ENVELOP Interview for WOW Summit
This week, WOW Summit hosted an interview with ENVELOP, where numerous vital questions unveiling the nature of partnership were brought up.
The major attraction of the event is also the first and the biggest NFT expo & auction, where more than a hundred NFT projects will be presented; the most famous NFT marketplaces will be holding an auction at once.
For such a company like ENVELOP, it was essential to become the participant and the strategic partner of the WOW Summit.
Read the interview below and find out.
- Why did Enevelop decide to cooperate and showcase itself at the World of Web3 Summit?
At the WOW Summit, a significant part of the discussion touches upon the topic of NFT.
ENVELOP provides a new round of development of the NFT concept, taking it to a new level and creating a separate economy within the NFT.
ENVELOP is a flexible cross-chain toolset that gives any NFT new functionality (economic set-up, on-chain royalties, rental mechanism, time/value/event-locks), protection of devaluation anti-fraud system.
There are three main project parts:
- Protocol to add the digital assets inside NFTs and set on-chain royalties;
2. Oracle to score the collateral and assess the quality of assets inside NFTs;
3. Index to hedge the position to the whole NFT market — becomes one of the first decentralized and collateralized simultaneously market indices for NFT and related assets (synthetic, among others).
2. How is your cross-chain protocol going to provide NFTs with (citation) real value?
From the tech side, ENVELOP is a smart contract system through which users and services providers can place/deposit digital assets, such as ETH, BNB, or ERC / BEP-20, inside the NFT. At the same time, the protocol does not copy or store the original metadata of the original NFT but only refers to them. The placement of digital assets is carried out inside a new entity that appears inside the NFT — the collateral of digital assets. The digital asset repository consists of two parts:
1) a static part, which arises and is replenished only as a result of physical activities of users/copyright holders;
2) dynamic, which can increase due to drops, transactions, and other accumulation mechanisms.
All digital assets stored inside the collateral guarantee a minimum floor price for the owner.
Mechanisms for interacting with the digital asset storage are customizable at the user and protocol levels. They can be adapted for various use cases for NFT Games, DeFi platforms, NFT Marketplaces (on-chain royalty to authors), Launchpads (wNFT IDO), Sports and eSports teams, etc.
3. Who do you consider to be your number 1 competitor?
In today’s market, several players are moving toward wrapping the NFTs with integrating digital assets — Canadian project Charge Particles (https://charged.fi). The fundamental difference between ENVELOP and Charge Particles is that you can use ENVELOP without any limitations:
- User is free to use any NFT from the market
- The functionality of the original NFT is not limited
- Wrapped NFT can be used in any service as the original one
In addition, Rarible and 1inch started moving into NFT protocols after having several conversations with us. However, their models are built somewhat differently.
4. What are the biggest challenges for you in the market?
The main market is decentralized, secured derivatives. One of the main points of entry into this market is the tokenization of payment channels and roll-ups.
ENVELOP will allow tokenizing payment channels/roll-ups, which will bring value to the entire Web3.0 market.
On August 19, 2021, we started publicly publishing this idea in a series of articles (https://teletype.in/@menaskop/channels-and-rollups-01)
On September 6, 2021, Vitalik Buterin proposed tokenized roll-ups to scale Ethereum — this was the best confirmation of the loyalty of the project’s development vision for us.
Afterward, we released a couple more articles concerning Vitalik’s comments:
5. What are the biggest opportunities?
The most massive opportunities are the unification of cross-chain exchange of digital assets based on ENVELOP technology, NFT interoperability between different services/games, and rental of game items without pledge.
6. For what purpose do you create partnerships? How do you exchange mutual benefits?
ENVELOP is primarily a DAO that must grow independently from within. I’ll explain. The DAO architecture is built on the ability of everyone to create their DAO inside the Super-DAO (a similar architecture is used by the YGG DAO: https://medium.com/yield-guild-games/introducing-the-ygg-dao-and-subdaos-c0bf7a9ac69d). To use the ENVELOP technology, partners must either stake the NIFTSY token or use their ones under the terms of revenue sharing, the profit from which will be distributed among the participants who previously invested NIFTSY tokens in the integration of this DAO.
This article explains in detail how everything works: https://envelop.medium.com/exploring-the-four-pieces-of-niftsy-part-1-fe0196483704
7. What is your biggest aim so far? Do you plan to partner with the World of Web3 Summit in the future?)
Yes, it is planned to cooperate directly with the WOW Summit; ENVELOP provides its technology within the B2B White Label framework. Considering the ENVELOP project’s development stage, we need to develop interaction channels with the community through partners. WOW Summit became such a partner. Clients of the WOW Summit will receive a loyalty program management tool through wNFT with integration into DeFi.