 Hey, everyone. What's up? It's Rachel here. And today I'm joined by Vernon. He is the CEO of ByteNex for a very special AMA today. Hi, Vernon. How are you? Hi, Rachel. I'm great. How are you? I'm doing well. Thank you. Thanks again for joining us today for the AMA. I'm excited because this AMA is basically all about NFTs, which obviously that's so hot right now. Yeah. Awesome. So let's get right to the first question. What is ByteNex and what exactly is Avatar art? All right. So in short, actually, ByteNex is an ecosystem which we include many DAPPs with the aim of solving many problems in the life by applying the importance of what blockchain technology is. So for Avatar art itself, it's actually the platform built by ByteNex, where we actually support art creators to turn their artworks into NFTs. And we actually do it on the ByteNex smart chain. After the artworks are turned into NFTs, we actually help them to host options and transactions everywhere, anywhere in the world. Okay. And then Avatar art, is that a platform just for like established artists that want to turn their artwork into NFTs? Or is that a platform that anyone can use like myself even if I wanted to do an NFT? Right. So Avatar actually mainly focuses on traditional painting market. So if you do have a physical artwork itself, we will definitely be able to support you. The most important thing for us in Avatar art is that the element of having to create and deposit the physical art is key to having an exclusivity where the physical art is only one of a kind and the NFT also is one of a kind. So in terms of the problem that's being solved here, what exactly is the problem that Avatar art is solving? So as you just really pointed out just now, the NFT is very hot right now, but there's still a large gap that people don't really understand what NFT is and don't really understand how to be a part of it. So we're trying to actually make this simple for everybody to join. So the fact that our platform needs to be very easy access, very simple to actually create an account to learn everything about it. And also we want to solve the issue that most of the platforms nowadays for NFT, they actually focus on digital art, but we want to bring in something of more physical value of a more real world value into it. Therefore, we're targeting only the painting market for now. So that's generally how we want to do it. And of course, another thing that we want to solve was to eradicate what we call the traditional auction industry whereby there's a limitation to the size that risks also COVID situation. And all this traditional art options are usually invite only and they really cost a lot of time and money, but we want to break it down. We want everybody to be able to enjoy it and therefore having a platform like Avatar art would be very friendly in that sense. Cool, nice. Before we get into my next question, I just want to remind the audience to please send your questions our way. Vernon is an expert when it comes to NFTs, so please send us your questions in the chat and also remember to subscribe to our YouTube channel. Okay, Vernon. So next question, you mentioned the auction process. Can you talk a little bit about that, what it is, how it works? All right. Okay. First, before we should go towards the auction, the users or the artists would have to create an account and they need to upload a photo of your art that they want to actually convert to NFTs. And they also do a write up about themselves. Once the photo and the artist itself is verified, we actually still need them to deposit the physical art for due diligence. And after only after the due diligence is stunned, that's when the NFT will officially be made and ready for auction. Now, when the auction actually starts itself, so anybody who is actually interested by now, they will receive the information that this auction is happening and it will start at a bidding price, which would be set by our art experts and also predetermined by what the artist themselves is looking for. So then the fact that again, anybody can join, but you just need to go through a KYC, purchase the relevant token, usually D and U, our own back next token, and then you will be able to join the auction itself and eat until the time that they preset is over. Okay. So the KYC process, can you just explain that in detail a bit more because it sounds interesting that there's that process in order to get your NFT up there on the platform? Yeah. So again, the artist would still need to actually visit the physical place. The most important thing is that they need to call down. They need to prove that the art is theirs and only through extensive due diligence through our legal team and our experts to determine whether this art is truly belonging to that artist that claims there isn't another replica out there. And then the NFT can be created if not then this whole process itself, we would terminate the relationship and we would stop working with them and therefore think down whatever's on the platform. Yeah. I think that's really interesting and I'm not as knowledgeable as you are obviously, but that solves a major problem with, you know, an artist's work, ensuring that it's authentic. Do all NFT platforms have a KYC process? Do you know, or is this something unique to avatar art? Currently, from what we can get us the most of the NFT platform out there, like say, NBA top shot, this kind of thing you know that all of your videos belong to that. An artist's creation, such as on another platform called I'm not sure what I'm pronouncing correctly, BV, where they have things like DC comic characters. These are the things that you can verify who actually owns that. But then on the other hand itself, the most popular and expensive NFT right now is the Nyan Cat. But you can't really say who really owns it and who has the right towards it, this kind of thing. So we try to bypass this kind of thing by instead of going through the digital route where honestly speaking, we think that replication of digital work is a lot easier than a physical work. Therefore, we choose the physical route more towards that direction. Got it. Okay. Cool. We have a question from the audience. William is asking, where do you plan to list BNU and BNU? That's the native token avatar art. That's correct. Yeah. So we are actually looking towards our idea coming in June and it will be done on BSC station. Okay. Great. And then in terms of the option process, what role does BNU play again? Wow. Okay. That's a long list of what our BNU token can do. So generally for the auction itself, they will actually pay for authorization rights and the transactions once the whole auction is done. Aside from that, the token will be used to actually pay for joining the auction to pay for a 3D space where we will be able to keep all the artwork that anybody actually wins. We use it for liquidity and sticking. Now ultimately, there are multiple users in it. And also we do have an ecosystem that will come in the future where there are certain events or exchange that can happen there which and then BNU can also be used for. Got it. Okay. I also think it's interesting that avatar art was built on Binance Smart Chain rather than Ethereum. So do you want to chat a little bit about why that decision was made? Right. Okay. I'll take popularity for one. And most often or not, the most easiest answer to this is that it's the gas piece, the transaction piece on Binance Smart Chain way cheaper than on Ethereum. But also the fact that Binance itself has a certain appeal whereby there's a platform for anybody to join, you want to trade, you want to keep and buy tokens. That's something there for you to do. Got it. Cool. And audience members just wanted to remind you guys again, please send your questions our way. Vernon is ready and happy to answer those for you. So I am watching those questions come in. So Vernon, I'm curious to know the NFT space is obviously really hot right now. Do you think that it's just a bubble waiting to burst or do you see this as the future of art and everything else moving forward? Personally, I believe the NFT has yet to reach its bursting point. I believe there are still many functions of possibility towards NFT, including by next that we are still only just stretching the surface. Currently we are in a COVID situation where most people throughout the world are actually working from home. So I believe that due to debt, it's a little bit more creative. Everybody is a little bit more, how to say, arty and therefore NFTs has been getting more and more popular. Everybody wants to try to say get a side income. But I believe there are certain things to look forward to aside from just art or figurines or things like that. But I guess we still haven't exactly found the next direction to bring NFT into. Right. Here's another question from the audience. TO is asking, where can I buy the token? I don't know if we clarified that in the last answer that you said, but so if somebody wanted to buy the token. Right now we have not, our token is not public yet. So you can't really buy it. Once we do our IDO again on BSC station, then you will be able to purchase it there. That will come in about June itself. Okay. So in June, okay. Very cool. Okay. So you mentioned something about COVID-19. And so I'm curious to know, in your opinion, do you think that COVID accelerated the whole NFT boom that we're seeing now? Or do you think that it didn't impact the space so much and that this was bound to happen anyways? I would say it helped a lot because in my own network itself, I've seen people who were never interested in art, suddenly trying to create something, suddenly trying to, how to say tokenize their artwork, tokenize their cat, their pets, or even themselves, you know. So definitely the COVID helps to actually push people to be a bit more creative. Right. A question from the audience member, Bitcoin Metaphysics is asking, do you offer music NFT capabilities? Currently, we're only focusing on the painting market. Perhaps in the future, we'll look in other direction. Again, the important thing here is that we need that physical component to have a certain level of exclusivity in that sense, where we can also defend the artwork online and in real life. Perhaps you see it because music itself, right, you don't have a physical copy. I believe that you can burn it into a CD and you have that, what they call it, sample this. We can look into that, but we need to ensure that the chances of it being replicated is not there or very low. Got it. I'm curious. So because there's this physical component, which is really important to all of this, when someone purchases the digital NFT, do they also get the physical painting with it or are they just getting the digital NFT? Great question. Okay. So usually the painting will be stored in an art facility throughout the world. So like, for example, I'm in Singapore, I have an art, I would go towards the art facility. Usually with HANA with the local museums, it will be stored there for safekeeping. But in the event the person that actually owns an NFT wants to take out a physical, they can and they will be able to own it too. How exactly, like let's say I'm in San Francisco and you're in Singapore and I buy the digital NFT and I want the physical, does that get sent to me? Do I need to go to Singapore and pick it up? I mean, how does that work? Have you? Yeah, you would need to. So yeah, that's the situation that we are trying to figure out right now. But most of the time, you actually do need to visit the place where the art is stored. So do we want to actually prevent any like shipping issues, anything that can happen throughout the way? So I wouldn't say that we're trying to ignore or shake a responsibility where it's more of like we want to ensure that the physical art is sent to the right person. There is no way that the art can be stolen or duplicated along the way whereby you might receive the fake one somehow rather. We're trying to avoid all of this thing. So the owner itself still should have to go down to the museum to verify that yes, I'm the owner at NFT and therefore I have the rights to claim the physical art. I see. Okay, an audience member is asking, will animated NFTs be supported? I would need more context. I'm going to guess like animated NFTs, like digital art itself again. Currently again, sorry, I'm repeating myself many times, but no, we still need the physical art. So we're more towards the direction of physical real world art that you can actually touch with your hands. Okay, I see, got it, got it. Okay, so I've got a question. Basically, if we have a painting and it's an NFT and we're viewing that on a marketplace, on the Avatar art marketplace, are those paintings in 3D by any chance? Like how are they displayed in the marketplace? I haven't actually looked at the marketplace myself, but is there a 3D component to this? Yeah, so for the listing first before the NFTs are officially uploaded, there will still, it will just be an image of it for people to get excited upon. And once it's done again, of course, there will be a 3D rendition of the artwork on display because we do, sorry, we do plan to actually have a 3D space where users can keep the art that they want, and therefore they can also have a showcase for all the art. And maybe in the future, just maybe we will do a 3D auction house where people can join in the VR world. I see. Yeah. And because the platform focus is just on painting, like what, what sparked that idea? Why did you say I want to create an NFT platform just for paintings? Yeah, because we, why just for painting itself, right? Because again, every platform is either like, again, NVIDIA talks about, they're all about their video, all about the photos that they have of a certain specific moment. Other platforms, they have it like an artwork itself. It's all digital application. So again, something like a broken record. We feel that there is still a certain level of neglect in that sense is that how can you verify whether this digital events are real? How do you verify that this is an exclusive event itself? Then you prevent somebody else from actually copying it or owning it. So having the physical artwork itself prevents all of this dispute who actually is the owner of this NFT ultimately. Yeah. Got it. In terms of goals for the platform, are you able to talk a little bit about that? I mean, are you are you hoping that a major auction takes place kind of like what we've been seeing with people on Christie's? I mean, is that something that you're hoping for avatar art to achieve through painting works or what are the goals of the platform exactly? So we do actually want, of course, if our artwork deserves to be in a high limelight itself for whatever reason, that would be great and all having on our platform. But our main focus is still trying to promote the painting market itself. Because I'm not sure, but I personally feel that the painting market is getting less and less of attention. Everything is all digitized already. But then yet again, you see that the artwork, the art form of traditional painting or any other physical art form itself is still quite powerful, still quite amazing. And we want to still keep that relevant. We want to keep that alive. And therefore, our main objective here is that ecosystem of art lovers, painting lovers, and maybe even next time pencil art or color pencil people that will go onto this platform. We want it to be have a place for showcasing instead of a place where everybody is just like beating is a beat war on how much these things can go up to. Of course, who doesn't like that, but it's still not our main goal. I see. Okay. Got it. Okay. And then audience members keep sending your questions our way. I've actually have another question from an audience member s cal music is asking, would you be prepared to work with Bofa? Do you know what Bofa is? B-O-F-F-A. Yeah, I don't know. I don't know what it is, but I figured maybe you would know. But if you don't know, then maybe we can return to that question when we know. Give a quick check. I'm really giving a quick check right now. Okay. Great. I'm not getting any information on Google. Yeah. We weren't sure what Bofa was either, but I figured I might as well ask you to see if you happen to know. Well, with that question in mind, are any partnerships coming up in the future at all that you can discuss? So we are mainly working again with art museums throughout the world itself. That's the most important thing because we need a place to actually have art experts to understand the art, to give a certain level of valuation towards the art, like say, the quality of the art itself or the materials used, then you can get a certain level of valuation and also a safe and secure place for this art to be stored. Next partnership will definitely be looking forward to will be with artists themselves. We want to reach out to artists to actually help to also promote the art platform that we're doing. Okay. That's interesting to know that partnerships with museums would be coming up, moving forward. I don't know if you can obviously discuss those yet, but I think that's extremely interesting. But does that mean that these pieces of artwork that get put on the avatar art, are they that high level where their museum quality? Is that what we're talking about? I wouldn't say that they're exactly museum quality, but then again, unless we are art experts, I can't, we can't really say what is museum quality or what isn't. So we will put it in this way is that the main objective isn't so much that there need to be museum quality, but they need to be vetted. They need to be understood and they need to have this, what we call what's that word that I wanted to use, a certain level of identity towards it before this art can actually have a price. We want to actually have this thing that has a proper pricing towards it. There's a proper real world value towards the art and therefore an art museum would be the best place to actually work with. They will know the art better. They will know how to protect the art. Got it. Yeah, that makes sense. So are there any other projects ByteNex is working on at the moment or is it just avatar art for now? Our main focus is on avatar art right now. Okay. And has that been the very first project of ByteNex or were there previous ones? There were previous few projects itself. I'm not really sure that I can share. Generally, previously, it's a while back, we do have a voting platform. It's more towards blockchain voting platforms. So your votes are a bit more secure. Something that I wouldn't say that is too new in the blockchain scene. But then after that, we move on towards this platform because we actually do have quite a network, I would say friends within this painting of physical art industry. And we spoke to them, we talked to them about what is the best thing to do. How can we bring things forward in an NFT market, saying that everything is all digitized? Then that's how we actually come up with such an idea too. Right. I'm curious to know. So basically, you mentioned that you were based, that you're in Singapore. Oh, yeah. Is there a reason why you chose to incorporate in Singapore? All right. Okay, fine. The most straightforward answer is that it's super easy to incorporate in Singapore, especially if you're a Singaporean. It just takes like two hours. Oh, wow. Okay. Do you want to elaborate on the details there or? Okay. I'm not really sure about other countries. I only have experience incorporating Singapore and India myself. So in Singapore, we are Singaporeans, which I am. Just to clarify is that we do have this online portal where we call it the Accra. I can't remember what it stands for, but this portal allows you to actually go online and enter the business that you, your business name, what you want to do, what's the business about, how much paid up capital you want. And then you just sign in using your national ID and pay the fees within a few hours. You can get your company else, assuming that everything flows correctly and you didn't like enter things wrongly. And contrast in Vietnam itself, of course, knowing the language is required. But besides that, and being a foreigner over there, you need a lot of paperwork and paperwork needs to be translated back and forth, either to English into Vietnamese or Vietnamese back to English. And this whole process can take weeks. But even if you are Vietnamese yourself, I would say the whole process will also take about a week or two weeks at most, depending on the type of business that you're trying to incorporate. It can be a limited liability. It can be a joint stock company, which is a private limited in Singapore terms. Yeah. So incorporating in Singapore is relatively easier. We have a lot of government support on that end too. And I would say that to be honest, also incorporating, having the business in Singapore itself gives a certain level of credibility towards it, a lot more stability and trust in that sense. Yeah, that's interesting. Good to know. So going back to the Avatar art platform, are there plans to create virtual renderings of the physical artwork that are viewable in the cyberspace? So again, we're going towards the 3D virtual reality space, right? Yeah, we are planning to actually create that 3D space ourselves. But whether or not we can actually shift it off the platform, that's something to be discussed in the future. I see. Does that have anything? Because I also wanted to ask about plans for a 3D auction house and how that would actually pan out. I don't know if that's like going to be on the platform or off the platform, or if you had any details on that. But I also think that's interesting as well. So about the 3D auction house itself, I can't say whether we are doing that, but there's definitely something in the plans. There's a certain level of interest towards it. So it would be quite fun to have people actually join and being able to view the artwork and more of a 3D space later. But while we are actually focusing on more of the real time would be the 3D space for the owners to actually display their NFTs. I see. Okay. Yeah, good to know. Oh, I had a question. I just want to remind the audience, please send your questions our way. Okay. I just remembered my question I wanted to ask you. Obviously, there are a number of challenges in this space. You know, specifically you mentioned, okay, if I bought an NFT, would I have to go to Singapore to actually get the NFT because shipping causes issues as well. But what other challenges are the really main challenges in your opinion that need to be solved before the NFT space can really go mainstream? I mean, it's already going mainstream, but there's a ton of challenges. So I'm just curious to know what you think needs to be resolved. I would say that on our platform myself, of course, the requirement to actually deposit the physical art is one of the major challenges, but it's not something that we can let go or put it loosely. Perhaps we will find a better way to do it. Perhaps instead of the people going to us, to the museum itself, we will go to them. But that's something to be discussed. What needs to actually really be solved is more of like a pricing. I don't know whether it will be fair to say that certain NFTs should have a market cap towards it. It cannot have prices that goes crazy beyond a million dollars or something like that. Because once it hits a certain financial market, so it's really hard to justify why it costs so much just because someone else beats this, there's a demand for it at this price. It's not really a strong justification over it. That's what I personally feel. Having to solve this issue of how much an NFT actually really worths is something that we all in the NFT industry should actually consider. Obviously, it's such an interesting space right now and a lot of people are getting into it, but I think that there are so many challenges, especially when it comes to pricing and the authenticity of these pieces, I think that really need to be solved before NFTs really go mainstream. We briefly talked about the BNU token, and I want to know if we can kind of talk a little bit deeper about that. For instance, can you explain the token distribution of BNU? Currently, at BNU token distribution, we do have a supply of about 200 million BNU. We kind of break it down into many different categories, such as we do have our liquidity pool, we have our advisor pool itself. What has already been done regarding our token, we have already completed our seat and our private round in the past, and we are moving into our IDEO again coming in June itself. Okay. Did you want to add anything to that? Not really. Yeah. Okay. Are there any yield farms established for BNU? That's a good question. Currently, not that I know of. We are planning to go towards farming, but I can't really say on which yield farm or are we actually doing that at the moment. I will need to check back with my tag team on it. Okay. That's a great question though. Yeah. Wonderful. Speaking of great questions, just a reminder to the audience, please send us your questions, subscribe to the YouTube channel. We're happy to answer anything. Okay. So next question. Are you able to discuss any marketing plans that you may have for Avatar Art and BNU moving forward? Okay. So moving forward, our plans mainly to actually reach out towards KOLs or artists that are a bit more... Okay. I'm going to song a bit salesy, but yeah, we're going to reach out to artists a little bit more, let's say, popular, known in the industry, whereby through these people, we actually can spread the importance of our platform, spread on what we are doing. So through them, that's the main way of actually marketing. Perhaps we are also looking at an airdrop, but I cannot give a definite answer towards that. Okay. I see. When was Avatar Art launched again? I don't know if you had already said that, but I'm just curious. Avatar Art is not officially launched yet. We're still in the completion development phase itself. We are looking to officially finish it by the end of this year. Got it. Okay. Cool. Okay. Audience members, keep the questions coming. Let's see here. Someone is asking, what percentage of token sales goes to bite next? We have a team percentage. I can't remember off the top of my head. If I'm not wrong, it should be about 15 percent. We are all located into our team of about 15 percent itself, and we do have a liquidity pool of roughly about 10 percent there. Okay. Awesome. And let's see here. I think you already mentioned this, but someone also is asking, how does bite next plan to use its BNU tokens? Again, the main option for the tokens would be to join the option house. They should pay for the transaction fees to be for the options to actually buy the 3D space. You can use it for our liquidity to pull our farming. And ultimately in the future, we also can use the token to take part in events and other ecosystem spaces that we have. Got it. Speaking of events, I'm curious because now we're starting to see a few more in-person events. In-person events happening in the crypto space. Do you think, will we see bite next at any of these upcoming events or do you have plans to go to actual physical events to seek out artists and raise awareness for the platform? I say that it will not happen anytime soon because both my country and my development team's country are in a certain level of lockdown. Perhaps when the COVID is up and travel is a little bit more friendlier than we would definitely consider that because meeting people and showing them how things work in real life is a lot more exciting than actually having it online all the time. Right. Yeah, I mean, I think it's important because obviously, you know, when you go to these events, you can tell people about the platform, maybe see their artwork in person and then get them to use it. So I thought, I think that should be really interesting once more of these events start happening. I'm excited for that. Yeah. Okay, another question from the audience. How do you view be and use price? Is it merely a utility token or do you feel it has investment value? I would say that there's a certain level of value towards it, mainly towards the ecosystem that we're coming up. Sorry, but then again, it's the main objective for the token is to help the artist have something to use to actually be true. In the end itself, there will definitely be a certain level of use behind it, aside from true just our platform. Okay. And then just following up on that question, will be in you always be the native token of the Avatar avatar art ecosystem? Currently, yes, but we also would be looking at the Binance token, maybe even USDG, but be and you would definitely be the number one token for us to transact. Got it. Okay. Cool. Audience members, keep your questions coming. We've gotten some really good ones so far, especially about be and you. I want to talk a little bit about the NFT space because I think that's interesting. I'm actually curious to know how, what sparked your interest with the NFT space and why you wanted to create a platform specifically for painting. I don't know if you had a personal reason for doing it or if you just saw that there wasn't already a platform out there? Yeah, because it's like we shared just now, I shared just now is that we look into what's this NFT platform. Again, it's very interesting. It's very hyper right now, but then everything again is all digital. There's a certain missing element towards it that perhaps this art industry is actually not giving more attention to it. Then again, that's where we actually look towards the painting industry also because we do know painters personally. That's why we are thinking that since NFTs are a way to help artists grow and showcase their work throughout the world. Why not this physical art people? Why not all of this? Just not just a digital side alone. Right. Are there any other, because I can't think of any, but maybe you know some off the top of your head. Are there any other platforms specifically focused on NFT paintings besides avatar art? Digital art itself, I can't remember off the top of my head, although we do know platforms that are, I'm sorry, not digital, they're traditional kind. I don't remember any of them off the top of my head, but then again, the tradition, the digital, sorry, it's 1.30 a.m. right now. The digital kind is definitely diamond a dozen down many platforms for the digital artwork. Right, exactly. Yeah. So I'm curious and I'm sure some of the audience members are curious as well. So avatar art hasn't officially launched yet, but obviously there's a lot going on with development of the platform. Is the company hiring at all or are you looking for anyone to join the team? Because sure, there's lots of people out there wondering how they can get involved. Okay. Hiring as in like development, marketing, perhaps not itself. We do have quite a powerful team behind it, but if you are an artist, you are an art lover, you are a KLL, you know how to access this painting industry. You know how better to, how to say, you know how better to look into what's this digital process of storing art and giving it a proper valuation. We definitely would love to hear from you. Got it. Nice. Okay, let's see here. Audience members keep sending your questions over and let's see. I don't know if you want to talk a little bit about, we mentioned that it's built on Binance Smart Chain. I think that's really interesting. I don't know if you wanted to add anything to that besides, you know, just easier to use and lower gas fees, but do you have anything that you want to maybe add there for insights? I would say popularity again because Binance itself, both in Singapore, it's, there's a regulation towards Binance in Singapore. It's registered with our money authority government. So that's how to say that. So that definitely certain level of trust there that we use this platform to do things we don't, we will not be afraid of certain regulation errors. Oh, so back in Vietnam, there's a lot more support towards this. So what's using Binance itself compared to Ethereum? Right. And do you think it will stay on Binance Smart Chain even with the upgrades being made to Ethereum in the future? I would say that for now, definitely it will stay there. I wouldn't give any reason for it to change because again, moving or shifting this whole process might be a momentous task and it might cause a lot of issue towards a life. Once our platform is live, it might cause quite a bit of the issue towards it. So we would choose to avoid, unless there is a real game changer behind it, like say the new Ethereum platform coming up, but then again, until it's up, until the development team can fully understand the power behind it, then we might consider it. But for now and the near future, we're just going to stay on Binance. Right. I have a question from an audience member. They were asking, you know, what your thoughts were on ETH 2.0. Are you skeptical personally or I mean, do you care to comment on that at all? Am I skeptical? I wouldn't say that I am, but there's definitely again, just interest in that way. I'm personally interested in seeing that. Of course, I do have some ETH myself and it's helping the market move. Yeah, but other than that, I would pay attention towards it myself, but I can't say and this is not a financial advice. I'll pay attention towards it and I would see how it grows. I want to see how actually people take advantage of it and make use of it again. Perhaps there is a game changer there. There's something that breaks the market and ETH 2.0 and we might actually also take it up on ourselves and back next. Got it. Cool. Okay, we've got another question from an audience member. Boudelian is asking, once the art is sold, if it's stored in the museum, how is the storage and security of the art paid for? It's paid for through our world, our own being. You see when the whole process is done itself, the artist would also need to have BNU to handle the transactional fees. So the certain level of transactional fees that we actually take from them on top of the final auction, there will be a certain percentage out of that that will take. So all of this actually goes into paying and keeping the artwork secure. Got it. Okay. And then, so just based on what you just said, because obviously, blockchain is all about cutting out the middlemen, would you say that based on what Avatar Art is doing and what the platform is doing, that that's sticking true to that ideal of blockchain? And if so, can you just elaborate a bit more on how it's doing that? Cutting out the middlemen. That's something I would say that if you look at the whole process of how Avatar Art looks like, it seems like there's a lot of middlemen thing happening, like say that we are the platform for the auctions itself, but you don't exactly have an auction or you don't have somebody that is really, how to say, brewing the auction in a certain direction. So it's the whole platform, it's more of like it's run by the artists themselves. They have the artwork. They have it securely stored. So they, they, they isn't really anything that to worry about in that site itself, instead of like, you will have to go through the whole traditional process where you need to bring the art there. It sounds exactly the same though. You need to bring the art there. You need to have it, you need to showcase it, leave it there. And then there's like a billion tons of paperwork after that before the art actually changes hands. This whole process should be simplified on our platform itself. The only thing that is similar in the sense is that the physical art needs to be deposited for the due diligence process. Other than that, the whole auction would be done automatically on a platform once it's live. Then once the auction has ended, whoever wins, you will get the art instantaneously itself until they want the physical art. Then that's another site job that we need to do again. So we cut off all of the paperwork that needs to be done because KYC is really done in front. The BNU token or whichever token that you're planning to use that's accepted on our platform is where it's there for you to have the immediate transition taking place. It's hard to say if you have experience using P2P platform on Binance, whereby you can buy using real world money to buy USDT. It's the same thing is that once the process is verified that the money transaction in real life has occurred, the token will be released automatically the kind of movement that we're looking into. So we're going to cut out the middleman that does all of the paperwork and all of the holding and wasting the time of people in that sense. Got it. Okay. And I'm wondering who is your target market here? Are you targeting high-end art collectors or are you targeting people that just may find the art? Interesting. I mean who exactly are you targeting with the Avatar art platform if you have a target audience? The target audience is the artist themselves. Of course having a robust selection of art on our platform makes this platform itself more attractive to art lovers. The main objective again for the platform is actually to bring in shed light towards this traditional painting style whereby all the people can actually go down there and learn more about it and we will have a fan club over it in that sense itself. So again the main target audience we are having is the artist. It's not so much about who is actually buying the art because if the art is good and there's interest towards it regardless of how I would say is it a Mona Lisa or is it a Banksy or is it any other like high schoolers art that they draw on their world, their mom's lipstick. Anything has a certain level of value towards it. Anything can be considered art itself. To me what is what is an art is that if I like it a few is good I would want to own it. I would be interested in it. So this is the thing that we want to build in that sense. It's not so much about how popular it is or how famous the artist is. It's more like what the art actually feels for you in that sense. Of course we would be interested in getting people who will come in and be the further art more in a more proper sense instead of like I'm just here to incite the wall. I want it to go up to a certain amount of cost the kind of thing. So sorry in summary again we are more targeting towards the artist themselves rather than the people that are buying the art. Okay yeah that's really interesting. I had no idea actually. So yeah let's see here we've got some questions from the audience. So above Wang Art is asking what is the future of NFTs in 50 to 100 years from now? I won't be alive. Yeah perhaps I would say I'm just going to give it some random thought off the top of my head. I'm not Elon Musk whatever I say doesn't really carry much of a weight. But as I said by 50 to 100 years from now I most likely won't be alive. But then perhaps because of that itself you yourself can become an NFT where you can perhaps continue living maybe it's going to sound a bit morbid but maybe your loved ones can actually buy and own that certain level of you through that NFT whereby perhaps and maybe there's a level of consciousness there. That's something that we can look into and consider instead of just art itself you know you can digitize a person into it. Right I agree I mean I think I mean it's a tough question because obviously we can't predict the future but I think just based on what we're seeing now and also what we're seeing with cryptocurrencies and how they're starting to go mainstream slowly but surely it's I really think that NFTs are going to be something mainstream in 50 to 100 years I think that that that is the future of art just based on what we're seeing today and everything is going digital. So I mean obviously you know we can't predict the future but I think that that's that that's that is what we will see. Just sharing something for fun which I was thinking recently is that you see Apple has been fighting over privacy quite strongly recently whether or not it's true but this is the point that we fight over privacy so what's the better way of privacy rather than tokenizing ourselves you know having our information safely stored in a blockchain tokenizing it in a way whereby we don't get all the scam calls and stuff like that in the future there's something that we can definitely look into towards their direction. Yeah exactly and I think that's the promise of of blockchain and and so yeah and the future moving forward that's what we're going to see more of I think you're exactly right that's a really good point privacy is huge here I think it plays an important element with everything. Okay let's see we've got another question from an audience member um so they're asking when someone buys the NFT for a piece of art on your platform does one NFT equal that whole artwork or can artworks be broken into multiple NFTs that can be sold for a piece of the art like buying stock of a company? That's a very good question no because the artwork is not you can't break because again the NFT is tied to the physical art if you're going to break the NFT itself you will have to break the physical art which is definitely not possible. Okay yeah so awesome wonderful audience members keep sending us your questions we've still got a few more minutes um Vernon I actually want to ask you I don't know because I've been asking all these specific questions was there something that I missed that you might have wanted to share along the way that we didn't discuss yet? Hmm so far not really I would want to actually put it inside that again we are going for ideal so anybody who is interested in our growth anybody's interested in avatar art or even what ByteNex might be doing next or want to keep trying our ideal should join our Telegram group and they can learn more and stay up to date on everything. Got it what's the Telegram group handle again? ByteNex official. Got it okay and then do you um is there a Twitter account I know crypto Twitter is huge obviously is there anywhere on Twitter or other social media platforms or is it really just Telegram? Telegram is where we are most active uh uh because personally Twitter is not very popular in Singapore so I don't really use it that much although right now I have to actually get up to track with Twitter. Got it okay cool um we actually have one more question from an audience member um above Wong Art is asking how will you grow this platform with Generation Z? What is Generation Z? Sorry you know I don't know I'm thinking I think I think generate maybe are those teenagers and I I have over here like 12 or something oh wow okay over here in Singapore we call what we do we have the baby boomers and we have the the old fashioned people I would assume okay just assuming the Generation Z people like under the age of 21 as of now okay yeah so what what is NFT sorry what's the question again? So how do you plan to grow the platform for Generation Z which we're assuming they're under 21 I don't know if they're over or under but let's just assume they're under yeah so again itself uh the platform is supposed to be simple it's supposed to be a lot easier to actually go online upload your art or actually be interested in art itself thereby we want to we want people in this generation to also understand and keep the relevancy of this painting this traditional painting art work itself alive and therefore anybody who is interested in this direction anybody who feels compelled to be in this direction to actually take out a paintbrush learn how to paint how to learn how to create art there isn't right or wrong there's a there's a beauty of having art it's not there's no right or wrong in that sense and thereby having a younger generation take over what a traditional art is it would be amazing and you can keep it relevant for the next few 100 years again. Yeah definitely I think obviously appealing to the younger generation here is extremely important I mean as well as the older generation because that's how we see adoption occur when everyone understands it but I think just you know having the younger generation understand it and then carry that forward is extremely important here yeah oh back to the previous question I want to say that we do have a Twitter it's at bite next IO got it at bite next IO follow that everyone on crypto twitter our favorite great well Vernon we don't have any more questions from the audience I think we've covered everything there is to cover so far but so yeah I just want to thank our audience members for joining us for tuning in Vernon it's been a real pleasure speaking with you I'm really excited about the launch of the platform you've got to keep me posted because just sounds really really interesting I definitely will yeah great well thank you Vernon and thanks everyone for joining us remember to subscribe to our youtube channel and we'll see you next time bye thank you very much take care thank you bye