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[RECAP] AMA 12th Nov. 2021: Unveil the Potential of NFT Market

On November 12, 2021, Vconomics users had the opportunity to talk with the founder team and a special guest — Cris D. Tran. The three speakers discussed the current NFT market and provided insights into Vconomics’ NFT-related features.

1. Details

Time: 13:30 UTC Friday, 12th Nov. 2021

Format: Livestream Facebook

Participants:

Mr. Nguyen The Cuong: Co-Founder, CEO of Vconomics

Mr. Tran Duc Thong: Co-Founder, CTO Vconomics

Mr. Cris D. Tran: Co-Founder of Fam Central, Deputy General Director of Galaxy One

Along with thousands of MICS rewards those who actively interact with the show

2. Recap

Host: Mr. Cris D. Tran can you introduce yourself?

Cris: I am currently working in the field of blockchain. I work full time at a large company, mentor blockchain projects as well as my co-found my own project.

Host: Is NFT sustainable or just a trend?

Cris: Recently, many people think of gaming when it comes to the term NFT. The fact is that NFT also brings value to traditional businesses, though it is not considered an investment. For example, “vaccine passports” can be turned into an NFT, and particularly in the field of art, this technology can easily be applied.

Co-Founder & CEO: In the Banking and Finance industry, NFT is also used to manage collateral due to its uniqueness and inimitability.

Co-Founder & CTO: There would be other forms of NFTs in the future so that they can be applied in various fields and reach a wide range of users.

Host: On what platform should I create NFTs? What are the criteria when choosing an NFT creating platform?

Co-Founder & CTO: Users can choose NFT creating platforms depending on personal needs.

Co-Founder & CEO: Vconomics provides users with an easy way to create and exchange NFTs, which is our 2 features, Vfactory and Vex.

Host: I’m not a celebrity. How can my NFT reach more people and gain value?

Cris: First of all, the NFT itself has to embody a story. In addition, it is necessary to evoke a market demand for that NFT, which depends entirely on the creativity of each individual. Therefore, one of the industries that has caught up with the NFT trend the most is art, where the reception of each person with a work is extremely diverse.

Co-Founder & CEO: Just like fashion, we can also create NFTs following current styles and trends to make our work more accessible to the community.

Host: I see a lot of “junk art”, in other words, uninvested or stolen NFT artwork. How to solve this problem?

Co-Founder & CEO: For NFTs uploaded on the platform, Vconomics system automatically filters out NFTs with improper content, which is called a pre-check process. The post-check process that follows is the community submitting reports of NFT violations. We receive those reports to take action and handle works that violate community standards. Besides, the works of poor quality will gradually be eliminated from the market.

Host: Which NFTs are highly liquid?

Cris: NFTs can be divided into 2 main groups. First of all, there are NFTs with “historical” value attached to a particular story or individual and may be a hit in the future. Besides, there are popular, highly liquid NFTs that are easily traded on the market, such as music and sports show tickets.

Host: How to verify the authority of NFT?

Cris: Copyright problems are not easy to deal with, and blockchain technology offers a tool that can partly solve that problem and protect the original creator of a work. However, there is a limit of things that technology can handle, and intentional misconduct requires other solutions.

Host: Currently listing NFTs on Vconomics requires BNB. Will BNB be replaced with another coin in the near future?

Co-Founder & CTO: Vconomics is built on Binance Smart Chain, thus, you need to pay gas fee to confirm the transaction for blockchain network, no coin will replace BNB. Vconomics does not charge any fees from users.

3. To conclude

The 2nd issue of the AMA event with the guest speaker, Mr. Cris D. Tran, has received huge attention from Vconomics users as well as those interested in the NFT field. Hopefully this summary will give you the right insight about NFT market and relating products of Vconomics. Don’t miss the next issue of AMA with more interesting topics.


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