Roy Bernhard on ‘Hashing it Out’ Episode 21: Fabriik’s ‘crown jewel’ Wallet to launch in May

It’s been about nine months since I last spoke with Roy Bernhard, President & Chief Product Officer of Fabriik, and so much has happened since then—from the unveiling of Fabriik Weave and FabriikX at CoinGeek New York 2021 to their launches shortly after and now the imminent launch of Fabriik Wallet, due to drop in May. 

Clearly Bernhard has been busy and in this episode of Hashing It Out we cover what customers can expect from Fabriik Wallet, what makes the FabriikX NFT marketplace special, how gaming companies can take advantage of Fabriik Weave and why gambling companies are a perfect fit for Fabriik’s trading platform.

Fabriik Wallet launch

“What we’ve done is we’ve taken the collective experience and knowledge that we’ve gained over the past couple of years, and we’ve integrated that into a core what we consider a ‘super app,’ a web3 wallet and that we’ll be launching as the Fabric Wallet. And really, that is going to be our crown jewel in terms of the core where we offer everything,” a beaming Bernhard revealed.

The goal is for Fabriik Wallet to become an “ubiquitous part of your day,” a mobile-first decentralized, self-custodial wallet to hold assets. So what does this mean? 

“What we found is that many of the big players in this space are removing one of the core elements and one of the core principles of the world of decentralization by centralizing a wallet,” Bernhard explained.

“You’ll have Coinbase, some of the other larger exchanges, which do great in their own right, but at the end of the day they’re taking over open source projects that are taking decentralized wallets and they’re centralizing them. And that’s no different than a bank,” he said.

“So [Fabriik Wallet is] a self-custodial wallet—first and foremost—which is really powerful. Your keys, your data, your access, your crypto,” Bernhard added.

There are very few self-custodial wallets that have BSV as a “first player” or as the primary blockchain that’s being supported, so Fabriik decided to pave the way. 

In the wallet’s first iteration, users can expect the ability to buy, receive, store, send, trade and swap digital currencies and over the course of the year, tokens and NFTs will be introduced, making Fabriik Wallet “a truly web3 digital asset wallet” powered by BSV.

FabriikX NFT marketplace

It seems like everyone is obsessed with NFTs these days, whether they know what an NFT actually is or not. All NFTs are not created equal, especially when it comes to the blockchain they are sitting on (if at all!) and there are plenty of scams out there, so buyer be aware. 

After extensive research, Bernhard is confident BSV is the best blockchain to use for an NFT marketplace, so this is exactly what Fabriik has done.

“We built FabriikX from scratch on BSV and on the BSV blockchain. One of the bigger issues for the NFT marketplaces is that because of the gas and transaction fees of all the marketplaces that are out there, pretty much, you can’t have a 5- or 10-dollar NFT,” Bernhard explained.

With the high gas fees that come along with Ethereum (ETH), in particular, you can’t have a $5 NFT because it will cost another $50 in fees—using ETH just doesn’t make any sense unless you are talking about NFTs that are worth huge sums of money. Therefore, these crazy fees cut out a whole demographic of use cases for NFTs and using BSV technology instead is the answer.

“We have our own token protocol—we attached the Money Button wallet (eventually to be replaced by the Fabriik Wallet) to the FabriikX platform and we built a whole subset of features and the site is launched and amazing,” Bernhard shared.

FabriikX has both primary and secondary markets, made “very accessible,” according to Bernhard, due to the low fees of BSV and the fact that NFTs can be minted “on demand” and the minters don’t pay any minting fees unless the NFT is purchased.

“Last but not least, one of our biggest plays is that it’s a curated marketplace. So we’ve been working really hard with some amazing celebrities and athletes to get them onto the website to push and promote the site,” Bernhard added.

Fabriik Weave for gaming

Fabriik Weave allows for end users, such as gamers, to perform all actions of a digital currency-to-digtal currency exchange within the application they are using. On January 11, CryptoFights announced an integration with Fabriik Weave to allow their players to swap digital currency seamlessly, in real time, all without having to leave the CryptoFights interface.

Bernhard spoke on Fabriik Weave’s ability to allow for BSV-based liquidity for customers, just as it does for CryptoFights, while also pointing out how Weave remains invisible to end-users who are using it without even knowing it.

“We’re going to continue to build out, add more currency to [Weave]—regular pairs, synthetic pairs—we’re always working with our downstream providers to enhance our ability to have better spreads, better transaction rates. We really just want this to be a really strong service for people to use,” Bernhard confirmed.

“Eventually, we want to make it so that when you tap to pay or when you click to pay on a website, you don’t have to select a currency to move it to something, to move it into something else. You can literally just pay any way and it will flow all the way through and where Weave needs to get involved it will so, very excited about it,” he added.

Fabriik Trading Desk for gambling

With ICE London coming up this week, the gambling industry is top of mind and operators dealing in digital currency should know about Fabriik Trading Desk, a service that can handle large sums of digital currency, all within regulations.

“We have an institutional side of the business and that business is for transactions that are 50-, 100,000 dollars and up. We have the ability to do an end-to-end scenario—we are already hooked into banking networks and all that. So we have the ability to do fiat on and off ramping and we do that for various different businesses,” Bernhard confirmed.

“The gaming world is a perfect environment to be able to help and support people, and we know that that world is growing quite a bit,” he said.

“We’re seeing a lot more thumbs up from governments, thumbs up from regulatory and other bodies. And it’s really nice to see them opening up and saying, ‘You know what? We can see that there’s a safe way to do this.’ And so it creates lots of wonderful opportunities and we want to be there alongside those companies as they move,” Bernard added.

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