NFT 2.0: The first NFTs have shown us that verifiable ownership is more valuable than we thought. But is it NFT 2.0? Will be That’s exciting, says Victor Zhang, its CEO Smart Token Lab.
The speculative wave of the NFT has certainly reached its peak. We are ready for the underlying technology to unlock a new wave of innovation. It will be based on mainstream brand adoption and new types of customer connections.
This time last year, a buyer could land at a board app yacht club for about 300 300. Today, even the cheapest primates will cost a minimum of $ 90,000. Conversely, projects like Cool Cats have halved their value in the last few months – from an all-time high of 16 ETH to below 5 ETH.
The top NFT collections are brands 6 Make no mistake, BAYC or WoW membership says something about you and means something to you. Using your NFT as your profile picture or your car’s license plate is a very universal form of brand association.
In the next wave – NFT 2.0 – we will see exciting innovations from the top NFT collections. They will expand into metavers, gaming and real-life partnerships with mainstream brands.
But more interestingly, we see that mainstream brands have entered the field with purpose. This will take us to a new level of sophistication in adopting NFT technology beyond the irresistible promise of “utility”. At the root of this is bringing people closer to the brand of their choice.
Exploring for Utilities
To date, there has been a tendency to include some of the utility merchandise and promises of future airdrops. Or access an upcoming game where NFTs can be used to make money.
However, utilities often tend to be combined with empty promises that will probably never work. In order to pay their perceived value to the NFT, it is crucial that the collectors be given benefits outside the ownership of the assets.
Nifty Taylor is one such platform that redesigns the NFT utility to create running standards for collectors. While the owners of the Board App (BAYC) and the Mutant App Yacht Club (MAYC) are certainly thrilled to be in such an exclusive company, the usefulness of monkey ownership doesn’t have to end there. Nifty Taylor has launched for the first time an on-chain verifiable derivatives collection, allowing BAYC and MAYC holders to create a variety of apparel derivative apps selected by key holders.
The holder receives royalties from the sale of secondary market derivatives. Nifty Taylor not only provides a secondary economy to collectors and manufacturers, it also gives access to the major brands in the NFT world without launching their own collections.
Perhaps the value of a cool cat or a pixelated stoner is not clear to traditional Web2 customers. However, as more brands like Nike, Adidas, and Asics try to integrate NFT, it is clear that they value digital assets. That said, in order to provide meaningful utility to Web2 or Web3 viewers for NFT, brands must reconsider tokens and how they present value to users.
NFT 2.0: Token Reconstruction
Searching out static images is crucial to extracting true values from NFTs. Although the recent Cambrian eruption in NFT space is only a year old, a variety of future NFT uses are beginning to emerge. From healthcare and passport to real estate and art verification, the endless possibilities of NFT are unfolding. But in order for NFT to truly emerge and realize its potential, builders need to rethink what these tokens represent. This is so that they can provide the utility of interest to their users. And for NFT to truly deliver utilities, there needs to be immediate real-world applications. Especially with Web2 audiences – obviously, the real benefits outweigh the roadmaps for the future.
Smart Token Labs claims that tokens will be the foundation on which Web3’s future is built, and that they can serve as a bridge around the world. To that end, Team Web2 has established extensive partnerships to help brands incorporate NFTs into their digital strategies.
A clear example of this can be seen in event ticketing. Smart Token Labs has worked alongside a number of high-profile events, including the FIFA Cup, the UEFA Cup, and the Etherium Foundation’s Devcon. This is to provide certificate-based derivative NFT to event-passengers, which they used as their admission ticket.
In addition, event websites will recognize the NFTs in their wallets and grant them access to specific parts of the event based on the NFTs held. This will facilitate the ticketing process for the participants. They do not have to carry physical tickets. And, they can carry their wealth with them.
NFTs as a Web3 Unramp
The overwhelming feeling among blockchain enthusiasts is that if Web3 is to succeed, Web2 must be broken. While conventional wisdom may contribute to that idea, the reality is that Web3 will have more success working with Lockstep with Web2.
How, then, will Web2 communicate with Web3 without interruption? Perhaps surprisingly, the answer is NFTs. Although NFTs are currently limited in their use, the potential for NFTs cannot be underestimated. Looking beyond digitized animals, these tokens represent something even bigger: verifiable ownership. Emphasis on ownership allows us to predict a wide array of potential uses – from simple identification to simple vehicle titles.
Although many in Web2 are skeptical of the NFT movement, once Web3 consistently displays value to Web2, NFTs will become a gateway through which users are welcomed into Web3.
Carla Chan’s recent partnership with La Prairie demonstrates how NFTs present Web3 Unramp for major Web2 brands. As two major names in their respective fields, Chan and La Prairie have teamed up to unveil an NFT campaign that provides collectors with a unique NFT and drives real-world social good. Each NFT features 31 of the most populous cities in the world and is bound by current weather patterns, giving the holders an ever-evolving NFT artwork. More importantly, the proceeds from the sale of artefacts moving toward glacier protection in Switzerland, this initiative has proven that NFTs can and should have a positive, real impact.
NFT 2.0 is in the future
NFT Space has not yet realized its infinite potential. Of course, the emergence of new projects, huge sales, and incredible community solidarity are all exciting and celebratory. Even more exciting, however, is what NFTs do Willpower Stay. This current iteration of the NFT has shown us that verifiable ownership is more valuable than we thought. Subsequent repetitions of NFTs, or NFT 2.0, will put an end to the fact that tokens can revolutionize our outlook on everything from marketing to healthcare and everything in between. As big brands enter space, it is crucial that they be carefully entered into Web3 so that they can understand the impact of their NFT initiatives and how to dream big when thinking about tokens.
About the author
CEO of Victor Zhang Smart Token LabWhich is creating a new standard for a tokenized future with TokenScript, a smart token interface for compact smart tokens across NFTs, PlayFi, DeFi and the entire Web3 spectrum.
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