Crypto Wizards AMA With VERA
Guest: JERALYN TAN
Q1) Can you give a brief explanation about 'VERA' .What popped up in your mind to create such a platform in this space?
Ans:We want to democratize access to essential financial products and services to promote NFT DeFi app innovation for everyone everywhere.
Vera is an open financial platform for non-fungible token (NFT) assets that offer decentralized financing, leasing, lending, seller protection, and other essential financial services for any NFT application.
Vera’s platform is open-sourced and supports NFTs minted on any blockchain such as Ethereum, Polkadot, Solana, Polygon, or Binance Smart Chain.
Using Vera, applications such as NFT marketplaces, games, or metaverses can generate new revenue streams, reimagine user experiences, and empower their communities.
Q2) So what are your main features and advantages that discern you from other projects?
Ans:Our main competitive advantages to any potential competitors are:
1 First-mover advantage
2 High product market fit with major games, metaverses, and NFT projects
3 Compatibility with NFTs minted on any blockchain
4 Support from communities for several major blockchain ecosystems.
RENT allows NFT collectors to earn income or royalties by lending their NFTs to others. If rent is not paid or the rental contract ends, an NFT is returned back to its owner.
Use cases made possible by this product include:
• Basic rent/lend
• Rent to buy (Own the NFT after paying enough rent)
• NFT yield farming (Stake your NFT and earn income)
• Subscription (Aggregate NFTs into curated pools available for rent)
LEND is our first product we built with support from a Polkadot Web3 Foundation grant which allows NFT owners to use their NFT as collateral and to obtain a loan. Borrowers that lend money to these NFT owners can earn interest over time.
Mortgage is powered by Vera Finance, one of Vera’s core products which allows consumers to buy NFTs with alternative financing payment options.
EG: At the time of purchase, Vera acts like a bank and fronts $10,000 to the seller. The buyer makes a first payment of $1,000 to Vera and the remaining $9,000 plus optional interest must be paid by a deadline as a single payment or as installments.
Q3) How has the experience and background of your team been effective in the success of your project so far?
Ans:With the experience to build secure and compliant real-world products using blockchain that have moved hundreds of millions of dollars of value in several industries, our founders look forward to do the same with Vera, but this time ensuring the benefits go back to our community and supporters with truly democratized access to our financial products.
4) Now Share us about your utility token, What are the some of utlities of $VERA Token in Your Ecosystem? And if possible share to us the Tokenomics of $VERA
Ans:We have 1Billion tokens for total supply. 15% for team.
Our product development is based largely on community/customer/partnership feedback.
This includes prioritising support for blockchains that have the most NFT projects
• Pay the NFT seller VERA tokens equivalent to the price of the purchased NFT when the buyer chooses Vera Network Financing as the payment option.
• Pay NFT stakers VERA tokens as a reward for contributing assets to Vera Network.
• Use VERA tokens as to pay for network and financial service transaction fees.
•Hold/stake tokens to earn dividends from a portion of our network’s revenues and transaction fees.
•Hold/stake tokens to gain access to the network’s financial services and rewards.
• Spend VERA to purchase ecosystem products and services or pay back outstanding debt or interests.
• Receive product/service discounts or more favorable interest rates when paying in VERA.
• Potential % of network fees will be used to buyback and burn VERA, decreasing circulating supply
• Monetize locked VERA tokens.
• Vera Network Governance: VERA token holders can vote for changes and improvements to our network.
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from VERA? If possible could you please share road map with us.
Ans:We have many plans, but top plan is go to > 1 billion market cap, hope you like this news 😉
We’re working on further development of our rental NFT marketplace. We’ve onboarded some of our Ecosystem partners to test its capabilities and start offering new ways for their own communities and ecosystems to transform their NFTs into a revenue generating asset.
Adding to this, we are also developing our cross-chain liquidity pools and hub so that we can implement mortgaging NFTs and better support major blockchains such as Polygon, Solana, BSC and Polkadot.
Read more here
1) As far as I can see Vera Network wiII provide Iayers of cryptography: certainIy this is necessary in aImost every project: but why did they decide to impIement this initiative? WiII Vera Network be a free service or wiII it provide project Iiquidity?
Ans:We are building Vera with security as our top priority.
To prevent cyber risk, our smart contracts will be fully audited and undergo extensive testing. Our original code related to leasing smart contracts is audited and approved by Web3 Foundation. When we are ready to launch, we plan to do a 3 step auditing process. 1. Internal audit 2. Independent audit 3. Community audit.
These are some ways where Vera generate revenues.
⁃ Vera charges the NFT Seller a one-time service fee that’s taken from the buyer’s initial down payment.
⁃ Vera earns revenue from the interest paid on these loans.
⁃ Vera lends out the collateral to others and keeps the earned interest.
2) Nowaday DeFi is changing our relationship with money, investing, credit and debt . So, how do you think of the future of DeFi? What are the factors that #VERA could make a difference since there are lot of projects involved in DeFi?
Ans:We believe NFTs will be the future for a Web 3 global economy and the next trillion dollar industry that truly bridges the real-world to the digital.
Vera is open-sourced and decentralized. With your support, no centralized Big Tech will can censor or control the value of the things you create or own. In the future, Vera will lead to Big Tech platforms begging the top NFT creators or owners to work with them as opposed to the other way around. We welcome you to join our movement!
3)I'm curious in your NFT loan option. You said that NFT holders can borrow stable money or other tokens in exchange for their NFT holdings. Is this to imply that you regard NFT to be collateral? And what if user fail to pay un their due date? Is there any penalty?
Ans:We have several use cases in this area, but in the case of default, the buyer loses both their staked collateral and the NFT to Vera.
4) Almost 80% investors now think only of profit but ignore long-term benefits. So you can give them some reasons why they should buy and hold tokens in the long run?
Ans:We are a longterm project - and the potential to gain even more is high. We now have a staking program that we partnered with Solv Protocol to launch. We have prepared a series of holiday contest for the community to participate in together with the staking program. From there attractive rewards could be won such as unique NFTs from our partners!
More information could be found here
5) What methods do you use to continue to scale in the market and continue to reach more people as the Marketing strategy is very important in a project? So that a project remains standing and Do you have a special team that is trusted to carry out this strategy system?
Ans:We are focusing on community engagement and local communities outreach for one. thus there are several ongoing events in our global group. Do check us out and get to earn yourselves some fabulous rewards. We won’t call it a special team, everyone has their own responsibilities and functions, but we do work together a lot to align.
1)Where can I currently buy your tokens, what is your current contract. How can I buy them and what are the benefits?
Ans:🪙 $VERA TOKEN INFORMATION
💰 How to Buy/Sell $VERA: https://blog.vera.financial/how-to-trade-vera-on-uniswap-or-pancakeswap-4cb73dc5c8b
🦄 ERC-20 $VERA Contract Address: https://etherscan.io/token/0xd7f0cc50ad69408ae58be033f4f85d2367c2e468
🥞 BEP-20 $VERA Contract Address: https://bscscan.com/token/0x4a0a3902e091cdb3aec4279a6bfac50297f0a79e
🟪 Matic ERC-20 $VERA Contract Address:
2) Can you tell us some about your team and their experiences in the market?
Ans:The founders for Vera are:- Denis Lam, who serves as our CEO, and Michael Arbach, our CTO.
Denis has a background in engineering from the University of California, Berkeley, and is a serial entrepreneur and full-stack product engineer. He has more than 10 years’ cross-functional experience working with startups, Fortune enterprises, and venture capital funds. He has been on a founding team that took a company from $0 to $100 million in valuation, expanding into several countries the first year. He ventured into crypto at the start of 2017.
Michael’s background is in mathematics and computer science, and he was a software developer for 17 years, building software for fintech, healthtech, supply chain and IoT. He focused on blockchain development (DLT and NFT) for the past six years full-time and worked with world-class enterprises and institutions such as Dapper Labs, BitRail, Daikin, Northern Trust — the fourth largest custodian bank in the world — and NASA.
3) Most of the new projects are only for short term profit/how will you assure a beginner & like me that your are here for long term and not looking for Short term profits for someone who wants to invest for long term,??
Ans:We are a long term project. Myself and founders and advisors have a 3 year lock up which means we are dedicated for the success of the project.
Asia is the biggest market for NFT Play to Earn so therefore we will focus partnering with so many customers and partners in Asia! We will make Play to Earn become Play to Earn Much More!