by
Unique Network
The evolution of Non-Fungible Tokens (NFTs) has only just begun, with the next phase within Web3 poised to revolutionise the landscape through powerful utility tools. Dubbed "NFTs 2.0 – Elevate engagement and ownership with NFTs, Digital Assets, and Web3," this next iteration represents a significant leap forward in the realm of Non-Fungible Tokens and Blockchain technology.
From NFTs to…
At its core, NFTs have always revolved around ownership, transferability, and data storage. The initial wave focused on demonstrating ownership of digital art, membership badges, and storing associated metadata. However, the forthcoming wave, what we term "NFTs 2.0," elevates these foundational elements to unprecedented heights, even more so now within the Metaverse.
ALT Text: Image depicting the revolution of NFTs to NFTs 2.0.
…NFTs 2.0
Ownership that boosts engagement
Firstly, ownership extends beyond mere possession of individual digital assets to encompass advanced ownership structures such as Nested, Customizable or Composable NFTs, often referred to as advanced NFTs.
A prime example is the "DED Mine" game, where 258k NFTs have been minted from 8598 wallet addresses, showcasing the utilization of Nested and Dynamic NFTs through collected badges and earned XP within the game environment. Additionally, ownership now encompasses the integration of asset and intellectual property (IP) rights, particularly evident in complex media structures like music, where IP rights are embedded into the NFT, offering more utility and versatility when it comes to digital assets and Web3 innovation.
Interoperability to expand use cases
Secondly, transferability moves beyond simple NFT marketplace listings and ownership transfers to meaningful interoperability. This interoperability expands the utility of NFTs beyond their original design, as seen in scenarios like a music album, nested into one NFT, being transferred to a DeFi blockchain to facilitate fan-driven crowdfunding for a music concert. A great example of music NFTs is the Kings of Leon NFT album sale.
NFTs 2.0 as carriers of complex data structures
Thirdly, data storage evolves from static metadata to dynamic data structures. Gone are the days of complex and cumbersome smart contracts for your NFT needs.
Examples include blockchain game Xperience points updating NFT descriptions, live car mileage tracking within car NFTs, and continuously updated education skills within NFT identities or avatars. Unique Network's NFT data schemas exemplify this flexibility in defining data structures for NFTs.
These advancements are not hypothetical but are already being implemented by real founders and innovators within the Unique Network ecosystem.
Unlocking the Potential of NFTs 2.0: A Journey with Unique Network
With the launch of NFTs 2.0 Journal, we aim to delve into these innovations in each edition, showcasing the most innovative use cases and the latest developments in NFT technology within the Unique Network and the Polkadot ecosystem.
In line with our commitment to advancing NFTs 2.0 to a wider audience outside of the crypto and blockchain world, we recently announced the $250,000 NFTs 2.0 Code Craft Grant Fund. This fund seeks to foster innovation in NFT dApps, micro-dApps, and utility packages for the blockchain, with a focus on Customizable, Dynamic, Multi-asset, and Multi-resource NFTs and Digital Assets, ensuring tangible experiences for the community.
The First Edition of the NFTs 2.0 Journal is here!
The inaugural edition of NFTs 2.0 Journal spotlights High-Speed NFT minting within the Web3 gaming realm, exemplified by the performance testing conducted for the game Forever Has Fallen. Achieving scalability and reliability in high-speed minting is crucial for mass adoption. It reflects Unique Network's leadership in readying the infrastructure for Web3 and the challenges that are faced in blockchain technology.
Upcoming Journal: Second Edition to be released in the 1st week of April!
Stay tuned as we explore further developments, including cross-chain NFTs, in upcoming editions throughout 2024. NFTs 2.0 Journal is on a mission to dissect, analyze, and lead the understanding of the evolving NFT landscape and why it plays such an important role in the Web3 world and why it will continue to evolve throughout our world and in the Metaverse that we know of today.
Explore the future of NFTs with Unique Network's NFTs 2.0 Journal! For any topics you’d like us to dive into next, or any feedback/suggestions please write to [email protected].
We will see you in the next edition!