KuCoin AMA With Fracton Protocol — Persistently Enhancing Liquidity and User-friendliness in the Dynamic NFT Environment

2023/05/25 12:37:15

Dear KuCoin Users,

Time: May 22, 2023, 14:00 - 14:58 (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the researcher & core team member at Fracton Protocol, John, in the KuCoin Exchange Group.

Official Website: https://www.fracton.cool/

Whitepaper: Click to view

Follow Fracton Protocol on Telegram and Twitter.


John — Senior Researcher at Fracton Protocol

With 5 years of experience in the crypto space, John is particularly passionate about NFTs and enjoys helping others understand and benefit from this exciting technology. Prior to joining Fracton, he worked as a researcher at one of the top exchanges in the world, gaining valuable expertise and knowledge in the field.

Q&A from KuCoin

Q: Let's begin by having you explain the concept behind Fracton Protocol and its primary objectives.

John: Fracton Protocol is like a cool new tool that turns NFTs (those unique digital art people collect) into smaller, more affordable bits. We use something called hiNFTs, which are just like mini pieces of the original NFT.

Our techy side is smart, too; it helps things run smoothly, cuts down on the costs you usually see with NFTs, and ensures your assets are safe. Available to trade using the KuCoin Exchange's order book and liquidity!

This way, more people can join the NFT game and do it in a bunch of different apps, whether centralized or decentralized.

Q: What are some significant milestones that Fracton Protocol has achieved so far?

John: We've been doing some serious work with NFTs. We've managed to fractionalize millions worth of blue-chip NFTs into hiNFT tokens. Additionally, we've successfully converted more than 25 blue-chip NFTs into tradable assets on KuCoin. Our hiNFT tokens have gained considerable traction among KuCoin traders and NFT collectors for their superior price discovery and increased trading opportunities.

Q: What makes hiNFTs more appealing to traders compared to other cryptocurrencies?

John: What makes our hiNFTs cool is that they're ERC-20 tokens you can exchange back for an NFT, which gives them real value. By being ERC-20, the hiNFT opens up new ways to make gains you don't see in many other NFT marketplaces.

Since each hiNFT is based on the value of top-notch, carefully picked NFTs, they're not as risky. This makes them perfect for those trading bots as well.

The value of hiNFTs can't drop to nothing, but the upside is high if you are bullish on the NFT industry.

Q: How does Fracton Protocol stand out from other NFT fractionalization platforms?

John: Fracton Protocol stands out because it perfectly meshes together on-chain (things happening on the blockchain) and off-chain (stuff outside the blockchain) actions. This means users get to enjoy the perks of both these worlds.

Our hiNFTs are super easy to trade on KuCoin - a platform that's not only easy to use but also transparent and secure. So, you know what's happening with your trade, you can trust it's safe, and you won't need a tech guru to figure it out. How cool is that?

Q: Can you also explain the security measures Fracton Protocol took to protect these fractionalized NFTs?

John: We're serious about keeping things safe. All the transactions happen on the blockchain, so everything's out in the open. Plus, top-notch security firms, like CertiK, have given us the thumbs up. We also have a type of smart contract that can't be changed or messed with, which lowers the chance of hacking. So, you can trade with us knowing you're in good hands. Safety first, right?

Q: Absolutely. Can you share some potential use cases for fractionalized NFTs in centralized and decentralized applications?

John: Breaking NFTs into smaller pieces gives crypto traders a better time trading. When NFTs are in these smaller bits, it's easier to figure out their true value, and they become more flexible. This leads to more efficient ways to lend and borrow NFTs and even gets you a better deal than the usual NFT finance setups.

On top of that, we're also brainstorming ways to make our community more involved with our supported NFT collections. For example, one idea we're tossing around is using these smaller NFT pieces, or hiNFTs, as rewards within the ecosystem.

Q: Let us know how you guys handle the governance and management of the ERC-20 tokens that represent fractionalized NFTs.

John: So, we make our hiNFT tokens right there on the blockchain, and each token represents 1/1,000,000 of the original NFT. And here's the best part - anyone can redeem these tokens whenever they want without permission! So, it's a smooth and hassle-free process I you are an on-chain user.

We also have a governance token, $FT. It's like the boss of the protocol, helping us make important decisions. It's all about the power of the community. We want everyone to have a say and be part of the action!

Q: Please elaborate on the use cases for Fracton's token FT.

John: The FT token does some cool stuff. If you're holding FT tokens, you get some sweet perks, like early access to new fractional NFT listings. We've got two tiers of benefits, each with its special advantages for token holders. So, you get to be in the know before everyone else.

But that's not all! FT is also a governance token, meaning it helps us manage the protocol and make important decisions. Your voice matters. You get to shape the future of what we're building.

Free-Ask from KuCoin Community

Q: Do you allow suggestions and feedback from the community?

John: Please talk to us on Discord if you have any suggestions. There are channels for feedback, and our community manager and the product team talk to users as much as we can deliver.

Q: What is your strongest advantage that will make your team lead the market?

John: We have a diverse, seasoned team; we have some degens who have been in the space since 2018 and prior experience in cloud security at Microsoft and core devs from DeFi protocol.

Q: When and where can I buy your tokens?

John: We have a direct landing page on Kucoin; we have 26 hiNFT tokens listed and our $FT token.

Q: Please briefly describe your partnerships so far and upcoming ones.

John: Besides KuCoin, the best CEX you can find to work with, we are also pushing to go well-known on-chain. But I can't tell you too much; you will probably be surprised a few weeks later.

Q: Have you been audited?

John: Millions of TVLs, dozens of on-chain transactions daily, and one-year-old, ZERO hacks. Yes, and we are audited by CertiK.

KuCoin Post AMA Activity — Fracton Protocol

🎁 Participate in the Fracton Protocol AMA quiz now for a chance to win 7,500 hiMfers!

The form will remain open for five days from publishing this AMA recap.

Giveaway Section

KuCoin and Fracton Protocol have prepared a total of 1,500,000 hiMfers to give away to AMA participants.

1. Pre-AMA activity: 750,000 hiMfers

2. Free-ask section: 37,500 hiMfers

3. Flash mini-game: 300,000 hiMfers

4. Post-AMA quiz: 412,500 hiMfers

. . .

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