HECO AMA Series Recap — xNFT
Today with us we have xNFT Admin. Welcome, xNFT Admin! Could you tell us about yourself? What did you do before xNFT and why did you choose to work for xNFT?
Speaker: Hello everyone，I am one of the early volunteers of xNFT. I have worked in Silicon Valley for many years. Today I will share with you some understanding of NFT and an introduction to xNFT Protocol.
Questions and Answers
Q1: Could you tell us more about your project? In other words, what does xNFT do?
xNFT Admin: The xNFT Protocol is a protocol that supports NFT transactions. In addition to the common NFT auction transactions, xNFT Protocol provides users with “Public Mystery Box”. This function is completely algorithm based, and the auction price is calculated in real time. The price of the Public Mystery Box does not need to be manually set by the seller and the buyer. At xNFT platform, you can mint NFT with one click and upload your digital artworks ,then hang out it.
In addition to the trading infrastructure, xNFT has also developed the world’s first NFT wallet ,Digi Center. Several top NFT projects have settled in. The xNFT coimmunity is committed to building infrastructure in the NFT market. In addition to Digi Center, they have also studied the development of a series of products, including xNFT Oracle, xNFT Marketcap, xNFT bank, xNFT Park, etc.
At present, it has received strategic investment from Huobi Ventures. Other investors include LD Capital, Fundamental Labs, GateioLabs, LinkVC, etc.
Q2: There are many similar out there, some have been quite successful. What is special about xNFT compared to other projects?
xNFT Admin: It depends on how you understand the infrastructure, because all products are built on the infrastructure. I think xNFT serves all NFT projects. Our products are built based on our agreement. The product is the king, no matter which track , the xNFT project gets more closer to real life than most NFT projects. The concept determines the target. The xNFT ecosystem is very healthy, including the NFT being mint . Transaction circulation, operation promotion, NFT applications, as well as compatibility with other chains, etc. are very well. At the same time, as a community that has been deeply involved in the blockchain for many years, we firmly believe that technology changes economy. Only with reliable technology can promote the development of the entire industry. xNFT has a team covering the world’s top development engineers. We always believe “With the consensus of pushing the product to the extreme”, everyone can truly discover value of xNFT when using our products.
Q3: Great, could you give us some info on the xNFT Token?
xNFT Admin: There is a chance to experience our product, which is now in public beta. If you have read our white paper, we have a relatively special economic model. Here is a brief introduction.
xNFT Protocol adopts a dual-token mechanism, among which: XNFT (xNFT Token) is kind of governance token, with a fixed total of 100 million, and will never be issued, 30% of which is used for mining output, 22% for financing, and 12% for community incentives, 4% for airdrops, 4% for legal and advisory services, 10% for R&D expenditures, 8% for market expenditures, and 10% for ecosystem expenditures . XNP (xNFT Point) is mining incentive points. The total amount is unlimited. Sellers and buyers who make market or trade in xNFT Protocol will get XNP mining incentives. XNP is not transferable. Users can only obtain XNP through one-way Swap. The pool converts it to XNFT.
The xNFT Protocol supports multiple chains, so any public chain may deploy XNP mining output, but only the exchange contract between XNP and XNFT will be deployed on one public chain, and only XNFT tokens will be deployed on one public chain.
XNP produced by other public chains needs to be cross-chain exchanged into XNP. 85% of the output per minute of XNFT will be dropped into the one-way swap pool of XNP and XNFT at a constant rate, and the current real-time exchange ratio between XNP and XNFT is calculated according to the constant product algorithm.
Q4: What would be one’s motive to hold xNFT tokens? What can we do with $xNFT?
xNFT Admin: xNFT will focus on community development and provide a utility platform that brings value circulation to our users, where users can experience the NFT oracle. At the same time, NFT assets can be easily managed through our decentralized wallet “DigiCenter”, to get rid of the messy NFT management problems in the past, and based on the latest real-time price changes of NFTs, users’ fluctuations in their total NFT value I also know it well. There is no similar platform to provide the same service at this point, so everyone is welcome to participate in the experience.
Q5：Governments of many countries have become more and more stringent in their supervision of the crypto market. What about the impacts on NFTs?
xNFT Admin: The blockchain industry needs supervision and embraces supervision，it brings safety and regulation. NFT is a subdivision field for blockchain that helps the blockchain touch the real life. If the industry becomes more formal, then I think traditional IP is more willing to develop in the NFT field, and make this track produce more stories. Game finance, encrypted art exhibitions, and auctions still use a complete set of Ethereum general protocols (ERC-721 ，ERC-1155，and other NFT standards, liquid mining protocols, etc.), and the technology combination in the NFT direction is still weak.
Q6: Many IPs are embracing NFT. When it comes to IP, what are the applications of NFT in which areas are the most promising？Stars, finance, games, art, copyright, or else?
xNFT Admin：I think game and art relatively have larger opportunity. For game, I have been paying attention to the recently exploded Metaverse. This set of concept has a strong combination with NFT. Many of you should be playing some mobile games.
To give an example, many of the top players have seen that in the future ,the assets of the virtual world need to become a kind of existence with high consensus, circulation and value. NFT naturally plays such a role, although it is not sure how long the day will come. To realize the real-world experience of Metaverse, it seems that NFT is the most likely
asset as the subject of assets, with the advancement of technology ,combining the two factors, the conditon is qualified to greatly accelerate the arrival of this day.
As for the encrypted artwork , it was originally used as a medium for artists to express themselves. No matter how volatile the market is, its scarcity is unique, and its value will rise.
Q7：These examples given by Loyi are very vivid and easy to understand. For ordinary investors, which are the most valuable NFT tracks and how should they be judged?
xNFT Admin: Not long ago I noticed that Cabin VC issued a research report. There are some data in it that I just want to send to everyone to see. We can see from the data that the trading volume of art, collectibles, and games is relatively larger. In the future, we will also open NFTMarketcap. You can see transaction volume, classification, data comparison, and so on.
When all sections of the entire NFT track develop well, you will find that we have been focusing on building the entire ecosystem infrastructure to empower the entire NFT. Keep paying attention to us, and you will know which track is the most worthy of investment~
Q8:How do you guarantee users’ asset security?
xNFT Admin: We have passed the audit of a third-party security company and the asset of users will be well protected.
Q9:If you were to summarize your project in 1 word, what would it be? Why?
xNFT Admin: Magic. Because NFT is magic that surprise everywhere.