LBank AMA Recap with NFTY
On 16 September we held an AMA with the $NFTY team, hosted on LBank official telegram channel. If you missed this telegram session, here’s another chance to get a full transcript of the AMA event.
For sure! My name is Johnathan, but I go by ChanceCrypto on Twitter.
I’ve been in the space since around 2018 when one of our other co-founders introduced me to Bitcoin. Ever since then, I knew I wanted to learn more and figure out how I could be apart of the space as it grew.
Then comes along NFTY. NFTY originally started as an idea how how to improve utility within the NFT ecosystem. It’s changed a little bit since it first started, but it only changed because we had bigger dreams and goals, and that’s why we are entering the NFT/DeFi space! We definitely have a ton of plans to to grow the overall NFTY ecosystem.
NFTY Finance is the the first major product within the NFTY ecosystem, showcasing our take on NFT borrowing and lending. We are super excited to bring it to everyone!
I would like to ask you this, Projects currently use some strategies to maximize the number of holders. What are some of the benefits for those ones who hold your tokens?
We have a couple of ways that we incentive holders currently and coming up.
First, NFTY Finance as our premier product will fully utilize the NFTY token in the platform’s fee structure. So anytime someone borrows against an NFT on NFTY Finance, they must pay an opening loan fee entirely in NFTY. This adds utility to the NFTY token which overall helps drive continued adoption and grow liquidity.
Next, we have our staking platform up at https://staking.nftynetwork.io/ that all NFTY holders can already take advantage of. We have some cool plans for this side of things as well that we can’t wait to share in the future.
On top of these, NFTY as a whole is a welcoming community that is all about growth both in the product and token side of things. We have a ton of new plans for both of these and many partners behind the scenes helping to grow NFTY faster than ever.
Nowadays, all projects come down in price even with great partnerships, hype, marketing, working products, etc. So, what challenges do you have and plans to make NFTY FINANCE more powerful and popular? Do you see it as an opportunity when the market is currently down?
We definitely see the market being down as a ripe oppurtunity to grow. The one good thing about the market being down is it showcases the strongest products that make it through. 🔥
All of the projects that stick around through the bear market are mostly the ones that know how to navigate successfully to create a great long-lasting project and brand, and ultimately that is exactly why we are here.
In terms of the other side, we definitely have a lot of upcoming new announcements, partners, and more along the upcoming full launch of our product NFTY Finance.
I can say without a doubt that the NFTY team has longterm goals to make NFTY a strong brand no matter how the market is looking.
The crypto industry is a fast-paced industry, how flexible is your Project to change quickly and keep pace with technology trends? What is your long-term vision for the forecasting industry in which your Project project operates?
This is a great question because we actually did a project pivot recently that showcases our ability to react to market trends.
NFTY started out focusing on NFT utility, but it was a little different to what we are doing now. We seen how the market was moving though and pivoted to NFTY Finance at the perfect time.
Our founding team has many many years of combined crypto market experience which helps us see and react to upcoming news (or lack thereof).
We believe both NFTs and DeFi have a bright future because both of these ecosystems let people be their own bank and take advantage of really cool new tech that will branch into the traditional side of comapnies.
Mixing both of these together made sense to us for longterm growth and we are very excited to be where we are!
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project??
I’d love to!
Starting with our CEO, Lawrence, he has many years of experience within Web3 and crypto overall. Both he and our other main co-founder Ty both traveled across the world in 2017/2018 to crypto conferences in a ton of different countries.
There they were able to meet all of the big faces we know of today and make many connections that help NFTY grow to be what it is today.
Outside of those two, we have 5 other core members (including myself) that like I mentioned before have many years of combined industry experience.
Our tech lead has worked in a few of the top leading crypto companies, a few others come from the traditional finance side that help us grow where we need to to become a large and healthy organization.
Additionally, the qualifications to join are definitely more strict as we want to ensure those that join can handle the rapid growth and are ready to do everything it takes, but overall I think the NFTY team has everything it needs to aim for the top!
Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?
Great question. I think we have a shown a little bit that we are here to stay and grow longterm in that NFTY has been around for almost 2 years now.
We’ve been through the ups and the recent downs but continue to push through and innovate with our new project NFTY Finance while also growing our community and token through new partnerships.
We are 100% on longterm growth and know that we are positioned well over the coming months and years as we enter into the next bull market.
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Guest: This is a great question. I would say we are definitely satisfied on how far we have come and grown. We definitely have a ton more room to grow, but it’s all a part of the journey.
Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?
Guest: This is another great question. We know that security is one of the top factors for a DeFi platform. We have heavy plans to ensure our platform is safe and secure.
First we plan to have a minimum of two audits to give our users the peace of mind from multiple different firms.
Second, we do have plans to hold bounties with rewards so users can test our product and maybe find issues and get rewarded for it.
Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
Another good one. We actually have a few keen-eyed designers working on the project to ensure that we have UI/UX that will be both easy to use and nice to look at.
We are actually already do upgrades as the project is being built, and not fully out yet, as this is definitely a top priority of ours.
Revenue is an important aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?
Final question, revenue is important to us in that it can help grow and evolve the product. That’s what our fee structure on the platform will handle.
I mentioned before that the fee will be handled in the NFTY token, and apart of that NFTY token fee will go back to the platform to help add additional features, make improvements, and more!