Podcast — Daniel Mihai x Madalin Muraretiu —About MintSphynxNFT
DM: Hello! I’m Mihai Daniel, and today I’m here with Madalin from Sphynx Network, on my YouTube channel. We recorded a podcast last autumn, but it would be great to have Madalin do a presentation again now that we’ve moved on to a new year and achieved new milestones.. Tell us about yourself, what you’re up to, and why we’ve come to see you.
MM: Nice to be here again,, yes,this is a the next episode :). Sphynx Network is a protocol that merges NFTs, DeFi, and GameFi space, using a sort of alchemy in blockchain. The result of this merge is some DeFi procedures that are very much different than what we have been used to, at least so far.
Currently we are talking about NFT liquidity mining, often referred to as “nft staking”. We have launched an NFT collection because we needed a face for this NFT staking process, because the NFTs are very hyped and they are here to stay and this is how we are actually making this technology accessible to everyone, humanity will find a universe where you may do certain procedures that seem from ‘another planet and’ that is quite astonishing..
DM: How did the first period go, and what are your expectations for the second?
MM: Infrastructure is being built, NFTs are available, users can start minting, and we are building a an algorithm for staking NFTs. There are two things to underline here: first, the use-cases,unquestionably and of course other incentives that will attract basic random crypto user. 60.0000 MATIC prize pool.
Daniel, as you know, there are a lot of NFTs in the market that do little or nothing. We included a few of use-cases. In addition to staking (we said that staking is the classic term deposit that we know from the traditional banking system, where we know how the rates are), Sphynx Society NFT provides rates that range from 74% to 81%.
What really happens is that you take this NFT and store it in a vault called “chest”.
This chest is an ERC-721 token, an NFT.
The design of this chest allows it to store other tokens or NFTs in it, called a smart wallet feature.it is special due to the fact that you can send multiple assets in a single transaction paying one fee only..which is very handy.
DM: Yes, it is, because it mainly saves you from paying multiple fees.
MM: Send multiple assets in one transaction and pay only one time the fee.
DM: However, what information is necessary for those who want to purchase these NFTs? That is, what can they reasonably expect? Simply because there are some who purchase for the sake of flipping it after on opensea, others who have no knowledge but still want to give it a go, and those who already have a handle on the process. How are you going to convince all of them?
MM: First and foremost, i really think it s the technology and the benefits of using this sort of financial engineering. We are making it available to the general public, regardless of their level of experience, through NFTs.
Of course they can anytime flip it on opensea. The value of the NFTs will be according to their rarity level.
Currently the collection is hidden so all the NFTs look the same, there is a standard image for all of them until the collection will be revealed.
There is a 60.000 MATIC prize pool. 30.000 will be distributed during the minting phase, meaning that every time a new user joins the search, another existing one, will randomly win 5% of the NFT value.
We have integrated Chainlink technology for this.
DM: You were telling me that Chainlink had made an official announcement about this.
MM: Yes, we are now part of their ecosystem. There is a marketing campaign organized with their PR department, and we’ll be included in various publications and videos on YouTube.
DM: Let us know if there’s anything you can do to help those who are watching. Screen share is possible? When I asked about the nft marketplace, you said you’d be launching it soon.
MM: Yes, there is a nft marketplace, already a mockup available..
Okay, so as I said before, work has begun on the marketplace, which will include more features, in addition to listing the NFTs, there will be game items, sections where you can do DeFi with NFTs in the Gamefi area, for example you can leave your armor at crafting. Also, here is the mintsphynxnft.com website, where you can buy the NFTs. A very important thing, when you connect with the wallet, to be able to buy, even if you do not have the polygon network when you connect, there is a pop-up that automatically passes you on the polygon network.
DM: No need to make any settings. Which is very helpful, that is, it is intuitive and very helpful for those who do not know how to make the settings.
Okay, and here those who want to buy or mint an NFT need a MATIC, right?
MM: Yes, they need 150 MATIC, plus the transaction fee. The first column of the landing page explains how the 30,000 MATIC are distributed in the minting phase then the 30,000 MATIC at the end, at the last minting process, a holder who will take the 30,000 matic, randomly.
On the right, there are use-cases, and I was saying that one of the interesting things is that beside being a smart wallet and that you can send several assets in the same transaction.
The design of the contract allows a non-custodial form of staking, this actually means that funds are never leaving the wallet.
For easier understanding, I will use a real life example.
So let’s say I want to make a term deposit with any bank, i obviously need the money give it to the bank and bank will give me 0.5% at the end of the year.
What if i could use this 10.000 dollars in 5 different banks, simultaneously so that all of them give me rewards, at the same time. That is possible due to non custodial staking. Funds are locked in your wallet and the wallet announces the farms that they should start transferring me rewards we were talking about earlier.
DM: This concept is relatively new to me.
MM: As a result of the merge between Defi, Nfts, and Gamefi, we now have DeFi operations that we have never seen before. To be able to use the same amount of money that you can later deposit into 5 banks at the same time… is magic, alchemy in blockchain.
DM: Beautifully said! What are the deadlines? When should things happen in chronological order?
MM: After launching the infrastructure and making everything operational in Q1 we should also list Sphynx on a tier-1 exchange, we plan to announce it at the appropriate moment. We are now focusing on the NFT staking infrastructure, to make it operational before end of march.
DM: And after everything is operational, do you have anything else planned?
MM: Yes, the marketplace is very closely related to the game. There is a proof-of-concept in regards to the game, “Civilizations” is the topic, we’ll give more details when the time comes. The idea is that DeFi operations can be done with the NFTs in the game itself. I gave an example earlier that you can upgrade your armor in the crafting section where you leave it for a certain period of time and it acquires higher statuses / abilities.
This is our roadmap, and we work regardless of the market, even if it doesn’t help that much.
DM: On the NFT side, I see that the market will not be relevant.
MM: There are not many options available in the market now either, just wait, maybe buy some dips, or leverage trading..
DM: If you do a google search, you will see that the number of searches for “NFTs’ has exceeded the number of searches for “crypto’. So the trend is clear!
Just think, opensea received $1 billion from fees.
MM:Damn! They made some money..
This is obviously a confirmation of it is developing market, I saw the scale and I thought that NFTs had their explosion, but I am surprised to see the adoption.
DM: I think the phenomenon is not consumed, I think this year it will continue and that it will be combined with the Metavers because, in fact, the utility of the NFTs will not be in the Opensea, it will be in the Metaverse.
MM: From my point of view, Opensea is the easiest way to make money with NFTs. There is so much more to be done with them.
DM: So, the future, from my point of view is bright! it will be a little different from what it is now and people’s level of understanding will change over time and then the race begins, the adoption.
I personally wish you best of luck with everything you proposed to deliver., I will post all the links, including the details regarding the campaign, for the participants. I will probably post details on twitter, after I post this video.
Those who want to invest, will get in touch with you and will have access to details.
I guess you’re active in the community.
MM: Yes, there is a telegram : https://t.me/sphynxnetwork
DM: Madalin, I wish you the best of luck, and I hope to hear from you when the marketplace is ready and other new products.
MM: Thank you! Be safe till the next podcast!
DM: All good!