NFTs have been all the rage in the art community and beyond and are becoming one of the next big thing in the digital world. They are allowing artists to make money the way they would with physical media. Our new business member Nifty Royale is a gamified NFT platform where you can collect artwork and participate in an on-chain NFT battle royale to win one-of-one NFTs from amazing artists! It is a global network with members from all around the world.
The Swiss Canadian Chamber of Commerce is very happy to welcome our new business member Nifty Royale to our community. Nifty Royale aims to disrupt the NFT ecosystem by providing additional utility and gamification elements to both NFT creators and collectors. By adopting emerging blockchain technologies they have created an NFT marketplace where each curated drop is combined with an on-chain battle royale. The battle royale serves as a provably fair and unbiased method to distribute a one-of-a-kind NFT to the winner.
We had the privilege to talk to Tim Nan, founder and CEO of Nifty Royale and Davide De Bernardi, COO, of Nifty Royale to learn more about the platform and the NFT universe.
The word NFT is everywhere at the moment, can you please explain to us what exactly an NFT is?
NFTs (non-fungible tokens) are unique cryptographic tokens that exist on a blockchain and cannot be replicated. NFTs can represent real-world items like artwork and real estate. “Tokenizing” these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud as NFTs contain built-in authentication, which serves as proof of ownership.
What does Nifty Royale do?
Nifty Royale is a gamified NFT platform where we host drops utilizing an on-chain battle royale game to distribute one-of-one NFTs from digital creators. Each drop with a creator starts with an initial sale where we sell their artwork with multiple editions at a fixed price. The pricing and edition number can be adjusted to accommodate whatever suits the creator best. Once the initial sale is over all collectors that purchased a piece from the drop will have their NFTs entered into our on-chain battle royale.
During the battle royale, one by one NFTs will be randomly chosen to be eliminated per elimination round. Chainlink VRF is used to ensure that these eliminations are truly random, tamperproof, and transparent on the blockchain. When the NFTs are eliminated, they are simply out of the battle royale and the collectors still maintain ownership of their NFTs. At any point during the battle royale collectors are free to sell their NFTs or purchase more NFTs to have a better shot at winning or to take profits. In the end, only one NFT will remain to be crowned the winner and thus awarded a one-of-one NFT from the same creator.
With this format, we make the distribution of one-of-one NFTs from creators more fun and accessible to a wider range of collectors. Compared to traditional auctions or reserve pricing where a lot of collectors may be priced out and not participate at all drops on Nifty Royale are meant to be more inclusive for the wider collector base. Meanwhile, with our drop format, we still provide the same or even higher earnings per drop for creators.
How did you come up with the idea to start your business Nifty Royale?
We came up with this idea through the Chainlink hackathon. We were exploring ways to use Chainlink’s on-chain Verifiable Random Function in a unique way that hasn’t been done before. For the hackathon, we were partnered with a successful NFT artist Lushsux who had mentioned they wanted to put their NFTs in a battle royale and we worked together to flesh out the concept of Nifty Royale. In the end, we wanted to produce a platform that would be fun and enjoyable for collectors to participate in the on-chain battles which are provably fair and tamperproof to win one-of-one NFTs but even if they lose out, they would still be happy keeping the piece they originally got.
How do you differentiate yourself from other NFT gaming platforms?
We are unique by providing gamification to digital arts, which hasn’t been done before. We are also ensuring that the experience we provide with the random eliminations is on-chain and tamper-proof. There are raffles in which collectors can potentially win a more valuable NFT from participating but with raffles, you are paying for a chance to win, and if you lose you end up with nothing whereas on our platform you are paying for an actual NFT with also the potential to win a more valuable piece.
What are the biggest challenges for your business?
The biggest challenge that we are facing is the scaling of our business. As a startup, we have been quite resourceful to stretch our budget in order to build the platform from scratch to where it is now. However, in order for us to become more successful, we will need some investment so that we are able to hire more people to help us out. Furthermore, we would like to increase the number of NFT drops we have on the platform which would require a business developer to come on board to help us with that. We have also been running the platform all with close to 0$ spent on marketing relying on organic efforts. It would be super helpful for us to be able to spend some money on marketing to get the word out about our platform.
What opportunities does Nifty Royale see in the Canadian market?
There are lots of opportunities in the Canadian market for Nifty Royale. First of all, we would love to work with the top digital creators that Canada has to offer. For example, just in Vancouver, we have some huge NFT artists that we are planning to collaborate on future drops with. On top of that, we do really believe that this whole ecosystem can bring together people from every background. Therefore, we would love to have a more engaging community that can not only become collectors on our platform but also have a friendly space for people to connect and have fun with what Nifty Royale has to offer.
What is next for Nifty Royale?
Next for Nifty Royale is to continue to grow the platform and expand. We plan to have more drops coming up with some talented digital creators. We will soon be working on drops where multiple creators collaborate on a drop together rather than individual drops which we have done in the past. Once we secure funding, we will also be expanding our ecosystem to introduce a token for the platform. The token will be earned by participating in battle royales on the platform and will be able to be used for governance as well as future token-only drops on the platform where we will showcase up-and-coming creators in the space.
When is your next drop happening?
Our next drop is coming up on Wednesday, August 17th at 3 pm. This time we partnered up with Zach Doehler who is a full-time landscape and nature photographer from Vancouver Island, British Columbia, Canada. His style is focused on fusing the beauty of nature with his colorful vision through post-processing. Zach has been passionate about photography for over 7 years and has been doing landscape photography professionally for 3 years. He has also had an active role in the NFT community since early-2021 before photography was widely accepted in the NFT space. He is constantly drawing inspiration from the outdoors and the landscapes that he photographs. And he hopes that through his images, he can inspire others to go out and explore the outdoors too.
Find some of Zach Doehlers amazing work below:
What is your connection to Switzerland?
Nifty Royale has its connection to Switzerland through its COO, Davide, who was born and raised in Lugano, Ticino, Switzerland. Recently, Lugano via its “Plan B” partnership with Tether (USDT), is planning to become one of the largest cryptocurrency hubs in Switzerland and Europe. This will not only give the opportunity for the whole community to grasp a better understanding about the blockchain technology, but also, to help upcoming artists/creators reshape the new era of arts. Nifty Royale will be there to give everyone the opportunity to embrace this new adaptation in a fun and innovative way.
Thank you very much Davide and Tim for taking the time to give us some insights into Nifty Royale! It is great to see how you started this start up out of a hackathon idea.
Looking forward to see what is next
You can participate at the next NFT drop and battle royale!