Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with NeoNomad Finance 14 April, 2022. This guest star,
- Hanres Beukes — Co-Founder & CEO
- Ernst Jordaan — Co-Founder & Director
- Wesley Kadou — Co-Founder & Lead Developer
NeoNomad uses the blockchain to bridge the gap between CeFi and DeFi, allowing each user to be in full control of their funds. We also bridge blockchains by providing swaps, thus allowing users to conveniently swap their tokens for others. This is an important feature to us as we are Multi-chain and believe people should have the ability to have their funds on the blockchain they prefer, in line with having full control over their funds. Our ecosystem is comprehensive, including a DEX, integrated payments services, a launchpad, and an NFT marketplace with asset-backed NFTs.
One of the products we’re most excited about is our asset-backed NFT marketplace! This bridges the CeFi/DeFi gap by enabling users to invest in real-world assets in a decentralized manner via crypto. The NFT serves as proof of ownership and is governed by the smart contract. NeoNomad provides opportunities in real-world assets that would ordinarily be harder to invest in. By removing this barrier anyone for example anywhere in the world with an internet connection will be able to buy our gold, silver and agri-backed NFTs and know that they have a hedge in gold, which for some may be an investment opportunity they have not had before. 🪙🐮🌱
See more about our asset-backed NFTs here > https://docs.neonomad.finance/neonomad-documentation/nft-marketplace/mindefi-gold-silver-backed-nfts
NomadPay, our payments service, bridges the CeFi/DeFi gap by allowing people to more easily use their crypto funds in everyday life. We do this by providing an integrated VISA card connected directly to your crypto wallet. When you use the card at point of sale, your crypto funds are automatically converted to the merchant’s local currency. It’s that quick and easy.
NeoNomad is a Solana based DeFi service backed by the Serum blockchain infrastructure. Will NeoNomad integrate other more networks in the future and why did you choose Solana and Serum in the first place?
We chose Solana because of it’s extremely high 65,000 TPS and low transaction cost of $0.00025, which is largely due to the use of the PoH (proof of history) mechanism. Solana has a lower carbon footprint and is also more cost-effective to develop on in terms of deploying smart contracts. All these features enable us to provide high-quality DeFi products to our users at the lowest cost possible.
We also believe that the Solana ecosystem is developing rapidly due to the innovative developers behind it, and we support the vision of having a high-performing blockchain that does not lead to high costs and negative environmental impact.
Serum is based on Solana, so it inherits a lot of benefits because of that, such as high TPS and low costs. In addition, Serum is easy to use and doesn’t require KYC procedures. Serum also provides more stable liquidity, which in turn aids in trading and reduces the chance of slippage due to low liquidity. Serum has an on-chain orderbook which makes trading more efficient and user-friendly. If you’d like to know more, you can check out this article on Serum and Solana, and how they work together > https://learn.bybit.com/altcoins/serum-coin/
We do plan to expand to other networks in future — we will provide a multi-chain ecosystem as we believe users should be able to choose their preferred blockchain. We are also already listed on http://XT.com exchange in addition to the Serum network, and we’ll announce more listings soon!
How do NeoNomad asset-backed NFTs work?
Thanks for this question! We love our asset-backed NFTs if you hadn’t realised yet! 🤩🪙
As an overview, you own an NFT which is tied to a physical asset. At this point, those assets will be gold, silver, and agriculture such as livestock, nut trees and blueberries. We plan to expand to more asset classes too.
HOW DO THEY WORK?
For MinDeFi, our gold and silver NFT investment vehicle, we have a couple of mechanisms in place. For the actual price of the value of the gold or silver we are using Chainlink price feeds to determine the minimum asset backed value of the NFT, based on the real gold and silver price. There is also a South African Gold Exchange certificate that will be issued and linked to each NFT. Daily vault audits of the gold and silver holdings will be conducted by integrating with Chainlink to provide a daily “proof-of-reserve” feed on-chain. You can also request physical delivery of your gold and silver bars. Upon requesting the physical delivery, the NFT will be burned.
In terms of AgDeFi, our agricultural NFT investment vehicle, you can invest in an NFT of an asset like a cow, or part of a pecan nut or blueberry crop. Let’s take CowFi as an example. When you invest in a cow NFT, you are investing in a real cow on one of our partner farms. You earn returns on your investment in the form of milk yields as well as progeny if the cow has a calf. Similarly, you earn returns on your investment in a crop based on its yields.
We’re really excited to start rolling out our asset-backed NFTs in June/July 2022! 🚀
Can you provide a description of the utility of the $NNI token and why investors should care?
Sure, great question!
Apart from the key differentiators we are bringing to market, our NNI token has a wide range of DeFi benefits within the NeoNomad ecosystem, we really want to reward our community from our community rewards pool.
By becoming a liquidity provider, you can earn LP tokens. You could then either hold your LP tokens to earn additional APY, or you could stake your LP tokens in the NNI-USDC farm to receive an additional $NNI APR. More benefits will be announced on our official social channels in the future.
In the first couple of weeks, early adopters will be able to earn higher APY and APR rewards on our DeFi products.
For example, people who are staking their NNI for 1 month can initially earn up to 100% APY on their investment.
You can also access our tokenomics and other documentation here > https://docs.neonomad.finance/neonomad-documentation/tokenomics-fundamentals/nni-tokenomics
Our DeFi products like staking and yield farming will go live as soon as our contract audits are completed! 🚀
What are some major milestones achieved NeoNomad so far and what’s coming in the near future?
We recently held our IDO public sale on our own launchpad, NomadPad, as well as XT.com!
In addition, we finalised several partnerships and integrations:
- South African Gold Exchange to provide our gold and silver assets that back MinDeFi NFTs.
- VISA for debit cards under NomadPay.
- Chainlink integration for live gold and silver price feeds for our MinDeFi NFTs.
- Discussions with several farmers for our AgDeFi partnerships.
- Applied for smart contract audits so we can roll out our DeFi products.
We will soon be launching several services to give our Nomad community as much value as possible right from the start — staking and yield farming will launch as soon as we’ve received our audit reports!. We’re also looking forward to launching NomadPay in the next couple months. And one of our biggest feature launches for 2022 will be our asset-backed NFTs! We plan to launch our AgDeFi and MinDeFi NFT projects in June/July. We’ll also be launching our CeFi dashboard which will provide a one-stop-shop where you can monitor all your investments.
I see that users can deposit funds in NeoNomad using their VISA card. My question is that why only VISA card is available? How about MasterCard? Will you be adding the option for MasterCard deposits in the future?
We are planning to start off with VISA because we have already established a partnership with them. We are looking at including Mastercard too in future. Users can can also earn $NNI rewards when they make purchases on their VISA card. 🤩
I was surprised when I heard that NeoNomad has a feature which allow users to invest in Agriculture. If I may ask, why Agriculture and not Oil, Hotel & Tourism, and other prospective sectors as real estate ? What are some of the benefits of investing in Neomad AgDefi?
Agriculture is one of the few industries that is stable during economic downturn — even a pandemic or depression — people always have to eat. That is what makes agriculture a big part of investment portfolios for billionaires like Bill Gates, Ray Dalio and Warren Buffet.
Of course we would like to bring more investment products to the table in the form of real world assets but starting with agriculture (given the pandemic circumstances) made sense.
To summarise the benefits:
✔️Hedge against economic down turn
✔️Long term passive income — a nut tree can produce nuts and give you a 20+ year return.
✔️Lower risk and higher reward — yields can be from 10% to 105% depending on the asset and investment term.
The image depicts where agri-investments sit in the lower risk and higher reward quadrant.
I want curious about gold and silver, does every user get a certificate of authenticity of gold/silver? How do you show if the gold/silver is real?
Each NeoNomad Gold and Silver NFT will be issued with a SA Gold Digital PM (Precious Metals) Guarantee showing claims and warranties related to the NeoNomad NFT. This certificate will be issued by South African Gold Exchange, our gold and silver supplier. In addition, we will integrate with Chainlink to provide proof-of-reserve; this proves that the gold or silver asset is in the vault through regular audit reports.
I saw your roadmap planning to launch the “NeoNomad Capital Investment Fund” program. What is the purpose of this investment fund? How will this make user and project the same in NeoNomad?
In our ecosystem, NeoNomad Capital’s function is firstly a fund manager providing low touch crypto investment products to assist clients coming from the traditional finance space. For example, an index of the top 20 cryptocurrencies or a combination of various asset-backed NFT instruments. So basically, it is an alternative for onboarding and exposing TradFi clients to lower-risk crypto investments.
Secondly, NeoNomad capital will be looking for innovative projects and technology to bring to the blockchain and launch through NomadPad, our own launchpad — this way users can participate and benefit from different assets classes and investments that NeoNomad Capital finds. This will not only be crypto-related projects but also in general business.
Thirdly, NeoNomad Capital will enable our users to access our algorithmic trading through a subscription service. The benefit of this is that people will earn yields without having to spend hours behind their computers trading, which is especially helpful for those without much trading experience :)
Partnership is always an important factor for every #NeonomadFinance project. So who is your partner? What are the benefits you get from those relatiionships?
We are in partnership with South African Gold Exchange to provide the physical gold and silver bars that back our MinDeFi NFTs. We are also partnered with VISA to provide debit cards for NomadPay. And a recent one that we’re really excited about is our integration with Chainlink — through Chainlink, we will have live price feeds for gold and silver, as well as proof of reserve for our physical gold and silver bars in our vault. This means that there is continuous proof that the gold and silver bars exist in the vault, which allows maximum transparency and accountability. Once we launch our AgDeFi asset-backed NFTs, we’ll use Chainlink there as well.
We have two hedge funds that have backed us since our inception, Caveat and Jab Speculate. In addition, we held our NNI private sale a few weeks ago and received great support from a number of private investors.
We plan to announce more new partnerships in the near future, so stay tuned for updates! 🚀
You said that NeoNomad’s goal is to be a financial services platform that integrates everyone. My question, are you planning to translate your platform into multiple languages? Can someone from Latin America or Southeast Asia use your service?
Thanks for bringing this up — because we aim to provide access to financial services to as many people as possible, diversifying our languages of communication is important to us. That’s why, after the IDO, our branding team will be translating all social pages as well as our landing page into 4 different languages — Mandarin, Korean, Spanish and French. As demand arises, we will look into expanding to even more languages.
SIR Please tell me,How can I buy your tokens right now?Andwhich wallet support your token,,,,,?
You can buy NNI from the NeoNomad Xchange Swaps page > https://app.neonomad.exchange/swap
As well as across the Serum network 🤩
We’ll also be announcing new listings soon, so keep an eye out!
How many Social Media do you have? I mean👇
You can share with us the link for your project in all these projects???
Website — https://www.neonomad.finance/
Twitter — https://twitter.com/NeoNomadFinance
Telegram chat — https://t.me/neonomadfinance
Telegram Announcements — https://t.me/neonomadannouncements
Discord — https://discord.com/invite/Fj77EYcTNH
Youtube — https://www.youtube.com/watch?v=zZz3BSRT6vc&t=21s
LinkedIn — https://www.linkedin.com/company/neonomad-finance
Twitter — https://twitter.com/NeonomadFinance
Facebook — https://www.facebook.com/NeoNomad-Exchange-107804888484297
Instagram — https://www.instagram.com/neonomad.exchange/?hl=en
Do you have a AUDIT certificates? or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable,??
We’re in the process of auditing all our smart contracts now. This is a high priority for us, to ensure we roll out secure and high-quality products. As soon as we receive the audit certificates, we’ll roll out our DeFi products 🤩
Q1. I read NeoNomad is a Multichain compatible ecosystem. Can you list chains NeoNomad supports for now and the one you will like to support in the nearest future?
Q2. When should we be expecting your staking live?
We have bridges to ETH and Binance that we are working on.
We will be looking into Avalanche and Fantom in the near future.
Staking will go live after contract audits :)
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about NeoNomad Finance.
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