Victor Tang Presents NFTYCO’s Mona Project, NFT Wallet and More on CoinGeek Backstage

NFTYCO CTO Victor Tang chats with CoinGeek Backstage host Nidhi Arora as he shares his experience attending the CoinGeek conference in person, NFTYCO’s latest project “Mona” and wallets NFT, and more.

NFTYCO is a platform that allows users to create and process non-fungible tokens (NFTs) on the BSV blockchain. Its mission is to “democratize” NFTs on the blockchain.

Arora began the interview by asking Tang about his first experience attending the conference in person. “It went well, very positive. The sessions are excellent and the feedback from other visitors here has also been very positive, ”he said.

Tang then revealed the development and design of NFTYCO’s latest project, a market platform called “Mona”.

“What we’re building is a platform to create valuable works of art. [We’re] essentially creating a business model for clients like museums and private collectors, ”Tang said.

During the CoinGeek New York conference panel presentation “The New World of NFTs,” Tang mentioned wallet NFTs. And according to him, this is NFTYCO’s attempt to address some of the shortcomings of current NFT technology.

“Once you hit something, it’s kind of open to the public. It’s no longer a rare collector’s item, which it is supposed to be. Our clients want to be able to strike the artwork as well as [its] supporting documents – a certificate of authenticity, back and sides, lidar images, etc. Something that really adds value and also proves the provenance of this coin being struck, ”Tang said. “Portfolio NFTs add security and DRM aspects so that we [can] transform this digital asset into a business.

Tang also said that with the NFT wallets, a business model would be wrapped around the artwork that would make it closed to public access and not open to download, giving owners full control over access and income from their NFTs.

“It’s not open to the world to download after someone bought it for $ 69 million, but you’re actually in control. Only the people you have [permitted] can use it. The people to whom you have authorized it. Whether it’s a long-term license or someone doing an exhibit for a month, then you allow that person to use your NFT and show it during that time, ”he noted. “The other aspect is being able to have a source of income. So, as an artist, you created this work, and being able to earn an income every time it is resold or exhibited is something that does not exist now. [This is what] our clientele with high value collectibles would love to have. So we built this for them.

Is NFTYCO hitting these NFTs on the BSV blockchain? Tang answered this question with a big yes. Currently, NFTYCO is hitting these NFTs on the BSV blockchain due to its green technology and low carbon footprint, which it believes is most important to one of its major customers.

“Yes it does. One of the reasons is that BSV has a much greener history. It’s a much smaller carbon footprint. That matters especially to museums. They have their boards, and they have their customers and so on, who say Ethereum is not a good carbon footprint. So that gives them the ability to look [for] much better [blockchain]. [BSV] at a lower cost [and] higher performance, and we like those things, ”he said.

Before closing the interview, Tang revealed that NFTYCO is currently working on an auction for a 17th century Dutch masterpiece that will live around the same time as Mona.

“The next step is the auction in one of the main auction houses of the 17th century Dutch masterpiece that a large museum is making with us. We are looking forward to this, and at the same time as the auction, we will put our market online. We are looking forward to it, ”he said.

As for his take out, Tang reminded people watching the talk to think about what they wanted to do with their NFT. “I think the important thing to remember is to really think about what they’re doing with their NFT. [Whether] they hit it and put it in the public domain, something they are looking for, or if they really want to monetize their digital art and have control of it, ”he concluded.

Watch: CoinGeek New York Panel, IP Licenses for NFT: Graphic Novels, Comics & Brands

New to Bitcoin? Discover CoinGeek Bitcoin for beginners section, the ultimate resource guide to learning more about Bitcoin — as originally envisioned by Satoshi Nakamoto — and blockchain.


Source link