On 3rd May, the NFTA team had an AMA with the Overdose Germs community to share about the NFTA project and our visions for the product.
Let’s dig into this conversation log below to get the latest update about our new products: NFTA and NFTPAD.
Od (Admin): Hi Tuan Le and Thao Nguyen, how are you today?
Tuan Le: Hi Od and everyone, nice to be here today. I’m Tommy, Founder of the NFTA project. I’m also the co-founder of SOTA Finance. Nice to connect with all of you here.
Thao Nguyen: Hello everyone. Nice to be here today chatting with you.
Od: Pleasure having you here today! So let’s start by introducing yourself to the community, please!
Thao Nguyen: My name is Thao Nguyen. I’m the CEO of SOTA Finance. NFTA is one of our company’s products, together with SOTA and NFTPAD.
Od: Can you please give us a little introduction for the rest of the team? How many people are currently on the team?
Tuan Le: Yes, let me introduce some of our key members in our NFTA team.
Tuan Le: The first one is William Nguyen, He is our CEO. You can check on our landing page about his background:
Former CTO of VCC Exchange, a Singapore-based crypto-exchange with a strong presence in the Vietnam market. William was awarded various prizes such as the Champion of Student Science Research Conference or Google Summer of Code for NASA’s project. He also worked at senior levels of international corporations such as DeNA or Mitani Sangyo Co.LTD.
And we have Andy Nguyen as our CTO and Son Nguyen as our Project Manager.
Od: The team is public so you can check all their information on their website.
Tuan Le: And currently we have a team of more than 10 including Devs, BA, testers… that are focusing on the development of NFTA product.
Od: Did you have any previous projects before NFTA?
Thao Nguyen: Yes, we have the SOTA NFT marketplace, which has been live for 2.5 months, with about 10k users subscribed.
Od: When did you launch the SOTA NFT marketplace?
Thao Nguyen: SOTA was launched on Feb 10th. The platform is a multi-chain NFT marketplace. Currently, it is running on Binance Smart Chain, and we will soon add the HECO chain, etc.
Od: Thanks for the answer! So my next 2 questions:
1) Please give us a short introduction to NFTA.
2) What lead you to decide to create and launch NFTA?
Tuan Le: Thanks let me answers these questions.
For the first question: NFTA is a cross-chain auction and loan market for NFTs. Users can submit their NFTs for auction on the NFTA market. Once accepted by the admin, an auction will be created for the NFTs. On the loan market, users can post and accept loan offers with their NFT collaterals. If the borrowers fail to pay the loans, then NFT collaterals will be passed to the lenders.
For the second question: NFT evaluation is subjective and thus auction is a suitable method for price discovery. Moreover, there are short-term funding needs of NFT holders due to the low liquidity nature of NFT collectibles. The NFTA market aims to solve this liquidity problem of the NFT market.
Hope that is enough for your questions!
Od: Yes, it is! And it’s leading me to my next question. What are the outstanding features of NFTA?
Tuan Le: NFTA will be a cross-chain platform, the market will start with the Binance Smart Chain and HECO chain, and extend to other chains in later phases. Besides, NFTA will accept NFTs from other marketplaces so it will help to make more liquidity for the NFT market.
Od: Thanks for the answer. Can you reveal some of the marketplaces you will accept NFTs from? Or is it confidential yet?
Tuan Le: Not decided yet, but generally we will accept all NFTs created our supported chains (BSC, HECO).
Od: I will follow it up.
Tuan Le: And we also plan to accept NFT on ETH soon as most of NFT marketplaces are now on ETH.
Od: That’s true, I’m happy to know you’ll support it on ETH. Can you explain how NFT licensing works and how can users profit from it?
Tuan Le: Thao Nguyen will help me to answer this question.
Thao Nguyen: sure🙂
Thao Nguyen: An NFT provides whoever owns it the licensing of its digital editions. As the number of digital editions is limited (secured by public blockchains), NFTs have a scarcity value that tends to accumulate over time, similar to the physical collectible world. Users may collect NFTs for their own hobbies, or resell them later on for profit.
Od: Thanks for the explanation. Can you explain the loan function and how to become a lender and borrower?
Tuan Le: Yes, It is the function that supports the user who has an NFT to use it as collateral to borrow money. As a lender, you will get interest from the loan. To become a lender or borrower you need to pass KYC and other conditions of the NFTA platform (we will provide details later). We also have a credit scoring feature on NFTA so if your credit score is good then you have more chance to get a good deal.
Od: So KYC will be needed to become a lender.
Tuan Le: We are still finalising the details. It is more likely that only borrowers will need KYC.
Od: Ok great. So let’s please talk about this. Can you tell us if there are fees when buying/selling NFTA tokens? (All the fees and rewards)
Tuan Le: Yes, we have some features to support NFTA holders. In the NFTPAD, we plan to add staking pools where users can stake NFTA (and SOTA) to earn rewards. Besides, transactions using NFTA tokens on the NFTA platform will need to pay fewer fees.
Od: I wanted to talk about NFTPAD in the next question. So let’s do it now! Can you explain to us about NFTPAD?
Thao Nguyen: Let me take this question.
Od: Of course
Thao Nguyen: NFTPAD is an IDO launchpad with a focus on NFT projects. With SOTA Finance’s goal to bring NFT to the mass, we would like to support other good NFT projects, creating synergy with our SOTA and NFTA markets. Besides, it will give opportunities for SOTA and NFTA holders to participate in these projects. NFTA will be our first IDO project on the NFTPAD.
Od: Sounds interesting! So NFTA will be an IDO on NFTPAD? What do people need to do to be able to buy it on NFTPAD?
Thao Nguyen: Yes, it is. We plan to start the NFTA IDO in mid-May (will announce very soon), and the listing of NFTA tokens around May 20th.
Od: Stake tokens? If you can elaborate it will be wonderful.
Thao Nguyen: For the NFTA launchpad, SOTA token staking is required. For future IDO projects, the NFTPAD will accept both SOTA and NFTA staking.
Od: Thanks! Will there be more IDOs for NFTA? Or solely on NFTPAD?
Tuan Le: We will do IDO on NFTPAD and do IEO on BigOne exchange.
Od: Waiting for the announcement. Do you have any partnerships with artists?
Thao Nguyen: Yes, we do have partnerships with a number of talented artists. The artists may choose to list their products directly on the SOTA market, or first put them on auction on the NFTA market and then the NFTs will be traded on SOTA as a secondary market.
Od: Can you mention names?
Thao Nguyen: For example, you can enjoy some of the recent NFTs from one of our partnered artists, Caroline Morcillo.
Her artworks are very unique and beautiful. Please check them here on the SOTA marketplace: https://sota.finance/profile?id=7824.
Od: Guys, please check the link for more information. Can you share with us some roadmap?
Tuan Le: Let me talk about some near future milestones. We will do IDO/IEO in May 2021 and listing NFTA tokens on some DEXs, CEXs. And then we plan to release our first version of the NTFA platform in Jun 2021. The first version will run on BSC and HECO. Others chains parallel with our other products (SOTA, NFTPAD).
For further milestones, we will update our channels.
Od: Can you please the links so the community members can join (if they still haven’t done it)
Tuan Le: Thanks to the community for this AMA. Please follow us on our channels:
- NFTA Landing Page: https://landing.nfta.finance/
- Telegram group: https://t.me/sotaNFTer
- Telegram channel: https://t.me/sotaen
- Twitter: https://twitter.com/sotaNFTs
- Medium Blog: https://medium.com/@sota01
Od: It was a pleasure having you here guys!
Thao Nguyen: Thank you very much Od and everyone!
Od: AMA recap can be found here: https://t.me/overdose_gems_group/157266
I will open now the group for community questions, please feel free to ask in their group too.
AMA WITH OVERDOSE GERMS COMMUNITY
Degen And Some Extras: Where can we buy $SOTA? How much you raise for NFTA?
Tuan Le: You can buy SOTA on UniSwap, PancakeSwap now.
We plan to raise 4 million USD on IDO and IEO for NFTA.
Yel Tag: Hi, can you explain again the difference between all 3 products in short?
Thao Nguyen: SOTA and NFTA marketplaces are connected with single sign-on so users can use both platforms with the same accounts. NFTA will bring attention and fair valuation to selected NFTs, which will then give a fundamental for NFT pricing and trading on the SOTA market.
Moreover, once users collect NFTs from the SOTA market then they can use these NFTs to get loans in the NFTA market.
NFTPAD is an IDO launchpad with a focus on NFT projects.
As mentioned earlier, we would like to support other good NFT projects, creating synergy with our SOTA and NFTA markets. Besides, it will give opportunities for SOTA and NFTA holders to participate in these projects.
Looper: Is SOTA the only token of the platform?
Thao Nguyen: $SOTA is the governance token of the SOTA marketplace, and $NFTA is the governance token of the NFTA auction and loan market.
Humble: When IDO sir?
Tuan Le: We will announce it soon on our channel, please stay tuned for more updates!
Money Drain: Can you share an example of the NFT?
Thao Nguyen: Check it out in our SOTA market: https://sota.finance/en/market for a sample of NFTs.
Tuan Le: Thank the community for the good questions. Other questions feel free to ask on our channel.
Thao Nguyen: Thank you, everyone!
Od: Thanks for a good AMA, I wish you a smooth launch!
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