AMA Recap 404 Daily Crypto with NFTease
Hello 404 Daily Crypto Community
On the 18th of June 2021 at 04:00 PM UTC (23:00 WIB). We just successfully hosted our 59th AMA with NFTease, with our guest from the NFTease team:
- Bunkky, Lead developer and co-founder of NFTease
- Torin Hofmann, NFTease team
Many of you might have participated or many of you 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
Q1. Before we go any further, please introduce yourself, your background, and your roles within NFTease?
Hello, I am Bunkky. The lead developer and co-founder of NFTease. Alongside me is Dev, another co-founder and developer, and Torin — a co-founder and our marketing head. I have a background in computer science and have been involved in numerous startups both on the business and technical ends. Dev is a successful entrepreneur who recently sold a medical tech startup and has a background combined in computer science & business. Torin is another successful business person and has seen great success in his career. Collectively, we are all able to combine our different skill sets into building something awesome. I personally was involved in crypto since 2013, when I was younger and didn’t know what bitcoin was. On the more technical end, I started to experiment with blockchain and a lot of the more advanced stuff over the past 2 years.
NFTease is a decentralized app built on top of Binance Smart Chain & Ethereum. It is a platform where creators can post exclusive adult content as an NFT, and individuals can then purchase it. What’s unique about us is that the creator's NFT and content is hidden until it is purchased. This allows creators to keep their exclusivity! Once purchased, the NFT unlocks and the purchaser then can access the hidden content. We currently offer support for payment in our TEASE token & Ethereum.
Hey Guys! Torin Hofmann here!
Q2. How was the idea to create this project born? It is very interesting. What do you want to achieve? What are your expectations?
The idea came around Feb. 2021 when NFT’s truly exploded and individuals like “Beeple” saw sales reach 60 million for a single NFT. We realized that there was a gap in the adult industry and NFTs, and they go hand-in-hand as both are considered quite exclusive.
Our expectation for the project is to build it out into something huge. We want to create the best platform that the crypto space has to offer, and we feel our features already set us apart from the most competition.
Dev is going to add something more :)
Q3. How can I invest in the NFTease project? Is it safe?
NFTease is available for purchase on PancakeSwap. Our contract has undergone an audit from the reputable “Solidity Finance” and was deemed secure with no critical issues found. https://solidity.finance/audits/NFTease/
Furthermore, our liquidity is locked and re-locked on a yearly cycle.
Q4. Can you give an overview of NFTease Token tokenomics?
Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage, or burning?
NFTease Token has 3 simple mechanisms:
#1 Liquidity addition — every transaction carries a 3.5% fee that goes into the liquidity generator. When the smart contract accumulates 750,000 tokens a function is triggered where it sells half (350k) for BNB and then creates a pair and deposits the remaining half + the BNB back into the liquidity pool.
#2 RFI — every transaction carries a 1% fee that gets reflected all holders. This includes sales on the platform.
#3 Manual Burn / LP extraction — of the newly generated liquidity as outlined in #1, 40% of it will be removed from the LP at the end of every month. This will remove both BNB & TEASE, where 80% of the extracted TEASE will be manually burned. This will, overtime, create a rising price floor as there will be fewer available tokens.
Our token is designed to be a piece of the greater platform. With the success of the platform, we believe the token will follow as the creator's sale fees are structured so that TEASE is the lowest % (5.75%), which will incentivize more individuals to purchase it.
Q5. Could you please provide some progress on your Roadmap and what results from NFTease has achieved so far? And any sneak-peek into 2021 plans for NFTease?
Our roadmap outlines a schedule development and success that we’d like to see. We have achieved 2 major milestones of our roadmap:
#1 Finished the development of the platform purchasing ability. Creators and buyers are now able to purchase and list content in the TEASE Token.
#2. Host a public offering presale to the public (which — went off with some initial hitches, but these have been rectified fully).
We’re currently in the process of doing a major UI overhaul on the site which will drastically change its appearance and make it more appealing. We’ve also hired an additional developer to assist us in this, as well as recruited a well-versed and well-connected talent acquisition leader.
Our next plans are to continue onboarding creators and continue with our marketing. From a development perspective, there are a lot of exciting things in the pipeline — such as the ability for collections, a referral program, and much more!
Q6. What is the plan NFTease to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year?
Because of the functionality built into the contract, any trades on PancakeSwap contribute to building the rising price floor. With a higher volume of trades and higher numbers of investors, this price floor increases. The extracted LP also has an allocation set for reserve, in the event that we need to re-add LP or give the token a bit of a boost!
Questions asked on Twitter for NFTease team
Q1 From Twitter username @LamaAsu1
Regulations are important, Many projects have been shut down in many countries because they are not using the right regulations and licenses. In order to reach the whole world, how does @NFTeaseApp handle this problem?
Ps. Including 18+ content is banned in some countries
We’re regulated and operating in Canada under a registered and licensed business. Our business follows the laws and regulations of Canadian legislation.
Countries that ban adult content, we are unable to provide service to.
We have strict guidelines in place with all creators and the content available. There is a manual verification process to ensure absolutely zero copyright issues. We also have KYC to ensure all of the content is legal.
Q2 From Twitter username @Aliandosyarif09
Will you also focus more on Asian market as it arbors a very strong based for crypto currency projects ?
I am currently working with Youtube Influencers from all around the globe to enter us into different markets.
We are currently expanding into all different markets including Asian, European, South American, and Eastern markets. We’ve lined up a few influencers who speak their native tongue to do promotions and videos for their audience. As for the Asian markets, we are in touch with 2 individuals who host large WeChat groups and will be promoting it internally there.
Q3 From Twitter username @Madan66040326
First of all, getting enough funds is a primary goal for the construction of a project. Is your team economically capable of running this project? Do you have enough funding to develop it? Can you tell us how the profit is generated by your project?
The overall construction and key development of the platform are already completed. Us developers have invested a substantial amount of time into getting it set up, and the funds for all of the operations costs (backend services, hosting, etc) are all out of pocket. This will be transitioned gradually to use business income to pay for these expenses. The funding of development is already paid out, and our new hire developer is receiving payment as well. Our team is economically capable of sustaining payment out of pocket for the backend services used if we cannot generate enough profit initially. We generate profit through 2 means: the first is the token. The second is through sales on the platform — whereby each sale carries a fee that gets delivered to our wallet address (in TEASE or Eth).
Q4 From Twitter username @onebaby122
I know you are sensitive to projects created to defraud. How do you think investors can distinguish these projects and why should they trust you?
I am completely doxxed. I have a 40K Youtube channel where people have been following me for years. This is a long-term project I asked the community to get involved with.
This Channel is the place where you can get the latest crypto news, project reviews, and cryptocurrency trading advice…
The primary thing to look for in a project's legitimacy is also utility. Our platform already has utility and we’ve already had creators who have sold NFT’s! We’re also a licensed and registered business and abide by our federal regulations.
Q5 From Twitter username @BagusIra86
Some projects disappointed investors. Now we are faced with the Binamon project. Will you be able to make NFTease stand out from ordinary and similar projects and become the leader among projects with the concept of “NFT”?
NFTease is a platform and utility first token. We’ve created our entire platform before the token, and it was designed in such a manner as to horizontally scale with growing demand.
Our competitive advantages are simple —
- Creating an NFT is as simple as dragging and dropping a photo, submitting a name, price (in either TEASE or Ethereum — more coming soon), and description.
- Creating an NFT for a creator requires 0 gas fees & requires 0 balance in your wallet.
- Creator's exclusive content is kept hidden until it is purchased. This keeps exclusivity intact and ensures that people aren’t just viewing the content but are more incentivized to purchase the NFT to unlock it.
Every single purchase on the platform in TEASE gives a kickback to all holders of TEASE. Because TEASE implements RFI, 1% of the final sale price of a sold NFT automatically gets distributed to all holders of TEASE.
The overall concept of the ‘NFT’ is niched into the adult industry, and we’re not looking to pursue a general NFT marketplace like Opensea or Rarible.
Questions asked by our 404 Daily Crypto community members during live Session to NFTease team
Q1 From Telegram username @Antonmedan13
Nearly 79% of investors have just focused on the token price in the short term rather than understanding the true value of the project. Can you tell us about the motivations and benefits for investors to hold your tokens long-term?
The crypto space is full of pump & dump projects where people only want marketing dollars spent to increase their token before selling. This is why we chose to create a fully operational platform first and then offered a small pre-sale to my community who saw the long-term vision. We already have products being sold on the platform with only a handful of creators. When we onboard 1000s, who will bring their audiences to purchase our NFTs, the price stability will be incredible. We will be increasing addresses as we bring more creators and products onboard. When there are 1000s of transactions per day, reflections and burn will increase the value. We choose not to “shill” as much as we choose to find creators who will help build a steady, healthy, organic growth.
Q2 From Telegram username @farukvaiya
Why did you choose BSC platform for development? In the future, do you have plans to expand or develop your system on other networks like Ethereum, Heco, or Polkadot?
The project was build on the Ethereum Mainnet, but has been integrated with the BSC to be cross-chain. Creators are able to sell their products for ETH or TEASE. We offer incentives to offer in TEASE, and until ETH gas lowers, it is not comparable what profit is more. We have future plans to integrate other networks, but launching with 2 integrates the best of both worlds.
Q3 From Telegram username @jp1259
What does your project aim to solve the problem in real life about blockchain? In other words also why DEFI needs Your project? How reliable is your platform, how can you guarantee that your smart contracts are completely transparent, have you made any kind of evaluation?
Our project aims to add utility to real-life investment by allowing guaranteed ownership of an NFT verified on the blockchain. This allows people interested in purchasing content to have exclusive rights to it, and it is certified via the blockchain. The token aspect of the business allows our platform to expand into the BSC market and allows for holders to benefit off of the platform's utility as well. The smart contracts on the platform itself are awaiting a response from our auditor, but have been rigorously tested over the course of 3 months. The token itself is audited by ‘Solidity Finance’, and you can find a report for that here: https://solidity.finance/audits/NFTease/
Q4 From Telegram username @Alx_mame
Many projects on a daily basis promise great utilities and functionalities, but they end up throwing the carpet days after the presale, how do you really know that your project will not throw the carpet? What guarantee do investors have?
“We saw that rug pulls were becoming a common occurrence in this space, so we decided to do things differently. Our team decided to build our platform first, to show our competence and vision to boost investor confidence. By doing this, there is less of a need for people to just blindly trust that we will follow through on our plans, as we’re already halfway there. On top of this, I think it’s reassuring for investors to see that we have already put a lot of our own time and money into this platform, which we hope will make people more confident to invest in NFTease” — Dev
Q5 From Telegram username @Jaegerrumbling
Most of the biggest drawback that NFTs have is that they actually don’t have any actual use cases, usually just for collections, so can you tell us how NFTease makes use of its NFTs?
Definitely! As you might know, OnlyFans has tapped into human phycology of having a cult-like following. With the ability to offer creators an additional revenue stream to their audience, with only 1/1 made, it is an easy sell for these creators. Now in order to save the privacy of these NFTs, we have blurred the image of them before purchase so only the creator and buyer can see it. We will leverage the creator's audience to come to our site, purchase our tokens, and then auction for the winning buyer. Additionally, our NFTs will include offline activities like signed posters, facetime calls, shout-outs, and much more. Creating a product unlike anything out there
Closing words from our guest to 404 Daily Crypto Community
Does the community know Johnny Sins?
Thank you so much 404 for having us! We appreciate this entire community and loved answering your questions! We will now be hanging out in our TG to answer any more questions you may have.
Yes! Thank you everyone for tuning in. It’s been a pleasure answering all of the questions.
Here are some important links of NFTease