1. Please briefly introduce Re-NFT and INO.
Re-NFT is a multi-chain shard protocol. Its core capability is to convert the ERC721 or ERC1155 of NFT intoERC20. With ERC20 token, the liquidity problem will be solved.
INO is short for Initial NFT-Shards Offering, which is to break NFT into ERC 20 token through shard agreement. With ERC 20 token, we can help raise funds for the project through subscription in the primary market while the secondary market also has liquidity.
2. The illiquidity is an obvious pain point in the field of NFT. How can RE-NFT improve its liquidity through shard protocol? Can you give us an example to illustrate the principle and practical application scenarios of breaking NFT into shards?
I explain the application scenarios through the primary and secondary markets:
In the secondary market, for example, Beeple’s hammer price for 5,000 days is $ 67 million, but it is very difficult for the final buyer to sell the work quickly.
Because NFT is heterogeneous and unique, that means A can only sell the work to B and then C sells it to C. Despite a high unit price, there is only a single work, so it is very illiquid. During the rough market, it can’t be sold anymore.
However, ReNFT can fragment Beeple’s works into any number of ERC 20 tokens. The person who initiated the fragment can set the proportion of initial circulation, and the rest of the proportion is locked in the smart contract.
After the expensive NFT is broken into 100 million shards, people can easily access them, and traders can join at a lower price and buy and sell quickly in the market. Shards can also be used for mortgage loans, liquidity mining, etc.
In the primary market, the uniqueness of NFT defines that they are only traded in the secondary market. Then an NFT that lacks a primary market will face several problems:
For example, when10,000 works are created on CryptoPunk, it’s not sure whether it can sell them all, but it still has to cost money and time to make these 10,000 works and auction them. If it scarcely sells any copies, then the excellent IP may disappear because of the failure in the auction.Through ReNFT, if you want 10,000 works created as it does on CryptoPunk, you can first create a Genesis NFT. This Genesis NFT can represent your personal IP or a series of works you want to work on. This Genesis NFT may also be a digital work of art, a motion picture, or even a Twitter post.
Then we will fragment the Genesis NFT. Assuming that there are 100 million shards, you can distribute 10% of them for subscription in the primary market, that is, INO. The participants may be institutional investors, collectors, KOL, promoters and so on. You will find that during subscription in the primary market, the creator gets the funds for the project, and the participant can become the core promoter of your future works at auction, or the advocate of your IP.
With the shard agreement, even if 10,000 NFT works like this are created, the INO on the primary market can solve the problems of funding and publicity for the creators, minimize the risk of creation, and prosper the whole NFT market.
3. At present, the growth of the NFT industry has culminated more than ever before, and various NFT projects have emerged. What are the innovation and advantages of RE-NFT outshining many NFT projects?
① High scalability:
ReNFT is the only shard protocol project that is scalable across multi chains, which is complementary to the NFT trading market on Binance.
Developers of all NFT trading platforms, DEX trading platforms and IDO platforms can use multi-chain protocol on ReNFT to complete the asset shards.
② Available on multi-chain:
It is first issued on BSC main network and also supports Ethereum, Conflux, etc.It meets the needs of different users and developers of BSC, Conflux, Ethereum and Polygon. After launched, it can provide a shard function and secondary financing channel for the assets on the Binance NFT trading market in June, just with one click.
③ Innovative INO function
The customized shard strategy and the strategy of fund-raising on the primary market make it possible on the primary for issuers and participants. If you hold an LP token, you can directly subscribe for INO or conduct Liquidity Locked Auction. Over-subscription is allowed.
④ Top IP resource
I think the cross-border popularity of NFT is of great significance. The value of NFT comes from IP value.ReNFT cannot be limited to the cryptocurrency world and it should be expanded to other fields, so we use the primary market mode of shard agreement to finance the popular and influential IP. At present, ReNFT is approaching the audiobook community Ximalaya, singers from The Voice of China and film investors for the animation to design the primary market and secondary market shard scheme for them.
4. Congestion on the Ethereum network is another constraint on the development of NFT. The NFT industry is exploring a two-layer expansion solution. Has Re-NFT explored and tried on the two-layer expansion solution now?
In fact, the question above has mentioned congestion on the Ethereum network. We are still considering the two-layer network, because Zk-rollup, which is suitable for trading, still causes some security risks.
Other two-layer networks have a great impact on the across-boarder user experience because two-layer trading requires many users to finish some stuff like binding and relating actions. It is a little troublesome for cryptocurrency users, not to mention those who are not familiar with it. Therefore, we are also looking for a mature two-layer solution. We shouldn’t expand two-layer for two-layers’ sake.
5. Can you explain the strategic direction of the project?
V1: combine IP platform and the entrance for user traffic
The shard model help incubate all kinds of NFT-related IP (such as Himalaya) in the primary market to gain more popularity outside the field. Also, the INO project can help attract investors in the primary and secondary markets. In this way, we can accumulate user traffic both from project and client.
V2: the largest NFT IP asset exchange
After the V1 accumulate sufficient popularity, we can gather the user traffic from IP on the ReNFT platform through its DEX, strive to become an IP asset exchange focusing on NFT and further increase the market value.
6. What can users do with Re-NFT? what functions it has and how to run it?
Users participating in Re-NFT can be divided into two parts: shard initiators and participants
Initiators are those who need shards. They are NFT holders. NFT can be used in two directions. One is used through the INO subscription function to raise funds from the primary market. The other is when users have bought some NFT from Open sea or Rarible and other platforms and the price is very high, they can issue ERC 20 after fragmenting the NFT, and some of them can be traded in Uniswap.
Participants join the projects by mainly considering the publishers’ purpose. They can choose to subscribe to the potential NFT project, namely IP. Some early projects will be circulated at a small number in the primary market for advertisement, so a shard subscribed is a shard earned. Besides, participants can directly trade shard tokens on the secondary market to increase their liquidity and participate in yield farming.
7. What are RE-NFT’s launch plans and noteworthy project milestones from 2021 to 2022?
First, our products were launched on May 24. We will build a partnership with some famous IPs in June. In addition to the domestic top-level Ximalaya Art Gallery IP, there are also candidates of The Voice of China, some cross-border performance artists corporating with well-known luxuries, etc.
We will fragment their IP and continuously acquire new user traffic by offering shard tokens. During this period, we will cooperate with other public chains to support the shard and INO of NFT projects in their ecology.
We will be first available on Ethereum and BSC; we will then continue to look at the NFT ecology on Conflux, Polygon and Okchain. Finding the starting point for multi-chain availability is not technically difficult.
From July to September, backed with the release of several INO projects and IP cooperation, we will start the function development of DEX at the same time. This DEX is also based on the AMM market-making mechanism, but the products will be simpler and focus more on the intensive function of the platform to make it easy to use for cross-border users.
In this way, the subsequent users will surely trade on our DEX, and a complete closed-loop of the primary and secondary markets comes into being, so we can change over from protocol layer products to an IP and NFT trading platform.
In October, as the ecosystem gradually improves and the DEX is launched, we will introduce the auction, resale, display, and other functions with NFT. Users who meet the needs of non-shard trading will also auction NFT relating to good IP, which they accumulate in the early stage.
8. ReNFT has reached strategic cooperation with Himalayas Museum in Shanghai, the top 5 in Asia, and jointly launched Metaverse. How significant this cooperation is?
ReNF has strategic cooperation with Himalayas Museum. The museum will amplify NFT’s value by providing NFT works with high artistic and social value. Most of the works will be auctioned by Sotheby’s and Christie’s. The highly prized works can be fragmented by ReNFT.
At the same time, as an academic institution, the museum also serves as a talent base. In June, it will recruit 1,000 digital art creators from all over the world and become the world’s largest NFT artist education and exchange center.
Besides the museum, Ximalaya FM is also our partner. It is the earliest and largest online audio sharing platform ( with 200 million users) in China and adopts the mode where users create their own original content. The current magnet NFT chose to work with the online platform Ximalaya now, so that will reserve tens of millions of online user traffic for ReNFT.