What is DareNFT: The universal NFT 2.0 protocol for Digital Assets
Saigon 💎 | OIG: Hello OIG Community! We are kicking off our second AMA of the week with DareNFT’s Duke Nguyen (CEO). This is a fantastic NFT Protocol for Digital Assets! Please welcome Duke (CEO) | DareNFT to our OIG Main Channel! 🙂
Duke (CEO) | DareNFT: Hi everyone, It is my great honour to be here and interact with you. Thank Saigon and OIG team.
Saigon 💎 | OIG: A pleasure to have you with us as well. So to kick off our first question. Can you tell us where the idea for DareNFT came from? What was the inspiration behind it and what need does it fill?
Duke (CEO) | DareNFT: Yep, thank Saigon for the first question. Firstly, I’m want to introduce myself a little bit before we jump to the question
Saigon 💎 | OIG: Sure!
Duke (CEO) | DareNFT: My name is Duke, the CEO & Co-Founder of DareNFT. I have a background in data sciences and researched quantum computers at Keio University, Japan. I’m also a serial entrepreneur and I have co-founded two start-up companies utilizing video conferencing technology since 2014.
I have joined the blockchain space in 2017 after one of my best friend Victor Tran (Kyber Network CTO & Co-founder) succeed in his very big ICO back then. Then I and some of my close friends who are now DareNFT’s CFO, CMO make cryptozoom to seriously researched about blockchain technology. After successes with utilizing state of art technology to real products, we now want to bring blockchain to the mainstream with real applications.
Here’s my linkedin page https://www.linkedin.com/in/duke-nguyen-ceo/. Feel free to connect me guys
And for the question
This project has come from my vision, I believe the adoption of NFT in the mainstream depends on its ability to reflect the beneficial relationships between digital assets and co-owners.
The idea behind the DareNFT project is that we want to build a bridge to bring blockchain technology closer to life. Blockchain is a promising technology and can bring many benefits to the masses. To go in that direction, we upgraded the current NFT to NFT 2.0 and built the first application with the NFT game market. The NFT game market is an attractive market that makes it easier for users to use blockchain technology.
You guys can visit our website for more information: https://darenft.com/
Saigon 💎 | OIG: Very impressive background! You’ve been in this space for a long time, and have worked on a lot of different projects before then. It’s good to see such an experienced team behind this project! And the idea for NFT 2.0 is quite fascinating in itself.
We see you have a large team, Can you tell us a little about them and their skills and experiences?
Duke (CEO) | DareNFT: It’s a really good question.
First of all, to fully understand our team background, you can take a look at our team profile here https://docsend.com/view/7w92chxvaun7d6yt
Now let me explain in detail the background of our core members of our founding team
▪️ Me, CEO Duke Nguyen: I introduced about myself in the first section of the AMA, please take a look at it
▪️ Teddy Nguyen, COO of Darenft, also my older brother: he has more than 16 years of experience in IT industry with working experience in leading companies in Japan, Korea, and US. As an entrepreneur, he directly founded 4 companies and his latest company was SotaTek, a leading blockchain solution in Asia market.
▪️ Thomas Nguyen, CTO of Darenft. He was the CTO of Luxstay, the AirBnb version of Vietnam. He was also the Senior Solution Architect at Adayroi, the e-commerce platform of Vingroup, the biggest corporate in Vietnam
For info about other members of the team, you can take a look at the team profile above. Thank you
Saigon 💎 | OIG: Thank you for providing that detail! Our community always loves to know more about the people and faces behind the team. And it is clear that you have a ton of experience in leading projects and creating new opportunities.
So to touch on the protocol you label yourself as the universal NFT 2.0 protocol for Digital assets, what exactly does this mean? What is NFT 2.0 ?
Duke (CEO) | DareNFT:
Sure, I’d to introduce our NFT 2.0 protocol with a short detail
DareNFT positions itself as a generic protocol for the NFT 2.0 asset class and as a radical solution to the limitations of current NFTs (NFT 1.0):
1. NFT 1.0 does not support the tracing and tracking of the origins and derivative benefit relationships between digital assets.
▪️ The Chinese book is translated from English, it’s a derivative product
▪️ The song is remixed from the original song, it’s also a derivative product
▪️ Two game pets hybrid creates a new pet, which is also a derivative item.
2. The NFT 1.0 it does not support the co-owner model. They agree the terms traditionally via handwritten or verbal contracts. Two co-owners can collaborate to create a product or two investors can contribute capital to own one asset. For example, to create a song on the market needs a musician, singer, arranger, online platform, all of them will be the co-owner of that song’s NFT.
3. The current NFT 1.0 holds more risk than benefit when you buy the NFT, as it’s purchased whole and can only be sold as a whole. Therefore, there is a low trading liquidity and the NFT will likely become the liability rather than the assets, as you can only hold it until it can be sold.
The NFT 2.0 asset class protocol will solve all of the above problems, expanding the NFT market with new features:
- Tracking profit streams for NFT derivatives such as song remix, book translation, game item creation…
- 2. Many people owning 1 NFT are agreed by Smartcontract. Ensure the interests of all parties involved
- 2. Many people owning 1 NFT are agreed by Smartcontract. Ensure the interests of all parties involved
Saigon 💎 | OIG: Awesome breakdown! Yes, we see in blockchain all the time that advances come so quick. When there is large adoption and a large amount of users operating a protocol, it becomes quick for us to see wholes within that system. It is great that you guys have identified the whole within NFT 1.0 and appear to be solving a few of those issues with this new model.
You have some huge backers/partners and are working with some of the best NFT games, in what ways will DareNFT use these partnerships to advance their concept?
Duke (CEO) | DareNFT: Thank you for your research about our project. Saigon is right, we have some huge backers/partners and they’re helping us a lot.
I can mention a few prominent names below:
Victor Tran, Co-Founder of Kyber Network, serves as the team’s advisor. Mr. Victor (Vu) is my classmate and the inspiration for the entire DareNFT team to build this project.
Mr. Thi Truong, CEO and Co-Founder of PolkaFoundry, Icetea Labs, and Redkite IDO platform, is also joining us.
Mr. Thi was extremely helpful to the team in developing DareNFT’s strategy.
OneSoft who are the largest gaming studio in Vietnam and SEA with around
10 million users are one of our investors. They had a plan to launch their new NFT game on our marketplace: DareNFT
We now have 5 gaming partners on board which are:
▪️ Mochi Mori
▪️ Warena
▪️ Knightwar
▪️ Planet Sandbox
▪️ Summoners Era
Integrating DareNFT on many different platforms is a very difficult job that requires the efforts of the team as well as the help of consultants, investment funds as well as large global communities. We always look forward to working with technology partners to jointly develop a complete solution for NFT 2.0. Large community partners to be able to convey the content and message of the project to the fullest. We always believe that community is paramount for blockchain projects to develop.
Hope you can find your answer in this detail. Thank you
Saigon 💎 | OIG: Very well said! Strategic partnerships are a critical function for projects to source. And the ones you have mentioned are a great list which we hope will provide a ton of value for DareNFT!
To switch the topic back on DareNFT, can you outline the key features of your 1st product, the IGO launchpad and rental marketplace for NFT games?
Duke (CEO) | DareNFT: Thanks for you question. I’d like to explain more about DarePlay here. Dareplay is a GameFi platform with the following features.
(1) Turn the game system into an NFT game, specifically with 2 features
- NFT transforms the game of traditional games, turning the assets in the game into NFT
- Provide service launch board & IGO (Initial Game Delivery) for their game issue & launch token
(2) Provide a marketplace that allows NFT games to list their products on and
- - Allows exchange between users
- - Allow sub-leasing between users
In other words, DarePlay is the first NFT 2.0 application that focuses on games and offers almost a full package for games to become NFT games and provides an exchange and rental marketplace for games. has been NFT
DarePlay is the marketplace that solves the entire problem for Game Fi today and offers many opportunities for the community to access new games at a very reasonable cost.
Saigon 💎 | OIG: Amazing! The gamification of blockchain is something that has a lot of adoption lately. And it also provides an access into this space where many users have been given the opportunity to benefit. So it is great to see that DareNFT offers it’s users so many ways to benefit within the ecosystem!
One of your stated use cases is your derivative work marketplace, can you briefly outline this for our community and explain how it works and why it is so important?
Duke (CEO) | DareNFT: Sure, thank for your question. From our solution we have our first Use Case which is the DareNFT Marketplace for derivative works.
NFT 2.0 capabilities are closer to the real world as it can support many other types of marketplaces rather than the NFT collectibles marketplace only. As mentioned, most content on the internet is a form of derivative content, such as books, music and e-learning material.
With NFT 1.0 you can build platforms such as OpenSea and Rarible which are NFT marketplaces for collectibles then with NFT 2.0 we can have NFT marketplaces for not only collectibles but also derivative works
These marketplaces will allow creators to upload there works as an NFT and reproducers can request to update, reuse or remix their item, allowing both author and reproducer to earn a financial benefit.
For example, a music artist who has created a song can upload it to the marketplace, allowing a reproducer to request the right to copy and monetize this song. They would agree a royalty fee which will go to the original artist and this agreement will be formed through a smart contract.
Another example would be if you create a book or learning material, a reproducer could translate and re-sell this in another country and give the original author a royalty for doing so.
The NFT 2.0 can track the origins of a derivative works and automate the licensing process. This will ensure creators are happy as they now have a revenue stream of their derivative work that will be tracked through smart contracts.
The rental model is suitable for derivate work rather than outright purchase model that we are currently having at NFT 1.0. Hope that information will help you know more about our solution. Thank you
Saigon 💎 | OIG: Very interesting, so the variety of assets that can be offered through this new marketplace will be way more than the standard collectible market.
This makes it so that we can really find anything on the blockchain!
Your future roadmap shows integrations with many chains, which is amazing, but what is coming up in your roadmap in the more immediate future? Do you have any upcoming news that will excite our community?
Duke (CEO) | DareNFT: Yes, of course. To be clear, I want to share with you about the entire roadmap of DareNFT.
Everything started a few years ago when I found my ed-tech company and realized the need for a platform that can offer a good using right & revenue sharing mechanism for internet content. At Q4 of 2020, when the entire crypto market was so crazy about DeFi, our team started to see the potential of NFT to solve the long-standing problem we’ve been thinking of and dived into the technology.
At Q1-Q2 this year, we learned more about how Binance Smart Chain works and decided to launch the first version of DareNFT and DNFT on this infrastructure. We also finalized how DareNFT works as the first platform for rental & subscription for tokenized internet content NFT.
Next plan, in Q3 2021, we will launch DareNFT testnet, the version allowing content creators to tokenize their content and open the rental & subscription model. We will also have the Live Demo of Loom DNFT Protocol testnet — the content consuming platform for derivative content produced from DareNFT.
Around the last of Q4 2021, we will launch DareNFT web application on mainnet.And in Q1 2022, we will launch DareNFT mobile application making the ease for all content creators and content renters & subscribers.
You can find out our roadmap on the website: https://www.darenft.com/ or our pitchdeck
Saigon 💎 | OIG: Amazing roadmap! We are very much looking forward to watching how DareNFT and the full product will perform once it is live!
At this point @Duke_DareNFT I’d like to switch it over to our community questions on Twitter.
Twitter Questions:
Twitter question 1)
Duke (CEO) | DareNFT: That’s the good one.
As you know, DareNFT has been associated with many traditional games and NFT games. In the future we will support more games to the community.At the same time, we will also create the best conditions for NFT games to launch on our platform.
Dareplay is not only a marketplace, Dareplay is also a place to onboard games that want to launch soon with the community. At the same time, Dareplay is also a place to connect professional NFT game players with upcoming popular NFT game
Saigon 💎 | OIG: Very cool! A one-stop-shop for everything that you might need!
Twitter question 2)
Duke (CEO) | DareNFT: wow, That’s a good question too.
With the NFT 2.0 protocol, we apply not only to the NFT game market, but also to the music, movie, books, and learning materials markets. That is the market that traditional investors are familiar with and highly interested in.
We are currently working with one of the major music production companies and many film directors. Promising in the future the NFT 2.0 market in particular and the blockchain market will be more open and a promising for traditional investors to approach.
Saigon 💎 | OIG: Amazing
Twitter Question 3)
Duke (CEO) | DareNFT: Sure, thank for the last question. With DNFT token you can:
1. Pay fee for minting new NFT
2. Get discount when you using DareNFT product: buy, sell, rent, lease
3. DNFT holder can get more DNFT from DAO
4. DNFT will be burned that may make DNFT price go up
5. If you are DNFT holder you can vote for development orientation of DAO (the first layer of DareNFT)
Hope that detail can answer your question. Thank you
Saigon 💎 | OIG, Awesome. I think that definitely gives some insight into why holding onto DNFT will be important!
Well Duke this sums up our AMA between OIG and DareNFT! Any final words you’d like to leave with our community?
Duke (CEO) | DareNFT I’d like to say thank you to Saigon I and OIG team, who created this AMA, so DareNFT can connect with OIG community. Here is the list of our social media channels. Please join us to stay up to date on the latest DareNFT news.
English: https://t.me/darenft_official_group
Vietnamese: https://t.me/DareNFT_Vietnamese
Chinese: https://t.me/darenft_chinese_community
Bahasha (Indonesia): https://t.me/darenftindonesia
Thank you so much.
DareNFT:
Website: darenft.com
Twitter: https://twitter.com/darenft
Telegram: https://t.me/darenft_official_group
