Judy_Host of EncryptClub: Today I would like to share you something about the value of NFT. A rare painting is eye-catching, scarce, and valuable. Meanwhile, its value gradually rises with the increase of social recognition and consensus. As each individual has its own taste and preference, the evaluation of the same thing varies considerably from person to person.
We haven’t had a secure system to evaluate digital projects yet. Since digital files can be copied easily and endlessly, people create UFT with the background of blockchain technology. By offering a tradable digital certificate of authenticity and ownership, NFT allows anyone to trace its transaction details and ownership history.
Not only a niche artwork, NFT can be used to watermark all objects — from source code to the presenting of physical artworks — any digital asset. In nutshell, NFTs allow artists and craftsmen to enter the financial and the technical industry, creating a wonderful fusion of technology, innovation and finance.
Today, we will have AMA with Boson Protocol, a platform focusing on connecting smart contracts to real-world commerce and its Data. Justin Banon, the founder and CEO of Boson Protocol will share with us more details about Boson Protocol.
Welcome to EncryptClub, Justin Would you please introduce yourself to the audience?
Justin: Sure. Hi everyone, my name is Justin Banon. I am one of the Co-founders of Boson Protocol.
As managing director, I previously built a $1Bn pa revenue platform (Priority Pass Group, grown from $50m), which represented physical products and services as digital vouchers and sold them to consumers and businesses globally.
This included global deals with CeFi giants such as Amex, Mastercard, Visa and over 1000+ banks worldwide. I am now bringing this experience to crypto with Boson Protocol.
In Blockchain, I had the privilege of working as a strategy consultant on great projects such as DexFreight, Centrifuge, MakerDAO, and Ocean Protocol.
Q1: NFT marketplace is very popular these days and has attracted lots of supporters both inside and outside the crypto space. What is the reason of this NFT trend in your opinion?
Justin: NFTs are popular for a number of reasons. The obvious uniqueness of the nifties gives them similar characteristics to objects of the real-world. Due to these objects being able to carry metadata, having provenance, proof of ownership, and scarcity, these unique digital objects can carry the same attributes of non fungible physical objects. This is what makes NFTs interesting for collectibles, art and gaming verticals.
But to us at Boson Protocol, the programmability and statefulness of NFTs are two of its most interesting aspects — NFTs can be intelligent objects carrying on important work, and most projects are literally just scratching the surface when it comes to the possibilities NFTs can uncover. We believe our approach to using NFT technology to be very unique, but anticipate that more projects will come to understand that a lot of new business models can be dreamed up by having NFTs as part of the solution set.
At the same time that NFTs are giving artists and content creators a lot of visibility, acting as one of the pillars for fixing the art and music industry value flows, a lot of other industries will find use for such unique objects and new design patterns will emerge. We’re excited to pioneer this space.
Q2: What is Boson Protocol? What issues will it address for the NFT marketplace?
Justin: Boson Protocol enables an open tokenized economy for commerce by automating digital to physical redemptions using NFTs encoded with game theory. Boson Protocol disrupts e-commerce platforms by tokenizing things and commerce data within a liquid digital market, built on DeFi infrastructure.
By representing future commitments to trade as stateful NFT vouchers governed by a dynamic game mechanism, Boson eliminates intermediaries and minimizes arbitration cost and friction. We call this decentralized autonomous commerce.
One of the main issues we solve in the NFT Art world, for example, is that today, when someone buys an NFT art with a physical pairing, the buyer has to trust that the artist will send the physical piece as well, and that it will have the quality they imagine. We solve the digital to physical redemption by putting both buyer and seller in a two sided escrow followed by a sequential game, where both have skin in the game and are incentivized to behave for the benefit of both parties.
Giving buyers and sellers a bridge between the metaverse and the real-world, we believe we are delivering a solution that will take NFTs from a very interesting niche to becoming how the future of commerce is done.
Q3: Just recently, Boson Protocol joins Blockchain Game Alliance, an organization committed to promoting blockchain within the games industry. So what will BGA provide for individuals and companies and what opportunities it will give to accelerate the fulfilment of your vision? Also are there many other reasons why you become part of BGA?
Justin: We have identified gaming as an important vertical for us to explore, particularly around the digital to physical redemption feature that we are implementing. We’ve partnered with a number of projects that will power the metaverse such as Crucible, Royale Finance and more to come. Imagine finding a rare rune or in-game item and being able to receive a real-life version of that. There is a large market demand for this and our presence within the BGA will help us plug directly into this space and accelerate our growth and partnerships. We have some big announcements coming out very soon.
Q4: Boson Protocol is very popular in the market recently. How will you maintain the popularity, and achieve the new development and marketing goals?
Justin: For us, the future is all about delivering above expectations. We have a lot of big ideas and amazing partnerships to announce, but understand that real success ultimately comes from execution. To date, we have been able to blitzscale the business by having a team of world class professionals deliver on the most important work of their lives. And to do that, is not just a matter of competence, but also having a vision that gets everyone excited to deliver their best work.
We have built an all star team with some of the greatest minds in the industry. We have Dr Akaki Mamageishvili, Anish Mohammed, Sebnem Rusitschka, Dr Michael Zargham and too many other amazing people to list. We have the team to deliver our vision and are building the ecosystem and incentives to scale things quickly, so it’s all about having internal resources but also being able to tap into all kinds of open innovation frameworks — hackathons, grants, ecosystem design and development…
Building a planetary scale ecosystem that is able to replace legacy ecommerce platforms is an endeavour that takes time and we have some clearly defined goals to achieve, each of which will garner significant interest from the community. Delivering on the milestones and continue to provide next steps for executing the vision is how you win in the long term.
Q5: By adopting the DAO governance model, how will Boson Protocol govern and incentivize its participants to get their greatest contribution to Boson ecosystem?
Justin: One of our great team, Marina Markezic recently wrote a very detailed piece on this. Here’s a great excerpt;
“The role of the community will be increasingly evolved over time, aligned with our values and principles: it will progressively reach the level of decentralization; that will be the biggest factor preventing value capture, the opposite of what we can observe today with powerful ecommerce platforms.
Our decentralization approach is to enable easily accessible community governance of the Boson Protocol. Unlocked with the $BOSON tokens, the community will govern Boson Protocol and the issuance of funds from the dCommerce DAO.”
You can read the full article here: https://medium.com/bosonprotocol/governance-design-principles-c7565492512
Here comes the free QA session, guest can choose 1–2 questions from the audience to give a brief reply.
User1: Why you want to build a decentralized commerce platform?
Justin: What we’ve seen with e-commerce is that giant centralized monopolistic platforms have captured the market. They optimize for value extraction and hold power over the platform. We think dCommerce can set commerce free again and provide a neutral infrastructure for everyone to participate in. We’re not building a platform, but a protocol that anyone can use to facilitate trust minimized exchange.
User2: Do you have token buyback and burning plan?
Justin: Yes, we’re applying quite an exciting ecosystem design called “Web3 sustainability loop” to Boson. It is a DAO structure in which revenue generated by the ecosystem will be reinvested or burned based on growth expectation.
You can read more about it here: https://medium.com/bosonprotocol/introducing-the-dcommerce-sustainability-loop-1d72026636d0
Judy_Host of EncryptClub: Thank Justin for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.