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Flip.xyz - The Smart Way to NFT💡#Web3 #NFT
Recorded: March 7, 2023 Duration: 1:06:28Space Recording
Full Transcription
And are there.
When I put you.
By the way, I found out the mistake I was making, Ledger.
I guess the wallet I was putting in has just one NFT and the NFT isn't on any of the aggregated
marketplaces.
So it wasn't pulling.
So I used another wallet and it brought up my NFTs and I love the summary, the activity,
the performance, all the different tabs and all the different breakdowns you guys have.
I think it's a really cool idea.
I tried pulling in my friend, one of my friends, he's a founder of Layer.
He has a vast knowledge of NFT experience.
Hopefully he gets up on stage and is able to ask some good questions.
Aisha, go for it.
Cool.
Yeah.
Thanks.
So where does the real time data displayed on the platform, such as floor price, volume,
velocity, and number of holders that come from, is it sourced from chain link data feeds
or from other providers?
They're actually all homegrown.
So my co-founder Sam is in the audience and he's the mastermind behind our massive amount
of data ingestion.
So yeah, we pull information directly off of node infrastructure that we manage and then
we siphon all this in and we spend a crap load of energy making sure that it's as accurate
as possible.
So the floor in the summary stats is based on our own aggregated order books that we
create.
And then all of the sales history, data, volume, everything is a homegrown flip infrastructure.
So we tried to keep our reliance on third party partners at a minimum.
We do use some partners for what I would call like self healing activity.
So if we do some spot checking and theirs is different than ours, then we can kind of check
and see who's right and who's not right.
But yeah, that's where we're getting the majority of that information.
And in fact, when you talk about something like chain link, what we would like to do is
be a data provider to oracles like chain link because we actually think are really proud
of our information and data and think that we can probably help with that.
So if anybody from any of those oracle providers wants another set of reliable information for
their index, then holler at us.
We'd be interested to talk.
Got it.
Okay.
Given that the floor price of an NFT may not accurately reflect its fair market value, I was
wondering if Flip XYZ employs any machine learning algorithms to estimate the current fair value
of NFTs on its platform.
I'm asking this because some NFT aggregators are offering this feature.
Yeah.
So we've done research in this space.
And if you look at your portfolio inside Flip, we will aggregate everything that you have
and show you a valuation, but it's based off of floor data for now.
At the top, we say portfolio values currently based on floor with valuation estimates coming
for in 2023.
And we've done a lot of comparisons.
So for example, we store our floor by trait right now, but that's quite easy to make wrong
forward to trick.
So real flip estimated value is what we call that.
Real estimated value calculations are going to include information that's beyond just like
what's the floor by that trait.
But it's going to be historical trading, trading velocity for a specific type of asset to create
a smarter mechanism for valuing an asset.
And what we would like to do there is just feel a little more confident that we're providing
as accurate as information as possible.
And we're not currently working with any other partners right now in terms of digesting their
version of it.
But we are keeping an eye on who else is out there in the market and how they're going
about it.
But yeah, this is a, it's probably a Q3 type of thing.
I'd have to ask my team, but I'll do three, Q4 before we really get a good version of flip
estimated value.
But it's very much on our roadmap because, you know, I, for instance, have a lot of ENS domains
where I think they're valuable, but that doesn't mean that flip thinks they're valuable yet.
But I want flip to think they're valuable.
So, you know, as we can do some different analysis to say, like, okay, well, this is
a rare item or, you know, unique in some way, then we can give it a better value in the
longer term.
I have a question when it comes to this.
Oh, I'm sorry.
Go ahead, Aisha.
I thought you were done.
No problem.
Sphinx, go for it.
You know, the follow feature.
Is this like a wallet tracking feature?
Yeah, we can track wallets, collections or assets.
So it's any of the above.
You can follow all of them.
And then when you click a dropdown from your little icon at the top right, there's a following
tab and then you can see all the things that you follow.
If you just want to like check floors and you can see that in grid or table view, whichever
one makes you happy.
And then your feed will be additionally made up of the information based on what you follow.
And you can get mobile notifications about them as well.
So, yeah, following is really a core thing in Flip.
It's probably the part of Flip that I use the most because I want to know, you know, when
my friends are buying or selling or listing and you can really get extremely granular in
what you follow.
We don't want to bother you with mobile notifications, but we definitely want to provide you as much
information as you're willing to consume.
This is really cool.
I really wish you guys luck.
Thank you so much.
We can build our own luck just by y'all using it.
Hey, nerd head.
What's going on, man?
Oh, sorry, Aisha.
Did you have any closing?
Yeah, I do have a last question.
Yeah, go for it.
Go for it.
Okay.
Okay.
Does Flip XYZ have any plans to include a feature that highlights the most underpriced
NFTs across all tracked collections, which would help users identify potentially undervalued
NFTs and make informed purchasing decisions?
Yeah, it's the type of thing that once we feel good about our flip estimated value, then
we can say, let's use an example.
So let's say the SAPI seals floor is one ETH right now, but there's a rare, a rare, a
non floor SAPI seal that's, you know, listed for 1.5.
And we actually think it's, it might be worth two ETH.
Then we can highlight a value purchase potential.
We want to be really careful about that.
Like we're providing people a tool set, not a recommendation to buy or sell as a financial
advisor.
But we think that we can do some cool stuff based on the information that we consume.
So another thing would be, hey, this SAPI seals listed at the floor for one ETH.
But in fact, it's, you know, a rare, a rare seal.
And some of that you can do now, but it'll get better in the future as you're able to
actually see the estimated value in addition to just a rarity score.
Right now we have a rarity score.
So when you're looking around the floor, you can, you know, just glance at the rarity
and say, oh, wow, this is, you know, a top 200 item that's listed only, you know, 10% above
the floor or something like that.
But as you get those estimated values embedded into the platform and confident in them, then,
yeah, you can do all kinds of like value, value hunting stuff to, to, to do more there.
And I think that'll be a lot of fun.
It makes it clear now.
Thank you so much for answering.
Thank you, Aisha.
Hey, what's up, nerd head?
Um, the mic's yours, sir.
Hi, thank you.
Um, yeah, I just, we are on a polygon chain as a NFT project.
So when you will be, uh, support polygon chain, is there any, uh, plans for that?
I think it has been, if it's not, um, asked before.
Uh, yeah, we are, we're, we're aiming to support, um, EVM compatible chains in particular, um, as soon as we can.
Um, we feel like we're getting really good at ETH layer one.
And we, uh, as we move to ETH layer twos, um, and EVM compatible layer ones, we are probably going to approach it in a white listed manner so that we actually support specific collections.
So if you'd like to be in that white list, if you're, um, you know, your collection would be interested in, in flip being a presenter of that information, then shoot us a DM and we'd love to get you on that list of people that want us on polygon.
Um, we want to go where, where the people are and we also have to be able to utilize our resources as responsibly as we can.
Um, we're, we're pretty small teams, so we're, we're doing our best to get ETH layer one coverage.
And as we move into additional chains, we'll probably do it in a curated way.
So what will be the requirement for being a white list?
Um, and second question is, uh, what's the advantages of being listed in the flip, uh, X, Y, Z, and then for example, there are other big, uh, marketplaces like open C and others.
So like advantages like a zero fee or, uh, what kind of other, um, other.
Yeah. In terms of what you, what you get with flip, um, you get the same features on those layer twos as you get on layer one, uh, in terms of fee structure, any homegrown fee structure for our own transactions would be pretty minimal.
Um, in terms of collection level fee, we actually want to support creators.
So the biggest advantage that a creator would get is that if they're working with us, we're going to try to have a fair relationship with the creator directly.
Um, because we want to empower those creators to be able to earn some form of royalty, um, if that's what they're, what they're seeking.
So that would be the biggest advantage from us versus if you go to say an open C, you're going to be subject to whatever wars open C is fighting around fees and royalties and user adoption.
Um, and we will happily be the place where communities recommend their community members to shop, um, in a way that actually supports the community itself as they shop there.
Okay.
Okay. Thank you very much. I will DM you if, uh, about the white list in a polygon.
Yeah, sounds good. Thank you.
Hey, thanks nerd head. Um, let's go with captain Levi next.
All right. Um, thanks a lot, Noah. I, I, I must say, uh, I've been, you know, browsing the flip.xyz sites.
I just created an account myself. Um, I must say you guys are, I think you guys are practically redefining, um, NFT marketplaces as it were.
Um, I, I just have, um, a few questions to ask regarding, I actually signed in through, um, my Google accounts.
I, I, I am on your settings now on the personal settings. Uh, how, how do you verify, um, a Google user?
Because I, I saw the enable email login and I can simply just create a password and all that.
Uh, what happened? Does it, after setting up my password, um, am I going to get like, um, some kind of authentication method to verify that I am actually just the owner of this email and, um, like some kind of connect link or.
Or some other form of verification method?
Yeah. So we use, um, Firebase on the Google authentication side.
Um, so it's essentially Firebase is a really, uh, secure platform.
And, and in terms of, um, making sure that that's a seamless cross account, uh, experience.
And in terms of if you do email and password, that's going to be different than your Google login.
So I don't even think you necessarily have to have the same email attached to your Google account as your email.
Um, however, we did pay a lot of attention to both security and privacy.
And we also had the full front end of the website in addition to our smart contracts audited by Zelic.
Um, so we're confident in our security model and our privacy model there.
If you have concerns, we absolutely want to hear it from you and you can send us a message and we can, uh, uh, look into whatever concern you may have.
But yeah, we use Firebase on the backend and we've got a robust security and auditing system, uh, to handle that as well.
Yeah. I, I think the, the, the fact that you actually just mentioned Firebase authentication, um, it's actually a nice layer of security that added to it.
Um, so I, I don't know, aside Firebase, are there plans to, you know, add an, you know, uh, a little extra security won't hurt.
Don't you think, um, are there plans to add any other additional proof of authentication methods?
Uh, yeah. So like right now you, if you sign into the wallet, for example, um, you have to both connect the wallet and then apply a signature.
So it's a pretty tight level of authentication for the wallet side of things for the social side of things.
I believe the way this is works is that our settings for your social login are going to be as tight as whatever your own personal social restrictions are for connecting that app.
Because I believe like if you do Twitter or something like that, you essentially have to, um, manage it just as, as you would through that app itself as, and we would be an authenticated app within your app settings that you could, you know, allow, reject, whatever.
Uh, that's, that's, that's actually, that's quite awesome. Um, thanks for clearing that aspect of, okay.
So the next thing I wanted asking is that, um, I, I can, I can vividly see you actually made mention of a statement when answering Aisha's question that you'll be looking at people, uh, or, or, or projects that are similar to yours.
And, um, um, uh, are there any projects that are keeping you an eye on and, um, or, or rather, uh, I think that, are there any improvements you've seen other projects do that you would love to implement on yours that you feel it would be better?
Hmm. Uh, we keep an eye on the confirmation or the, the competition and the, the frenemy market, uh, pretty strongly, I guess. Um, I think that there's, I think, I think flip is a best in class application in many ways. Um, we're probably our biggest critics ourselves. Um, there are some apps out there.
Like, I think from a user experience perspective, we do a great job. And I think, um, if I was to point from, to one from like an engineering perspective that I'm really impressed with what they do, it'd probably be Nansen. They've just got a lot of deep learning, um, and data wrangling. And we've seen how difficult and expensive data wrangling is. Um, so I think Nansen does a really good job, but it's more of a gated kind of logged in experience in terms of others that you may classify as an aggregator.
Um, you know, blur is really fast. Uh, I don't think they really provide like a deep level of market information. Um, and yeah, so I think it's kind of serves a different user just trying to trade at the floor as much as possible, more like a derivative than, than shopping experience. Um, in terms of the discovery layer of NFTs, this is really where we focus a lot on.
And I don't really know of places that have done a great job with that. So we hope we can win on the discovery layer and be really good on the execution and research layer. Um, and that that's enough for people to choose flip.
That said, um, yeah, I mean, I admire what people are building frequently in terms of, um, just some of the really clever stuff that exists out there. So I, uh, yeah, I admire, I admire a lot of companies out there. I think one more that I might mention and NFTs aren't really their primary focus, but like, I think Zapper is pretty incredible from a DeFi tracking perspective. Um,
there's complex staking mechanisms and all this stuff that can happen. I think Zapper has done a great job in that regard. Um, I think rainbow has a fantastic user interface and a mobile first interface. That's really impressive. Um, and a lot of these companies, they have an NFT component, even if it's not their like core business model. Um, so yeah, there's a Venn diagram overlap. And those of us that are working with kind of web three data.
Wow. Wow. That's, that's actually quite a lot of examples. Um, it's a good thing. You're actually keeping an eye on all this, you know, to make yourself better, um, to make flip better rather. Um, I think if, if, if there are, there are a lot of brilliant minds out there, but for you to, you know, pay attention to all these, um, intricate details shows that, um, flip, uh, those behind flip, they're all geniuses of, um, adaptability. And I, I must really commend you for that. Um,
I think that'll be all the questions on my end. I wish you guys the very best. Um, I'll be playing around with seats more and I hope that if you have X, Y, Z, stays bullish moonward. Over to you, Noah.
Thank you very much. And just as in this, uh, one adder to that, I mean, I am a very active NFT market participant. I'm an active trader, collector, community member, um, both NFTs and, you know, DeFi stuff.
So my number one requirement as we build flip is that this needs to be so good that it's my primary tool that I want to use for my own NFT, uh, life. And if I can't build it in a way that satisfies myself, then how can I anticipate that it'll satisfy other people?
So first and foremost, we're trying to build the best tool possible for those of us on our team who love NFTs, which is, uh, our entire team. And if we can do a great job there and then have these like one on one conversations that we really focus on, um, like we'll just, if you're an active flip user and have feedback, we'll have a 30 minute call with you and just ask you, what do you love? What do you hate? What can we do better? And if it fits with our overall roadmap and direction, we're going to build it.
I mean, we are not going to stop until we build the absolute best shopping experience possible for NFTs. So that's what we're, we're doing. And we're certainly not going to be satisfied until we fully accomplish that both in terms of what we've built and the fact that people know it. So we also need you to know it. And that's why I'm here today.
Awesome. I just gave you a follow and, uh, just gave flip a follow with notifications turned on so that I'll stay well aware of, um, you know, any updates that you guys may have. Like I said, I wish you guys the very best. And I hope that flip stays bullish moonward. Over to you, Noah. Thank you.
Thank you, Captain Levi. Uh, clown town. You're up, sir.
Don't say good morning. Just let him get up.
Hey, how are you guys?
Good. Thanks.
Of course, as you can see, I have my own project, but I was looking at your website. Uh, you guys only do Ethereum at this point, right? And, uh, you guys, any plan for doing Solana in the future?
Uh, we love Solana. Got to figure out the way to make it work appropriately with our infrastructure and that we're utilizing our small or limited resources in the best way possible. Um, the likelihood is that we'll do EVM layer twos first. Um, but that's not to say that we're anti Solana by any means. I'd love to do it all, man. If you could give me like $50 million, then, uh, we'll start that Solana roadmap immediately.
Uh, trust me, if I had $50 million, I wouldn't be in this space at this point, right?
Yeah, we're, we're just kind of limited, limited by what we can commit resources to, but I'm actually really encouraged about the NFT market on Solana.
What do you mean? Aren't we all billionaires donating our time for the culture?
I don't know. I, I, I, if I was a billionaire, I would, uh, um, I don't know what I'd be doing. I'd be self-funding flip. That's for sure.
So another question I have, uh, you guys, any plan to do a launch pad in the future or is going to be just, uh, getting the collection onto the platform at this point?
Yeah, we've actually been talking about that internally. Um, and I was talking to someone else in the ecosystem as well. And I think that it's probably at least in kind of a one plus year sense. Um, I think it's going to be important to essentially onboard new market participants directly to your platform to have kind of a first class experience with the platform.
So I think a lot of places are going to attempt to be a launch pad of sorts in terms of exactly how that takes shape for us. I'm not sure. And it's not anything that we're going to be building in the next, you know, three to six months. Um, but yeah, I think, you know, onboarding new market participants is a really important component because there's a lot of like amazing brands that they, they're like, ah, we know about web three. We want to do web three, but how do we do web three? And can you help us with that? So we want to be able to answer yes to that question.
I gotcha. I appreciate you asking my question. I will follow you guys. Uh, I'll look forward to see what you guys come up with and hopefully Solana next. So I can jump on yours platform as well. Yeah. If you looked at the platform, it looks pretty cool. Thank you so much job guys.
Thank you, Clown Town. Next up we have Rahmat.
Yeah. Thank you, Noah. Okay. So you talked about mobile notifications. I was wondering, are users also able to receive notification when a new NFT connection that matches their interest is about to launch? And are users also able to track upcoming NFT drops, giveaways, and events related to particular NFTs?
Man, I would love to do that. Um, the launches requires a calendar because it's not on chain. If it's on chain, then we can pick it up. We have a certain stuff. Like, you know, we track mints in our system. In fact, I think if you go to our just live feed of sales, you can see mints as they occur, whether we not, whether or not we even show that collection yet.
In terms of digesting the collection that has to meet certain thresholds of, um, certainly, uh, the mint itself, but then like secondary trading before we pull it on, we'll loosen that up over time to do better. But right now it helps prevent some spam. Um, if it's a high attention collection, we're going to be paying attention to it, but we can always be doing better there.
And that's more of a curated market that we'd love to, would love to be able to, to support really well. In the meantime, the best we can really do is once it hits the chain, we can, uh, identify it using our systems and then pull it in, in real time.
Awesome. Awesome. Thank you so much for answering. I work to you.
Yeah. Yeah. Yeah. And if you know any good, like calendars, launch calendars, things like that, I would love to be put in touch to, uh, work with somebody like that.
Yeah, sure. Thank you so much. Thank you, Rahmat. And last but not least, I think the Venice is going to close it out with the questions and then I will wrap things up.
Okay. Uh, thank you so much. Uh, no, okay. Um, uh, here's my question. Uh, it's basically like a suggestion if it is possible, uh, because as we all know about, uh,
the power of open AI with the launch of chat GPT and Microsoft and other, uh, companies are investing in it. So I was wondering if it is possible to use the open AI algorithms for NLP.
Like, uh, if someone does not know specifically what kind of NFT he or she want to search, then they can just write a few sentences explaining the NFT and perhaps flip can bring the NFT based on the description that user provided.
Uh, yeah, it's kind of like a, uh, chat GPT for NFT type of concept. Uh, I think that'd be really cool. Um, we do not have that right now. Um,
it would, the onboarding process is a tricky one. We want, we will certainly work to go mass market, um, as the time is right. Right now, the vast majority of people participating in NFTs, their onboarding experience is, uh, has already occurred somehow before they got to us. So we do make some assumptions right now, like, you know, what a wallet is and maybe you already own an NFT or you have some Ethereum in that wallet.
But we do think it's going to be really important to answer those questions better for new users in the future. And I actually love the idea of kind of the smart recommendations where, you know, you just know you want a lion and, you know, you can search on flip for lion and see what pops up, see what collections come in. But I think there might be a way to do that better. And I'd be really interested to, to dig into that. But no, we don't have any like smart hunting for like keywords or something like that yet.
Okay. Okay. I understand that. And, uh, will you be providing any, uh, advertising services to the new NFT projects to promote the NFTs to a wider audience, like, uh, like an exclusive advertising on your platform?
Um, I, I, I'm not sure what the regulatory rules are around advertising, um, an NFT project, but we're very interested in, you know, partnerships or cross promotion or things like that, where if people want to send their audience to flip, then we can, you know, dig in and find out, Hey, how'd you find us? And why do you like us? And is it something, you know, can we write a blog post about you or, uh, something like that?
But, um, right now the primary discovery mechanisms are going to be based on like trading volume and things like that. I'd love to improve that over time to create that more curated experience. It's not just about price and not just about volume, but it's actually about really good stories. We do want to do our best to present quality projects. Um, so I'd be, I'd be really interested in your ideas. Um, if you want to send me a message about how you think we can surface some of those quality projects.
Yeah, sure. And, uh, one last thing, uh, I'm curious to know about, uh, are you guys considering like adding some social features to your platform to enhance community participation and enable users to follow and entrust with each other, uh, sharing their collections and discover new NFTs through their connection?
Yes, absolutely. Um, you can, you can actually link to items in your feed and share those on Twitter. Um, we're really interested in some of the things you can do directly on a collection page to, um, better connect with other people. But right now, one of the things you can do is going to go to top holders and see who actually also owns that collection that you might be interested in getting in touch with.
But the social discovery layer is a really interesting space and one that we're digging into deeply. One thing that we have right now is a discord bot. Any discord, whether you're a trading community or you're a, um, a creator community, like a collection, you can actually install the flip discord bot.
And if you, uh, and if you, uh, DM us, it's still kind of in a closed beta, um, then we can do some, some cool collaborations where you can present NFTs to your discord audience, um, in that way. Um, but yeah.
Okay. That's, uh, really cool. And, uh, thank you. Thank you so much for answering all my questions.
Yeah. Thank you. And no, I've got a pretty hard stop here, uh, in a minute, but, uh, if we have any final ones, I'd be happy to answer.
Nope. That's perfect timing. Audience members, community members. Thank you for carrying the second half of that space. Ledger, thank you so much for coming on. I really appreciate it. I love seeing products like flip coming out of the woodwork. And I'm really excited to see where you guys take this platform, um, in 2023 and beyond. If you have any final words for our community members, our audience today, go ahead and share them now. Otherwise it's been a pleasure.
Thank you so much for being active participants and asking good questions and giving good feedback. If you want to give us any other feedback, you can DM us at flip underscore XYZ. My biggest ask is to use flip, go sign in with a wallet, check it out and let us show you for ourselves that it's the best in class NFT app in the space. Thanks so much.
Thank you. Thank you, Ledger. And thank you flip dot XYZ team. Thank you. Whale coin talk community. You're listening to another episode of the aquarium. My name is Noah. Remember that everything you hear on this broadcast meant for educational purposes only. Nothing is financial advice. We have another, uh, AMA coming up in three minutes, uh, hosted by Glenn. So see you there. Bye-bye.
Bye-bye.
