top of page
  • What is Fanfire?
    Fanfire provides solutions for artists, athletes and businesses who recognise the opportunities presented by the third-generation web (“Web3”), such as cryptographic tokens, web wallets, fractionalised ownership and loyalty economies. The team has worked with a diverse range of partners such as the Cell C Sharks rugby franchise and Care for Wild Rhino Sanctuary to create new Web3 engagement strategies, and is also involved in digitizing the ownership and trade of collectible wines through its partner Strauss & Co.
  • Who makes up Fanfire?
    Fanfire is part of the Alphawave Group, a leading technology investment group consisting of businesses with products and services that are hard to replicate. The group is headquartered in Stellenbosch and applies South Africa's signature high-innovation-low-cost creativity to concepts with world-wide application. The company is led by the former Research Chair in IoT at Stellenbosch University (who co-founded Custos, an InfoSec blockchain company, in 2013). It is chaired by an industry veteran who has led two JSE-listed companies, and has decades of experience in technology, entertainment and consumer businesses.
  • What is an NFT, simply?
    An NFT is a digital ownership certificate. It usually represents the ownership of something physical or digital. Recently, NFTs have become very popular for the ownership of digital artwork – in this case, the NFT shows who the current owner of the artwork is, and also provides a link to the artwork itself. However, an NFT can also represent ownership of other digital items, such as a concert ticket or membership of an exclusive chatroom. NFTs can also be used to represent ownership of things in the real world, much like your car's registration certificate is proof of its current owner. For example, an NFT can represent ownership of a case of fine wine, and may indicate the wine's name and vintage, and the cellar where the wine is stored. What make NFTs attractive in this regard is that they can be collected and traded without the need for the cellar to keep track of the current owner – and without the wine leaving the cellar until it is ready to be drunk. An NFT lives on a global ledger of ownership called a blockchain. You own an NFT by having it in your blockchain wallet. If you purchase an NFT, you need a wallet in which to store it. Similarly, if you sell it it goes to the next owner's wallet. NFTs use a type of programmable ownership, and their rules can be set by their creators. For example, the NFT's "smart contract" may require that each time the NFT is traded, 10% of the sales price goes to the artist who created the work, or to a charity of the creator's choice. These rules are automatically enforced when an NFT is traded on online markets.
  • Why does an NFT have value?
    In a sense, the NFT itself is neither particularly interesting, nor of any real value – in the same way that your car registration certificate is a pretty boring read, on pretty cheap paper. However, the NFT may represent ownership of something valuable. For example, the NFT may give the holder full commercial rights to a digital artwork. The value of the artwork is determined by the open market, by what collectors are willing to pay for it. Similarly, an NFT that allows the holder to redeem a bottle of 1947 Château Doisy-Vedrines may be quite valuable, whereas one representing a bottle of supermarket plonk less so. What does make NFTs interesting, is that they open up the possibility of owning digital or physical items that would have been difficult to acquire in physical trade.
  • How are NFTs and crypto linked?
    NFTs and cryptocurrencies are just two different types of assets on the blockchain. A cryptocurrency (like Bitcoin or Ether) is fungible, which just means that 1 bitcoin is exchangeable for any other 1 bitcoin. South African rands are also fungible: You can exchange any R100 note for any other one, or for two R50 notes; the currency is fungible. "Fungible tokens" like Bitcoin and Ether are simply representations of value, and ownership is tracked and transferred on the blockchain (the "general ledger" of cryptocurrency). NFT stands for "non-fungible token" and means that each token is unique, and not directly interchangeable with another one. You and I might both drive a white 2019 BMW 330i, but you certainly wouldn't want to just swop mine with yours. They are distinct assets with distinct owners. In the same way, one NFT may represent a beautiful piece of digital art, and the other a bottle of an excellent vintage, and they are not interchangeable with each other. NFT marketplaces generally require cryptocurrency to buy and sell NFTs. Some marketplaces provide fiat ("normal money") bridges where you can purchase an NFT directly in rands or dollars, and the marketplace contract manages the conversion and cryptocurrency transaction for you. Fanfire is one such a marketplace, where you may purchase NFTs with a credit card, but a proper cryptocurrency transaction is made on your behalf on the blockchain. You don't need to have cryptocurrency or know about blockchains to start playing around with NFTs.
  • Are NFTs the future of art and wine?
    NFTs have certainly created a stir in the art world, and are generating a lot of interest amongst wine collectors. However, NFTs are likely to create exciting new ways to buy and collect art and wine, rather than replacing the art galleries and wine auctions that we know and love. It would be wonderful to have a digital wine cellar where we can collect and trade vintages from across the globe using NFTs, but this is unlikely to replace our everyday enjoyment of the vintner's art any time soon. But keep a close eye on this space – it may create completely new markets for art and wine.
  • What is a blockchain, simply?
    In short, a blockchain is a method of recording information such that it is nearly impossible to alter, hack or cheat the system. A blockchain is underpinned by a decentralised (meaning not one institution has custody over it) digital ledger that tracks transactions using secure and trustless protocols. Blockchain works on the concept of 'shared consensus'. In the same way that your friends know that the cellphone you walked into the room with is in-fact your possession without you explicitly telling them, the same way the blockchain (and its nodes) know what you own and what you don't own. The most famous blockchains include the Bitcoin- and Ethereum-blockchains. Blockchain and cryptocurrencies are not the same. Bitcoin and USDC are two examples of a cryptocurrency, like rands or dollars, that run on a blockchain. These cryptocurrencies are merely a few lines of code (known colloquially as tokens) in a smart contract that gets executed.
  • What is a Web3 Wallet?
    A Web3 wallet is essentially a digital wallet which contains all your digital assets, such as NFTs and other coins (or cryptocurrency).
  • What chain does Fanfire use?
    Polygon. Polygon, formerly known as Matic Network, is a blockchain scalability platform and framework for connecting and building blockchain networks compatible with Ethereum. Polygon’s main goal is focused around environmentally-friendlier, scalable solutions to support a multichain Ethereum ecosystem. Polygon uses proof-of-stake (POS) validation, significantly reducing strain off the main blockchain, resulting in faster transaction speed and lower gas fees.
bottom of page