Dear PolkaFoundry Community,
On October 9, 2021, our team conducted an AMA with DareNFT - a universal NFT 2.0 protocol for digital assets dealing with common problems of NFT 1.0.
In collaboration with Red Kite, DareNFT will launch its IDO for $DNFT on October 13. Stay tuned to our official channels to receive information about whitelist registration and the detailed IDO schedule.
The AMA session was held in PolkaFoundry’s Telegram channel, with the participation of Mr. DUKE NGUYEN - Founder & CEO. DareNFT’s guest answered intriguing questions about the project’s features, their working process, upcoming plans etc.
The AMA format:
- Segment 1: Guest and Project Intro
- Segment 2: Twitter Questions
- Segment 3: Live Community Questions
Winners shared a pool prize of $200
Below is the recap of the AMA session
Host: Welcome to RedKite by PolkaFoundry Community, Mr. Duke Nguyen
Mr. Duke: Hello guys, great to be here for AMA!
Host: Alright ! Without hesitation, let’s start with Segment 1.
Can you introduce yourself, how did you start your journey in cryptocurrency?
Mr. Duke: 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 your 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 friends Victor Tran (Kyber Network CTO & Co-founder) succeeded in his very big ICO back then. Then I and some of my close friends who are now DareNFT’s CFO, CMO make cryptozoon to seriously research the blockchain technology. After successes with utilizing state of art technology to real products, we now want to bring blockchain to the mainstream with real applications.
Host: Wowww, thank you for your prompt introduction about yourself. Besides, i would love to hear about the background of the team behind this project. Can you share more about them ?
Mr. Duke: Sure, I’d like to introduce about our team. We are great team with strong background in software technology and blockchain tech. I will start to introduce each members from the DareNFT team. 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 below.
- To fully understand our team background, you can take a look at our team profile here
Host: Question 2: Team DareNFT please have a quick-introduction to the community about your project and what will it solve?
Mr. Duke: DareNFT is the universal NFT 2.0 protocol for Digital Assets. The mainstream adoption of NFT depends on its ability to wholly reflect the benefits of digital assets. DareNFT has developed a suite of products that solve the current problems of NFT 1.0, which are: Unrecognized benefits between NFTs, Unrecognized relationship between NFT owners, and hidden risks of NFT Ownership. Our first product is DarePlay, the GameFi platform including a blockchain gaming launchpad & IGO services for non-NFT games, as well as a Rent-to-Earn and Lease-to-Earn marketplace for in-game items NFT.
We have had plans to move further with the derivative NFT content platform after our first product has been completely built and well positioned in the market.
For more details, you guys can read the DareNFT’s pitch deck here:
Host: Alright, the last question of the Segment 1!
Q3: Can you explain further about your roadmap and Strategies to approach the market ?
Mr. Duke: Yes, To be clear, I want 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 dive 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.
In Q3 2021, we launched 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.
Around the last of Q4 2021, we will launch DareNFT web application on the mainnet. And in Q1 2022, we will launch DareNFT mobile application making the ease for all content creators and content renters & subscribers.
- And for the Strategies, we have 2 strategies at this time:
- Our first growth strategy is DareNFT 2.0 as a service. We have already been approached by many traditional gaming, music or content companies, that would like to get into the NFT market and NFTify their products to earn a revenue stream.
However, they currently have a barrier to entry as they will need to spend time learning about NFTs and setting up a team as well as a NFT infrastructure - this can be costly and not time efficient.
- This is where we offer the DareNFT 2.0 as a service to save time and cost for the company.
We will provide our API so that our clients will send their content out and receive the corresponding NFT, without knowing about how blockchain really works. The integration of our NFT cloud service only takes from 1-2 days rather than 6-12 months.
We can support the traditional gaming, music company or author to NFTify their product or service, for a small fee. A user can then use fiat or normal transaction to buy the product or service from the marketplace.
We will also support a multichain network.
- Many clients want to choose their favorite network for example Ethereum, BSC, Polkadot, Saloana, Cosmos, Polygon to mint their NFTs for their preference of security, transaction fee and speed – Our NFT 2.0 will support this.
Our second growth strategy is Bootstrap Products.
This is looking at the whole picture, as we will create a core platform, which we can catch up with any new trends.
However, we are currently focusing on the in-demand market of Onboard Blockchain Gaming.
This is a hugely popular trend at the moment with most gaming companies looking to explore the NFT market. We have been approached by OneSoft, which is the largest gaming company in Vietnam and SEA and they would like to NFTify their gaming products.
To onboard a traditional game there are three steps:
Step 1 - they already have the gameplay feature however they are missing the following:
Step 2 - it would be to integrate the NFT cloud service to NFtify Game Assets and create In-Game Tokenomics.
Step 3 - the company will need the NFT Marketplace and IGO Launchpad.
This will be provided through our DarePlay Gaming Website.
It will also connect them with other ventures to create partner support, as they not only need technical support but also the connection to a global community of players and investors
Host: Thanks for sharing with us such valuable information.
I think the impressive and promising introduction of DareNFT team will assure the community about the project .
Now let’s jump in our next segment - Twitter Questions
Mr. Duke: Thank you, I’m ready
In the 2nd segment, we picked FIVE questions from our official tweet announcement:
Host: The team have picked top 5 questions from twitter.
Announcement Tweet here
How many co-owners will be possible with NFT 2.0 ? And how can be nft with multiple owners sold to the next owner ? Thanks guys , can’t wait.
In fact, we control co-ownership feature by smartcontract. That mean there’re no limit number of co-owners for NFT 2.0 at all.
For selling NFT 2.0 with multi co-owners. Co-owners can agree to give the right to buy and sell to the person with the highest share or vote together before the time of selling NFT. Profits are distributed equally by shares.
How I can use DNFT for in DareNFT ecosystem? Is there any reward mechanism for holding DNFT? What are the benefits of holding it in the long term?
- Sure, thank for your question. 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 from DAO
DNFT 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)
Could you give us an overview of the tokenomics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
This is our Tokenomics - as you can see we have three layers and this will compact everything we have mentioned.
I will start from the outer layer first.
In the 3rd layer, there could be many kind of NFT-based applications for example blockchain games, NFT-based content platforms or even our bootstrap product DarePlay. This is built on our second layer in a similar way of the Amazon Marketplace built on Amazon Web Service and one of our examples is the DarePlay website for the gaming market.
The second layer will create our NFT 2.0 as a service where we will compact all our NFT features into a package to give a whole service to access to the 1st layer – DareNFT protocol.
For the first layer - when an NFT 2.0 transaction fee occurs it will go into the DAO treasury.
This will be split into 5 Main Parts:
Firstly, it will distribute dividends to the users who are staking our token
Secondly, it will be used to reward the people who provided the liquidity to the DEX.
Thirdly, the person who charged the NFT 2.0 transaction fee will get a discount if they are staking our token.
Fourthly it will be used to burn a token quarterly which will reduce the supply of our token and increase the price.
Lastly it’s reserved for the future use of our DAO.
As I read that your first product is DarePlay, a GameFi app with a platform called IGO form and marketplace for renting NFT game items. So I wonder that how NFT renting mechanism work ? Can you explain more about it ? Is it more beneficial to rent NFT instead of buying one ?
That’s good one too. There is actually a number of ways for NFT renting & leasing to be operated on a protocol. Let me explain how DareNFT will make NFT renting happen and explain later on why it’s the best method compared to others that are currently working out there.
So let’s imagine we have the leaser A, he has and NFT X and he wants to lease X to someone to get passive income. We also have the rentor B, he doesn’t have a large budget to start playing the game, which means he can’t afford buying new NFT items like X. So B finds A on DareNFT and they can have a deal here. A will specify 2 things (1) the cost for renting he want to charge B and (2) the number of days he wants X to be leased out
B will need to deposit Fungible Tokens (BTC, ETH, USDT, etc) into our pool with the total value equal to the cost for renting A will also need to deposit X into the pool.
Once these 2 things happen, B will receive an NFT X’, which the ‘map NFT’ of X. X’ can be used in the NFT game and when the term ends, X’ will automatically disappear. Also A will receive the funds B deposited into the pool. X’ is created by the smart contract created by DareNFT and under the permission of the NFT game issuing X in the first place.
Why is this way the best method for NFT renting at the moment? It’s because we can’t do renting & leasing NFT as we do with Fungible tokens. With FTs, we will force the tenants to deposit a ‘collateral’ also in FTs. But with NFT, it’s really hard to price an NFT, so it would also make it hard for tenants to know how much they should deposit as the collateral
So we believe that our method can solve the problems of current NFT renting methods.
DareNFT’s Dare Cloud Service is like Amazon Web Service (AWS), which means “output” can be solved, so where will the “input” team look? And what are the benefits for which “inputs” (blockchain gaming projects) are supported?
As you all know, the Blockchain market is actually still very young, there are not many practical products applied in life. So there will be a lot of real products such as games, music, books, movies. … not yet Blockchain The input of the DareNFT cloud service is the traditional businesses and games that want to take advantage of the strengths of blockchain but do not have much experience and technology in the industry.
For example, traditional games when using DareNFT’s services will be able to convert easily to NFT saving time, costs, and human resources, and creating NFT games from ideas will be faster and bring more competitiveness. Maximum painting for game studio.
At the same time as I said above, DareNFT has a good relationship with many communities, and at the same time owns many communities in hand, so we can support game projects to quickly and widely reach the participating gameFi market
Host: Thank you for dedicated answering the Twitter Questions . That ends our Segment 2
Is everyone ready for their questions for this Live Community Questions Segment?
In the live questions sections, Mr. Duke Nguyen did answer several short questions from the PolkaFoundry community.
Alright! Thank you everyone. It is about 1 minute unmuting the group
The stage is now yours @Duke_DareNFT. Please answer 5 questions
1/ Is the IDO of DareNFT platforms is completed because I found that there are some sites which are selling DNFT Token Currently ?From where Can I Buy The token officially ?
We’ll do IDO at 12th and 13th of October on 3 big launchpad: RedKite, BSCS, KAIstater. Any website, which are selling DNFT, are Scam. pls follow DareNFT website: https://darenft.com/
2/ Where can I currently buy Token?
You can buy token at IDO event on 3 launchpads: RedKite, BSCS, KAIStater
3/ Does the DARENFT plan focus on markets like Vietnam?
We always focus on global market and want to make products for people all around the world
4/ DareNFT positions itself as a generic protocol for the NFT 2.0 asset class & as a radical solution to the current limitations of NFT. What do you think is the difference between NFT 1.0 & NFT 2.0 in terms of ownership and liquidity? And What solution do you offer through NFT 2.0?
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):
- 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.
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.
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:
Tracking profit streams for NFT derivatives such as song remix, book translation, game item creation…
Many people owning 1 NFT are agreed by Smartcontract. Ensure the interests of all parties involved
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.
Backwards compatible with NFT 1.0 in all markets
5/ Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?
Let’s talk about partnerships & advisors that you are collaborating with:
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: Guys, please check it HERE
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.
6/ Recently , I Read that you announced that On October 12th, DareNFT is going to be the next IDO project on BSCStation Launchpad ,Can you please tell me the Necessary details of the IDO and what is the Criteria to participate in Whitelist process ?
Through DareNFT’s 3 confirmed launchpads:
Whitelist form opens: 1 October 2021 9 AM (UTC)
Whitelist form closes: 11 October 2021 9 AM (UTC)
IDO date: 13 October 2021
Read full instructions on how to join (IDO Announcement: DareNFT launching on BSCStation Launchpad | by BSC Station Official | Sep, 2021 | Medium)
IDO on BSC Station details:
Price of $DNFT token: 1 $DNFT = $0.0002.
Total pool: 500,000,000 $DNFT.
Vesting time: 25% TGE, lock 75% in 1 month, then release the rest.
Kai Starter (KardiaChain)
Whitelist form opens: 4 October 2021 10 AM (GMT +7)
Whitelist form closes: 12 October 2021 6 AM (GMT +7)
IDO date: 13 October 2021
Get yourself to the Whitelist by submitting 250 DKAI, or follow the steps in the gleam whitelist contest (DareNFT IDO Whitelist).
IDO on KAIStarter details:
Price of $DNFT token: 1 $DNFT = $0.0002.
Total pool: 500,000,000 $DNFT.
Max cap per person: 500,000 $DNFT.
Ticket: $100 in $KAI/each for ONLY 1,000 participants!
Whitelist opens: October 8th
Whitelist closes: October 12th
IDO Date: October 13th
Further information here (Red Kite)
IDO on Red Kite details:
Price of $DNFT token: 1 $DNFT = $0.0002.
Total pool: 500,000,000 $DNFT.
Host: Thank you for picking and answering questions from the Community.
Appreciate the time and effort you have shared to us for today’s AMA Session @Duke_DareNFT
Thank you guys, I’d love to be here and answer all of your question but my time is limits. You can join and follow our official to get more information and connect with DareNFT. I’d like to say thank to RedKite team, who are so positive and supportive. Thank you all !
DareNFT’s Official Channels:
- Bahasa (Indonesia)
- Channel: @darenft_official
- Contact: firstname.lastname@example.org
PolkaFoundry’s Official Channels: