EXTRA AMA QUESTIONS ANSWERED
On June 13th 2022, we launched our podcast/AMA style Youtube series called “In The Hot Seat”, and had Kaby Arena CEO — Nhan Bui joining us in this special episode.
During the AMA, we answered some unique questions received from Twitter and livestream, but there were many other good questions left behind. Therefore, we decided to compile all questions in one article to give answers and help you gain deeper insights on our platform.
Q1/ How useful is your collaboration for the community as a whole?
We want our platform to solve real problems faced by a sizable group of people. For those interested in GameFi, but are constrained by ROI issues, rentals is our idea to address the problem. Having GameFi partners is a natural fit for both sets of users.
Q2/ What are the plans to carry out with this partner? Will there be community participation ?
We have cross marketing activities planned, as well as promotional activities.
Q3/ What are the most important and immediate goals for @RikkeiFinance in the next six months? If you had a list of the top three key performance metrics, what would they be?
- 6 month focus is:
+ P2P NFT Rentals — escrow and transfer mode rentals
+ P2P NFT based lending/borrowing
+ Pool2Peer NFT based lending/borrowing
+ Link DeFi with NFT, such as earning (yield farming) while having account balance (collateral deposit) and many more integrations
- Metrics:
+ Rental transactions, rental volume
+ Lending/borrowing transactions, lending/borrowing volume
+ Marketplace DAU
Q4/ I heard that Rikkei Finance is going to launch the NFT rental marketplace. Will you give early adopters any incentives to drive users?
In the early stage of launch, we will offer lots of attractive coupon codes that come from both our platform and GameFi partners. Besides, we also run an Affiliate Program to drive users to the platform as much as possible. Specifically, every user on the Marketplace is provided with an Affiliate Referral code. When the user shares with his/her friends or followers the code and they use it to sign up for their marketplace accounts, the user is eligible to earn a commission from their rental transactions.
Q5/ Rifi Lending is supported by BSC and soon it will be supported by Eth, Solana and Polkadot.With the support from those networks,what will be the positive impacts that those networks will bring to Rifi?Aside from those chains,do you plan to integrate other chain in the future?
Q3 is slated to be our big push to support more blockchains. As to which specific chains, given that we are launching the NFT based lending and borrowing, then the value of the NFT assets will dictate which chains we will support in order of priority. We are focused on being a platform that solves problems for a sizable group of people.
Q6/ Rikkei offers a combination of lending and insurance to ensure lender security. But what are the benefits offered to the Rikkei borrower? Are there any installment payment facilities? How exactly does this decentralized lending model work within Rikkei?
Being able to leverage a digital asset is the primary benefit we bring to Rikkei Finance platform borrowers. At this time and with our current strategies, we are not planning on offering payment installments.
The Rikkei Finance platform applies 2 lending models. On the DeFi side, the lending pools model is applied, allowing users to deposit cryptocurrencies into lending pools; from which borrowers can draw out loans. On the NFT side of things, we apply the peer to peer model, bringing together investors and NFT asset owners to complete lending and borrowing transactions.”
Q7/ Why did you choose the BSC platform for development? In the future, do you have plans to expand or develop your system on other networks like Ethereum, Heco or Polkadot?
BNB Chain offers a comprehensive ecosystem which is highly attractive to DeFi and NFT GameFi market players. We are focused on multi-chain expansion of coverage in Q3.
Q8/ What will be the minimum and maximum rental period? How simple and intuitive will it be to rent? Can the rental be canceled at any time?
As this is a Peer2Peer marketplace, the asset owner will define the rental period (both min and max) as well as other parameters, such as rental fee, collateral security deposit (if applicable). Once the rental transaction is underway, only the renter is given the option to return the NFT earlier than the rental period end date. Of course, we will try our best to design the interface and flow to be easy to use.
Q9/ Currently, most investors are only interested in the profit now and ignore the long-term benefits. So can you give them some advice on why they should buy and hold this token/coin in the long term?
We want to focus on building products that solve problems for a sizable group of people. We believe utility is a strong factor in market pricing for any token/coin. We also have a comprehensive plan to try to impact the macroeconomics of things. Please stay tuned as we continue to build out our platform, build up our war chest, which will then give us the ability to address these issues.
Q10/ What is your top priority for 2022? Can you and your team members share a bit about the strategy that you will implement in the near future? What makes the team feel confident to win in the long run ?
Our answer to a previous question defines our priority list for 2022 and the metrics define our strategic focus on solving people’s problems.
- 6 month focus is:
+ P2P NFT Rentals — escrow and transfer mode rentals
+ P2P NFT based lending/borrowing
+ Pool2Peer NFT based lending/borrowing
+ link DeFi with NFT, such as earning (yield farming) while having account balance (collateral deposit) and many more integrations
- Metrics:
+ rental transactions, rental volume
+ lending/borrowing transactions, lending/borrowing volume
+ marketplace DAU
Q11/ Is there any possibility that someone that rented my NFTs from the marketplace transfers it to another wallet?
This question needs additional context as follows. In escrow rental mode, the NFT asset does not transfer to the renter’s wallet and so the issue of transferring that NFT to another wallet is not applicable. In transfer rental mode, where the NFT asset does transfer to the renter’s wallet, the collateral security deposit function is provided for asset owners to define the collateral amount — balancing between an amount sufficient to secure the return of the NFT after the rental, while not creating an unnecessarily high hurdle — for renters to complete the rental transaction.
Q12/ What are your marketing strategies and how will you have a global expansion and adoption for your project where English is not spoken?What are your next upcoming priorities? What is in your roadmap ?
Our marketing strategies and tactics stem from our platform meeting user needs. We focus on content to drive usage, including non-English content. Of course, where foreign languages are involved, we would look to partnership to give us the necessary capabilities of content production as well as community engagement. The roadmap is defined in several questions above.
Q13/ Is the rental paid upfront or after the period, what happens if the NFT was not used during the period
The renter must pay the rental fee up front, including any applicable collateral security deposit. The renter has the full usage rights during the rental period, whether they actually use it or not. The renter would not have claimed to refund the rental fee if the NFT is not used.
Q14/ What kind of digital assets can be traded at Rikkei Finance? Is there interoperability in Rikkei Finance?
RiFi DeFi platform currently accepts a select few cryptocurrencies in its lending/borrowing pools and vaults.
Q15/ One of the problems is the lack of liquidity in the NFT markets, so how will Rikkei Finance solve this problem? Will it simply incorporate a lending system? If so, how will it guarantee liquidity?
Being a marketplace that brings investors/lenders together with NFT asset owners is our way of addressing the NFT liquidity problem. We may participate as an investor/lender in the ecosystem, but are aware of the potential conflict of interests in being the marketplace operator as well as being an investor/lender participant, and so we will monitor the situation. Our entry as a participant would be our way to “guarantee liquidity”.
Q16/ Could you please mention what are the rules for listing an NFT on the marketplace? Companies and users can post NFTs and sell them from your marketplace?
Listing a NFT for rent would require certain parameters be defined by the asset owner — i.e. rental fee, duration, collateral deposit (if applicable). Please refer to the user guide and FAQs for further details.
Q17/ Since NFT are a hot topic right now, we’re see a lot of NFT marketplace; OpenSea, SuperRare,etc — How do your projects plan to solidify yourselves as the go-to marketplace?
Not only are NFTs a hot topic at this moment, but NFTs are a significant asset class, which means a total addressable market size that can support many different players with different offerings. When we focused on meeting the specific needs of our target users, we naturally differentiated ourselves from OpenSea, SuperRate, etc. and look to be the go-to solution for our users.
Q18/ Can we have a feature…RENT to BUY, in which the terms are longer but the end result is to sell the NFT from leaser to renter
Rent to Buy, is another aspect we can consider to offer to the marketplace, if we see a demand for this function. Whereas, lease to own, is on our to-do list when and where our DeFi arm connects with the NFT marketplace, and the funding source opens a wide range of possible offerings — NFT purchase financing, etc.
Q19/ NFT projects usually require huge investment. Who are your key partners helping for the development as well as funding the project?
We are fortunate to be backed by a solid group of investors who have enabled us to take on the challenge of building out our DeFi + NFT platform.
And there we have most of your questions answered. Please support us in the next episodes of “In the hot seat”, and don’t forget to give us a subscribe to get every latest update on Rikkei Finance!
