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- 🤨 Why is Jai getting into NFTs?
🤨 Why is Jai getting into NFTs?
Aakash Athawasya & Arvind Krishna
September 21, 2022
Namaskara, this is the doodhwala. The crypto newsletter that comes steamy and hot like the perfect plate of roadside momos. ♨️
Speaking of something that’s hot, we’re talking about everyone’s favourite thing in crypto:
Nope, we’re not talking about ourselves.
That’s what you should be doing at family dinners. Telling dadiji about the doodhwala.
We’re talking about NFTs or non-fungible tokens.
And we’re talking to a BIG INDIAN NFT company about it.
Let’s dive in. 👀
Why one blockchain-NFTs suck 🤢
Today’s Wednesday, the least fun day of the week. 😒
But we’re here to make it fun! With some 👀 conversations about NFT builders in India
NFTs 🤝 IND
LFG?
We’ll be honest, we think NFTs are cool for ownership of art and all that.
But how tf does a company make it in the NFT space?
Can we just:
🎨 splash some colours on MS Paint
🤳 take a screenshot
⛴ put it on OpenSea
NO?
And how can I migrate that NFT to another marketplace on another blockchain?
To understand alla this and a hella lot more, we spoke with Deepanshu Tripathi, the founder of AssetMantle.
AssetMantle is not a trophy maker for the best twerker. 🙄
That’s…err…something else.
“AssetMantle is a community-first platform for NFT creators and collectors.”
Well, that’s marketing talk ☝️ fo sure.
But let’s actually find out what it is and what it’s buidling in the 🇮🇳 NFT ecosystem.
🍼 Straight up — Could you give us a breakdown of AssetMantle (one that a 10-year-old can understand)?
AssetMantle is a blockchain that is optimized for real-world use cases of NFTs like real estate, finance, and more. It has almost 0 fees and has super fast transactions (7 seconds).
Initially, there will be 4 products on AssetMantle:
a no-code storefront builder
an NFT marketplace
blockchain explorer
an NFT wallet to show multi-chain NFTs
Along with this, AssetMantle has something called decentralized identities (DIDs) which allows you to create a username on the blockchain linking multiple wallets.
AssetMantle uses the InterNFT standard to allow for multi-chain NFTs.
Woah, that’s a lot for our tiny brains. 😬
🍼 How did you come up with the idea to build AssetMantle? And why’d you build it on Cosmos first?
We started working on NFTs in 2018, much before “NFT” was even a popular term.
We saw the potential in real-world use cases like real estate tokenization, the finance sector, and more.
We started brainstorming on use cases with several open-source development teams like Polkadot, developers from W3C, and more.
We realized we need a standard to inculcate them all and operationalize on the protocol level.
Ethereum has no one standard to fit all use cases and on-chain storage of metadata is very expensive/not feasible.
Cosmos SDK and Tendermint consensus engine allows for faster and cheaper transactions along with application-specific blockchain for optimized features.
And in 2020, Interchain Foundation (ICF) gave us grants to research and develop the InterNFT metadata standard.
Can we get a grant to just drink milk and write about the Indian web3 place? 🥲
🍼 What’s one thing about the NFT space that builders and investors are straight-up missing? Are you solving this?
Web3 ecosystem is heading towards the same problem as the legacy banking system. (oh shit) **
Every blockchain-based application has a different data format and is not interoperable.
Interconnected NFTs and applications across Web3 IS what we are focusing on.
An NFT minted by an enterprise should be interoperable with all the metaverse, games, and infrastructure across all blockchains.
Decentralized Identities allow you to have one singular identity representation for yourself which can be used as a sign-up across ALL the applications.
The focus of builders should be utility-based NFTs that add value to the product.
Just like the doodhwala adds value to your daily lives. ❤️
🍼 NFTs are quite dope. But to the average tech-bro they’re just jpegs — How do you convince them that NFTs are not just a cool thing but revolutionary?
NFTs are “non-fungible-tokens” which means that they are:
one of a kind
non-duplicatable
existing on the blockchain
secure through origin data
NFTs represent real world items like — artwork, real estate, access to events + membership facilities.
NFTs can also be facilitated to represent individual identities, property rights, and more.
“Tokenising” these real-world tangible assets makes buying, selling, and trading them more efficient while decreasing the probability of fraud.
NFTs evolved through ERC-721 standards (which denote its minimum interface - metadata, ownership details, and security).
Now there are multiple standards for NFTs such as ERC-1155, ERC-998, etc.
And ofc the InterNFT standard that AssetMantle is directly a part of.
We did the first InterNFT transaction in 2019.
It was used by SMEs and MEs present in South East Asia and the Middle East for legal agreements, negotiations, and document provenance for high-seas commodity trades*.***
Damn, NFTs are more than just CryptoDickbutts! Who’d have thought? 🤔
🍼 How does the average Jai get started with NFTs? How can AssetMantle help this journey?
With AssetMantle, users are onboarded into a multi-tenant NFT marketplace framework.
This enables creators and collectors to securely mint + own + trade digital assets.
The entire user flow is designed keeping in mind a non-web3 user.
Jai will have the option to log in with a username and password, just like he logins on to Instagram. 📺
The only difference will be the decentralisation aspect in the backend.
If Jai wants to upload his NFTs and create a custom NFT store, he can do that via our no-code storefront builder (MantleBuilder).
Even the advanced features which required development knowledge like: NFT fractionalization, dynamic price mechanism, will be absolutely no-code.
The average JAI already subbed to the doodhwala, have you?
🍼 What’s one crypto company in the NFT space you admire? What did you learn from them?
Pylon Network is one of the NFT projects that I admire.
They are doing a Dungeons and Dragons kind of approach to NFT development.
Along with that, the development is open source and has active community participation.
Woah! Dungeons 🤝 Dragons 🤝 Doodhwala!
🍼 And finally, and most importantly — How do you take your doodh?
Gir-Gaay A2 Protein Milk.
Man’s getting protein straight from the gaais 🐄
Thanks, we read this interview and we’re floored. You could say we’re gir-gaayad! 😅
Anywho, kudos to Deepanshu for giving us the lowdown on AssetMantle and the NFT space.
We know more than when we started, and we’re grateful for that.
Give him a 👋 and let him know the Doodhwala sent ya!
#PutAHandleOnAssetMantle
If you want more doodh then, be sure to follow our Twitter (@DoodhwalaDaily)
That’s all for today bhaiyo aur bheno! Naale Sigona!
Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer.
None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.