NFTs as collectibles is all anyone can talk about--but there is a lot of real potential in the concept of scarcity in digital data, and some companies are taking NFTs a huge step further. Whether they are broadening the utility of collectibles or using NFTs in a completely different way, these next-gen dapps are pushing the limits of this exciting trend.
No one can escape news about NFTs anymore. Even my mother, who has a hard time operating her user-friendly iPhone, keeps telling me that she wants to make NFTs of her paintings. With mainstream attention comes novel use cases. Not only is the NBA selling collectibles but also selling highlights of big moments in the game. Mick Jagger is auctioning NFTs of bands to help them raise money because of the hard times brought on by Covid-19.
The truth is, these interesting use cases don’t even begin to scratch the surface of the potential of NFTs. They may seem like a nebulous novelty right now, but that’s only because the tech is still being explored. At its core, NFT tech introduces scarcity in digital data, a concept that seemed impossible until recently. With this new tool at our disposal, there’s no telling what innovative platforms will be built in the future.
Or maybe I can.
Splyt
The first on the list turns the concept of NFTs completely on its head: instead of representing digital assets, Splyt’s eNFT (e-commerce NFT) represents real-world items. Brands and sellers can list their products as an eNFT, creating a globally updating blockchain inventory system, which prevents double sell since no NFT can be sold twice. Each item’s eNFT acts as a certificate of authenticity, safeguarding against knock-offs and scalping. Its history and rating stick with it as it is bought and sold. It has a built-in commission that allows affiliates to list and sell any product without needing to negotiate a contract. When the item sells, they get paid immediately, no questions asked. The protocol keeps track of reputations and even facilitates disputes and arbitration.
Any market, affiliate, or seller can make themselves at home here, making Splyt a “marketplace of marketplaces”. It’s about time we decentralize e-commerce; too few players are calling too many shots. Make sure to pick up some SHOPX so you can vote on fair-market protocols.
AnRKey X
Take everything gamified about the crypto world and combine it with NFTs to form AnRKey X. It’s an all-in-one gaming platform where games can be made and in-game items can be bought, sold, and traded in the market. They even gamified liquidity mining by pitting groups against each other and seeing which pool can outperform the others. While the AnRKey X team makes their own games and gorgeous loot drops, anyone can build a game dapp and sell their own rare items in the gDEX (decentralized finance gaming platform exchange).
To stay on brand, they call their ANRX “arcade tokens”. These tokens allow users to buy and sell NFTs, compete for rewards, and stake for yield farming and liquidity mining. And just like an arcade, you can use your tokens to play games. What’s interesting here is that you can own an NFT of an item in a game you don’t even play. It brings the items in the game to life.
Decentraland
Decentraland was inevitable, and they’re doing a great job. It’s a decentralized virtual world where users can customize their avatar and buy and sell in the digital marketplace. But that’s not all. You can even buy a LAND token, which is a piece of tokenized virtual land, and monetize it in any way you see fit. All of this is facilitated by MANA, which is the internal digital currency and governance token.
We’re only seeing the beginning of this awesome potential. People are going to be expressing themselves and finding creative ways to monetize that no one has ever thought of. They’re even giving creators monthly stipends to monetize in ways that no one has ever thought of. At this point, brands and designers are dipping their toes in as well. As the second-largest NFT platform, Decentraland is soon to be a widely-used playground for many different types of people.
NFT20
Though it’s in its early stages, this project could end up being incredibly useful to the rapidly expanding NFT market. What it does is create NFT pools specific to each individual collectible NFT project. Each time a new NFT is added to that project’s pool, 100 tokens are minted under that project’s name and given to the owner. This creates liquidity in the NFT market. The owner can then use those tokens to buy another NFT in the pool or can trade them on Uniswap. Their value will depend on the demand for that pool’s unique token.
It’s an interesting take on NFTs and derivatives, allowing investors to speculate on the project as a whole instead of needing to look for and buy specific pieces based on their own judgement.
With NFT20’s MUSE token grants governance rights, but only to a certain extent. Don’t take it the wrong way: the creators are trying to scale their project without succumbing to the push and pull of a profit hungry market.
0xcert
And of course, we finally have a method of making our own NFTs. But Oxcert doesn’t just allow you to make collectibles. They give you the flexibility to tokenize all kinds of data, from certificates and credentials to contracts and logistics. Yes, you can make collectibles, too. The platform helps new projects integrate use of NFTs into their projects, which will help speed up blockchain adoption and ramp up the NFT market even more.
Their ZXC token is used in a very interesting way. First of all, its price is always valued the same within the system, 0.42 euros, regardless of its trading price. The token then interacts with each individual dapp’s token at a 1:1 ratio. Using ZXC to pay for 0xcert’s services in this way creates a frictionless microeconomy that circumvents ETH gas fees.
It seems like there’s nothing NFTs can’t do, and the ways in which we interact with them are increasing as well. Taking these new projects into consideration, there’s no doubt that this technology is unlocking the next stage in the internet’s evolution.