FRAKT aims to build an NFT-DeFi ecosystem for NFT collectors, investors and creators — Serum Stories #20
“Our ambition is to be anyone’s go-to platform when it comes to benefiting from all that NFTs and DeFi have to offer. We bring powerful tools to each Solana community to achieve any of their goals, be it community empowerment, create liquidity or reward mechanisms for their participants… sky’s the limit”
As NFT continued to gain adoption in 2022, FRAKT sets its sight to build an all round product suite that combines DeFi and NFTs. We are super excited to hear all about what they’re building, read on!
1. For those who are not already in the know, what is your 30 second elevator pitch for FRAKT?
That’s always a tricky one! We’re basically an OG NFT collection turned 360°-DeFi-NFT project with a community-driven approach: we support community NFT launches as well as high-end generative art artists through our Sandbox, we unlock NFT’s liquidity through our fraktionalization protocol (single NFTs, baskets) as well as through our NFT pools indexes. Oh yeah, and we enable FRAKT NFT staking as well as our native token staking to get governance tokens as rewards to participate in the Sandbox voting and minting processes as well as the DAO.
2. FRAKT has a lot going on: NFTs, fractionalization, a Serum-based DEX (Fraktion), and liquidity pools. Who do you envisage as the average FRAKT user? What are you bringing to the Solana scene?
We envision the average FRAKT user to be anyone with an interest in NFTs, DeFi or simply technology. Our ambition is to be anyone’s go-to platform when it comes to benefiting from all that NFTs and DeFi have to offer. We bring powerful tools to each Solana community to achieve any of their goals, be it community empowerment, create liquidity or reward mechanisms for their participants… sky’s the limit in a sense that our tools can be used by anyone!
N. Tell us more about your frakt art pieces. What was the inspiration behind them? (How are they generated?) How rare are certain frakt designs? What will future frakts look like?
Our FRAKT NFTs come from the intricate mind of Vlad, our CDO, who coded the script to generate them back in May 2021. We were always very much intrigued by minimalistic designs and we decided to go for that approach during the hackathon that we ended up winning. All 10,000 pieces were generated on-chain (a rare feat!) and certain designs have a rarity of up to 0.1% (8 Rainbow Wave, such as the one here below).
As for the future of FRAKT NFTs, we will not be creating anymore of them — we’re focused on empowering artists through our Sandbox rather than generating more pieces ourselves :)
N. One of your more recent Tweets also announced NFT baskets. How will these baskets work? The idea of a DAO collection within a championed basket, for example, is intriguing. Tell us more about your thinking here on what your NFT Baskets will make possible.
Simply put — our NFT baskets will work very similarly to how single NFT fraktionallizing works, we can just put more NFTs in the same vault before going further with the fraktionalization of the assets. For example, the guys at the BanditoDAO have made a system with single NFT staking that enables holders of the $BRERO token ( SPL tokens emitted upon having fraktionalized one of their sombrero SMB’s) to participate within the DAO, and depending on how much you hold, you have different levels of access — so in short, inclusion. This can also provide DAOs with liquidity if they decide to put their NFTs in a basket and proceed to raising funds through their newly created SPL tokens. On top of that, it becomes very appealing to people who want exposure to blue chip NFTs but can’t achieve that just yet — they now can at a literal fractions of a price.
N. Speaking of Tweets, we also saw this one:
“Be honest, have you ever thought that one day you would be trading pieces of a fraktionalised NFT representing a picture of a pixelated sombrero monke in a liquidity pool on a DEX with transactions finalised on the blockchain?
How would you explain that to your parents?”
We’re turning this question right back at you. How would you explain this to your parents?
Well, that’s actually a pretty good one and despite my efforts during the Christmas Holidays, I had to explain it using a real life example: breaking an actual Picasso into pieces and distributing those pieces however they owner would want to — or sell them — and then add a utility to that “piece of Picasso” so that it owning one of those piece could grant you with unique perks — access to certain people, certain expositions, anything goes as long as the person sees utility in that. And before you ask, yes, I’m still allowed at the next family reunion.
N. DAOs are always a hot topic and a critical juncture in a project’s timeline. What are you envisioning for the FRAKT DAO? What should FRAKT supporters look forward to?
We have decided to supercharge our DAO by surveying the current FRAKT community members back in December 2021 to highlight where the needs are, according to them, and what positions would be needed to achieve something beautiful for FRAKT.
The feedbacks were overwhelmingly positive and 6 positions were created in light of their feedback. As of January 2022, the FRAKT DAO operates with a Council of 6 members, each representing a key branch in the structure (Marketing, Development & Strategy, Governance, …).
Together with the DAO, we have outlined the roadmap for Q1 2022 and if we weren’t involved in it, we’d think they were crazy… We will be adding more elements to make the whole FRAKT ecosystem even more complete with farming yield — as well as develop further use for the NFT pools. We’re also developing efficient market solutions for our Sandbox projects.
N. What are you most looking forward to for Solana (and for Web3?) in 2022?
Looking forward to keeping on making connections and friendships in the ecosystem. The positivity and overall energetic vibe of the whole Solana space is refreshing and magnetic. We love it and we’re proud and honored to be a part of it.
N. Any last words to your supporters?
Thank you to all of you, who have believed in us since the beginning — because if we’re where we are today, it is thanks to you. But also to those who have doubted us, you made us ask ourselves the right questions and we have bettered ourselves, our tools, our approach, thanks to you.
We’re excited for the journey ahead of us, together with all of you. You guys rock.
We hope you enjoyed the interview!
We would love to continue having these kinds of conversations with all the incredible teams building on Serum and sharing them with you. Just let us know who you want to read about next!