We got invited to participate in a crypto event with Token Club on June 29th. It was part of a series of events of Binance NFT x TokenClub, featuring top BSC projects related to the new Binance initiative.
Nacho Llanillo, Co-Founder of Juggernaut (JGN), spoke at the event, and the crypto enthusiast and DeFi evangelist Stuart (https://twitter.com/DeFiKnowledge) hosted the session.
If you want to see the whole event: https://tokenclub.com/web/room_video/11366
The session was titled DeFi + NFTs: A new crypto infrastructure?
Here is a Recap of the event
I’m Nacho, Co-Founder of JGN. I’m from Spain, and while I was studying my bachelors at the University of Malaga, I found blockchain and cryptocurrencies, and I started working in the space in marketing and communications. I’ve helped launch many different projects, like IOST or NuCypher for example.
I was able to see the transformative power of blockchain and how it can change the world. I knew it was the time to start Juggernaut.
Juggernaut (JGN) is a complete DeFi plus NFT infrastructure and NFT ecosystem with full BSC compatibility. We are building platforms and technology for other projects to use, new NFT games, collections, and our JGNNFT.com NFT Exchange, with open access to BSC NFTs. At Juggernaut we are merging the possibilities of DeFi with NFTs to create something new and exciting.
Q: What is the Juggernaut vision?
We believe that DeFi and NFTs should be accessible and simple for all. Juggernaut was born to help everyone be part of the DeFi revolution and let them get exposure to new and interesting asset classes and innovations.
The idea behind JGN was to create a DeFi + NFT infrastructure, combining both technologies to develop an ecosystem that gave people access to new asset classes like NFTs.
Q: What are NFTs?
NFTs are cryptocurrencies that don’t represent money, but rather unique assets and items. Essentially, they represent things that are meaningful and valuable, in the form of crypto tokens.
As they don’t represent money, they are harder to value, and sometimes harder to understand, but they can give a voice to creators, especially of digital content, because that representation of value comes with ownership guarantee, easier identification, 24/7 global market…
Q: Do you think the NFT sector will continue to explode?
I think NFTs are very hyped, being a new technology, but we really need to ask ourselves, are collectibles as a whole going to die? Are we at the top of the collectible market? There are a lot of different types of collectibles, like baseball or NBA cards, and I think there will always be demand for that, because as humans we like to collect and relate to what we own. At the end of the day there will always be a global market for collectibles.
If we check the number of celebrities and IPs coming into the NFT space, we can clearly see that this time it is different than what happened with crypto kitties, because the space has matured and it is ready to meet the demand for NFTs.
If we are at the top of the NFT market or not, it’s very difficult to predict, but in terms of adoption, we are not even close to the end, and it feels very different than last time. Today there are a lot of NFT games, projects and networks that are bringing real value to users, and they are connecting traders/speculators with collectors.
Q: What’s next for NFTs?
We think the next phase for NFTs is to put them together with DeFi, and do something entertaining, gamifying the experience. Expand the potential of NFTs, preserving the spirit of decentralized finance. In addition, the best way to highlight the NFTs is when there is a lot of movement of these assets, because this way the ownership and guarantee of authenticity are greatly used.
I think there are three main things that can make NFTs go completely mainstream:
1. IPs: for example, what the NBA is doing. Having exciting IPs come to the NFT space will give millions of people access to crypto, because people really like what they already know, so it’s a big opportunity for well-known brands.
2. NFT Marketplaces: similar to the e-commerce space, like Ebay. Marketplaces of different NFTs, like JGNNFT.com. It might take a while, because at the start usually there’s a lot of sellers and less buyers, but it will eventually grow to be a worldwide market.
3. Physical NFTs: physically connecting the artwork or product to an NFT. It can be a totally new experience, connecting the physical with the digital world. There will be a lot of cool customer loyalty/customer retention programs soon. Think for example of getting an NFT of the Prada bag you buy, or buying your favorite moment in a concert as an NFT.
We can also think of NFTs as the great equalizer: friendly for consumers, brands, creators, collectors, and investors.
Community Q: Where do you see NFTs expanding faster, gaming or collectibles?
I would say gaming. Although the collectible market is big, we can’t be sure it’s not only a niche. I feel like gamers really understand NFTs, and aren’t afraid to try new things and experiment with cool new technology.
Apart from that, NFTs can be implemented in games without people even knowing they are using them.
Q: Do you see any major gaming company adopting NFTs?
I think major companies are slow to adapt these kind of technologies because they are really big, and any new development takes a lot of time, effort, and money.
They will adopt NFTs in the future, but right now I see a bigger push by decentralized gaming projects, that will drive NFTs forward. I think big gaming companies will not get as much of the pie as they could, because they will get late, although their branding and name reputation will translate well for them in the NFT space.
Community Q: Has the pandemic accelerated the development of the blockchain industry?
Yes, 100%. We have seen one of the biggest bullruns of a lifetime, and there has been an influx of new money into the ecosystem, which means a lot of resources go into development of new protocols and technologies.
There are a lot of companies that have adopted remote work, and crypto companies are global. The good thing about the industry is that the decentralization ethos means someone from Nigeria could be easily working for a project in Toronto.
Q: What’s so good about DeFi + NFTs?
NFTs are very attractive assets: collectibles, rare items, digital lands, etc. But they are missing three essential things in the world of cryptocurrencies, liquidity, incentives, and utility.
1. In terms of liquidity, NFTs are more difficult to buy and sell, because in most cases they cannot be split. In the NFTs platforms, the exchange can happen automatically, 24/7, and with international exposure, so it can help the NFTs a lot in that regard.
2. Decentralized finance protocols can give incentives and utility to NFTs, for example, making them work on different networks or protocols, expanding their possibilities of use, or creating an incentive system with staking (blocking of tokens to generate passive profits). Rewards can also be offered for using certain exchanges, or for performing certain actions.
Community Q: For an investor, what’s the best investment asset, NFTs or “traditional” cryptocurrencies?
I would say that with NFTs you have much greater chances or achieving a big ROI, but it’s not as solid as other established cryptocurrencies, such as Bitcoin or Ethereum.
I would say “traditional” cryptocurrencies would work best for a regular portfolio, and NFTs for a riskier one. I believe you don’t need to have a lot of knowdlege in crypto to invest in Bitcoin: you only need to know it’s an inflationary currency, and decide if it’s worth it or not. With NFTs, it’s difficult to value them, and you need to follow the NFT market closely and understand what you are buying, and thus it’s more difficult.
Q: What are Juggernaut’s plans for 2021?
At Juggernaut, we have created a NFT + DeFi infrastructure of NFT games, collections, and our Open NFT BSC Exchange, JGNNFT.com. I believe what we bring to the NFT space is constant innovation and testing of new products and platforms.
2021 is going to be an exciting year for Juggernaut. We want to become the go-to BSC NFT Exchange, with new NFT stores, a new payment token, and new features coming to JGNNFT.com. For example, we will integrate our NFT platform with the storage solution of the FileCoin Network.
We are also developing a unique NFT technology that we think it’s going to change the NFT game completely: a NFT AMM. We can’t reveal more info at the moment, but we are working very hard in its development, so expect more details coming soon!
We are exploring different IPs for our NFT infrastructure. We will develop new NFT games, NFT Yield Farming, and will publish new UI/UX improvements on JGNNFT.com.
Lastly, Juggernaut will release a DAO with staking components, and we are exploring expanding our staking offerings with a BSC DEX in the near future.
Anything else you want to add?
I want to say thank you to Token Club for inviting us, and thanks to the audience for listening! NFTs and DeFi are a perfect match, and at Juggernaut we are working hard to create the perfect infrastructure to expand the reach of both technologies.
You can follow our progress at jgndefi.com, or follow us on social media.
Thank you very much, have a nice day!
Juggernaut (JGN) is a complete custom DeFi suite, governance, and NFT ecosystem with full BSC compatibility.
We are creating the go-to BSC NFT Exchange. Open access, freedom of assets, and available for anyone, anywhere.
We are building an NFT infrastructure, games, collections, and our Exclusive BSC NFT Exchange. Juggernaut is building a unique ecosystem, full of exciting use cases, merging the possibilities of DeFi with NFTs.