Belgian Blockchain Firm Venly Launches NFT App: “We Want Blockchain To Be Conventional And Easy To Use”

The non-fungible token (NFT) market is booming. Venly, a Belgian blockchain technology provider, also acknowledges this, and this week launched an NFT app on the Shopify e-commerce platform. The Venly app allows merchants to store and sell NFTs in a very user-friendly way. AM Business had a conversation with Yan Ketelers, CMO of Venly.

Brief history and balance of your company?

Yan Ketelers: “We were founded in 2018. We started with crypto wallet services. This means that we will manage the back-end of the wallets for projects involving a user, for example induction† a wallet belongs to that user, but that project can hardly manage all the wallets or funds by itself. Our technology is then used to link all those wallets to users. That’s what we started with. After wallets, we have seen more and more blockchain games start using our technology. Furthermore, NFTs had become even more important than normal tokens (fungible tokens like Ethereum, or the in-game currency token† And that’s why we started thinking (our wallets could support NFT). We then centralized NFTs and started building the NFT market; Venly Market.

How many of you?

boilers: “13, more than half of the developers”.

block chainagnostic

So if I understand correctly, are you a competitor of OpenSea?

boilers: “The difference is that we use blockchainagnostic be be. You can buy NFTs on different blockchains on our marketplace, without holding assets on that specific blockchain. With OpenSea, for example, if you buy an NFT on the Ethereum blockchain, you must pay with Ethereum tokens. It’s different with the Venly Market; you are only going to buy USDC (a stable coin). And with USDC (Circle) you can buy NFTs on the Binance, Polygon, Hedera and Avalanche blockchains. As a user, you do not have to know for yourself: which blockchain, which assets; you can just buy the NFTs.”

“We support 11 blockchains in the wallet and 4 in the marketplace. And there will be more in the future. Our intention is to make blockchain mainstream. And in order to achieve this, blockchain technology needs to become much easier to use. We built the technology for that. We want to make it easier for the end user to use; the one who buys or sells the NFTs, or the one who plays on the blockchain. But also for projects like blockchain games or metaverses, that want to integrate wallets or marketplaces very easily.”

What are the use cases for your technology?

boilers: “At the moment it is mainly about games. But we also have a client like Bsit, an app that searches the neighborhood for nannies for young parents. Actually, they want to reward active users with a token, with which they can get a discount within Bsit. And they also use our wallet technology for that.”

“Another use case is, for example, The Sandbox, a metaverse on the blockchain. In it you can buy a figure of the game, or a house; of which we are the technology provider; the house is then an example of NFT and it is in his wallet.”

Buying and selling of NFTs

Suppose I want to buy and sell NFT. How do I do that with the Venly app on Shopify?

boilers: “We have our NFT market. All NFTs can be traded on it. Our vision is to make NFTs more common, including making it easier to sell or create NFTs; we created an app on Shopify for that.”

“How it works: If you have Shopify web store, you can download Venly NFT app in Shopify app section. It is currently in a beta pilot, along with Shopify. First, you need to contact Shopify, and Shopify will tell you that you’ve been approved to install that app. You then have a monthly fee that you pay to Shopify to use the app. And then, depending on the plan you have chosen, you can make a series of NFT contracts. And sell NFTs. And that’s basically the same process as creating a product within Shopify. Simply indicate that it is an NFT product. Then you create it, upload the visual, give a description. You can then indicate how many of them can be done and if there is a maximum.”

“Then you put it online for your buyers. And as a buyer you are going to buy an NFT in the same way that you would buy any other product. I often compare it to an e-book: if you buy an e-book, you will receive an email containing the PDF file. If you buy an NFT through Shopify, you will receive an email from Venly, where a wallet has been created. Then you click on the wallet, you will get a wallet that is linked to your email address and then you will see the NFT.”

Create NFTs

And to create those NFTs, do you have to be a programmer?

boilers: Nope! Our technology simplifies the process for the user. You will get a box where you can upload the images. That can be a video, an image, a 3D image. It can also be a sound clip. Then you give it a title, a description, then all the properties. †And a property can be for example: color – blue, type – human, strength – 6† Then you just pass that into the fields, and then a number, and that NFT is created. And the moment it’s purchased, our technology mines it on the backend and then the NFT is sent.”

belgian projects

What other projects do you collaborate with? In Belgium?

boilers: “We mainly work with blockchain projects. We are very active in all things related to entertainment and NFT games. There are also other marketplaces we work with: Gamin, for example. But we also have collaborations to offer technology, in our ecosystem, with Binance Smartchain, Polygon, Avalanche and Hedera.”

“Cryptopic, that’s a company from Brussels, they use our technology for wallets, and they also use our marketplace to sell their NFTs. Bsit is also Belgian, so they use our wallet technology.”

Conventional

When do you think NFTs will really become mainstream?

boilers: “In a period of 2 to 3 years, NFTs will be established within companies”.

“NFT e-commerce will be at least as big as regular e-commerce.”

“Our vision is really that NFTs are a proven best application for event tickets, for example. A share in a company can also be converted into an NFT. These applications will prove that NFTs are a better technology than what we use today to issue tickets or shares.”

“We want to be the part that makes it possible for football clubs to get started with NFTs, but also for football club subscription holders to be able to keep them in their wallet very easily.”

(lp)

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