ReNFT Shards x Im Community AMA Recap
đ TELEGRAM AMA: Im Community & ReNFT Shards đ
â° AMA Timing : 26 May 2021 l 02:00 PM UTC l 21:00 GMT +7
Venue For AMA : https://t.me/imcommunityitw
đ Reward Pool 100 USDT
Bà Tân | : Welcome @ReNFT002 from ReNFT Shards
Bà Tân | : Welcome everyone. Today Im Community will host AMA with ReNFT Shards.
Bà Tân | : Today our guest is: @ReNFT002 from ReNFT Shards.
Bà Tân | : Please introduce yourself a bit: @ReNFT002
Ben Cambiaso : Im ReNFT CTO
I used to work in the EOS developer team in 2018 and I have done some DEXes in2020
Now I am work in for NFT shards tecnologies
Bà Tân | : Thanks for the introduction.
BĂ Tân | : Todayâs AMA will have 3 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team ReNFT Shards
Sessions 2: We will pick 5 Best Question from our members on Our Tweet (https://twitter.com/IM_Communityitw/status/1396809873078165512).
Sessions 3: The conversation will open to the community questions and the 5 best questions will be selected.
BĂ Tân | : Rules to follow AMA : ⤾ď¸
âŤď¸ Join : Telegram group ReNFT Shards Protocol (https://t.me/renft_protocol) , ReNFT Shards Protocol Vietnam (https://t.me/renft_vietnam) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)âŤď¸Follow: Twitter ReNFT Shards Protocol (https://twitter.com/renft_protocol) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
đhttps://www.renft.org/
BĂ Tân | : Those who havenât joined @renft_protocol group will not be eligible for AMA rewards, make sure you did.
Bà Tân | : Start session 1 AMA @ReNFT002
Bà Tân | : Question1.Please briefly introduce Re-NFT and INO
Ben Cambiaso : ok
Re-NFT is a multi-chain shard protocol. Its core capability is to convert the ERC721 or ERC1155 of NFT intoERC20. With ERC20 token, the liquidity problem will be solved.
INO is short for Initial NFT-Shards Offering, which is to break NFT into ERC 20 token through shard agreement. With ERC 20 token, we can help raise funds for the project through subscription in the primary market while the secondary market also has liquidity.
end
Bà Tân | : Question2. The illiquidity is an obvious pain point in the field of NFT. How can RE-NFT improve its liquidity through shard protocol? Can you give us an example to illustrate the principle and practical application scenarios of breaking NFT into shards?
Ben Cambiaso : The illiquidity of NFT is related to its characteristics. The advantage of this characteristic will lead to illiquidity.
now I explain the application scenarios through the primary and secondary markets:
In the secondary market, for example, Beepleâs hammer price for 5,000 days is $ 67 million, but it is very difficult for the final buyer to sell the work quickly.
Because NFT is heterogeneous and unique, that means A can only sell the work to B and then C sells it to C.
Despite a high unit price, there is only a single work, so it is very illiquid. During the rough market, it canât be sold anymore.
However, ReNFT can fragment Beepleâs works into any number of ERC 20 tokens.
The person who initiated the fragment can set the proportion of initial circulation, and the rest of the proportion is locked in the smart contract.
After the expensive NFT is broken into 100 million shards, people can easily access them, and traders can join at a lower price and buy and sell quickly in the market.
Shards can also be used for mortgage loans, liquidity mining, etc.
In the primary market, the uniqueness of NFT defines that they are only traded in the secondary market.
Then an NFT that lacks a primary market will face several problems:
For example, when10,000 works are created on CryptoPunk, itâs not sure whether it can sell them all, but it still has to cost money and time to make these 10,000 works and auction them. If it scarcely sells any copies, then the excellent IP may disappear because of the failure in the auction.
BĂ Tân | : @ReNFT002 Please say âDoneâ when you have finished the question, thank you.
yes
Through ReNFT, if you want 10,000 works created as it does on CryptoPunk, you can first create a Genesis NFT. This Genesis NFT can represent your personal IP or a series of works you want to work on. This Genesis NFT may also be a digital work of art, a motion picture, or even a Twitter post.
Then we will fragment the Genesis NFT. Assuming that there are 100 million shards, you can distribute 10% of them for subscription in the primary market, that is, INO.
The participants may be institutional investors, collectors, KOL, promoters and so on. You will find that during subscription in the primary market, the creator gets the funds for the project, and the participant can become the core promoter of your future works at auction, or the advocate of your IP.
With the shard agreement, even if 10,000 NFT works like this are created, the INO on the primary market can solve the problems of funding and publicity for the creators, minimize the risk of creation, and prosper the whole NFT market.
done
Bà Tân | : Question3. At present, the growth of the NFT industry has culminated more than ever before, and various NFT projects have emerged. What are the innovation and advantages of RE-NFT outshining many NFT projects?
Ben Cambiaso : ok
Scalable protocol
NFT is the only shard protocol layer project that is scalable across multi chains, which is complementary to the NFT trading market on Binance.
Developers of all NFT trading platforms, DEX trading platforms and IDO platforms can use multi-chain protocol on ReNFT to complete the asset shards.
⥠Available on multi-chain:
It is first issued on BSC main network and also supports Ethereum, Conflux, etc.
It meets the needs of different users and developers of BSC, Conflux, Ethereum and Polygon. After launched, it can provide a shard function and secondary financing channel for the assets on the Binance NFT trading market in June, just with one click.
⢠Innovative INO function
The customized shard strategy and the strategy of fund-raising on the primary market make it possible on the primary for issuers and participants. If you hold an LP token, you can directly subscribe for INO or conduct Liquidity Locked Auction. Over-subscription is allowed.
⣠Top IP resource
I think the cross-border popularity of NFT is of great significance. The value of NFT comes from IP value.
ReNFT cannot be limited to the cryptocurrency world and it should be expanded to other fields, so we use the primary market mode of shard agreement to finance the popular and influential IP.
At present, ReNFT is approaching the audiobook community Ximalaya, singers from The Voice of China and film investors for the animation to design the primary market and secondary market shard scheme for them. done
Bà Tân | : Question4. Can you explain the strategic direction of the project?
Ben Cambiaso : V1: combine IP platform and the entrance for user traffic
The shard model help incubate all kinds of NFT-related IP (such as Ximalaya) in the primary market to gain more popularity outside the field.
Also, the INO project can help attract investors in the primary and secondary markets. In this way, we can accumulate user traffic both from project and client.
V2: the largest NFT IP asset exchange
After the V1 accumulate sufficient popularity, we can gather the user traffic from IP on the ReNFT platform through its DEX, strive to become an IP asset exchange focusing on NFT and further increase the market value.
done
Bà Tân | : Question5. What can users do with Re-NFT? what functions it has and how to run it?
Ben Cambiaso : Users participating in Re-NFT can be divided into two parts: shard initiators and participants
Initiators are those who need shards.
They are NFT holders. NFT can be used in two directions. One is used through the INO subscription function to raise funds from the primary market. The other is when users have bought some NFT from Open sea or Rarible and other platforms and the price is very high, they can issue ERC 20 after fragmenting the NFT, and some of them can be traded in Uniswap.
Participants join the projects by mainly considering the publishersâ purpose. They can choose to subscribe to the potential NFT project, namely IP.
Some early projects will be circulated at a small number in the primary market for advertisement, so a shard subscribed is a shard earned.
Besides, participants can directly trade shard tokens on the secondary market to increase their liquidity and participate in mining in liquidity Pool.
done
BĂ Tân | : Question6. What are RE-NFTâs launch plans and noteworthy project milestones from 2021 to 2022?
Ben Cambiaso : First, our products were launched on May 24. We will build a partnership with some famous IPs in June. In addition to the domestic top-level Ximalaya Art Gallery IP, there are also candidates of The Voice of China, some cross-border performance artists corporating with well-known luxuries, etc.
We will fragment their IP and continuously acquire new user traffic by offering shard tokens.
During this period, we will cooperate with other public chains to support the shard and INO of NFT projects in their ecology.
We will be first available on Ethereum and BSC; we will then continue to look at the NFT ecology on Conflux, Polygon and Okchain. Finding the starting point for multi-chain availability is not technically difficult.
From July to September, backed with the release of several INO projects and IP cooperation, we will start the function development of DEX at the same time.
This DEX is also based on the AMM market-making mechanism, but the products will be simpler and focus more on the intensive function of the platform to make it easy to use for cross-border users.
In this way, the subsequent users will surely trade on our DEX, and a complete closed-loop of the primary and secondary markets comes into being, so we can change over from protocol layer products to an IP and NFT trading platform.
In October, as the ecosystem gradually improves and the DEX is launched, we will introduce the auction, resale, display, and other functions with NFT.
Users who meet the needs of non-shard trading will also auction NFT relating to good IP, which they accumulate in the early stage.
done
Bà Tân | : Question7. ReNFT has reached strategic cooperation with Himalayas Museum in Shanghai, the top 5 in Asia, and jointly launched Metaverse. How significant this cooperation is?
Ben Cambiaso : ReNF has strategic cooperation with Himalayas Museum. The museum will amplify NFTâs value by providing NFT works with high artistic and social value. Most of the works will be auctioned by Sothebyâs and Christieâs.
The highly prized works can be fragmented by ReNFT.
At the same time, as an academic institution, the museum also serves as a talent base. In June, it will recruit 1,000 digital art creators from all over the world and become the worldâs largest NFT artist education and exchange center.
Besides the museum, Ximalaya FM is also our partner. It is the earliest and largest online audio sharing platform ( with 200 million users) in China and adopts the mode where users create their own original content.
The current magnet NFT chose to work with the online platform Ximalaya now, so that will reserve tens of millions of online user traffic for ReNFT.
done
Bà Tân | : End of session 1
Bà Tân | : We will move on to session 2
Bà Tân | : Sessions 2: We will pick 5 Best Question from our members on Our Tweet.
Bà Tân | : Question1. Maybe currently NFT is the most trending after Defi. Can you share your thoughts on NFT? Where do you see the future evolution of RENFT features and capabilities in the NFT market coming years?
Ben Cambiaso : The NFT will be widely used in Metaverseďźbut the NFT and the FT will both do coexit. All things can be NFTďźand fan economy will be based on FT.
How do we relate uniqueness(NFT) to universalityďźCommunity Cultural and fan Economyďźin Metaverseďź
The answer is Shards Protocol.
We may see all kinds of economic activity in metaverse based on TOKENSďźthe ReNFT will be like a button which can convert NFT to FT.We cooperate with some VR team and Metaverse Blockchain projects in next few months,in order to make our shards protocol in more application scenarios.
done
Bà Tân | : Question2.I heared that u guys are deploying the testnet sever, when will the mainet and how long does the testnet last? Could you tell us more about the testnet?
Ben Cambiaso : The Testnest will be last from 27th May to 31th May.
Everyone can mint their NFT and make it into shards.We will make tasks and goalsďźwhen you have completed all operationsďźyou can get our RNFT airdrops.
done
Bà Tân | : Question3. 3.Which of the following aspects is important to you?
1-Increase Token Price & Value
2-Development of the Empowerment Platform
3- Building Community Trust
4-Extending the Partnership Globally In what order?
if everything is important, which one will you solve first?
Ben Cambiaso : Wellďźthat is a great question
I think Building Community Trust is most important.
Value comes from community consensus, the NFT is based on the community cultural.
The main objective now is to let communities to understand the shards core philosophy in NFT world.
done
Bà Tân | : Question4. .As i understand after reading #website that token is a Farming platform based on BSC that has NFTs exchangeable on the Ethereum network, Right?How this unique feature will benefitted both users & your ecosystem?What benefits can token holders get from your platform?
Ben Cambiaso : NFT is not exchangeable to cross networkďźit can mint and sharding it in multi-chain.
ReNFT is the only shard protocol project that is scalable across multi chains, which is complementary to the NFT trading market on Binance that may launch in June.Developers of all NFT trading platforms, DEX trading platforms and IDO platforms can use multi-chain protocol on ReNFT to complete the asset shards.
done
Bà Tân | : Question5.Can you tell about your listing plans?Specially the ones involving major exchanges, CEX and DEX. What types Partnerships you are looking for and what values would they bring?
Ben Cambiaso : We have already made contact to Huobi NFT venture,Conflux Defi ventureďźand Hashkeyâs LP,okex dream funds.They will help us to list on TOP exchanges.
done
Bà Tân | : End of session 2
BĂ Tân | : Weâll move on to session 3
Bà Tân | : Sessions 3: The conversation will open to the community questions and the best questions will be selected.
BĂ Tân | : Rules to follow AMA : ⤾ď¸
âŤď¸ Join : Telegram group ReNFT Shards Protocol (https://t.me/renft_protocol) , ReNFT Shards Protocol Vietnam (https://t.me/renft_vietnam) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)âŤď¸Follow: Twitter ReNFT Shards Protocol (https://twitter.com/renft_protocol) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
đhttps://www.renft.org/
BĂ Tân | : Those who havenât joined @renft_protocol group will not be eligible for AMA rewards, make sure you did.
Bà Tân | : Thanks for the questions from the community.
Bà Tân | : @ReNFT002 Pick the 5 best questions and answer it for session 3.
Ben Cambiaso : What are your plans on GLOBAL adoption? Which country is presently focused on?
Ben Cambiaso : we focus on asia and Europe
Ahrix : You can answer directly on the memberâs question.
Ben Cambiaso : ok
Q1. How do you plan to show the world that your product is not just useless blockchain solution to a non-existing problem?
Ben Cambiaso : thatâs a good question
our slogan isâshards create the value
NFT has a low liquidity
a single NFT canât link to fan economy
its needs a protocol to link FT and NFT
done
Q2. Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Ben Cambiaso : our project inlucludes the staking program
done
Q3. The demand of the NFT market is growing rapidly as projects merge. So what is your long-term goal, what will Re-NFT allow users to do when you combine the power NFT?
Ben Cambiaso : OUr long term goal isâjoin the metaverseďźand let blockchain into a VR worldâ
SHard protocol will like a button in metaverseďźone click just shards-into the FT
done
Q4. Focus on building and developing or getting customers and users, or partnerships?
Ben Cambiaso : now we focus on users and communities
done
Q5. For your influencers and business locations, will countries in Africa be considered?
Ben Cambiaso : Too Far awayďźAHAHA
done
Q6. For the future, do you have any plans to create own dex for staking, exchange and farm?
Ben Cambiaso : yesďźin our V2 we will launch our dex ,this dex especially for shards tradingďźor IP assets trading
done
Bà Tân | : Thanks for the useful information from @ReNFT002
Bà Tân | : End of session 3
Bà Tân | : For questions that have not been answered today, you can send them to @renft_protocol for answers.
Bà Tân | : Allright, I declare the Im Community AMA with ReNFT Shards has ended.
Thanks to @ReNFT002 | ReNFT Shards joined us and provided us with ReNFT Shards information, we hope that this knowledge makes us understand more about https://www.renft.org/
To the members, thank you for following this event to the end. winners will be announced soon.
BĂ Tân | : Todayâs AMA winners please PM @quocnguyen1234 to provide reward information. Thanks everyone .
Ben Cambiaso : THX everyboy in IM community
