On October 6th 2021, our community had a chance to welcome Warena –is the universal NFT 2.0 protocol for Digital Assets. 1st product: #DarePlay, a #GameFi with IGO launchpad services & rental marketplace for NFT games
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, the DareNFT directly greeted the community and provided detailed information as well as some key products and future plans.
Time: 09:00 PM (UTC + 7) on Wednesday, Oct 6th, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA:
Questions for Part 1.
Question 1: Could you give us a brief introduction of DareNFT and its key products?
Duke: Hi. My name is Duke, the CEO & Co-Founder of DareNFT. I'm very happy to be here today to share about myself and the project I'm running for CF community
I have backgrounds in data sciences and researched quantum computers at Keio university, Japan.
I'm also a serial entrepreneur and I have co-founded two start-up companies utilizing video conferencing technology since 2014.
I have joined the blockchain space since 2017 after one of my best friend Victor Tran (Kyber Network CTO & Co-founder) succeed in his very big ICO back then. Then I and some of my close friends who are now DareNFT's CFO, CMO make cryptozoom to seriously researched about the blockchain technology. After successes with utilizing state of art technology to real products, we now want to bring blockchain to mainstream with real applications.
Question 2: Please let us know what lead you to the Blockchain industry and the idea of this project.
Duke: In 2017, I and some of my close friends who are now DareNFT's CMO, CFO, CSO made cryptozoom to seriously researched about the blockchain technology. That's the first time we met blockchain technology.
This project has come from my vision, I believes the adoption on NFT in the mainstream depends on its ability to reflect the benefit relationships between digital assets and co-owners.
The idea behind the DareNFT project is that we want to build a bridge to bring blockchain technology closer to life. Blockchain is a promising technology and can bring many benefits to the masses. To go in that direction, we upgraded the current NFT to NFT 2.0 and built the first application with the NFT game market. The NFT game market is an attractive market that makes it easier for users to use blockchain technology.
Question 3: Could you update to the community some hottest news or big events of DareNFT ?
Duke: To be clear, I'd like to share with you about the entire roadmap of DareNFT.
Everything started a few years ago when I found my ed-tech company and realized the need for a platform that can offer a good using right & revenue sharing mechanism for internet content. At Q4 of 2020, when the entire crypto market was so crazy about DeFi, our team started to see the potential of NFT to solve the long-standing problem we’ve been thinking of and dived into the technology.
At Q1-Q2 this year, we learned more about how Binance Smart Chain works and decided to launch the first version of DareNFT and DNFT on this infrastructure. We also finalized how DareNFT works as the first platform for rental & subscription for tokenized internet content NFT.
Next plan, in Q4 2021, we will launch DareNFT testnet, the version allowing content creators to tokenize their content and open the rental & subscription model. We will also have the Live Demo of Loom DNFT Protocol testnet – the content consuming platform for derivative content produced from DareNFT.
Questions for Part 2.
Question 1: DareNFT's approach is the development of an improved NFT, called NFT 2.0, however, what differences or additions does this evolution present? Are they somehow backward compatible with each other, being able to transform any NFT into DNFT? @DngGiaPhong2
Duke: DareNFT positions itself as a generic protocol for the NFT 2.0 asset class and as a radical solution to the limitations of current NFTs (NFT 1.0):
DareNFT positions itself as a generic protocol for the NFT 2.0 asset class and as a radical solution to the limitations of current NFTs (NFT 1.0):
1. NFT 1.0 does not support the tracing and tracking of the origins and derivative benefit relationships between digital assets.
- The Vietnamese book is translated from English, it's a derivative product
- The song is remixed from the original song, it's also a derivative product
- Two game pets hybrid creates a new pet, which is also a derivative item.
2. The NFT 1.0 it does not support the co-owner model. They agree the terms traditionally via handwritten or verbal contracts. Two co-owners can collaborate to create a product or two investors can contribute capital to own one asset.For example, to create a song on the market needs a musician, singer, arranger, online platform, all of them will be the co-owner of that song's NFT.
3. The current NFT 1.0 holds more risk than benefit when you buy the NFT, as it’s purchased whole and can only be sold as a whole.
Therefore, there is a low trading liquidity and the NFT will likely become the liability rather than the assets, as you can only hold it until it can be sold.
The NFT 2.0 asset class protocol will solve all of the above problems, expanding the NFT market with new features:
1. Tracking profit streams for NFT derivatives such as song remix, book translation, game item creation...
2. Many people owning 1 NFT are agreed by Smartcontract. Ensure the interests of all parties involved
3. Bring to the NFT item rental and rental market. Especially with the hottest NFT game market today, the application is always on DarePlay products. DarePlay is a Marketplace that connects Games and users. Players can buy, sell, rent and rent game items.
4. Backwards compatible with NFT 1.0 in all markets
Question 2: There are currently many scamming cases in the world of cryptocurrencies. Could you tell us what security solutions DareNFT has to keep the privacy and security of the platform's users? Does it plan to upgrade or add more advanced features to be more user-friendly? @Truong38498211
Duke: In fact, DareNFT is applying blockchain technology in general as well as NFT in particular.
You can also see that the characteristics of blockchain technology are security, stability and low operating costs.
Based on those characteristics, we are confident that DareNFT will bring customers the safest and most stable products.
Question 3: I think many people here are quite interested in the $DNFT, both utility & structure. how does $DNFT work as a utility token for the network. how does it benefit for both the network & the owner. Is there any reward mechanism for holding $DNFT? What are the benefits of Holding? @anhquang1905
Duke: With DNFT token you can:
- Pay fee for minting new NFT
- Get discount when you using DareNFT product: buy, sell, rent, lease
- DNFT holder can get more DNFT tonken from DAO treasury
- Take more profit from DNFT token because DNFT token will be burned that may make DNFT price go up
- If you are DNFT holder you can vote for development orientation of DAO (the first layer of DareNFT)
Question 4: One of the greatest aspects of project success is community support. And most of the big projects have programs that interact with their users. What specific plans is DareNFT making to attract and expand your community, thus improving users' experience? @HarleyHley119
Duke: We completely agree that the success of a blockchain project is largely determined by the support of the community. We always want to convey project information in the most clear and specific way to the community. DareNFT has always positioned itself as participating in a long-distance marathon, not a high jump competition, jumping up and down. Therefore, DareNFT's goal is to build a strong community with enough knowledge and information to access Blockchain technology in general as well as NFT 2.0 in particular. Bringing good products to the Vietnamese and international community
DareNFT has built good relationships with many local and international communities. At the same time, the members of the DareNFT team also have their own communities about the crypto market for many years now. With those experiences, we are confident that we will be able to build a strong community as well as deliver the fastest message to you.
Question 5: As an NFT 2.0, DNFT Protocol seems to be a newfangled factor that is being exploited. So in this AMA, please let us know some use cases of DNFT Protocol in both the crypto world and the real world. How can you solve the current problems of the derivative work Marketplace? @nguyennguyen596
Duke: From our solution we have our Use Case which is the DareNFT Marketplace for derivative works.
NFT 2.0 capabilities are closer to the real world as it can support many other types of marketplaces rather than the NFT collectibles marketplace only.
As mentioned, most content on the internet is a form of derivative content, such as books, music and e-learning material.
With NFT 1.0 you can build platforms such as OpenSea and Rarible which are NFT marketplaces for collectibles then with NFT 2.0 we can have NFT marketplaces for not only collectibles but also derivative works
These marketplaces will allow creators to upload there works as an NFT and reproducers can request to update, reuse or remix their item, allowing both author and reproducer to earn a financial benefit.
For example, a music artist who has created a song can upload it to the marketplace, allowing a reproducer to request the right to copy and monetize this song
They would agree a royalty fee which will go to the original artist and this agreement will be formed through a smart contract.
Another example would be if you create a book or learning material, a reproducer could translate and re-sell this in another country and give the original author a royalty for doing so.
The NFT 2.0 can track the origins of a derivative works and automate the licensing process. This will ensure creators are happy as they now have a revenue stream of their derivative work that will be tracked through smart contracts.
The rental model is suitable for derivate work rather than outright purchase model that we are currently having at NFT 1.0.
PART 3: BEST LIVE QUESTIONS CRYPTOFAMILY GROUP
Question 1: Can you tell me more details on the IDO? The schedule and contribution for each?
Duke: Thank for your question. We'll do IDO on 12th and 13th of October in 3 launchpads:
First launchpad is BSCS
The second launchpad is KAIstarter
And the last one is very strong launchpad, we'll public that name of launchpad tomorrow
You guys can follow the link to attend on our IDO event
Question 2: What is the background, of the your project, team do you think team's qualifications, and experience, able to support the long-term development, of the project?
Duke: It's the really good question, so I'd like to answer it
First of all, to fully understand our team background, you can take a look at our team profile here https://docsend.com/view/7w92chxvaun7d6yt
Now let me explain in detail the background of our core members of our founding team
- Me, CEO Duke Nguyen: I introduced about myself in the first section of the AMA, please take a look at it
'- Teddy Nguyen, COO of Darenft, also my older brother: he has more than 16 years of experience in IT industry with the working experience in leading companies in Japan, Korea, and US. As an entrepreneur, he directly founded 4 companies and his latest company was SotaTek, a leading blockchain solution in Asia market.
Thomas Nguyen, CTO of Darenft. He was the CTO of Luxstay, the AirBnb version of Vietnam. He was also the Senior Solution Architect at Adayroi, the e-commerce platform of Vingroup, the biggest corporate in Vietnam
For info about other members of the team, you can take a look at the team profile above.
Question 3: what companies are you partnered with or seeking to partner with in future ?
Duke: On the investor side, we have received investments from a number of well-known investment funds and venture capitalists, including Kyber Network, Cosmos Gaming Hub (6th largest validator on the Cosmos network), OneSoft, Momentum 6, Kardia Ventures, MoonWhale Ventures, Magnus Ventures, X21, AU21.... DareNFT's latest weekly report can keep investors up to date: https://medium.com/darenft/darenfts-weekly-report-9-20-9-26-to-gain-global-exposure-progress-the-development-execution-7aecb5519c84
In terms of partners, we have a number of high-profile game projects that could become the first customers/users of DareNFT. OneSoft is both an investor and a key product partner, as are Planet Sandbox (an NFT game that recently completed a private sale with $1.5 million in total raised capital), Warena, Knight War, and Zitga (a studio with a big game in Vietnam). Many more strategic product collaborations will be announced in the coming months.
In terms of community support, DareNFT has almost unanimous support from the majority of Vietnam's major communities. As an example, consider the TK Venture. There are also Cryptoholic, Black Mamba, TradeCoinVietnam, CryptoChecker, Migoi, Kiwi, Crypto Holding, VBC, CoinF and others.
Thank you guys for all great questions. I hope I can answer to all of you but my time is limit. You can visit us on our group and we can discuss more our project. Thank @maru1875 and CryptoFamily's team for made this event.
Here is the list of our social media channels. Please join us to stay up to date on the latest DareNFT news.
Bahasha (Indonesia): https://t.me/darenftindonesia