Belgian blockchain company Venly launches NFT app: “We want to make blockchain mainstream and user-friendly”

The market for non-fungible tokens (NFTs) is booming. Venly, a Belgian blockchain technology provider, also recognizes this, launching an NFT app on e-commerce platform Shopify this week. The Venly app allows traders to store and sell NFTs in a very user-friendly way. Business AM had a conversation with Yan Ketelers, CMO at Venly.

Brief history and balance in 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 wallets for projects involving a user, e.g onboarding; a wallet belongs to that user, but that project can hardly manage all wallets or money by itself. Then our technology is used to link all these wallets to the users. That’s what we started with. After the wallets, we have seen more and more blockchain games start using our technology. In addition, NFTs had become even more important than regular tokens (fungible tokens like Ethereum, or in-game currency token). And that’s why we started thinking (our wallets could support NFTs). Then we centralized NFTs and started building the NFT marketplace; The Venly Market.”

How many are you?

boilers: “13, more than half developers.”

Blockchainagnostic

So if I understand correctly you are a competitor to OpenSea?

boilers: “The difference is that we use blockchainagnostic to be. You can buy NFTs on different blockchains on our marketplace, without having assets on that specific blockchain. With OpenSea, for example, if you buy an NFT on the Ethereum blockchain, you have to pay with tokens on Ethereum. It is different with Venly Marked; you just need to buy USDC (a stablecoin). And with USDC (Circle) you can buy NFTs on both Binance, Polygon, Hedera and Avalanche blockchains. As a user, you don’t need to know yourself: which blockchain, which assets; you can just buy the NFTs.”

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

What are the use cases of your technology?

boilers: “At the moment it’s mainly about games. But we also have a client like Bsit, an application that searches the neighborhood for babysitters for young parents. They will actually reward active users with a token with which they can get a discount in 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 in the game, or a house; for which we are a technology supplier; the house is then an example of an NFT and is in your wallet.”

Buying and selling of NFTs

Suppose I want to buy and sell NFTs. How do I do this with the Venly app in Shopify?

boilers: “We have our NFT marketplace. All NFTs can be traded on it. Our vision is to make NFTs more mainstream, including making the process of selling or creating NFTs easier; we built an app on Shopify for that.”

“How it works: If you have the Shopify webshop, you can download the Venly NFT app in the app section of Shopify. It is currently in a beta pilot together with Shopify. First, you need to get in touch with Shopify, and Shopify will say you’ve been approved to install that app. Then you have a monthly fee that you pay at Shopify to use the app. And then depending on which plan you’ve chosen, you can make a number of NFT contracts. And sell NFTs. And it’s basically the same process as creating a product in Shopify. You just specify that it’s an NFT product. Then you create it, you upload the visual, give a description . Then you can specify how many of them can be made and if there is a maximum.”

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

Create NFTs

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

boilers: No! Our technology simplifies the process for the user. You get a box where you can upload the images. It can be a video, a photo, a 3D image. Can also be a sound clip. Then you give a title, a description and then all the properties. (And an attribute can be, for example: color – blue, type – human, strength – 6). Then you just send it in fields, and then a number, and that NFT is created. And the moment it is purchased, it is mined by our technology in the backend, and then the NFT is sent.

Belgian projects

What other projects do you collaborate with? In Belgium?

boilers: “We primarily work with blockchain projects. We are very active in all NFT entertainment and gaming. There are also other marketplaces that we work with: Gamin, for example. But then we also have collaborations to provide technology, in our ecosystem, with Binance Smartchain, with Polygon, with Avalanche and with Hedera.”

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

Mainstream

When do you think NFTs will really go mainstream?

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

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

“Our vision is really that NFTs are a proven better application for, say, event tickets. A stock in a company can also become an NFT. These applications will prove that NFTs are a better technology than the one we use in day to issue tickets or shares.”

“We want to be the party that enables football clubs to get started with NFTs, but also for football club season ticket holders to easily store them in their wallets.”

(LP)

Leave a Comment