We held a live AMA with CEO, Duke Nguyen from DareNFT on 10th October 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Serene | Shin Chan: Hello Duke, Before we start the AMA, can you please introduce yourselves and the team background to our community?
Duke Nguyen | DareNFT: Sure. I’m Duke, CEO of DareNFT.
I’m very happy to be here today to share about myself and the project i’m running — the DareNFT.
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.
Serene | Shin Chan: Any latest/ update news about DareNFT you would like to share with our community?😀
Duke Nguyen | DareNFT: sure. I want to share the big news that our DareNFT just close the private sales round with 2.4M funding from our investors.
JH | Shin Chan: DareNFT will conduct Triple IDO 🚀🚀🚀🚀
Duke Nguyen | DareNFT: The whitelist is opening now. Please go to our channel at t.me/darenft_official to join with us.
AMA Twitter Section Begins:
Q1. #DareNFT’s first product is #DarePlay. So would you mind sharing some interesting details about this product? What we should know more about it and how does it work? And will there more products be launching here soon?
Duke Nguyen | DareNFT: DarePlay is our first product that launch after IDO events. DarePlay’s ready to launch in this month, too.
Dareplay is a GameFi platform for traditional games and NFT games. It will converts traditional games into NFT games.
We are focusing on Vietnam market first to launch the DarePlay. This is a true blue ocean in Vietnam because Vietnam has a very developed game industry and they are gradually embracing NFT and blockchain in order to replicate the success of Axie Infinity or other games.
DarePlay will also convert in-game items into NFT property. DarePlay offers a launchpad and IGO service, allowing these games to launch tokens and sell tokens to the community.
Dare Play will provide a marketplace for NFT game exchange and the rent-to-rent model. DarePlay will allow NFT game users to bring up their items and exchange or rent-rent them based on their needs.
Q2. I see on your twitter a lot of AMAs are being held, why not organize AMAs on a bigger platform for example in a big project, is this a strategy that “DareNFT” uses to introduce or a project based on NFT Game will provide great benefits for its users but with a large community
Duke Nguyen | DareNFT: For the AMA, we only do AMA with reputation community. As you can see in our channel, our team planned for me to participate AMA in everyday for sharing with the community.
We are almost full to capacity in preparation for AMA before IDO. 🙏
Q3. You mention: “We believe that the co-ownership model and the digital asset derivatives model will give the DareNFT project a significant competitive advantage over other projects.” Can you summarize what these projects consist of (co-ownership and derivatives of digital assets)
Duke Nguyen | DareNFT: This is the question I’m awaiting. We’re confident because we’re focusing our efforts on developing cutting-edge technology for our protocol.
For co-ownership model, it means 2 authors can own a product. Both of them can collaborate to create new product. After selling the product, revenue will distribute to both authors according to the rules in the DareNFTs smart contract.
Q4. In what ways does NFT 2.0 outperform NFT 1.0? And, more importantly, how do these benefits translate into real-world benefit and contribute to overall significance? So, what are the next enhancements that NFT2.0 will require?
Duke Nguyen | DareNFT: That’s based on our solutons for NFT 1.0
NFT 1.0 has many problems and it limits NFT to go mainstream.
The current problems of NFT 1.0, which are:
- Unrecognized benefits between NFTs
- Unrecognized relationship between NFT owners
- Hidden risks of NFT Ownership.
You can learn more about our protocol in the pitch deck of DareNFT at:
Q5. DareNFT has many important partners in Planet Sandbox Warena, OneSoft. Will you have new strategic products and business partnerships in the future? Can you tell us about the importance you give to partnerships?
Duke Nguyen | DareNFT: We are planning to partner with many game companies in Vietnam and Southest Asia countries. What we do first is helping them to launch their game into NFT games via our first product, DarePlay.
Telegram Live AMA Begins:
Q6. Recently , DareNFT has closed its $2.4M private and strategic Funding Round , Will you tell Us on What purpose these funds will be Used and What were the key Investors ?
Duke Nguyen | DareNFT: ok first question about our big news 👍
As you know, DareNFT closes private and strategic funding round with $2.4M from VCs and other investors.
We had just announced this news 3 days ago on Cointelegraph:
DareNFT closes private and strategic funding round with $2.4M from VCs and other investors
Despite the fast-paced adoption of the current nonfungible token (NFT) innovation or NFT 1.0 among creators and crypto…
We will use this fund to fuel our product, attract additional talent, and do marketing efforts to increase brand awareness.
With strong product and team, we will bring more value to our partners and strengthen our community.
Q7. Could you please talk about the advantages of locking these NFTs to NFT2.0 when we print NFT with DNFT in NFT 2.0 Protocol? Is it possible that locking has a reducing effect on the amount of $DNFT in circulation?
Duke Nguyen | DareNFT: Yes, for sure, if more users lock DNFT, then it lower the velocity of token. That leads to bring more value to our token, the DNFT. Lower velocity is economic concept that most blockchain projects focus on to bring more value of the token in the longterm.
However, the token velocity isn’t enough, as a founder of DareNFT, I and my team focus on building more utilities for DNFT. If you are a holder of DNFT, you can earn value via:
1. System Fee/Comission
2. DareNFT DAO revenue
3. Deflationary model: rewards for stakers/LPs, discount for end-users, used for burning and reserve
Q8. According to your Raodmap , I Read that In Q4 2021 , You made a plan to Launch NFT 2.0 BSC , ETH , POLYGON TESTNET , Can you tell Why you decided to Launch the TESTNET On these Networks Initially , Are you also planning to Integrate other Networks also?
Duke Nguyen | DareNFT: Multichain is our goal for building DareNFT. Cause the internet contents are so huge, we should not limited the protocol for only one chain.
Q9. ⚫️ I read that DareNFT will offer NFT cloud service. What is the advantage of the NFT cloud service and what kind of support do you provide to users who want to have an NFT application?
⚫️ How will the security of the lease terms be ensured for those who want to lease NFTs for a long time at DareNFT? Will there be a mortgage requirement for this and how will it be applied?
Duke Nguyen | DareNFT: Good question. NFT cloud service is similar with Amazon service. Think about how you want to use web services to launch your product, NFT services from DareNFT can helps you to mint NFT and launch your NFT games. We are building the new infrastructure for NFT sector of blockchain industry.
For renting digital assets on DareNFT, you need to mortgage before renting. This is similar to renting process in traditional market. For more details, we will announce soon on our channel. Please go to:
Q10. RADA & DARENFT collaborated recently, Can You tell about the mutual benefit of this collaboration?
Duke Nguyen | DareNFT: Rada is a big blockchain community in Vietnam, founded by a. Hung Dinh is a serial entrepreneur who has also invested in a variety of blockchain projects in Vietnam. Through this partnership, we will receive assistance from a. Hung for strategy advice or to help bootstrap our product.
Q11. You say “$DNFT will be the next BNB of the NFT market”. What new does $DNFT have that could be attractive? Could you please explain?
Duke Nguyen | DareNFT: I’m very interesting for user to say that.
Indeed, Binance’s target audience is distinct from that of DareNFT. Thus, while comparing, it is irrelevant. However, as you may already know, DareNFT’s target market is internet content. It is everything the information that we consume today: music, books, posts, movies, and games… all of which may be converted to NFT and then used by DareNFT to create NFT 2.0.
Q12. How important are the 3 layer model for DareNFTs ecosystem in the design of your technical architecture? How can I understand DareNFT’s economic model?
Duke Nguyen | DareNFT:
I think it’s easy for you if you see this picture.
Our protocol is the layer 01, the core product of DareNFT
Then the layer 02, the NFT services
and the layer 03, our based products — like DarePlay
Q13. Do you have plans to open local communities (where English is not yet common, they use local language at group) to attract more investors?
Duke Nguyen | DareNFT: Yes, we have. We also have Japanese community, Chinese community, Indonesian community. We are planning to expand more countries.
Q14. You say that DarePlay also offers a launch pad and an IGO service, allowing these games to launch tokens and sell tokens to the community. Could you give us information about the platform to be pending?
Duke Nguyen | DareNFT: That’s the DarePlay. We will launch our first product in this month. Please stay tune with us to explore more.
Q15. What was the turning point that led you to develop DareNFT? What problem did the project team notice when coming up with the idea of what DareNFT is? What are the challenges you are facing right now?
Duke Nguyen | DareNFT: It’s interesting that the idea for building DareNFT comes from Darework, our initiatives to build derivative content platform and co-ownership model.
Before founding DareNFT, I founded an online education company called DORA. I found that the problem of reused learning materials and revenue sharing mechanism was still an unsolved problem. Since then, DareNFT was started as an NFT platform for derivative content, then expanded to NFT 2.0.
Q16. We are used to the terms of “Hold to Earn and Farm to Earn” but DareNFT is offering users to “Rent to Earn and Lease to Earn”. I have never seen this before. Can you please tell how does it work? What are the major advantages of these features?
Duke Nguyen | DareNFT: Rent-to-earn is the big part in our economy. If you own a property, do you want to lease and earn passive incomes? That’s the point.
In DareNFT, we are building the protocol for NFT to do this. To summary, by using our protocol, we help adding more liquidity to NFT.