<\/p>\n\n\n\n
Hello,\nSatoshi clubbers! Another AMA took place in Satoshi Club and we would like to\nintroduce to you the AMA session with our friends from NiftyPays and our guest was\nthe founder of NiftyPays Vinshu Gupta. The AMA took place on 24 October.<\/p>\n\n\n\n
The\nAMA session was divided into 3 parts with a total crypto reward pool of 500$ <\/p>\n\n\n\n
In\nthis AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Gold\nRocket | Satoshi Club:<\/strong> @Vinshu27 hello and welcome to\nSatoshi Club<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Hi everyone<\/p>\n\n\n\n Great to be here<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Hello 🤩<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Nice to e-meet you ❤️<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Same here<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> How are you doing?<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> Welcome.. 👏<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Doing good. It’s a Sunday but back to back meetings<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> We are really excited about\nupcoming AMA.<\/p>\n\n\n\n Let’s start! Introduce\nyourself please. How did you get to be involved in crypto & NiftyPays<\/p>\n\n\n\n Tell us please about\nyour position in NiftyPays<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> I am the founder of NiftyPays. I am en ex\nblockchain banker and have been working with blockchains for as long as I can\nremember<\/p>\n\n\n\n 7 years and assisted\nalmost 200+ blockchain projects with another development studio that I lead\ncalled Nonceblox.<\/p>\n\n\n\n NiftyPays started\nbecause of this problem we saw with many NFT startups being illiquid and so we\ncome in trying to solve that problem with instant liquidity against NFTs<\/p>\n\n\n\n Done<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> good background<\/p>\n\n\n\n Thanks<\/p>\n\n\n\n Give us a brief\nintroduction to the project. What is the essence of NiftyPays<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Great one<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> So all NFTs that you see out there can only really\nbe redeemed for cash in one way : you put it on an open marketplace and wait\nfor someone to buy or bid on it.<\/p>\n\n\n\n Pretty pathetic way of\nselling your NFTs or making any money out of it.<\/p>\n\n\n\n NiftyPays offers an\ninstant liquidity solutions via our AMM pool where users can come in directly\nupload their NFTs and are able to get cash they need instantly<\/p>\n\n\n\n Its as easy as thatm<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> Exactly<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> You can even out your NFTs for renting if you don’t\nwant to sell them or fractionlize them<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Also we would like to know more\nabout your team. Who is on the project team core?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> We picked some of the best NFT experts from\nNonceblox ( 300+ resources today). We aggregated a team of 8 for NiftyPays\nhaving solid NFT engineers having background on working on projects like\nSandbox, Mintable, VulcanForged and Polygon<\/p>\n\n\n\n Some of their profiles\nare here<\/p>\n\n\n\n https:\/\/github.com\/aniketbiprojit<\/a><\/p>\n\n\n\n https:\/\/github.com\/Sam44323<\/a><\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> Awesome are they all\nfrom the same region?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Yes, we are\na very Indian company for now<\/p>\n\n\n\n Some of the most\nexperienced blockchain talent here<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> really! India is at the forefront\nof the crypto industry🔥<\/p>\n\n\n\n Thanks for great\nintroduction, we have several questions which were selected for the 1st part.\nReady to start?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Yes<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> @Jonahapagu shoot please🚀<\/p>\n\n\n\n Q1 from Telegram User\n@yellowchamp<\/em><\/strong><\/p>\n\n\n\n I\nnoticed that Nifty has so many media partners and as I count it,you almost have\n30 media partners as of the moment including Bloomberg,Bitcoin Insider ,Yahoo\nFinance and many more. So far for having many media partners,what great impacts\ndid it brings to your platform? What are the advantages that those media\npartners contribute into Nifty network? Does those media partners helps you to\nattract more investors and users to try and explore Nifty? Generally,how do you\nnegotiate some media platforms to be your partner? Do you have contract and any\ndeals with them? Thank you<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Good one<\/p>\n\n\n\n At this point of time\nwe don’t need Investors. We are 9 times oversubscribed and have way more\ninvestors reaching out to us then we would like. <\/p>\n\n\n\n These media partners\nare typically there for brand exposure and user interest<\/p>\n\n\n\n They usually cover\nwhats happening with Nifty and get us more user interest. We are focussed on\nearly clients at the moment and making sure our dev is on track<\/p>\n\n\n\n Done<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Thanks for your answers. Can you\nplease share with us your road map?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> https:\/\/www.niftypays.com\/#roadmap<\/a>\n<\/p>\n\n\n\n Here it is<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> So apart from Media\npartners, what other partners do you have?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> At this point we are strategically partnering with\nsome top notch NFT and NFT liquidity projects out there<\/p>\n\n\n\n We have great partners\nlike : VulcanForged, Charged Particles, Tryshowtime, Polygon, ArcadeNetwork,\nDefi11, Shoefy, polkacipher and many more<\/p>\n\n\n\n We are figuring out\ndeals with a lot more and include their NFTs on our platform<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> Great names here.. 👍<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> these are very famous and\ninfluential projects! congratulations!🔥<\/p>\n\n\n\n Q2 from Telegram User\n@Jamesxmen<\/em><\/strong><\/p>\n\n\n\n In\nthis Quarter, NiftyPays will schedule to launch their main fundraise events\nwhic are the private sale & public sale. Can you tell me what percentages\nwill you allocate for private sale & public sale? Tell more about your\nprivate sale event? How many early investors & partners of NiftyPays will\nbe participated in Private sale?<\/strong><\/p>\n\n\n\n I\nlike to participate in your public sale event. How Will users be whitelisted,\nAre there any applications & forums to register for participating in Public\nsale event? How much is the maximum allocation for one user? What will be the\ninitial prices of $NIFTY token in Private sale & public sale respectively?\nWhat will you do with these funds for the growth of NiftyPays ecosystem?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> So many questions in one but let me answer what I\ncan<\/p>\n\n\n\n So we have already\ncompleted our seed and private sale. The sale is 9 times oversubscribed<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Wow! Really amazing results👏👏👏<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> We did a small pre IDO on launchpool as well and\ngot almost 3.2M USD worth of interest for mere 250k worth of tokens<\/p>\n\n\n\n Now we will have our\npublic sale for 300k out of which 150k will happen on TrustPad and remaining\n150k will happen via NFT whitelisting currently happening on Vulcanforged\nmarketplace<\/p>\n\n\n\n https:\/\/vulcanforgedco.medium.com\/vulcan-forged-x-niftypays-c57bef663f90<\/a><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> The funds will be used to develop and market our\nliquidity pool and upcoming Renting platform<\/p>\n\n\n\n You can with go to\nTrustPad for whitelisting or head to Vulcan’s marketplace for getting some\nallocation<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> you have achieved amazing results🔥<\/p>\n\n\n\n Thanks for your\ndetailed answers<\/p>\n\n\n\n Ready to proceed to the\nnext question?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Yes<\/p>\n\n\n\n Q3 from Telegram User\n@Brainchest<\/em><\/strong><\/p>\n\n\n\n I\nhave a question about the NFT collateral?<\/strong><\/p>\n\n\n\n 1\nsometimes a very expensive NFT may not sell for a long time and it is easier to\npawn it, knowing that the price may drop soon.<\/strong><\/p>\n\n\n\n So,\nI collateralize you a well-known NFT at the peak of its popularity, at what\nprice do you get it?<\/strong><\/p>\n\n\n\n At\nwhat price do you get it? OpenSea market price or at yours own price?<\/strong><\/p>\n\n\n\n if\nthe price goes down and i will not return loan, do yo\u0433 \u0440\u0444\u043c\u0443 Lender protection\nfrom this situation?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Great one. So we typically monitor all our NFTs\nwhich are collaterized for their position and give you a margin call to pay the\nloan back if NFT value is falling<\/p>\n\n\n\n If however there is a\nbad loan then we compensate the lender of money via our Reinsurance pool. So\nyou as a user is protected in every case<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> it’s good that you care about your\ncustomers.<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> Within what range of fall\ndo you give a call?<\/p>\n\n\n\n Is there a percentage\nor once it just begins falling<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> 40%<\/p>\n\n\n\n Yes on 40% we give you\na margin call and at 30% we liquidate the NFT<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> That’s a pretty fair\npercentage…<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> If you don’t fund your loan account<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> How do you fund the\nreinsurance pool?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> The reinsurance pool is funded by the our token\nholders as an optional pool with bigger rewards. So you can contribute to\nreinsurance pool as a riskier investment position but the risk reward ratio is\nalso higher<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Well! this is a very important\npoint.<\/p>\n\n\n\n Thanks for clarifying😊<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> 👍<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong>Let’s jump to the next question<\/p>\n\n\n\n Q4 from Telegram User\n@Asela1112<\/em><\/strong><\/p>\n\n\n\n According\nto your whitepaper, I noticed that NiftyPays have integrated a fractionalized\nNFTs within their ecosystem & NFT marketplace. Firstly, I need to know How\nare you going to evaluate a fraction of a NFT? In which manner will the\nownership regulations be implemented for a fractionalized NFT? How will this\nfeature be impacted not only on Artists but also on buyers? Can we use\nfractionalized NFTs for the lending & borrowing purposes within NiftyPays\necosystem?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> So we will fractionalise NFT on the euler’s bonding\ncurve. Each subsequent fraction of NFT would be higher in price then the\nprevious one and pay royalties to previous ones. This will ensure that early\nbuyer of fractions are benifitted and hence fractions are sold faster.<\/p>\n\n\n\n Once fractionalised you\ncan then use the fractions as mini NFTs within the ecosystem. This will ensure\ngreater liquidity and better volumes for trade-in hands<\/p>\n\n\n\n Done<\/p>\n\n\n\n Jonah\n🏅🎹 | Satoshi Club:<\/strong> So does this mean the\nFractionalized NFT’s can also be used as Collaterals?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Yes you can reinvent or re-collaterise them<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> as far as I know, users who put\ntheir NFTs on the platform will receive airdrops from partners on the platform.\nhow does it work?<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> So we want to ensure early participants on the\nnetwork are incentivised. Once you put your NFTs on the platform for staking,\nwe airdrop you promotional NFTs from our partner projects<\/p>\n\n\n\n Partners like these and\nupcoming ones<\/p>\n\n\n\n Its going to be\nrandomized and longer you stake the more you earn<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> thanks for clarifying.<\/p>\n\n\n\n Let’s talk about\nsecurity, how safe your platform is for users.<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> The platform contracts are audited for Certik and\nNonceAudits. We also have our legal opinion issues for making sure that our\nusers don’t get involved in any legal mess when using the platform.<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Bravo!👏<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> [Nonceblox the parent studio has also done\nregressive pen testing on platform contracts to ensure that users data and NFTs\nare safe<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> Thank you for your responsible\napproach to security!<\/p>\n\n\n\n Q5 from Telegram User\n@Pavel_Jarosh<\/em><\/strong><\/p>\n\n\n\n One\nof the platform actors are listing partners. These are third party content\ncreators (i.e. listing partners) who may list their NFT projects on the\nNiftyPays platform to gain exposure, and gain access to $NIFTY liquidity by\ndistributing their native project tokens. Please advise if their participation\nis free or there\u2019s a fee for listing their NFTs or a tax to pay once the NFT is\nsold? What advantages are expected for them for participation and interaction?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Listing partner Don’t have to pay anything but\nwould have to stake $NIFTY tokens for getting rights to list. This will ensure\nthat $NIFTY tokens are always in demand and the buy pressure is maintained<\/p>\n\n\n\n The more you\nparticipate and more you stake, the more rewards are earned<\/p>\n\n\n\n Gold\nRocket | Satoshi Club:<\/strong> \u0420lease share your useful links\nwith Satoshi Clubbers to your social networks<\/p>\n\n\n\n Vinshu\nGupta:<\/strong> https:\/\/linktr.ee\/NiftyPays<\/a>\n<\/p>\n\n\n\n All our important links\nhere<\/p>\n\n\n\n Q6\nfrom Telegram User @MudaraSilva<\/em><\/strong><\/p>\n\n\n\n I\nam interested to know more details on your feature of NFT Renting. You have\nindicated that the rent will be paid in $NIFTY based on an agreement between\ntwo parties. What will heppen if the borrower breaches the agreement? Do you\nintervene to the process and help to get the rented NFTs back? What will happen\nto $NIFTY payments? Are you liable to pay them on behalf of the borrower if he\nstops paying? Please explain the legal background of this feature of NFT\nRenting.<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> The multisig features ensures that NFT is always\nsecure and tenant can’t just run away with your NFTs. So if they stop paying we\njust forwarded you the one time termination cost and relist the NFT for\n“available to rent”<\/p>\n\n\n\n Q.1 from telegram\nusername @lattebuck<\/em><\/strong><\/p>\n\n\n\n I\nchecked and read the details on your website and I can tell this is a really\ngreat project but I wonder why should I hold NiftyPays tokens and not sell and\nbe a long term investor?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> The longer you hold the longer you earn. Think of\nit like BNB for NFT world<\/p>\n\n\n\n Q2. from telegram\nusername @Sambalkacang<\/em><\/strong><\/p>\n\n\n\n Halo\nsir, @Vinshu27<\/strong><\/p>\n\n\n\n Is\nyour platform suitable for crypto beginners? Or does it only limited for\nprofessional users ?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> No limit. As long as you know what is an NFT and\nwhat are cryptos, you can jump in and start exploring the awesome world<\/p>\n\n\n\n Q3. from telegram\nusername @maybe33<\/em><\/strong><\/p>\n\n\n\n What\nis your knowledge in the field and what makes you an ideal team make this\nproject a success? And who are your Strategic Investors? @Vinshu27<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> 7 years of experience working in blockchain. 200+\nprojects delivered through Nonceblox. I am an all our Tech guy.<\/p>\n\n\n\n Q4. from telegram\nusername @MariaKamilang<\/em><\/strong><\/p>\n\n\n\n What\nkind of NFTs that can be added to NIFTY? @Vinshu27<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Any NFT that has been minted on ETH ot Polygon\nchain<\/p>\n\n\n\n Will add support for\nAvax and BSC soon<\/p>\n\n\n\n Q5. from telegram\nusername @faxplay<\/em><\/strong><\/p>\n\n\n\n Do\nyou have any plans to to crate a web 3.0 ecosystem and leveraging multi-chain\ncapabilities with NiftyPays project?<\/strong><\/p>\n\n\n\n Vinshu\nGupta:<\/strong> Yes. We are currently going live with ETH and\nPolygon and will add more chains staring with BSC and AVAX<\/p>\n\n\n\n Q6. from telegram\nusername @maindratagustinus<\/em><\/strong><\/p>\n\n\n\n Hello\nmr. @Vinshu27 <\/strong><\/p>\n\n\n\n do\nyou have AUDIT certificates?<\/strong><\/p>\n\n\n\n Thank\nyou<\/strong><\/p>\n\n\n\nPart\n2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n