AMA Recap — Niftypays
Date & Time: June 25th, 13:00 UTC
Guests: Vinshu Gupta, CEO of NiftyPays
Host: Jade Romero — Launchpool Project Manager
Launchpool was excited to host Vinshu for an interactive Ask Me Anything session with the Launchpool Community. The AMA comes in anticipation of NiftyPays’s $250k Allocation Mining Event on the Launchpool pre-IDO launchpad. The session lasted for 1hr, and consisted of questions from Launchpool Team and questions from the community.
Questions from the Launchpool Team:
Jade: Please introduce yourself Vinshu & say hello to our lovely community.
Vinshu: I am an ex-banker working with blockchains for almost 7 years now. Have worked with 200 big and small blockchain projects including the likes of Polygon, DaoVentures, SuperFarm, Sandbox, Vulcanverse, etc. I used to be a developer/consultant myself and also did freelancing for a while : https://www.upwork.com/o/profiles/users/~010058c2735bbfc973/
Over time have grown considerably in DEFI and NFT space, lead a team of 70+ blockchain architects and working with some of the best minds in Industry at NiftyPays
Could you please tell us a little about the project & team, and your involvement with the team.
So NiftyPays is a decentralised NFT liquidity protocol. I essentially allows NFT hodlers to earn passive income from their idle NFTs by staking them or let them lend/borrow/rent their NFTs. Essentially think of us as a DEFI bridge for NFT world. Mode details can be found on our whitepaper.
Our team has been working from a long time together on big and small blockchain projects. We have delivered services to some of the biggest clients through our dev arm : https://www.nonceblox.com/
Our Devs are best in business and their Github profiles speak for themselves. All public and available on our website.
Some of Dev profiles :-
What made you choose Launchpool as your launchpad partner for the AME?
Our team did extensive reasearch on multiple IDO/pre-IDO platforms and launchpool was cherry picked among all others. Our decision is backed by weeks of research and data out there in public domain. we are confident this partnership would be mutually beneficial.
What is the total allocation you’ve set aside for the LP community? Are there any KYC / AML limitations or is the AME open to everyone? Please list any countries that are excluded from the allocation event due to regulatory reasons.
We have set aside $ 250K USD worth of $NIFTY token allocation for LP community. As we were heavily oversubscribed we wanted to maintain a balance and make sure our members at LP are also satisfied. The countries excluded from this sale are: United States of America, Canada and People’s Republic of China (but not including the special administrative regions of Hong Kong and Macau, and the territory of Taiwan).
Since we talked about the AME values… What happens after the Allocation Mining Event? Walk us a bit through the tokenomics: total supply, initial circulating supply, initial market cap, initial vesting, total vesting period (from launch until when will the last token be vested for), etc.
Tokenomics: 180M total $NIFTY tokens
Public sale — $100k (starting at $0.1)
15% as community farming over 4 years
27% sold to investors, vested over 15 months
20%% team tokens, vested over 4 years
25% treasury, vested over 4 years
For LP community we have 12 months of linear vesting at Private sale price of 7 cents.
Our Circulating Supply is around 900k
Where do the community live? Where can we find you (social, web)?
Crypto is decentralized, we dont have any specific geography. I hope by live you mean our social media presence.
Here you can find all our social media links : https://linktr.ee/Niftypays
Our community has typically been very engaging and hope theh welcome other awesome projects from launchpool with equal enthusiasm.
Please share more on the development & product roadmap, milestones etc. What’s Completed? What’s In Progress? What’s Scheduled?
We are currently working towards launching our first module NIFTY STAKING FARM which will allow user to stake their idle NFTs and farm $NIFTY, our deflationary token. Project is well funded by 20+ Top Tier investors and it gives us a smooth roadway ahead. Next in iteration is our Spot pool loans and NFT Governance around fourth quarter of 2021.
Any strategic partners (aside from LP) that you can share? and who is helping with the Audit??
All of our key partners/investors are mentioned on the website homepage www.niftypays.com
To name a few:-
Adam Draper via Boost VC
Search light Capital
Two top Silicon Valley funds( announcements soon)
Our Audit has been done by Certik and NonceAudits from Nonceblox. Both audit reports are available on our GitHub repo.
How will the funds be used? How was the project funded until the AME?
Initially we bootstrapped the Project ourselves and later on VC funds came in. At this point, the project’s pre sales is almost five times over subscribed and we launchpool community will be a good value addition.
The funds will be used for marketing, operations and development on our price oracles.
What is the expected cap at TGE? How do you expect your token to gain value over time, any mechanisms to support the DeFi component (staking, burning, earning, spending, others)?
900k is the TGE at marketcap. We have already completed audited development of our $NIFTY staking and $NIFTY-ETH LP staking contracts for token hodlers.
We also use a considerable Portion of companies profits to swap NIFTY tokens from open market, add liquidity to Uniswap and burn them, hence enabling deeper liquidity.
More goodies to follow for our token hodlers.
Now we’ll open up the floor to the community if anyone has any questions!
What projects do you consider competitors and what differentiates you from them, if there are any?
There are very few competitors out there. Our biggest advantage is we have a solid team who have previously worked exclusively for branded NFT projects. We Bleed NFT!. Features that are Unique : Staking Farm, NiftyPawn Shop, Spot Loans, Reinsurance pool. The way how we have researched on Price discovery protocols and Collateral liquidation is best in the business.
As we know, vulnerabilities, rug pulls, projects with anonymous members, hyperinflationary currencies and false information abound in this financial sector, What are the plans for your project to face them in the best way?
We lock our liquidity and burn LP tokens so there is no risk of a rug pull ever.
If the bear market comes will your token dump? Do you have any plan to be prepared for this bear market? How will you handle the panic sell.
We built NiftyPays keeping bear market in mind. Our tokeneconomics and managed selling ensures there is no dump or panic selling in market.
Can you name some reasons to invest in NIFTY so everyone knows? What should I do to help NIFTY grow and become more popular?
Bring on your NFTs to use and earn some goodies. Share it with your friends.
What are NIFTY’s main products? In what cases is the current $NIFTY used?
Some of our core products are : Staking Farm, Spot loans, P2P loans and Reinsurance. More details can be found here : https://niftyknight.gitbook.io/niftypays/one-pager#nfts-with-history
Community is an important thing to any project. How are you going to educate us that the project you are offering is long term? and do you have the funds and a strong team to be able to develop this project in the future?
We have our ABC sessions going on every fortnight. AMAs are also used.
Can you give us some key points to convince us and other investors to invest in NIFTY and trust it?
Project is already 5 times oversubscribed, so there is already heavy demand. The core token is Deflationary and keep on increasing in value over time fuelled by our use cases.
Please explain what NIFTY is about & how did the idea come about?
NiftyPays is a decentralised NFT liquidity protocol. I essentially allows NFT hodlers to earn passive income from their idle NFTs by staking them or let them lend/borrow/rent their NFTs. Essentially think of us as a DEFI bridge for NFT world. More details can be found on our whitepaper.
Where does the latest technology your project uses come from? Are you afraid that one day your project’s technology will be obsoleted by other projects’ technology if that happens, How will you solve it?
Not going to happen. As leader of NiftyPays and Nonceblox we pride ourselves on tech advantage. Also we keep on running pentests every month to ensure that our standards are best in business.
Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global How does NIFTY team deal with these issues?
We have our legal opinions done and issued already and we ensure that all compliance and regulations are followed.
From what sources is NIFTY generating revenue?
We earn by platform fees:-
Today in every sector our slogan is “PRIVACY IS OUR RIGHT”. How would your project offer a Blockchain Privacy Protection for users?
We don’t save any Private keys at our end. All keys are held by users themselves.
NiftyPays is an innovative and revolutionary concept, deeply and strategically brainstormed to benefit the exponentially increasing holders of Nifties.
Launchpool ($LPOOL) is a Pre-IDO launchpad. $LPOOL token holders can stake their tokens to mine allocations in upcoming projects at private sale prices. Launchpool leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.