AMA Recap 404 Daily Crypto with NetVRk
Hello 404 Daily Crypto Community
On 7th of April, at 12:00 PM UTC (19:00 WIB). we just successfully hosted our 8th AMA with NetVRk, with our guest from NetVRk team:
- Jonathan Wernick, Chief Administrative Officer for NetVrk
Many of you might have participated or many of not, So here we are up with the AMA transcript for those who missed the AMA session.
Introduction Questions Asked By 404 Daily Crypto Team
Can you introduce yourself and your team please? We want get to know you and your team. What you did before crypto, and how you got into crypto?
Hi, I’m Jonathan Wernick. I’m the Chief Administrative Officer for NetVrk. I’ve been active in crypto since 2017. My professional background is I’m a Chartered Accountant that also has a legal background. I’ve been involved in the project since Q3 2018, primarily as an investor, and later joined the core team.
Our team is comprised of Michael Katseli, our CEO. His background is in engineering and game and tech development. Our COO Linus Chee has a background in graphics and game design and is a gifted artist. Our CMO Daniel Kennedy has a background is in marketing and real estate.
You can view our entire team at:
The global augmented and virtual-reality market was valued at around USD 26.7 billion in 2018, and is expected to reach…
Our team consists of over 10 people at the moment, with varying areas of expertise.
A little more about myself, I’m a chartered accountant in the UK with 14 years of experience. I got into crypto-like most people because I’m a degen at heart.
Q1. Can you introduce NetVRk to our community? and where did NetVRk come from?
NetVRk is a social VR platform with powerful creation tools to easily create, share experiences, and monetize VR. It has its origins in a VR real estate tool. That is why land and building are at their heart. With the recent prominence of land NFTs, this is extremely fortuitous for NetVRk.
Q2. Can you share the strengths of NetVRk that make NetVRk stand out?
We are a VR platform at our core. It is a very exciting time for VR. With the pandemic, we are seeing a major increase in the use of digital communications. Compared to 2D digital socials e.g. teams, google meet, zoom, VR is immersive and offers an additional dimension making that interaction a richer experience.
For me, NetVRk’s major strength is the VR platform itself with a user experience first approach. The team has been building the VR platform for several years. Most VR crypto products have had the raise very early on in their development cycle. The MVP (Minimum Viable Product) is almost ready for launch.
The Road map from the white paper is a great infographic here.
As you can see we have been working away for years.
I think this gives a real feel for what we are trying to achieve.
This video is actually from November and we have seen major progress as we approach the MVP.
Q3. I see that the NetVRk has its own token which is $NTVRk . will this $NTVRk token be registered later in another exchange?
The initial TGE and trading of $NTVRK will be via dex. Certainly, we’d plan to be on a CEX at some point. However, it's not a priority right now as DEX‘s are easy, cost-effective, and lower risk than most CEX. Nonetheless, there are people have will only trade on CEX and a quality CEX will be an important trading option. This is something to explore once the token becomes more established and has a trading history. There is little point in a CEX unless it's a major one.
Q4. How does NetVRk intend to increase the value, utility and liquidity of $NTVRk token. thus producing a natural increase in price of the token?
We have a strong experienced crypto team and understand the importance of managing the crypto token. This is enhanced by working with Ferrum which has an excellent history of success for their associated tokens.
A key token value driver from NTVRK acting as the core in-game medium of exchange. Through Working Capital tokens will be tied up.
The more successful the platform, the more tied up.
• Buying Assets (Art, Functional, Avatars). This is from NetVRk but also third parties. We hope to have in-game and real-world items for sale via NetVRk platform
• VR Dapps and mini-games
• In-game Build mechanics will involve ‘hurry ups/ resources’ using.
We are planning an NFT land sale in several tranches, a portion of this would be in NTVRK token only. These would be taken out of the market, we have not finalized how long these would be out of supply. Furthermore, people will store NTVRK for these later auctions, to mitigate currency risk.
Ferrum has a very strong staking tool, staking is a highly effective tool in reducing supply. This will be utilized very early on.
These are just a taste. NetVRk is a VR platform, there are so many ways in which we can utilize the token. Some plans are yet to be announced and others yet to be finalized. Some we haven’t thought of yet based on how the platform and its users develop.
I’m a fan of deflationary factors, e.g. A % of game txn fees are removed from circulation. Or bringing NFTs in has some form of NTVRK token burn. These are personal rather than official NetVRk concepts and give a flavor of things being discussed.
Q5. Can you share the latest developments and further plans of NetVRk?
I’m not head of Community but this is a VR project. With any VR project user base and community is critical elements.
There are various communities involved:
- Social VR
What's really exciting about this concept is the cross-user. Someone comes for a uni course but stays for the VR social aspects. It also makes us unique in our approach.
We have partners such as Playcent, Versoview all with excellent social tools/aspects focusing on different aspects to enhance our own.
The users are at the heart so I expect to see rewards for being an active user of the platform, e.g. random treasury chests giving you NTVRK tokens is an idea being mooted.
Questions asked by our 404 Daily Crypto community members during live Session to NetVRk team
Q1. From Telegram username @Uamos
Compared to virtual reality platforms that are not in the world of cryptocurrencies, how does NetVrk stand out?
So there are a few decent VR platforms out there. Sandbox, Roblox, etc. What makes our stand out is
User experience first
The integrated builder tools.
Cross-Community approach to building a user base
Do have a look at the intro video. Once the MVP comes out, it's groundbreaking.
Q2. From Telegram username @mawadin
Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
The critical thing here is we have a real product, the platform. This platform will generate a constant buy pressure through its utility in-game
It's not some kind of turn-and-burn vaporware DeFi project. We have a vision and we have the capability to build it.
Q3. From Telegram username @lulubell23
The innovation in his project raises ambitious objectives that capture the interest of artists, entrepreneurs, collectors, and investments of all kinds. Your proposal resembles the metaverse of Second Life Does your virtual reality project using innovative technologies want to achieve similarity with the economic, social and cultural structures of Second Life with which users can build a virtual life as part of their day-to-day?
It's exactly where my head went when I first heard about NetVRk.
But if anything the plans are bigger. in-game purchases for real-life products, NFT ownership rather than just on a server. This technology combined with burgeoning VR markets means this has the potential to be a household name.
Q4. From Telegram username @CrisTubista
For NetVRk to be a successful development, it needs to collaborate with the different virtual reality platforms that provide the hardware, so that it is present in most of the market. Currently what platforms are or will be compatible with NetVRk?
It's compatible with major headsets such as Oculus and it can also be used via the PC, VR, and not VR via steam.
What I’d love is something as ubiquitous as google cardboard especially as mobiles become even more advanced.
Q5. From Telegram username @zaferce
Can we purchase valuable lands within NETVRK and manage them? When we buy land at real estate hotspots, can we improve these lands and increase their value?
Great question you will be able to buy land in NetVRk. We will be doing a series of auctions. hopefully, we should be announcing the timing of these pretty soon and you were able to see the NetVRk world map.
100, you can build and develop your land. We want everyone to develop their land and show off what they own, enhancing the value of their NFT. Pulling in your NFTs to enhance your plot through Art, showing off your spoils. It's a really exciting concept, it's what humans have been doing since time immemorial.
Closing words from our guest to 404 Daily Crypto Community
Thanks Alam, some great question, really hope to see some of you in the official chat.
The final comment is digital comms are being taken up VR is expanding rapidly. this is product is hitting the market with perfect timing, too early and you run out of steam too late and communities are elsewhere. Perfect timing for crypto as well, VR is a major NFT use case in general and land is heating up.
Most importantly crypto allows you to own your VR life, the avatar, the land, property, you will own it, not us.