ambitious goal we have with NFTY Finance is to absolutely dominate the NFT Finance market. We are just now arriving at a time when loans distributed for NFT collateral are rising rapidly. NFT market sales are down but NFT collateral loans are up.
This is likely caused by the bear market impacting buyers want for NFTs. The market is returning but NFT holders are asking for more from their NFTs. They want to be able to monetize their assets instead of just sitting on them.
So our goals right now are the following:
- Launch testnet this month
- Continue to onboard NFT collections, liquidity providers, and borrowers onto the platform. And our plan is quite simple for this. We can acquire the lenders, the collections, and the borrowers all in one move. The NFT collections can create their own liquidity shop that supports the NFTs in their collection. Then we co-market the releases to their audience and our own, then the borrowers from that collection borrow against the NFT collections liquidity shop. If people don’t pay their loans, the collection doesn’t mind because they will just receive the defaulted NFT anyways and can just relist on the market at a higher floor price. It’s a win win for everyone.
- Launch Mainnet on ETH, BNB chain, and Astar network.
- Run our total value locked on the platform to $1M.
- Reach a total of $1M in loans issued.
- Onboard 5 of the top 10 NFT blue chips including Pudgy Penguins (who I’m good friends with for good reason 😉)
- List $NFTY on a few exchanges to increase liquidity.
- Capture new US/European NFT audiences.
Jannie: Q4. We all know the community is the critical key to the success of each project, so besides marketing with AMAs, does NFTY Finance have a proper long-term plan to attract new users and build your community more strongly ?
Ty Blackard: As I mentioned regarding NFT collections and liquidity shops, the idea is very simple. NFT holders need liquidity from their NFTs, NFT collections want to support a floor price to make the NFTs more valuable. But if Borrowers are trying to get money for their NFTs right now they only have so many options. Sell the NFT and lose it maybe forever, or they can use NFTY Finance to request a loan against their NFT and just pay back the loan later on.
This is very important because our platform is providing a service not only to the borrowers but also the NFT collections themselves. These collections need a better way of getting liquidity to their holders without letting them sell. And that’s exactly where we come in.
Anyone that knows me by now realizes I’m quite well connected. I’ve been in the space long enough now that many of the top industry professionals know me. If there’s anyone that we want to go after for business development my team only needs to say the name and I can find a way to get connected if I’m not already.
This makes it easy when going after partners for our go-to market strategy which is simple. NFT collections get listed on our platform, we co-market the release to our communities, their holders use our platform to get loans out. Each time a new holder wants to get a loan out, they are exposed to $NFTY because you have to have $NFTY to be able to get a loan.
So in all, we have quite a few collections that will be launching with us on ETH, BNBChain, and Astar already.
We will also be doing some upcoming twitter spaces with our advisors and industry leaders. Our advisors include the following: Justin Taylor (head of consumer product marketing at twitter), Evan Helda (head of BD at AWS Amazon AR/VR), Maarten Henskens (Core team at Astar Network), and other big names!
Part 2: Top best questions from form
Jannie: Can you tell us when will NFTY Finance release the token?
Ty Blackard: So the NFTY token is already released and has been establishing price history for almost a year as of next month. Since our inception, we have constantly added more liquidity for the token on BNB chain, Ethereum, MATIC, and Astar Network.
We’ve also added exchange listings like MEXC, and Gate.io with more exchanges on the way.
We have a strong community of supporters who have been with NFTY from the very beginning and help to get the token more visibility.
The token will be used in both our products, NFTY Finance and SocialPass. So utility is not an issue.
We have multiple market makers like GSR, and Falcon X.
So in all we have deep liquidity, a strong community, lots of utility, exchange listings, and volume to support a well rounded token 🙂
Jannie: What are the steps to join the NFTY Finance community and begin earning money? Where can we sign up and make investments?
Ty Blackard: To join the NFTY community and start investing/earning you can easily just jump into either our official community on telegram here: https://t.me/NFTYChat
Our lovely vietnam community: https://t.me/NFTYLabsVietnam
Or even our discord: https://discord.com/invite/Q48xpzfbG4
In our discord we’ll be adding a token gated chat for NFTY whales, or NFTY holders where we will share more alpha updates ☺️
You can also start staking with us where you can earn a very nice APY on ETH and BNB chain: https://staking.nftynetwork.io/
If you’d like to buy you can choose from many options:
MEXC Global: https://www.mexc.com/exchange/NFTY_USDT
Gate io: https://www.gate.io/trade/NFTY_USDT
Jannie: Listing on the right exchanges especially major exchanges helps to increase the token price and is a form of Marketing. So Where can we buy Token and what plans do you have for listing on major exchanges (DEX and CEX)?
Ty Blackard: Totally agree, we have a few major exchange listings coming that the community will be happy about, but in the meantime heres where you can trade:
MEXC Global: https://www.mexc.com/exchange/NFTY_USDT
Gate io: https://www.gate.io/trade/NFTY_USDT
Yes, more exchanges on the way.
Jannie: How important is the community to you? and how can we collaborate or help you for the development of the project?
Ty Blackard: Community is everything. In most projects, there are a select few Venture capital firms that own a large share of the tokens and can manipulate the price at will. Most of the time these VCs will kill a token just by unleashing an unmanageable amount of tokens on the market.
We dont have that issue. Even in our current private investor distribution it’s made up of a bunch of community members that backed us in our early stages as a company. Tokens are distributed across 100+ investors rather than a few investors that can dump on the community.
Essentially what I’m saying is, the community owns the $NFTY token. From the start we always put community first.
The community can always help us get the word out, point out feedback in our products, help us get connected with other communities, and more.
We welcome participation from the community, and I’m very active myself so I see everything.
Jannie: What are the ways that NFTY generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Ty Blackard: NFTY Finance makes money through the following methods:
When a borrower wants to take a loan out against their NFT, they will need to have 1% of the total loan amount to pay a “Loan Origination Fee” before requesting the loan from the liquidity shop.
Once the borrower has acquired the NFTY needed for the loan they will pay the fee in NFTY. 60% of the 1% $NFTY fee is delivered immediately to the lender, 30% is immediately delivered to NFTY Finance, and 10% is delivered to the borrower once they pay back the loan. If the borrower defaults on the loan, the 10% is delivered to NFTY Finance.
This revenue is generated entirely by the token itself allowing us to take $NFTY off the market, either permanently, or temporarily, allowing us to fund platform development features, marketing efforts, or community building efforts.
Since $NFTY would be coming off the market via the loan origination fee, this would mean NFTY becomes more and more scarce as more volume passes through the platform.
It will directly benefit NFTY investors since $NFTY is needed to make any transactions on the platform. Whales will come in to purchase enough NFTY for large loans up to $100K in some cases. You can imagine $1,000 in NFTY being purchased quite often to support these massive NFT loans.
Plus, as an investor you can stake to earn more NFTY.
Part 3: Mini Quiz
Ty Blackard: What is the fee called on the NFTY Finance platform that is paid in $NFTY?
@marinsuch58: “Loan Origination Fee”
Ty Blackard: What’s my Co-Founder and CEO’s name?
@yasuo161: Justin Taylor.
Ty Blackard: What is the top NFT collection on Ethereum?
Jannie: Amazing Q&A! Thank you @Tytaninc for joining us 👏 and good luck with NFTY Finance.
🍁 AMA cùng NFTY Finance hôm nay đã kết thúc, nếu có bất kì câu hỏi nào chưa được giải đáp, các bạn có thể truy cập các group sau để tìm ra câu trả lời nhé
📌NFT Finance’s Official Links:
Hope this AMA Recap will let you understand more about NFT Finance’s. Thank you for following AMA Recap and for your companion also HC Capital!