NFTs have finally gone global. Sweden’s first Non-Fungible token was recently minted by Jonas Quant, the award-winning artist.
Several heavyweights were involved in the project, including Music Industry executive Joel Borg and Daniel Daboczy, CEO of Technicorum Group.
We think this could be the beginning of the DeFi boom everyone has been talking about. NFTs hold the greatest potential for this to occur.
E-Crypto News reached out to Daniel Daboczy to talk about this and other issues. Here is what he had to say.
Daniel Daboczy, CEO of Technicorum Group
Congratulations on the Jonas Quant NFT launch! What’s next for Technicorum Group and NFT listings?
Thank you. It was such a rewarding experience, both in the collaboration with the other creators Jonas Quant and Joel Borg but also to tell our networks about NFTs and their potential. Especially friends and contacts in the art and music fields are very excited about the new opportunities NFTs offer, mainly to lift value in other parts of the process than just the final product, an art piece or a song.
How did you get into cryptocurrencies and their allied technologies?
I have known Malcolm Tan, our Chief Strategic Advisor since 2015 and followed him through his projects and also read his books.
In addition, I was the CEO of a crowdfunding company that was world-first in offering the possibility to invest via crypto in a startup.
That was only used once but very successful and that showed me that the DeFi and crypto field would have major industry use and that is what we’re starting to see now.
After leaving my position as CEO at FundedByMe I was very keen at looking at what the future of the industry could look like and I wanted to see how I could lead that transformation.
Technicorum group is one of the leaders in this segment and has the potential to lead this technical revolution, has one of the most hard-working and passionate teams I’ve met and I truly believe that the technology can support startup funding, investment diversification and simplify the bureaucratic steps.
How has the journey in the cryptocurrency space been so far?
I am loving every moment of it. Feels like the early days of the internet when everything was possible and the only limitation to usage is your imagination. Almost like a perfect storm, the technology is stead, clear and scalable, the users understand its value more and more and major corporations are implementing it worldwide.
What collaborations do you have lined up as per NFTs at Technicorum?
After the DreamFNG project, we’ve been contacted by several major artists and musicians and their labels and we are already in advanced discussions regarding presenting more NFTs to the world.
What are your thoughts on the recent high-priced NFT listings?
High prices are good for the visibility in this market but the monetary value of NFTs currently is irrelevant as we need to look a the big picture where millions of artist and musicians are able to package other values in their artistic life such as processes, methods, segments, etc while millions of people can no access and get closer to the origins of their idols.
High prices in auctions create a skewed image of the potential but all people we talk to first and foremost focus on the possibilities ahead rather than the quick buck.
Do you think the NFT space is in a bubble? Please tell us the reasons for your answer.
Definitely not a bubble, but certainly a wave. Bubbles burst and leave chaos while waves have natural growth and settlement and new waves follow. The stability and maturity of crypto onwards assist the NFT space to behave like a wave and eventually find its stability.
What are the best Technicorum projects that allow content creators to mint NFTs?
Well first of all KingSwap and the KingsSwap NFTs and our next projects that we’re just about to launch. In addition, the TechLauncher platform that we’ve launched allows anyone to fund their projects and mint their tokens via our platform. We’ll present several more art and music NFTs onwards and we’re excited to see the markets and networks’ reactions to them.
What are your thoughts on the explosion of the decentralized finance (DeFi) space?
It’s only natural. In 2017, when the first wave came, a lot of chaos followed; and now in the second wave, we see larger stability, bigger crowds and more implementation by major companies worldwide.
This so-called explosion right now is nothing compared to the next boom, the next wave when user adoption will be in the hundreds of millions. When we get there the Fintech revolution truly will have changed the status quo.
What fundraising models do you think have replaced the iconic Initial Coin Offering (ICO)?
I would not say replaced but filled a huge need especially for tech startups that seek long-term independence from the VC industry and where the follower base can truly engage and trade long before an IPO.
Obviously, ICOs will eventually really disrupt the IPO industry but for now, I see that ICOs are a very good complement rather than a replacement.
What are your thoughts on institutional flows into the cryptocurrency space?
It makes perfect sense that institutional capital is eyeing and entering this field en masse right now because it offers better future potential opportunities than the traditional ones and many institutions needs to be eying the future and hedging their bets in the best way for their investors, especially institutional investors that trade other peoples funds, as most actually do.
In your opinion, what are the best business models for the cryptocurrency space in 2021?
Oh, this is one of the most exciting parts of my life right now. Not only seeing all opportunities but also deciding which ones go all into.
Let me put it like this, for anyone creative and smart enough the current space offers multiple avenues for new business models and the really exciting part is seeing all new versions and variables for monetization and business models.
Digital Asset Transfers without a middleman, Low Transaction Fees, Easier International Trade, Individual Ownership, and Strong Security are just a few of the obvious ones. Other are tokenizations of processes as assets, of ideas as NFTs, etc.
What do you think is the best path to the mass adoption of cryptocurrencies?
We see it right now. More and steadier projects, major company implementations and overall stability leads to faster mass adoption. In addition time but especially frustration over the current systems that don’t really care about their customers but only about profit and monetization.
True revolutions come from below and are born out of a need, an urge for change, a view that the current system is not built for the people but for corporations, and this frustration with the maturity of the technology adding the current status of the worlds leads to this perfect storm scenario.
In the “Stablecoins vs. Central Bank Digital Currencies (CBDCs)” battle, which do you think will win?
None will “win”, and none should. They can perfectly co-exists as both fill their own needs but if you ask me if I believe that the current system of Central Banking and VC industry or power distribution will change, then absolutely it will.
Because it can, because millions of people demand change and because no old institution has survived just because they wanted if the customers preferred better, cheaper, fairer, faster methods.
What are your thoughts on cryptocurrency regulation?
This industry is one of the most overview and “regulated” markets in the world because major lobbyism is done by the traditional institutions and their frustration over the need for change.
I believe that most modern governments have done a very good job at assessing their position and the more populistic and knee-jerk reactive governments will adapt their rethotrics to the day and age.
Regulations are there to protect individuals but a major issue with regulation is that they forget that “the everyday person” of these times have extreme access to information and knowledge, and are in some cases more advanced than a financial broker for instance.
So far I see fairly good “regulations” in this industry but unfortunately we still see way too many bottle necks and unnecessary steps that actually hinder processes and subvert regulations.
How can cryptocurrency projects improve their exposure to the public? What steps do you think projects should follow to achieve this?
Trust is key in all Internet related projects. As in any project engaging the users early, working with the current industry and not against them while simplifying the message is key to improve exposure.
Social media is of course a major emancipator for the exposure and smart engaging marketing of others.
Are there any secret projects you’re involved in at the moment? Care to spill the beans?
The Techlaucher was a secret until this week so that secret I am glad to share. In KingSwap we present our projects almost on a weekly basis and let the world see our secret work.
And we work with several others that are still in stealth mode, but I can share that we’re working on blockchain based projects for the industrial cannabis industry and for the global micro influencer industry and several more.
What do you think is the single most important decision cryptocurrency projects have to take to become popular?
Wow, good question. I would say is the decision to choose transparency over stealth before, during and after and truly engaging the fans and followers.
Is there a formula or secret sauce you guys cook up to back cryptocurrency projects that rock?
The secret sauce is team and energy. Culture eats Strategy for breakfast and you can move mountains if you have the right vision and the right team.
If you then add hunger, expertise and timing you have a dream scenario like the one we are in right now. If you then also add the customers’ need for better tools to serve them you are on a great path.
What advice do you have for anyone who wants to enter the cryptocurrency space?
Read Malcolm Tans books that are available, watch or read anything that might interest you as there are many resources available online and start small.
Do an MVP and take it from there. Do not overthink or over analyze, but of course make sure that you know what you are doing and what legal frameworks apply to your country and type of business. But hesitation has killed more projects than anything else.
If you had three wishes and a genie who could make them come true, what would they be for the cryptocurrency and distributed ledger technology (DLT) space?
A true mass adoption, a true game-changer of the old, ineffective and policy driven financial industry but most importantly the establishment of new methods and tools for the underserved masses.