On Thursday 14th January 2021, we welcomed @lastnamefirst and @jdourlens of VeryNifty into DEFINFTs Gems telegram chat. @lastnamefirst and @jdourlens are two friends dedicating their time to innovations around NFTs, DeFi, and Decentralization in general for 4 months. They’ve been in the space since 2017 and involved in various projects as builders. Together, they came up with the idea of VeryNifty.
VeryNifty is a supercharged NFT ecosystem that consists of so many products like VeryNifty Gallery (a Tamagotchi like game on the Ethereum blockchain). With VeryNifty you can wrap your NFTs and turn them into vNFTs, your vNFTs earn you $MUSE (erc20) once a day by clicking on claim rewards.
In this post, we have compiled key questions and answers from the event.
Q1. Hello, Apes! We are glad to meet here @lastnamefirst and @jdourlens of VeryNifty, and they will start by introducing themselves, giving us a short pitch of themselves and VeryNifty stating the different moving projects of VeryNifty and their role in the project!
Hey Apes! Glad to be there with you all and thanks for the invitation!
We’re two friends dedicating our time to innovating around NFTs, DeFi and decentralization in general for 4 months. We’ve been in the space since 2017 involved in various projects as builders. Very Nifty is for us the occasion to deliver tech and apps together for blockchain enthusiasts.
Our first product is the VeryNifty Gallery, a Tamagotchi like game on the Ethereum blockchain. With VeryNifty you can wrap your NFTS and turn them into vNFTs, your vNFTs earn you MUSE (erc20) once a day by clicking on claim rewards. Use MUSE to buy different gems and raise in the leaderboard, the higher you are in the leaderboard the more MUSE you’ll mine daily. Careful though, if you don’t buy gems for several days your vNFT (Very Nifty NFTs) will die and get burned and won’t be able to mine any more MUSE.
Q2. Do you consider VeryNifty a DEFI + NFT project? If yes, state why, and if no, also state why!
We love DeFi and Very Nifty has some pretty innovative DeFi mechanics:
- vNFT brings a token: $muse that is used in staking and LP pools.
- The lifecycle of vNFTs is ensured by some arbitrage opportunity. Players are incentivized to enforce the game rules (feeding/killing) thanks to rewards.
- vNFTs are one of the only NFTs in the space that can bring the holder some value ($muse).
Q3. @lastnamefirst and @jdourlens How long have you guys been in crypto and NFTs?
It’s been since 2017 we are working full time in this exciting space. We worked on different projects and I even spent some time at Consensys.
Q4. What inspired VeryNifty and the idea of VeryNifty as a development shop focused on NFTs.
We already worked on some games on blockchain back in 2017. This summer DeFi innovations and energy motivated us to experiment more and create a brand where we can showcase our projects and gather a community. Those 4 months have already been full of adventure and learnings and we’re really happy to have members enjoying our projects and even contributing to design, code, and more.
Q5. I see you guys have some stuff launched already on https://gallery.verynifty.io/ , can you break it down by stating the functions of MUSE utility token.
As mentioned, $muse is the currency used in our Tamagotchi like game. Players can mine $muse every 24 hours but also need to spend $muse to keep their pet alive and growing.
The token hard cap is 1 million and the current supply is 340K with a total market cap of 100k$. The supply moves everyday as the token gets minted and burnt in the game. $muse is also burnt inside games or when players buy accessories to give special abilities to their pet (battle/cashback reward program/changing color..).
You can also stake $muse or provide liquidity in order to mint new pets that you can keep or sell.
WrapLP is a protocol we designed and published for developers. It enables to Deposit any ERC20 token into the WRAP LP contract and get an NFT (ERC721) representation of the ERC20 tokens you deposited, you can use this as proof of “liquidity” to get yield from multiple apps at the same time. This is something we needed to enable multiple projects to partner and provide liquidity incentives on the same LP pool.
The project we are the most excited to release is our NFT DEX: NFT20. It’s a permissionless p2p protocol to tokenize NFTs and make them tradable on decentralized exchanges such as UniSwap or Sushiswap. Anyone with an NFT can create a new pool or add his NFT to an existing pool and get ERC20 Token derivatives of their NFTs in a permission-less way, those tokens can be transferred and traded on DEXes right away.
Q7. When is NFT DEX https://nft20.io/ launching?
This Friday, the 15th of January. We hope gas prices will be fair with us and won’t hesitate to postpone the launch in the event of network congestion so users can discover the DEX in the best conditions.
Q8. Can you state the Benefits and Uses cases of NFT20 NFT DEX to the NFT Ecosystem?
We identified 3 groups of users that might love NFT20:
NFT holders: Collectors of any project can easily deposit their items in exchange for the associated token in order to get instant value out of their items. It’s also an ideal way to get a hand on items of a collection as the volume guarantees a fair price for both sellers and buyers.
NFT creators: NFT project developers can create or support the pool for their NFT project. Having a healthy pool with good liquidity on a DEX enables their users to easily trade their items together, and for newcomers to get their items at a fair price. The pool can also be used as a sale mechanism for NFT projects while the pair is incentivized to get high liquidity.
NFT investors: Having access to a large pool of tokenized NFTs of any collection enables generic investors to speculate on the price of a collection without having to worry about identifying and buying individual items, as those operations can become pretty difficult for handling a large amount of NFTs while fungible tokens (ERC20) are easier to transfer and trade.
A lot of other use cases are possible, we designed the DEX to be as flexible as possible for people to use and build on.
Q9. Can you state the $NFT20 token distribution and metrics.
The $NFT20 token will be distributed a little after the DEX release. You can see our litepaper here:
Q10. What liquidity incentives and the farming program will be available on NFT20 NFT DEX Launch?
We’re partnering with several NFT projects that will incentive their users to provide liquidity on their own pairs. We can’t yet give names yet but the projects that we already partnered with for our game are a good starting point.
Q11. Is Governance an aspect you are considering, and in what way do you think you can introduce decentralized governance to the platform? How soon do you think governance will come along?
Governance might come at a later stage. The priority is to validate and tune the DEX first by seeing how people use it and where the governance fits. Currently, a lot of projects are forcing the adoption of their apps by giving too much incentive through governance token and LP reward. We believe that a governance mechanism should be introduced once the app needs it at a later stage.
We don’t exclude rewarding early users as it was done by Uniswap and 1Inch recently.
Q12. Any funding achievement and milestones you can share? If none, how do you intend to give $NFT20 token value?
We’re really interested in a fair launch, our game was released with no premine/presale and managed to get good value and awesome participation from players with around 100K transactions on mainnet. The value of $NFT20 will be backed by the fees captured by the DEX.
Q13. What sort of partnership is possible with your NFT20 NFT DEX?
As said, any project around NFT will benefit from introducing the DEX to their users. We expect to have major NFT projects incentive liquidity on NFT20. Projects that will help their users get liquidity on the NFTs will win more visibility and enable more people to buy
Q14. What kind of partnership do you think is possible with NFT20 NFT DEX and DEFINFTs projects like charged.fi and nftx.org
The DEX is pretty simple for developers to add things on top. We’re really curious to see what people build on top of it and I guess we can also see some collaborations with the greater DeFi ecosystem for eg: creating a basket of tokens from different collections with Balancer to act like an index fund of the NFT space.
Q15. What NFT sector do you find NFT20 NFT DEX useful?
The added liquidity to NFT collections will enable holders to move from collections to collections more freely which is important. How many people hold crypto kitties/alpaca/meme and don’t have any idea of what to do with those. The DEX will enable holders to get a fair price for their pieces and developers to add new use cases for the collectors/players.
Q16. Do you think NFT20 NFT DEX will significantly improve the price appraisal and liquidity problems of NFTs? What other issues do you believe NFT20 NFT DEX is solving?
The dex will definitely bring huge liquidity for common NFTs. By providing a floor price for NFTs it also enables people who want to join a new project the ability to get in at a fair price without having to manually browse and find an item in opensea. Some investors also want to get exposed to NFT projects without having to handle single items which takes a lot of time and costs gas. With NFT20 they’ll be able to get a position on any NFT projects in a really simple way.
Q17. Do you think Artists will welcome the idea of NFT20 NFT DEX, and how do you intend to get this adopted in the NFT Art world?
Artists can definitely use the DEX in many ways, could be as a sale platform or even enabling their collectors to get exposed to a fraction of their work. If an artist's work is worth thousands, NFT20 is the opportunity for people to invest in a smaller amount for eg.
Thank you @lastnamefirst and @jdourlens for such detailed and interesting answers!
VeryNifty is a development shop focused on NFTs, to find out more about Very Nifty projects:
NFT DEX: https://nft20.io
NFT Tamagotchi Game: https://gallery.verynifty.io
Main website: https://verynifty.io
Sacred Book of VeryNifty: https://bit.ly/3oDvtZ7
VeryNifty Telegram: https://t.me/verynifty
NFT20 Telegram: https://t.me/nft20
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