On the 22nd of July, 2021 at 14:00 UTC, Decentralized Club had the honor of hosting Arron Brown, Co-Founder and COO of NFTY Portal for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what NFTY Portal is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.
Segment 1 - Introduction
Hello, नमस्ते, 大家好, Selamat!
My name is May and I'll be hosting the AMA with NFTY Portal.
Today, we have with us the Co-Founder of NFTY Portal.
You're welcome to the Decentralized Club and it's an honor to have you here.
Hello, नमस्ते, 大家好, Selamat!
My name is Arron or known as Az
Thank you for having me at your prestigious club with your great community
please call me Az
We're glad to have you, Az.
Could you quickly tell us more about yourself and your job description at NFTY Portal?
I am an Aussie who loves blockchain tech
I work with dev teams around the world
I have daily comms with a marketing firm LunaPR in Dubai who promotes our products
I am COO of DexTech AG which is a Tech Company based in Switzerland
I am COO for NFTY Portal which means I help organize, plan and execute operations for the project
And have played a major role in bringing the NFTY Portal to the world.
That's a handful of responsibilities! 🏅
Great job! 😁
I would like to say that we have a huge team
and without each and every one of them, none of this would be possible
so I thank all of our team for the hard work and long hours they put in
Thank you NFTY team! We see you! 😎
Let's get right into it, shall we?
Let's do this
Q1. Can you briefly describe what NFTY Portal is? We would like to know more about it and how it works.
‘NFTY Portal’ is a new type of Decentralized Exchange (DEX)
The ‘NFTY Portal’ allows for coins, tokens, and NFTs to be traded all-in-one-place
With the NFTY wallet, you can also mint your own NFTs instead of having to use an external marketplace and have YOUR data stored on a marketplace exchange server, and paying them for the right to do it.
it is secure, efficient, effective #SEE
Q2. What are the main features that distinguish NFTY Portal from other NFT based projects and what competitive advantages do you have?
great question May
There are quite a few features that give our project a competitive advantage.
Here are some of the most notable features:
Data Storage - this is a massive step forward for blockchain tech giving users the ability to store data on-chain at the time of minting/transaction instead of storing the data on a marketplace or platform's server. This gives complete control to the user over their information being imprinted into the blockchain. This technology is available right now thanks to our fantastic team of devs. Once testing is fully completed it will be implemented.
Dynamic chain - allows for features like scalable blocks which gives us extremely low fees. As the chain experiences high traffic the block sizes increase to allow more transactions and all tokens minted on the NFTY chain have their sidechain which then doesn’t put pressure on the main chain like is the current issue for many. Transaction capability is around a million or so per second per chain/ side chain.
Universal chain lets NFTY work with any other chain on the market, so we can wrap all NFTY coins and tokens to be used in other swaps and dex, we can also integrate all other chains meaning there is no limit to what chains we can include into our Portal.
I am sure I will discuss more of the features as we go.
Absolutely love the universal chain feature!
Thank you. It's really great!
Q3. What is the reason behind the slogan Space and Time in motion on the NFTY Website?
aah this is a fun question
our name to many just looks like we are all about NFTs and it was kind of designed that way but there is meaning to it
let me share
Our name is NFTY Portal:
- NFTY or Nifty meaning – ‘skillful or effective, attractive or stylish’
- Portal meaning – ‘a gateway to another dimension, universe’
- NFTY Portal is the gateway to an effective trading universe
Slogan explanation: Space and Time in Motion
Space - the size of the crypto and NFT market is unlimited like Space
Time - a transaction stamps on the blockchain marking the Time
Motion - crypto and NFT development is moving forward through space and time opening new portals/ doors, beginnings in constant Motion
This is great!
The name's perfect 😅
Q4. How do we acquire the native project tokens and why is it important to hold them from an investment point of view?
NFTY Space coin is the main coin to the ecosystem and will initially be available during private sales.
There is a new whitelist group on Telegram which people can join to receive updated information about the private sales as it comes out.
The use cases of NFTY Space coin are many as it will be used for fee payments, transactions, staking, masternode rewards, used in yield farming for limited supply NFTY Time plus other benefits down the track.
Q5. What events from NFTY should we look forward to this year?
Well May, as we are very close to launching there are a lot of exciting things happening for our project.
The introduction of the NFTY Space coin will be the first huge milestone for us as it is the start of something epic for the entire blockchain industry.
Then when ready we will open up yield farming for NFTY Space holders to earn NFTY Time.
Later the release of NFTY Motion Dao or Governance coin later in the year will be rewards for Time holders.
The release of the completed NFTY Portal is going to be massive as this will change how we all interact with the blockchain through new and improved technology. This will actually happen in stages so we can get the products to market. Versions of the NFTY Portal initially will be on Windows Desktop then for Mac and then Mobile versions.
Really great answers so far!
Shall we take Twitter questions?
yes let's go to Twitter questions
Segment 2 - Twitter Questions
Q1. Can you explain more about the Genesis Block Creation of the NFTY Portal? What is the use of Genesis Block in your platform? How will it be utilized and become useful in your platform and the users of NFTY Portal? Thank you
Twitter Username: @mylhe
Hi @mylhe thanks for your question
Genesis Block is the name given to the first block of a cryptocurrency, the first one of that chain ever mined. Obviously, we all know that a blockchain is a series of blocks used to store information related to transactions that occur on a blockchain network. So for us as NFTY the Genesis block was initially for our test coin to ensure all of the chain and wallet functions were working correctly. Ultimately this is being the creation of NFTY and allowing us to then mint our 3 NFTY coins and NFTs.
Q2. What problems is NFTY trying to solve that'll separate them from the already existing DEXs?
Twitter Username: @Trixiesfirst
Hi @Trixiesfirst thanks for your question
The team behind the NFTY Portal project is trying to bring true decentralization to blockchain technology and the NFT community.
This will come from the new tech we are introducing, the code is already written and testing is almost complete, so far with perfect results.
How do we help advance blockchain forward and help bring true decentralization?
By giving control of the data to the one who mints an NFT instead of that data control being in the hands of a server like Opensea, Rarible and others.
Minting from your NFTY Wallet and the ability to post the tx id onto social media where people can not only view it but press on it and go straight to your NFT if they are wanting to buy is a game-changer.
This makes trading more Secure, life a lot easier or more efficient, and more cost Effective for Artists, Musicians, etc #SEE
We will also allow the trading of coins and NFTs in the same DEX making for a more simplified process for crypto/NFT buyers and sellers, and NFT minters.
Then there is the updated security code we have which I can honestly say we are 1 of only 5 projects that I know of that has an updated code out of all of the bitcore projects including the king, Bitcoin.
Why is this security code a big deal?
It means we are safe… until others update their code, they are not.
Here is some light reading and a short YouTube video for those who do not know what I am talking about.
A minute for the community to digest 😁
yaa it was a big one
I think we're good 😊
Q3. According to your website, the NFTY_PORTAL desktop wallet is the safest place to store NFTY coins, tokens, and NFTs, such as NFT Minting, Staking, Masternodes, IM (Instant Encrypted Message) would your wallet also consider in-game NFTs as well as audio & video art NFT in the future?
Twitter Username: @Airdrop_H
Hi @Airdrop_H thanks for your question
Our on-chain data storage does not discriminate, it really only comes down to how much data can be stored and this will improve over a relatively short time with the improvement of storage technology and improvement of our code, which is already being worked on.
Segment 3 - Website Questions
Q1. Why are 2 different coins(NFTY Time and NFTY motion)needed in the NFTY ecosystem? Was not one which serves all-purpose possible?
Telegram Username: @danWickerjil
Hi @danWickerjil thanks for the question
There are a total of 3 coins in the NFTY ecosystem.
Space is our main coin for fees and transactions, staking and master nodes, etc.
Time will be earned by Space holders in yield farming and is a low supply coin.
Motion will be gifted to Time holders as a Dao Governance coin to give the community a vote in how the project moves forward.
If we were to have just one coin we could not give the community more value for their investment in Space coin through yield farming.
We also have more plans with coins and NFTs which will give more use cases to the Time coin.
We didn’t want to use Space or Time as a Dao/ Governance coin which is why we introduced Motion.
All 3 are unique, all 3 play different major roles in the ecosystem, and all 3 give extra value to Space investors/ holders.
and here they are…
Q2. NFTY Wallet has 2 options to use, namely NFT Desktop Wallet and NFTY Web Wallet. Most users prefer to use smartphones and gadgets.
Are you also going to develop NFTY Wallet for mobile (Android/IOS)? Can you explain the difference between using NFTY Desktop Wallet and NFTY Web Wallet?
Telegram Username: @mikaelangga
Hi @mikaelangga thanks for the question
Yes, as per the roadmap on NFTY-Portal.io
Android and iOS versions of the NFTY Portal will be released to the community.
We have it listed for 2022 but are confident it may be well before then.
Also to clarify, the NFTY Web Wallet can be used on smartphones and gadgets and is the reason why it was released.
We know there are large sections of the world communities interested in cryptocurrencies and NFTs but do not have access to pcs or laptops for a desktop version, so we created a Web Wallet.
Great idea there with the web wallet!
thanks, we believe crypto is for all
Last question for this segment.
Q3. Why will high-value users like Artists, Musicians, etc. be moving to NFTY to mint and sell their NFTs? What added advantages is there which is quite beneficial compared to other NFT exchange?
Telegram Username: @danWickerjil
Another question from @danWickerjil thanks again
NFTY Portal is about to change the world of blockchain tech.
The NFTY Portal project has the unique function of data storage that we bring to the blockchain.
This function provides ALL who mint NFTs with control over their data.
No matter whether it is a picture, gif, music clip, pixelated image, gaming character, storybook or University paper, or whatever it is.
The user has control of the data which is stored with their transaction id and then sold on to the person who buys it.
The data is not stored on a paid server like it is in the current situation.
This is a big move towards pure decentralization!
Love it! Absolutely!
I agree, it's a huge move towards decentralization!
yes we are very excited not only for us but all users of blockchain
Can't wait to see the great things NFTY is yet to unveil!
Shall we now take questions from our live audience?
yes I still have a few minutes before my next meeting
Please pick four amazing questions about NFTY after I open and close the group 😊
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
please give me a few minutes to quickly read through and choose 4
Okay, take your time 😁
Most solid projects with token utility and good infrastructure but perform poorly because investors dumped after listing on the first exchange. How do you prevent early investors from dumping your tokens?🔥
thanks for your question
As per the tokenmetrics we have vesting or locked periods for the early investors and team, this will prevent any large-scale dumping of the NFTY Space coin.
Also, the introduction of the NFTY Time through yield farming is a good strong case for people to hold and increase their portfolio.
Plus with the reward of NFTY Motion to Time holders, there is an ecosystem being developed that rewards people to hold rather than dump.
We have other amazing initiatives to introduce as we roll through the rest of 2021 that will be incentives for hodling.
good day sir
I have seen that you have done many AMAs, my question is, what do you expect to get from so many AMAs, and what are your goals with the community? Do you consider the community to be a fundamental role in the project?
thank you for your question
Community is everything to us.
Without community, there would be no one using blockchain or need developments.
We aim to help advance blockchain technology forward with our groundbreaking tech so it helps not only our community but all who use blockchain-related products and services.
Can you explain the use and utility of the NFTY Space Coin token on your platform? Will users get interesting features and offers from your Wallet with NFTY Space Coin?
Thank you for your question
Utilities of NFTY Space coin:
It will be used to pay for minting NFTs
As a fee reducer for trading transactions
Can be used in our staking section
Will be given out as rewards for masternodes and community group masternodes verifying blocks
It Will be essential for yield farming to receive the NFTY time coin
and several other exciting things we have lined up but not released yet
I saw that #NFTY seeks to become a place for everything, starting with minting NFTs. Can you please explain to us if users must pass a verification process for mint NFTs? What security measures will the platform have?
Thanks for your question
Simply as a DEX no there is no initial verification process to start minting NFTs on our NFTY Wallet or in the NFTY Portal.
However, to become a verified NFTY user we will have a process to ensure those who are minting quality products get the recognition they deserve.
Obviously, NFTs can contain anything so there will be team members monitoring NFTs that are being minted and placing appropriate warnings such as NSFW or others as required.
Aaaaand it's a wrap!
Thank you Mr. Brown for your well-worded answers!
It was such a delight interviewing you for DC today!
it's been a pleasure to interact with you May and your very knowledgeable community here at Decentralized Club
Thank you for being here today!
NFTY is a force to be reckoned with!
Can't wait to hear great, great news from your company!
Do send our best wishes to the powerful team at NFTY Portal.
thank you, May
see you all in the NFTY chat ☺️
Have a great day!