E-Crypto News Talks to the KINGSWAP Team about Non-Fungible Tokens (NFTs)
Non-Fungible Tokens (NFTs) are getting a second look from the members of the crypto space. So much so that the first NFT Airdrop is being set up by Kingswap.
E-Crypto News reached out to Kingswap’s Co-Founders (Dr. Anish Mohammed, Dunstan Teo, Ho Chin Shin) about the issue.
Here is what they had to say.
Dr. Anish Mohammed, Co-Founder Kingswap
- What are the advantages that Non-Fungible Tokens (NFTs) have over the Fungible ones?
NFTs can be used to tokenize anything distinct, ranging from digital art to financial documents. People are increasingly seeing NFTs as the next big thing in blockchain implementation.
Whereas fungible tokens are all the same and divisible, NFTs are not. This is what makes them ideal for representing digital scarcity.
2. In your opinion, do you think holding that Non-Fungible Tokens (NFTs) can be profitable? Please give us reasons for your answer.
We are already seeing the profitability of NFTs with platforms like OpenSea and Rarible. Artists are creating content that they can sell through NFT marketplaces, creating new revenue streams.
This profitability is in its very early stages and has huge potential to grow as more people understand the value of NFTs.
3. What is the Kingswap NFT Airdrop all about? What are the benefits for those who will participate in this Airdrop?
We are issuing 3 NFT tiers — their King Vamp, Queen Sparkle, and Knight Lancelot NFTs. Buyers of these 3 types of NFTs of the Kingswap project can enjoy loyalty rewards from the $KING tokens being issued.
This allows the purchasers to enjoy similar benefits to the early users of the very popular Uniswap project.
4.For you guys at Kingswap what do you aim to achieve with the Airdrop?
Through our Airdrop, we hope to achieve visibility for the project and broaden the visibility and reach of KingSwap.
We have enthusiastic early supporters, and hope to continue to grow as we launch this exciting new DeFi project.
Dunstan Teo Co-Founder, Kingswap
- When it comes to the deployment of the NFT Airdrop, why did Kingswap choose Uniswap?
Uniswap has the largest liquidity pool in all the DEX. This would be the most important aspect of deploying a token.
2. In your opinion, what use-case scenarios do Non-fungible tokens (NFTs) fulfill? Please be as explicit as possible.
One would be the gamification of yield farms and other complex derivatives. The other would be the addition of a collectible in which users can actually show and trade with others.
3. Are we going to see a parallel market for Non-Fungible Tokens (NFTs) besides the current markets that exist for fungible tokens? Please give us the reasons for your answer.
Definitely. I was one of the first few in the world a couple of months ago telling the DEFI space to look out for NFTs and here we are.
4. In your opinion, how can Non-Fungible token markets gain liquidity? Please be as explicit as possible.
NFTs would first start of to interest people as a collectible, then more attributes and functions would be potentially tied to it for it to gain liquidity
5. How will Non-Fungible tokens (NFTs) be useful for Decentralized Finance (DeFi)? Please be as explicit as possible.
This would be my little secret.
Ho-Chin Shin Co-Founder, Kingswap
- What changes and transformations do you think that the introduction of Non-Fungible Tokens (NFTs) as a major product will bring to the cryptocurrency markets? Please be as explicit as possible.
American kids collected baseball cards. My 2 boys collected Pokemon cards in primary school in the late 90s. They & their peers traded the prices up to such dizzying heights that the buying kids’ parents came to school to intervene.
Think of NFTs as such collectibles, a must-have, that have the potential to reach exorbitant prices, like rare gems, single art pieces by famous or deceased painters. NFTs will be prized possessions that collectors want to showcase vs ordinary Fungible tokens.
2. In what ways will Kingswap bring this to pass? Do you think Kingswap will rule the decentralized finance (DeFi) space as far as Non-Fungible tokens (NFTs) are concerned? Please give us the reasons for your answer.
KingSwap is certainly one of the first, if not the first, that came out with the NFT concept. KingSwap Team’s intellect & ability to execute will set it apart as a serious player in the DeFi space.
The superior technical know-how will place KingSwap in good stead in this industry known for its breakneck speed of technological advancement.
3. In what ways will mass adoption occur for Non-Fungible tokens (NFTs)? Please give us the reasons for your answer.
Early adopters of NFTs will reap the biggest rewards, for when the investing public at large becomes aware of NFTs’ exquisite values, prices will be driven up.
Using Rolex luxury watches as an example, many can afford them, the prices are up there & they just do not come down.
4. Where do you see Kingswap in the next five years?
KingSwap has a formidable panel of international advisors, the best in the industry. The Board, the Management & the Technical Team are globally assembled,superbly qualified & they bring decades of specialized expertise to the table.
With the support of industry players & the investment community, KingSwap will definitely grow from strength to strength in the next 5 years.
5. Apart from decentralized finance (DeFi), what other sectors of the crypto space can non-fungible tokens (NFTs) integrate with? Please be explicit with your answer.
One of KingSwap’s objectives is to achieve interoperability with other systems & platforms. NFTs are minted with the possibility of integrating with most other sectors of the crypto universe.