A lot has changed in the NFT sector over the past year. While 2021 saw a complete explosion of non-fungible tokens, in 2022 Web3 saw accelerated maturation of the NFT space thanks to a bear market. Finding a way, NFT collectors emerged as prominent Web3 creators, but the Wild West that was the NFT market cooled off significantly.
Of course, that’s not a bad thing. far cry. Many investors and influencers quickly fell silent when the multi-million dollar profits were gone, but the NFT space as a whole moved forward. The entrenched collectibles and large-scale PFP projects of his on the market began to dwindle, and other, often overshadowed use cases began to emerge.
But we’re not just talking about Sound.xyz’s over $5 million Music NFT secondary sales and viral photo NFT editions. While these are undoubtedly great benefits for the artist, advances in blockchain technology and his transition from Web2 to Web3 have the potential to transform the metaverse by enhancing a range of powerful use cases for NFTs. In 2023, these growth areas will undoubtedly be the focus.
Ticketing & Certificate of Attendance:
One of the most undervalued areas of the NFT market is probably NFT ticketing. NFT tickets are seen by many as a key asset for the future of live events, and that’s exactly what they sound like.Tickets in the form of NFTs on the blockchain are live event (or virtual) services.
NFT tickets offer several advantages for ticket issuers and recipients. Issuers can record attendance in more detail by using blockchain as a ledger. You can also interact with ticket holders in new and innovative ways via NFTs. Issuers can send notifications, host surprise gifts, create Token Gate sites and services, and more easily collect data related to specific NFT ticket holders.
On the other hand, event participants who do not issue NFT tickets can also be rewarded retroactively. Her POAP, a proof of attendance protocol, allows users to create and issue commemorative badge-style Her NFTs.
This provides many of the same utilities as NFT ticketing. In many cases, users can collect her POAP by simply scanning her QR code or entering certain phrases. This significantly lowers the barrier to entry and makes it accessible to those unfamiliar with blockchain technology.
NFT tickets and her POAP may seem like a fun incentive for event attendees, but they continue to prove useful in helping project creators keep a record of early backers. It’s no exaggeration to say that both NFT tickets and POAP have helped change the way we think about fandom on Web3.
Membership Record:
While it is true that NFT-based membership has grown and developed alongside his PFP project, it has become its own sector in the NFT market. These types of his NFTs are primarily used by brands and programs and serve as keys to unlocking incentives and rewards for their owners. NFT membership is often enforced through “token gating,” which uses blockchain technology to verify ownership of his NFT and grant access to exclusive member benefits offered to the owner. increase. This can be implemented on Discord servers, in-person or virtual events, etc.
One of the earliest examples of NFT membership is the Bored Ape Yacht Club. Just owning a BAYC NFT gives the owner access to merch drops, music festivals, his subsequent NFT releases, and more. Projects such as LinksDAO, LoudPunx and Flyfish Club remain two of the most ambitious membership initiatives, while platforms such as Friends With Benefits and OneOf serve as archetypes for organizations looking to adopt membership passes.
Some NFT initiatives have brought common ownership and voting rights into the mix beyond the simple membership card idea.
Take lag radio for example Created by renowned influencer and builder Farokh as a decentralized Web3 media platform, the spirit of the project is to be owned by the community and owned by the community as a consumer-facing platform. For this reason, Lag Radio Membership Pass issued his NFT. This allows holders to vote on proposals and participate in important decisions.
Soulbound Tokens:
Soulbound Tokens are non-transferable NFTs, ideal for keeping a permanent record. Rather than keeping fragile paper records handed down from generation to generation, SBT offers us a better way to verify important information on the blockchain.
Adopting paper records, however, is only his one feature of these NFTs originally proposed by Ethereum co-founder Vitalik Buterin. Designed to serve as a comprehensive suite of tools for online users to preserve and protect their identities, SBT will have a profound impact on our daily lives if deployed as planned. Through SBT, medical records, academic records, alumni status, work history, criminal records, and everything in between can be imprinted as NFTs with immutable, nontransferable ownership.
While it is true that SBT may not be implemented on a large scale until we have a fully decentralized society, there is growing evidence that SBT could become a reality in 2023.
But where?
Aside from Buterin himself hinting that it could be implemented by the end of 2022, companies like Moonpay have already announced similar initiatives he has with SBT. Perhaps it’s only a matter of time before we see the first real use cases achieved.
Physical x Digital:
2022 saw the rise of phygital goods in the NFT space. Featuring the fusion of phygital and digital, Phygital builds another layer on top of the concept of digital ownership, allowing artists and developers to transform physical works into his NFTs and vice versa. make it possible.
The term phygital itself has met with resistance due to its aggressive phonetics and simple portmanteau nature, but the popularity of such products is undeniable. To do. From toys to collectibles to traditional art forms such as sculpture and painting, the line between physical and digital continues to blur for Web3 creators.
However, one of the most popular use cases in this new market segment is wearables. This is best illustrated by companies such as his 9dcc and RTFKT, which continue to produce NFT-powered shoes, shirts and other fashion items.
And while phygital goods may sound a little futuristic, wearable digital goods have long been used through video games such as Fortnite. In fact, Fortnite skins were what inspired 9dcc founder his Gmoney to venture into digital collectibles in the first place, as investment giants like him and fashion powerhouses like Nike If you’re looking at phygitals, it would be wise to do the same for the rest of Web3.
Artificial Intelligence:
Like it or not, artificial intelligence is here and seems to be here to stay. From tools like ChatGPT that are ubiquitous in nearly every industry, to AI-generated art being a hot and controversial topic in online communities, the AI boom we’re seeing right now is It feels like the first NFT semblance, if not huge, to the 2021 craze.
Still, AI will almost certainly have a broader impact on the general public than even NFTs can rally at this point. Of course, this also includes implications for Web3. In fact, many prominent artists in the NFT space are already using AI collaboration in their workflows.
But that’s not because of the recent AI boom, but because of the general digital nature of the NFT space, where developers, artists, and programmers converge. So why should he be watching AI in 2023?
The emergence of DALL-E, ChatGPT, and other tools has called into question the ethics of creating and selling AI art. While many critics fear the new paradigm of AI art, some accept it as inevitable. Nonetheless, current AI-created works lack the necessary “human copyright” to grant artists the right to protect them.
Originally published at https://businessdor.com on January 31, 2023.
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