Welcome to Recap AMA IgniteCrypto & VERA #AMASeries

11 min readNov 24, 2021

On 23 November 2021 20:00 UTC+7 , Ignite Crypto and VERA got together to host an Ask me Anything (AMA) chat with the community. The following is a summary of the content of the entire AMA

Lady and gentlemen, let’s welcome Jeralyn Tan- Head of ops VERA

Admin: I am very happy that Jeralyn accepted IgniteCrypto’s invitation to attend the AMA with us. Thank you for taking the time to chat with the Ignite community today.

Before starting today’s AMA, Do you have any greetings to the IgniteCrypto community?

Jeralyn : hello everyone! thank you for the warm welcome

☺️ always a pleasure~

erm ~ thank you everyone for taking the time out to join in today’s session! hope i’ll not disappoint today 🙂

Let’s Move Part 1: Introduction VERA and Guests. Some general questions about the VERA.

Admin: Question 1. Can you tell us a little bit about yourself and VERA? What is the vision that VERA has set and is aiming for in the coming time?

Jeralyn : I’m Jeralyn, mainly managing the operations part of Vera. My background would surprise some as it’s a little different from what most will expect! My experience comes mainly from business operations and account management. Consumer goods, somewhat different from what we are doing right now.

I joined Vera towards the end of July and it had been an amazing and exciting journey ever since. To be honest, I am super new into the crypto world, getting exposed to the world of crypto is an eye-opening adventure with all the new stuffs you get to learn each day.

Vera is building the most powerful open financial platform for non-fungible token (NFT) assets.

In so many cases, we heard people trying to acquire NFT that they can’t afford to buy in full price upfront, and they did not find a solution to finance it. We did extensive research and did not find any good solution that solved this problem. Financing, lending, borrowing are core functions in the financial system, and are must have for NFT market. And this function is lacking now

And so here comes Vera. We offer decentralized financing, leasing, lending, and other essential financial services for any NFT marketplace, game, or application.

Our mission is simple: To build open, secure, and powerful NFT financial products that are equally available to everyone everywhere.

As Denis, our founder always say “Vera has already invented the wheel, brakes and steering. Go invent the car.”

Admin: Question 2: VERA has just launched “Vera Voucher” NFTs in a very new way, can you introduce it for us to understand? Will there be any new privileges for users when they want join to Liquidity Mining and Staking NFT Rewards Program?

Jeralyn : Instead of just launching a vanilla staking program on a third party exchange or staking platform, Vera decided to work with Solv to develop this first-of-a-kind NFT staking program for our mutual belief to promote true asset ownership and alignment with Vera’s mission to ensure everyone, everywhere can participate in a growing economy.

We will be raffling out exclusive NFTs to everyone that submitted valid VERA voucher proof of purchases after the games end.

Rewards included are NFTs specially crafted by our sponsors, inclusive of Highstreet for our Staking Event. 😉 Hope this excites everyone!

Of course, our basic vouchers consist of the following rewards:

15% APY Vera Voucher

➡️Lock Duration: 6-months (until 01/05/2022)

50% APY Vera Voucher

➡️Lock Duration: 12-months (until 01/11/2022)

For more information, check out

www.veraholiday.com

Admin: Question 3: It is known that VERA are one of the first Partners of the Metaverse Highstreet project, so what is the meaning of this cooperation, why did you choose Highstreet? What benefits will the users of the two sides receive when the products of the two sides are officially put into operation in the future?

Jeralyn : Highstreet is the First Commerce-Centered Metaverse and Vera stands at the ready to enable all manners of DeFi transactions on their platform.

We believe our metaverse solutions for renting, lending, and financing NFTs will empower their users to transact and earn in a way that gives great value to Highstreet as a whole.

With this, everyone is excited to see how Vera’s new metaverse mortgages might allow our users to buy virtual land similar to how real world mortgage transactions are conducted.

Admin: In addition, the first metaverse OS Totem backed by Polygon has also selected VERA as its official NFT DeFi Metaverse Platform. So, is VERA trying to break out to lead in the race of this new trend?

Jeralyn : Defintely

We do not know of any known competitors in the NFT space that’s currently building our suite of essential financial tools. If one exists, our main competitive advantages 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 — Backed by the #1 NFT company Animoca Brands.

5 — Support from Polkastarter and communities for several major blockchain ecosystems

Also, we’re always looking for ways to serve our customers as well. Recently, we launched an NFT white label marketplace that will allow our customers to list their own products. Until now they’ve had to rely on third party applications, but that’s no longer going to be the case.

Basically in the NFT DeFi and Lending Space… there are project categories:

1) P2P Lending

2) P2Contract Lending

3) P2P Rentals

4) P2Contract Rentals

We are one of the first projects in #3 and 4 — there are few or no competition there.

We ARE NOT #1–2

#1 and 2 means use NFT as collateral to take a loan from the NFT. We didnt believe this type of use case is ready yet because the price of NFT is not reliable.

Thank’s for answer

Ok, Now we will last question Part 1

I think this is a question that quite a few Vietnamese users are interested in

Admin: Question 4: What are the orientations and strategies of VERA in promoting the influence and development of the Vietnamese market in the coming time?

Jeralyn : Vera has a HUGE Vietnam community on social media and on Discord. Customers/partners Vera is focused on is Games and Metaverses, especially those that want to continue creating new Play to Earn models.

We know that EVERYONE LOVES Play to Earn models… the earnings can change many people lives.

Vera’s products will add superpowers to these customer’s products by allowing more ways for you to Play to Earn. We are even introducing Play to Own concept where if you do certain things in a game, you can end up owning a great NFT because someone else such as a game, advertiser or sponsor is paying for your NFT!

We plan to reach out to more Vietnam communities and have more campaigns dedicated to the Vietnamese supporters. KOL outreach, local exchanges are also part of the plan, let’s keep our options open and anticipate the upcoming events 😉

Part 2: Twitter on Questions.

Admin: Q1. Can you list the outstanding features of “VERA’ that you think are the strengths that will help “VERA’ succeed? In the future, will the “VERA’ token be developed with more utilities?

From Twitter: @nobita404

Jeralyn : We have these advantages that will allow Vera stand out from competitors.

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.

- 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.

Admin: Q2. Vera’s investors include Animoca Brands, a global pioneer in the branded mobile blockchain gaming sector. What blockchain game might Vera use to connect its products with? Do you have a list of games with which you intend to collaborate?

From Twitter: @Kokila93603877

Jeralyn :

We have quite a number of partnerships however due to NDA, we are not able to fully have them disclosed at this point of time.

Focusing on just gaming + NFTs (Metaverses)

We have Totem, Chainguardian, Highstreet, Netvrk

You can read more about them here!

https://blog.vera.financial/tagged/partnerships

For our list of partnerships,

https://docs.vera.financial/ecosystem

Admin: Q3. I noticed on your website that Vera’s team is currently hiring. Would you like to talk about the specifics of the job opening on your team? What kind of person are you looking for? How can we contact your human resources department?

From Twitter: @Shanthi87800845

Jeralyn : Vera is hiring all talents, if there’s position that is not posted or indicated, feel free to drop as an email with your CV and what you can contribute to Vera. jobs@vera.financial

Currently we are looking for Graphic Artist and Animator, so do feel free to send in your application from http://vera.financial/jobs

As we are mainly working remotely, we would require self motivated individuals for all positions. Of course, with a little positive outlook as well 🙂

Admin: Q4. I Read a little about “Vera RENT” is a leasing product supported by Vera Network. Can you explain the function of this feature and give an example? Can anyone who comes across your platform use this feature? Can you provide different use cases associated with this product?

From Twitter: @SLiomie

Jeralyn : Rent enables renting and a whole lot more. Sellers can let their customers Rent to Buy — meaning let the customer own the NFT if they pay enough rent. NFT collectors can also stake their NFTs on Vera Network and earn money or rewards. My favorite and most exciting use case is using Vera Rent to enable NFT Subscription Pools which allows many NFTs to be rented together at the same time. Let’s look at a real example we are building for a customer:

Imagine you play a game where you can buy race cars as NFTs. You cannot afford to buy the Lamborghini so you want to rent that NFT to play it.

Let say rent for the car is $10 per week. Vera Rent allows this service.

But you also like to try many other cars not just a Lambo!

So using Vera, the game can create a subscription pool with many different cars from different NFT owners. You can pay a little more money, say $12 per month, and subscribe to this pool. Now you can drive ANY car you want in this pool in the game.

This feature provides so many benefits:

1) Renter gets a unique, fun experience.

2) Multiple users can subscribe to the same pool at the same time. This allow more revenue for everyone — NFT owner and game.

3) NFTs can have much more liquidity.

4) Incentivize people with NFTs to stake their NFTs so Vera can pay them rewards!

Part 3: Live Question

Question 1 : What is the meaning of the name of the project and why did you name it that way? @Carter_sadler

Answer 1: Vera actually comes from a latin word verus, meaning: true, right, fair, proper. It was chosen to reflect our core values and culture. Core values include: viva la revolucion, this isn’t a job, we’re starting a revolution. Value first, vanity last, valiance, and veracity.

Question 2: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team? @Korvica

Answer 2: 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

Question 3: AUDIT play an IMPORTANT role in enhancing the stability of any PROJECT. Do you have AUDIT CERTIFICATES . Or are you working to AUDIT your project to make it more secure and reliable?@Tatekei

Answer 3 : 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.

Question 4: Non-crypto user is very important for mainstream adoption. How you are planning to attract non-crypto users towards your project? Is there any upcoming partnership that will brings non-crypto user and real-use case? @robertsarav

Answer 4: No crypto project will truely have adoption if non-crypto people cannot benefit. This is even more important for NFT apps because NFTs represent real-world assets — either digital or physical. If there is no non-crypto people able to use your NFT application then I believe that project is more of a research or experimental project and there won’t be real adoption.

Vera is grateful to have Animoca as a strategic lead investor which the world’s largest NFT company. Several of their games and metaverses may be using Vera to power their NFT DeFi ecosystem in the near future as a result. We also have several other games, metaverse, marketplaces, and creator/celebrities that love dropping NFTs that we are working and partnering with to develop real-world NFT use cases beyond simple buying and selling NFTs. This is what differentiates us from the current NFT service providers. Our clients can generate more revenue streams and give their followers unique experiences with NFTs!

Question 5: Can you share some Details about Recent Major Achievements done by your project? Also, what are the Future Roadmap & Targets of your project? @greenwolf252

Answer 5: We have many plans, but top plan is go to > 1 billion market cap

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.

Welcome to Recap AMA IgniteCrypto & VERA #AMASeries

Written by Ignite Crypto