Posts by "cryptoinsights"

NFT Gaming Overview

The NFTs dominated the year 2021. Non-fungible tokens (NFTs) are being accepted by various sectors, from Gaming and banking to the arts and medical, thanks to the popularity of the underlying technology and its supportive community.

NFT Gaming

A new video game that allows players to gather, breed, and trade NFT kittens exploded in popularity in 2017. In response to the unprecedented demand for “CryptoKitties,” the Ethereum network experienced significant transactional delays as the number of transactions overwhelmed its capacity limits.

In 2022, hundreds of games will be totally based on NFTs. New fangled tokens are being incorporated into classic games. Furthermore, NFTs have shown promise to change the nature of in-game economies.

Play-to-earn gaming

The gaming sector benefits greatly from the combination of blockchain technology and NFTs. Play-to-earn (P2E) models are becoming more popular, with games like Axie Infinity and Blankos Block Party leading the pack. They’ve grown in popularity in the last year, especially in underdeveloped nations, since who doesn’t want to earn money playing video games?

Perhaps the most well-known pay-to-earn title is Axie Infinity. Gameplay is similar to that of the Pokémon series, focusing on the acquisition, breeding, and ultimately the deployment of playable Axies into combat. The Axies are NFTs, and the Smooth Love Potion won in fights may be traded on a secondary market for fiat cash. As one of the largest NFT initiatives in the world, Axie has seen over $1 billion in trading volume.

The Metaverse

However, the metaverse is the movement shaking up the game industry, with repercussions well beyond conventional Gaming.

In case you haven’t heard of it, the metaverse is a shared digital area that blurs the lines between the virtual and actual worlds.

Many people see the metaverse as the next evolution of the internet and the future of social networking. Mark Zuckerberg has lately revealed that Facebook would be rebranded as Meta and will evolve into “a metaverse corporation.” Meta aspires to create a virtual community that combines work, play, and communication.

What does this have to do with NFTs?

In his announcement, Zuckerberg mentioned the need to incorporate privacy, security, and interoperability into the metaverse. As more of our lives are conducted online, we’ll want more reliable methods of establishing our identities and controlling our digital possessions.

This is where NFTs come in.

The metaverse is analogous to our physical reality, but in a digital format. You can talk to other people, go on adventures, shop, and take on challenges. The same non-fungibility of assets that we see in the actual world is made possible by NFTs in this setting.

In general, scarcity and usefulness are what give assets their worth. In addition, NFTs enable developers to implement scarcity and utility in the metaverse, paving the way for developing a one-of-a-kind economic system.

In fact, Decentraland and Sandbox, two of the market leaders in the metaverse, are already deploying NFTs for this purpose, tokenizing everything from user accounts to in-game items to real estate. Moreover, Twitter and Facebook (Meta) seem to have similar plans.

Consider the housing market as an example. Land in Decentraland is scarce and may be owned as a non-fungible token. The land you purchase in Decentraland is yours to do as you like, just as it would be in the real world. You’re free to use it for whatever you wish, whether a residence, store, art gallery, or billboard.

Your land is precious not just because it serves a purpose for you but also because it is scarce and may serve the needs of others. This indicates that real estate in a popular location will increase in value as more people move there. Real estate values are determined by several factors, including location, square footage, and current market conditions. Because of your NFT ownership, you may profit from the sale and then give the property to someone else.

Republic Realm invested about $1 million and bought a large piece of property on Decentraland because it was in a high-traffic location. They planned to construct a virtual shopping mall there. They are presently leasing out establishments inside the piece of land known as the Metajuku Shopping District.

Transforming in-game markets

Over $50 billion is currently spent yearly on in-game purchases, making NFT-based games an appealing alternative to the existing system for gaming markets.

Due to the existing arrangement, in-game purchases are usually tied to a single user and game, rendering them useless if the user stops playing. Making these in-game objects into NFTs makes them tradeable on a secondary market and perhaps portable to other games.

With scarcity, transferability, and evidence of ownership, players might see in-game purchases as an investment with future rewards rather than simply a pleasant addition to normal Gaming.

Introducing ERC-721 Token Standards

Let’s discuss some of the science behind NFTs, commonly called blockchain technology. Blockchains are networks of nodes (servers/computers) that store information and transactions and rely on one another for accuracy. Non-fixtures are no different, as there are a variety of things that distinguish them from the rest.

Standards for smart contracts and tokens

An automated smart contract is a program that automatically executes a transaction according to the terms agreed on by the buyer and seller. Besides adhering to standards, smart contracts also must conform to the rules of the blockchain on which they will interact/be used. Token standards are one of those smart contract standards, and they guide the creation, issuance, and deployment of new tokens on the blockchain.

How do ERC-721 works?

Did you know you’ve already seen, heard, bought, and owned an ERC-721 digital asset? Non-fungible tokens, or ERC-20 tokens, are the most familiar and widely used token standard for the Ethereum blockchain, popularly known as Ethereum Request for Comment (ERC-20).

 A lot of NFTs, including Bored Ape Yacht Club, Cool Cats, and Invisible Friends, still use the same token standard.

Since each ERC-721 token has its unique characteristics, it is believed that its usage is far beyond its current use as a digital asset ownership token and can also be used for representing the ownership of property, vehicles, businesses, and other assets. To gain acceptance among the majority population and corporations, NFTs, blockchain technology, and cryptocurrencies must be used legally and morally.

Different token standards

ERC-1155

ERC-1155 is the most advanced token standard and is designed to enhance transaction efficiency and security, as well as bundle transactions and reduce transaction costs. Using semi-fungible and non-fungible tokens assists in the integration of ERC-20 and ERC-721. You can use it to create TGE/ICO coins as well as non-fungible tokens, batch token transfers, and more.

ERC-20

Most cryptocurrencies use this by far and it is the most popular. There is no difference between them and they can be exchanged easily. There is no limit to its versatility. You can use it to buy items, trade it for fiat and other coins/tokens, and even get in-game assets. Token generation events (TGE) and initial coin offerings (ICO) are the most common uses.

ERC-777

By allowing tokens to be rejected on specific terms (i.e., less or greater than), ERC-777 enables users to react to transactions. The ‘Hooks’ feature is ideal for fungible tokens that are fully compatible with decentralized exchanges, allowing smart contracts to “receive and reject” large amounts of tokens simultaneously. In case of a lost private key, emergency recovery is available. The token has been upgraded to ERC-820 due to its issues.

To sum up

Understanding what token standards are and what they can do can help you better understand the idea and appreciate NFTs. This information will enable you to determine the value of an NFT you are interested in buying or selling based on another factor. NFTs can vary in value depending on their utility, which is limited to the standard they use. Keeping learning might lead you to create the next revolutionary token standard!

11 Fascinating NFT Developments

1. NFT Gaming

A new video game that lets players gather, breed, and trade NFT kittens had a huge increase in users in 2017. Due to the popularity of CryptoKitties, the Ethereum network’s bottlenecks could not handle the number of transactions, which caused the cryptocurrency’s transactions to be delayed.

In 2021, there will be a large number of games that are totally based on NFTs. NFTs are being incorporated into already released games. NFTs also have the ability to alter how in-game marketplaces function.

Play-to-earn gaming

The gaming sector has a ton of promise for both NFTs and blockchain technology. Additionally, play-to-earn (P2E) models in games like Axie Infinity and Blankos Block Party are causing a stir and earning players actual money. Who doesn’t want to be able to make money playing video games? That’s why they’ve seen an enormous increase in popularity in recent months, especially in developing nations.

Probably the most played P2E game is Axie Infinity. The game, which was inspired by Pokémon, revolves around purchasing, breeding, and training Axies to dispatch into combat. The Axies are NFTs, and via combat, players may acquire Smooth Love Potion, a cryptocurrency that can be exchanged for real money on a secondary market.

The Metaverse

However, the trend that is reshaping the gaming industry extends beyond play to earn and has effects that reach much beyond traditional gaming: the metaverse.

The metaverse is frequently promoted as the next phase of the internet and the future of online interactions. Facebook has changed its name to Meta, and Mark Zuckerberg just said that the firm wants to become “a metaverse corporation.” In the future, Meta wants to be a virtual hub for social interaction, employment, and entertainment.

What connection does this have to NFTs?

Zuckerberg said in his announcement that the metaverse has to be designed with privacy, safety, and interoperability in mind. We’ll need safe means to establish ownership of our identities and digital assets as more and more of our lives shift online.

NFTs can help in this situation.

Imagine the metaverse as the physical world, but online. You may engage in social interaction, go exploring, shop, and accomplish tasks. The same non-fungibility of assets that exists in the actual world is made possible in this area via NFTs.

Asset values are driven by usefulness and scarcity. Additionally, NFTs enable authors to inject utility and scarcity into the metaverse, allowing for the development of a distinctive economic system there.

By tokenizing anything from usernames to in-game wearables to real estate, top metaverse businesses Decentraland and Sandbox are employing NFTs for this very purpose. Twitter and Facebook appear to be set to follow suit.

Consider the real estate market. Real estate is scarce and only available as an NFT in Decentraland. In Decentraland, the land you purchase is yours, just as in the real world. Build a house, a company, an art gallery, or put-up signs on it; whatever you want.

And much like in the real world, your property has a value not only because of what it can do for you but also because of how rare it is and what it might be able to do for others. This indicates that real estate in a certain region increases in value as interest in it grows. Property values are influenced by factors including location, square footage, and market trends. You may sell the property for a profit and provide new ownership to someone else because you own it as an NFT.

2. NFT Ticketing

GET Protocol and Centaurify are only two of the businesses introducing NFTs to the ticketing industry. The development of tickets as NFTs allows for more control over the secondary market, safer storage, and the possibility of seeing tickets as digital treasures.

NFTs in ticketing has the potential to provide lifelong value, unique access, and added incentives for customers. Several cutting-edge uses of NFT ticketing include:

Kings of Leon offering NFTs for lifetime front-row tickets to their concerts.

NFTs for comic books are being distributed by WarnerMedia’s DC Comics along with tickets to their DC FanDome event.

Gary Vee’s Vee Friends NFTs, which also serve as VIP passes for VeeCon’s first three years,

The declaration by Mark Cuban that he intends to introduce NFT tickets to the NBA

An NFT of Andy Murray’s victory at Wimbledon in 2013 that featured two VIP tour experiences, Center Court tickets for the Wimbledon Gentlemen’s Final in 2022, as well as a 30-minute tennis match with Murray.

3. Avatars and PFP NFTs

The PFP (profile photo and avatar) NFT efforts have been some of the most successful in NFT history. The foundation for these activities was laid in 2017 with the release of the now-famous CryptoPunks.

10,000 CryptoPunk NFTs were algorithmically created in 2017 and distributed without charge to anyone with an ETH wallet who was interested. In 2021, the cheapest of the 10,000 is valued at more than $400,000, and the NFT series has seen more than $4 billion in transactions.

You might now choose any NFT as your Twitter profile image, albeit doing so is discouraged. However, Twitter’s new technology would enable users to confirm ownership of their NFTs and display a little Ethereum checkmark next to those NFTs.

4. NFT fragments

By now, we are aware that certain NFTs are unaffordable. As of this writing, the least expensive CryptoPunk available for purchase costs close to $400,000. Fragmentation, however, is a recent development that is increasing the liquidity and investor accessibility of high-value NFTs.

Fragmentation is the process of disassembling an NFT into smaller components (ERC-20 tokens) so that consumers may buy inexpensive portions of a costly NFT.

NFT fragmentation can best be understood by comparing it to stock in a corporation. You acquire a minor stake in a corporation when you purchase a share.

Similar to this, an NFT may be divided into millions of little bits, or “shards,” and users can purchase their part of the NFT for less money by doing this.

The odd thing about this is that token shards that are supposed to be non-fungible are really fungible, which means they may be exchanged or substituted for a similar object.

5. NFTs with digital twins

A digital twin is an electronic replica of a tangible asset or product. In essence, it makes it possible to keep a digital record of who owns what in the real world.

Why would someone require an NFT of an item if they already own the genuine, physical version?

The NFTs are a mechanism for verifying the physical goods, not the actual items themselves. Consider it as a safe, accessible proof of authenticity or receipt that contains the whole history of the object.

6. AI NFTs

Artificial intelligence (AI) is the upcoming significant technological disruptor after blockchain. Therefore, the two being united shouldn’t come as a surprise.

AI-produced artwork

Here, AI-created NFTs are the first significant trend.

This phenomenon is not brand-new. At Christie’s in 2018, Obvious Art sold a piece of art produced by the AI GAN for nearly $400,000. However, the advent of NFTs made the worth of digital assets widely acknowledged, and as a result, new AI projects are now regularly producing new works of art and minting them as NFTs.

NFTs with an AI personality is known as iNFTs. They exist on the blockchain, you can communicate with them, and they may alter their personalities and learn new things.

7. Community-owned entertainment and NFT streaming

NFTs are frequently credited with bringing about a creator economy. They’ve provided hundreds of artists with the freedom to make and market their works as they see fit. However, the NFT creator economy has far more potential than simply empowering visual artists and altering the art industry.

NFT music

The first artist to tokenize an album was DJ 3LAU, who earned $11.6 million from the 33 NFTs of the CD he sold. His upcoming endeavor, Royal, aims to revolutionize the streaming music industry. The several owners of the fractionalized asset would then receive a share of the royalties from the song’s streaming.

This enables musicians to reward their most ardent followers with a portion of their earnings—should the song be commercially successful—allowing fans to invest in and support them.

NFT films and TV programs

There was a recent NFT cartoon series called Stoner Cats that featured voice work from celebrities including Mila Kunis, Chris Rock, Jane Fonda, Seth MacFarlane, and Vitalik Buterin.

8. Fine art and NFTs

Anyone with even a passing familiarity with NFTs is aware of how the idea of digital art has been transformed. We’ve previously discussed AI-generated art and fractionalized Picasso NFTs, but there are a few additional NFT developments that have the potential to upend the status quo of conventional art.

NFT Art funds

A certain method to catch the attention of the art world, Justin Sun, the inventor of cryptocurrency platform TRON, has during the past year grabbed up $30 million worth of Picasso, Warhol, and Beeple pieces and changed them into NFTs.

Metaverse art galleries and marketplaces

The 250-year-old fine art auction firm Sotheby’s is headed in this way already. Recently, they unveiled their own Sotheby’s Metaverse, where they advertise the NFT artworks they are selling and hold auctions.

Making NFTs and destroying art

Burning NFT results in its destruction in the realm of NFTs. Typically, one NFT is burned to increase demand and increase the value of other NFTs.

9. Health and NFTs

Data is widely acknowledged to be the most valuable resource in the digital economy. However, the majority of individuals have extremely few options for making money using their personal data.

Aimedis is attempting to remedy that. They have opened the first medical and scientific NFT market in the world, enabling the purchase and sale of medical data as NFTs.

10. Finance and NFTs

NFT sales in the third quarter of 2021 were predicted to be $10.7 billion. Spending that much cash always attracts the attention of the financial community.

Despite the fact that the NFT industry is worth billions of dollars, NFTs are risky and non-fungible assets. Similar to real estate, buying and hanging onto NFTs won’t make you any money.

For the NFT economy to run smoothly and for investors to make money, they must be sold and moved across the market.

NFTs have a place at the table in the burgeoning world of cryptocurrencies and decentralized finance.

11. Scaling the websites and the blockchains

In the realm of cryptocurrencies, scalability is a major subject. Thought leaders in the cryptocurrency industry are worried that as the use of cryptocurrencies and NFTs surges, blockchains won’t be able to handle the increasing data storage and transaction traffic.

Websites and servers are not indefinitely scalable, much like blockchains. Because websites have limits, many new NFT initiatives are struggling to grow their systems to meet the enormous demand for NFTs.

How Patients Could Make Money from Their Health Data Using NFT in Healthcare

The globe appears to be divided into pro- and anti-NFT camps when it comes to NFTs, a type of digital certificate that verifies an asset as being unique. Others in the former group promote it as a cutting-edge method of financing and owning digital media, while those opposed to NFTs emphasize, among many other things, its catastrophic consequences on the environment.

But despite NFT artwork valued at $69.3 million and reliant on technology that uses as much energy as an entire nation, NFTs represent a special opportunity in the era of digital health: that of patients controlling their own digital health data rather than corporations. With such a high degree of ownership, patients might use it to their advantage to monetize their data as opposed to letting businesses benefit from them, as has been the case in the past.

NFTs are novel, therefore their potential in healthcare may not even be understood, let alone what they are and how they operate. This essay will introduce you to the fundamentals of NFTs, discuss how they might increase patient empowerment in the era of digital health, and highlight relevant concerns about the technology.

NFT definition.

A non-fungible token is “a unique digital certificate, recorded on a blockchain, that is used to document ownership of an object such as an artwork or a collectible,” according to dictionary publisher Collins, who named it the Word of the Year for 2021. Blockchain technology is used to create or “mine” NFT transactions, similar to how cryptocurrencies like Bitcoin work.

In essence, the concept depends on a decentralized network of computers using cutting-edge cryptography to confirm a transaction’s legitimacy. We have discussed the utility of blockchain in healthcare and pharmaceuticals, emphasizing its capacity to protect private medical information and prevent the sale of fake medications.

By granting individuals unprecedented power over their medical information, NFTs might positively alter the digital health sector, much as they have already done for the art world.

Personal health sensors and applications provide patients with individualized data as we enter the digital health era, enabling them to take a more proactive approach to managing their health. It is still frequently the case that the businesses offering these services are in charge of these sensitive data and frequently make money off of it while neglecting patients. For instance, it was discovered that the pregnancy-tracking app Ovia sold employers aggregated user data. Similar to this, 23andMe plans to create medications using the genetic information collected from consumers who used its genetic testing kits; these customers may not even have been made expressly aware that their data may be used in this way.

Simply said, it is unfair for private organizations to profit from patient data in this manner. The same should hold true for monetizing personal health data if the genuine paradigm shift in digital health—that of patient empowerment—occurs, and NFTs may turn the tide in this area.

Potentials of NFT in Healthcare

Let’s say you’ve made the decision to acquire a direct-to-consumer DNA testing kit so that a private firm may create a nutrition plan specific to your genetic profile. Additionally, you are aware that the above could sell your genetic information to other parties for study. However, you decide to utilize the service anyhow because it’s the most precise way to acquire a customized diet at a reasonable cost.

The corporation, however, might make millions by selling your genetic information as well as that of other people, but they will never give it to you. Additionally, the danger of the information being handled improperly grows when such sensitive data are transmitted through the transaction chain.

Now, if your genetic information were created as NFTs, it would have the ability to be monitored inherently. Since you are the exclusive owner of the data, as confirmed by the NFT authentication, you would be able to track its final destination and hold anyone who utilized it without your consent responsible. Additionally, the NFT owner can activate a function to make money each time a transaction using the data takes place.

Patients from whom the data are utilized by Ovia and 23andMe, for example, are not receiving any compensation from the businesses. However, by providing their data and profiting from it, NFT-based businesses that provide digital health services might entice patients to engage in research. Patients might be contacted directly on a digital marketplace by other third parties interested in using the data for research or creating new goods. The primary distinction between this method and the conventional one is that patients truly do have the option to disclose their data more knowledgeably.

The usage of patient data might therefore become more open with the supporting blockchain technology and an NFT certification, giving patients ownership over their medical information.

Is there a future for NFTs in medicine?

There are several startups that are investigating the possibilities of NFT in the healthcare industry, even if much of it is still hypothetical at this stage. But various possible barriers might prevent widespread use of the technology in the near future, particularly in the field of healthcare. Blockchain technology currently operates fairly inefficiently, requiring significant energy even for little transactions. Significant greenhouse gas emissions, which contribute to climate change, are also linked to this. NFTs could not be completely economically feasible as a result in the near future. Alternatives to NFT minting, however, are being developed that may only require a small portion of the processing power used by its existing transactions.

The question of whether businesses providing digital health services would genuinely want to utilize the technology is another one. Given that companies have historically profited off patients rather than the other way around, they may not be all that interested in sharing their earnings with them.

Social Media Platforms Are Expanding into SocialFi and NFTs

The existing architecture of the social media landscape is essentially extractive. The majority of big platforms sell their customers’ data to deliver them more intrusive advertisements. However, with the development of Web 3.0 and the metaverse, we all observed the tremendous expansion of DeFi and NFTs worldwide. We also saw the surge of major cryptocurrencies like Bitcoin and Ethereum, as well as a few chosen altcoins, to new highs in the cryptocurrency market. What more can we expect from DeFi in the future? SocialFi can help here. The SocialFi ecosystem and how it connects to NFTs are discussed in more detail further down the page.

What exactly is SocialFi?

SocialFi, abbr. Social finance refers to the merger of blockchain money with social networking. Users may make money by creating content, participating in DAO governance, minting NFTs, chatting with other users, viewing entertainment, and playing games on the SocialFi platform. While Web 2.0 social networks like Facebook and Twitter have made it easy for people to share their personal information, SocialFi initiatives protect the privacy and security of its users’ personal information, distribute advertising earnings fairly, and provide a more useful user experience.

Social Media Companies Embracing NFTs To Enter The SocialFi Space

More and more social media firms are increasing their research into NFT integration onto their platform as the SocialFi field gets speed. Companies that are actively integrating or investigating NFT are mentioned below.

Facebook/Meta

It’s no surprise that Facebook dominated Web 2.0 communication with its predicted 2.89 billion users by 2021. Meta, the new name for Facebook, is a step in the right direction towards the transition to Web 3.0. Creating the world’s largest social media metaverse with the help of Meta.

Instagram

Though it hasn’t yet joined the NFT bandwagon, the photo-sharing platform’s chief executive officer indicated late last year that the firm is looking into making NFTs more accessible to its user base.

Twitter

NFT profile photos have been added to Twitter Blue accounts as part of the company’s aim to incorporate cryptocurrencies onto its platform.

Reddit

Not wanting to be left out of the SocialFi party, Reddit adopted the NFT profile photo shortly after Twitter. The social media company also wants to turn users’ Karma points into cryptocurrency tokens in the near future, in addition to launching an NFT marketplace.

YouTube

YouTube is looking at NFTs as an additional source of money for its creators as part of its efforts to grow its ecosystem. NFTs have been given to influencers on the site, and YouTube stated that video content would be monetized and sold as NFTs for the first time.

Why Are Social Media Companies Obsessed With NFTs?

There are no social media platforms where NFTs may be created, purchased, or traded. However, an NFT project’s success depends on the creator’s ability to effectively sell their work on social media platforms like Facebook and Twitter. Additionally, as social media platforms like Instagram, Twitter, and Reddit determine the future of NFTs without actively intervening, internet giants like these perceive a chance to do so.

It’s common for NFT owners to feel that advertising their purchases on social media increases their worth. In this way, social media firms that are compatible with NFTs have the opportunity to attract and keep new clients. Since Web 3.0 centers on storing user data on blockchains, the social media businesses with the biggest influence in the NFT field may also affect its development.

SocialFi NFT Social Media Trends

NFT Avatars

For a long time, social media users have utilized avatars to reflect their online personas. NFT avatars in SocialFi areas may reflect their owners’ cryptographic and metaverse identities. Several social media networks, such as Twitter Blue, allow users to authenticate and use their NFT as their profile image.

Direct purchasing and selling on social media platforms

Users of social media sites like Facebook and Twitter will soon be able to manage their finances with the help of decentralized financial applications. In other words, users would be able to do anything from transmitting money to trading tokens to taking part in crowdsales on a single social network platform.

Increasing the accessibility of NFTs to a broader audience

More open-source Web 3.0 application developers, such as the Mask Network, are building decentralized application ecosystems that already connect Web 2.0 and Web 3.0. Traditional social media platforms like Twitter and Facebook might benefit from additional Web 3.0 apps.

NFT fans and artists alike will appreciate the time and effort DApps like the Mask addon save by making it simpler to locate outstanding content providers. Content providers and NFT collectors don’t have to maintain separate accounts for social media and an NFT marketplace, allowing them to effortlessly move between platforms, search for information and shop NFTs with one account.

Is SocialFi The Next Big Thing To Hit The Tech Industry?

Many people think that SocialFi is a fantastic breakthrough in the technology business and an excellent technique to protect users’ interests in the virtual world. While still in its infancy, SocialFi has enormous potential to change the cryptocurrency, blockchain, and NFT industries and how we live our lives on a global scale. It’s very feasible that SocialFi may soon become a fundamental element of the Metaverse ecology.

Conclusion

Users and content providers may benefit from social contact and their particular interests in the virtual world by using the SocialFi ecosystem to tackle copyright issues. It’s not out of the question that SocialFi may take off soon, given its potential development in the Web 3.0 age.

Guide to POAP NFTs in a Simple Way

The use of POAP NFTs at crypto events is becoming more widespread. Our souvenirs from foreign countries are digital versions of what we bring back home. Here you’ll learn all about POAP and how to buy one.

POAP: what is it and how does it work?

A POAP NFT was introduced as part of ETHDenver, the world’s largest Web3 #BUIDLathon. As NFTs on the Ethereum blockchain, POAPs are generated through smart contracts. This is an ERC-721 token that is created to commemorate and record event attendance. POAPs must use NFTs from their official smart contracts to qualify as POAPs. The blockchain allows people to accumulate POAPs that record their physical and virtual lives over time.

It is crucial to create the Proof of Attendance Protocol before creating a POAP NFT. The protocol is composed of smart contracts.

Every POAP NFT must also meet the following three requirements:

  • The POAP smart contract must be used for the issuance of tokens.
  • The metadata must relate to a specific date or period, up to one year.
  • Event images must be included.

The next step after creating the POAP NFTs is to distribute them. QR codes are a popular method for attendees to scan and download information.

People’s Use of POAP NFTs

  • Events in the crypto world

In the case of global crypto conferences such as Binance Blockchain Week or Paris Blockchain Week, you will likely receive a POAP NFT at the front door. As souvenirs from events, these badges are typically simple and easy to take with you.

  • Gaming on the blockchain

When players defeat a boss, reach a certain number of hours, or take part in a big event, they receive cosmetic items or badges. Blockchain games also often use POAP NFTs to celebrate milestones or special events.

  • Communities in the crypto world

Active members are increasingly being rewarded and incentivized by POAP NFTs. Some communities, such as the DAO, offer special privileges to holders with more POAPs.

  • Other than crypto

It’s not just crypto that uses POAP NFTs. Among the many uses for these souvenirs are as mementos for wedding guests or as concert souvenirs.

Are POAP NFTs available for sale?

Since POAP NFTs represent the collector’s experiences rather than their physical appearance, there is no guarantee that you will make money when selling them.

Is a POAP right for me?

Everyone has a different reason for owning a POAP NFT. Many POAPs help them keep track of their lives on a secure network. They are used for reflecting on significant events and accomplishments. The POAPs from major crypto conferences could be valuable in 10 years.

POAP NFTs are usually handed out at events. An Ethereum wallet is required for storing POAP NFTs. You can reserve POAP with your email address if you don’t have a compatible wallet.

Final words

POAPs may not be common knowledge to most people, but this case shows how they may be used in the future. Verifying attendance and storing lived experiences will remain the most common use cases. People and communities can also use them to keep track of major milestones, such as births and deaths.

The future of AR and VR NFTs

Summary:

  • Virtual reality (VR) and augmented reality (AR) are powerful tools for providing immersive metaverse experiences
  • VR, AR, and NFTs can be used together to help traditional creators thrive in the Web 3.0 digital economy.
  • The following article details the relationship between AR, VR, and the NFT market and whether or not these NFTs will be popular going forward

By improving immersive content, AR/VR NFTs are revolutionizing the level of audience engagement creators are capable of.

Although the artwork currently listed on NFT marketplaces is considered 2D, the announcement of the metaverse has encouraged some NFT creators to experiment with new ways of combining the 3D space of the metaverse with NFT technology. The following sections highlight some of these creative innovations.

AR vs VR?

Augmented reality and virtual reality are sometimes mistaken as meaning the same thing. In reality, AR and VR are two similar technologies that accomplish very different things. Here’s a brief summary:

Augmented Reality

AR – or augmented reality – adds an ‘overlay’ to your perception of reality rather than replacing the reality itself. Many mobile games utilize AR technology, the most notable of which is Pokemon Go, which uses a geographic overlay and real-life coordinate system to direct users to objectives.

NFT creators can use AR to enrich the way their creations are experienced by the audience. AR can add depth, meaning, context and atmosphere to digital artworks. Digital objects can be overlaid on real objects, pieces of the environment, or even the artist’s body. The accessibility of AR NFTS means users have constant worldwide access to NFT collections and creations at all times.

Virtual reality

VR – or virtual reality – replaces the user’s perception of reality, rather than just altering it. The goal of VR is to provide a fully immersive experience for the audience, wherever they are in the world. Headsets like the Meta Quest 2 and Google Cardboard transport users to new and unfamiliar digital spaces where they can interact with 3D objects, including NFT artworks.

Immersive technologies

As more corporations and organizations invest in metaverse technology, the potential for VR and AR technologies to provide more immersive experiences has been increasingly discussed by blockchain supporters and digital space enthusiasts alike.

So how exactly can NFTs benefit from AR and VR technology?

NFTs add value to AR and VR creations

NFT technology makes AR and VR experiences easier to purchase, sell, and access through the blockchain by transforming them into verifiable digital assets. Stakeholders and collaborators are communicating more as standards for NFTs evolve, resulting in increasingly complex and comprehensive agreements.

Uses of AR/VR NFTs

1. Art

The use of AR facilitates the implementation of audio and visual techniques to provide a more realistic and meaningful piece of art. This increased engagement and interaction not only improves the audience’s immersion but is fully accessible anywhere by using a smartphone.  

2. Games

Play-to-earn (P2E) games have seen a recent surge in popularity in step with the rising exchange of NFTs. These games reward players with digital assets like NFTs or cryptocurrencies, often including their own blockchain-backed economies. In this way, AR and VR have the potential to facilitate a form of economic growth of digital assets by immersing users. This also has the added effect of making the game more compelling to users, who will feel a sense of achievement completing goals.

3. Commerce

The use of AR or VR technology in the online marketplace has the potential to enhance customer experiences. For example, developers are working on applications that will allow users to virtually try on clothes before ordering them. AR NFTs will be fully exploratory at every step of the customer experience, minimizing potential dissatisfaction with products.

Conclusion

AR and VR applications are immersive technologies that connect our digital and physical realities together, enhancing interaction and engagement. With NFTs, the use of AR and VR technology can reduce the gap between traditional content creation and the widening realm of digital assets. Undeniably, the increased adoption of NFT, VR and AR technologies – combined with blockchain-backed cryptocurrencies – will result in new ways of interacting online.

What Are NFT Domains

Summary:

  • NFT domains combine two functions into one: a crypto wallet and a website domain
  • NFT domains utilize blockchain technology to provide more security and more control to users
  • NFT domains are surging in popularity much like the early internet boom however, NFT domains have more functionality than traditional Web 2.0 domains
  • NFT domains are changing the way the internet is used. This article will detail five popular uses for NFT domains.

Conventionally, web domains have been considered the most important pieces of digital property a user can own. However, traditional Web 2.0 domains have failed to adapt functionality to certain market demands.

Consequently, blockchain technology has filled that gap with NFT domains, which have seemingly endless applications in the digital space. The following sections will clarify the uses of NFT domains and detail how you can make your own.

NFT domains

NFT domains consist of a crypto wallet address that is connected to an NFT (Non-Fungible Token). As opposed to centralized data control, control is returned to the user or owner of the NFT domain. Because NFT domains are hosted on the blockchain, stored data and transaction information is publicly accessible. This level of transparency and verifiability outclasses conventional Web 2.0 domains.

Additionally, because only the user can control domain updates, potential attacks and data breaches are minimized. This enhanced security has attracted many users away from Web 2.0 domains and towards NFT domains.

Moreover, because NFT domains are not based on a renewal-fee model, users generally only need to make a one-time purchase. This eliminates any third-party control over the domain and prevents censorship or repossession of domain content by centralized authorities.

How do they work?

NFT domains provide various advantages over the traditional Web 2.0 domain model. The following is a summary of how NFT domains function:

Unique to the owner: Like any asset, you can purchase, sell or hold onto NFT domains just like an NFT security.

Wallet functionality: The address attached to the NFT domain functions like a regular crypto wallet and is capable of receiving and sending compatible currencies and tokens. Rather than arbitrary strings of numbers and letters, NFT domain wallet addresses are more intuitive and can be set by the owner to display their name or other relevant titles.

Domain functionality: Like wallet functionality, the NFT domain can also function exactly like a website domain, delivering a webpage to the user who types in the correct address.

5 uses for NFT domains

Content creation

NFT domains help creators to maintain control over their digital property and identity by eliminating the reliance on corporate third-party platforms. Centralized social media can be controlled and censored, whereas blockchain technology is decentralized and gives the user total control and ownership.

Essentially, platforms like Facebook and Instagram will have no control over content hosted via the blockchain.

This also allows creators to have full ownership of the data and analytics of their domain. Rather than siphoning data for free, tech companies may have to start paying to benefit from certain user data.

Professional domains

Companies are already exploring NFT domains as an alternative to traditional Web 2.0 technology. Businesses have started to recognize the benefits that NFT domains offer, including immunity to domain repossession, legal conditions, and the elimination of costly recurring fees.

Musicians

Traditionally, musicians have fought to maintain intellectual property rights in the digital space, often being exploited by third parties and having their profits reduced by hosting fees.

The use of NFT domains eliminates third-party control by providing an entirely independent platform that users can access to promote their music, create audio NFTs, and directly interact with community members.

Artists

Many artists seek to digitize their work to increase exposure and distinguish their work from other artists. NFT domains facilitate the display, auctioning, and selling of digitized art in an independent space. These marketplaces also provide streamlined payment via blockchain wallet transactions, which makes for a more enjoyable experience for both creators and investors.

Many artists are starting to use VR and AR as a medium for displaying their work. The use of NFT domains will allow artists to have full control over these exhibitions.

Online communities

Increasing censorship has made NFT domains attractive for communities and forums that want to remain free from corporate influence. By removing the reliance on centralized domains, discussions can remain free from corporate scrutiny and third-party censorship.

Conclusion

The surge in popularity of NFT domains indicates a shift away from traditional Web 2.0 and towards the new potential of decentralized domain hosting. As blockchain technology rises, decentralized content hosting could result in an ‘internet revolution’ in which content owners reclaim the rights to their digital property from centralized platforms.

What Exactly Is Whitelisting?

There was a frantic rush in early 2021 to mint NFTs at the launch of projects when NFTs, especially PFP NFTs, began to take off. When contracts were available for minting, everyone rushed to get their hands on NFTs as quickly as possible.

To get one of the last few NFTs, customers upped the maximum price they were ready to pay for gas (the more you are willing to pay, the faster your transaction will get confirmed).

Consequently, minting costs skyrocketed, leading to the term “gas war.” The transaction costs alone in these gas battles were in the hundreds of dollars, making them epic.

However, as we neared the end of 2021, the gas war scenario grew so dreadful that more and more projects began releasing their NFTs using a “whitelisting” strategy.

Whitelisting

Whitelisting is a phrase used in information technology and cyber security to describe a “allow” or “safe” list. However, it has a broader meaning in the NFT community.

Obtaining a crypto wallet address whitelisted for a future NFT mint (also known as a “drop”) is the process of getting pre-approved for a future NFT mint.

Since most NFTs are launched on the Ethereum blockchain, your public Ethereum (ETH) address would be the one that is whitelisted.

What exactly does it mean to be on a whitelist?

Having your ETH address pre-approved to mint NFTs at a certain day and time implies that you’ve gone through the procedure of obtaining your ETH address pre-approved by the NFT project team.

Typically, this date and time are provided as a window for whitelisted addresses. NFT minting may be allowed at any moment within a predetermined 48-hour window in certain projects.

What is the purpose of whitelisting?

As a rule, whitelisting is utilized for two purposes:

  • To recognize early supporters of an NFT project
  • To avoid a “gas war,”

Whitelisting as a Means of Recognizing Early Adopters

NFT project teams need to discover strategies to reward early supporters in light of the increasing number of NFT projects being launched each week

For example, early backers may gain priority placement on a whitelist for the pre-launch minting of their NFTs.

Not only does the whitelist ensure that a supporter will be able to mint, but it also has the potential to lower the NFT’s purchase price (or even a free NFT).

Early on in the project’s lifespan, supporters are encouraged to remain involved and spread the word about the effort.

If an NFT influencer learns about your project and spreads the word to their extensive network, this may be a powerful tool for your campaign.

Anti-gas-war whitelisting

Congestion on the Ethereum blockchain might result in very expensive transaction costs.

When popular NFT releases and hundreds of individuals attempt to mint simultaneously, the problem becomes significantly worse.

NFT transactions may cost several times more than the coin’s mint price in these instances because of transaction fees.

Known as “gas war” because people are racing to mint the NFT before it sells out, this scenario is a race to the bottom (the more gas you are willing to pay, the more likely your transaction will go through before others).

Many projects have used a whitelisting strategy to alleviate this problem.

The project team may set a window of time in which their NFTs can be minted by whitelisting supporters before a launch (for example, a 24 or 48-hour window of time on a particular date).

People may avoid a gas war by spreading their transactions across the whitelisted addresses, which can mint at any point within that timeframe.

How does one get whitelisted?

Whitelisting for an NFT project is a three-step process:

Identify a project before it becomes public.

To be included in a project’s whitelist, you must first locate projects already under development.

An entirely new project, or an existing one releasing an entirely new collection, may be the subject of this discussion.

One way to check the forthcoming projects on such similar initiatives is to follow NFT influencers on YouTube and Twitter to stay up to date on the newest developments in the sector. This will take more time and effort but may provide greater returns.

Please be cautious and research before deciding on a course of action. There are several frauds in this industry.

Finally, a word of caution. Scammers may be found anywhere. You should be wary of any direct communications you get from strangers. Also, be wary of any links you get through email.

To be whitelisted, just follow the steps.

Once you’ve done your homework and are confident in a project, you may choose to join their whitelist.

Last Words

NFT is a fast-paced environment. When NFT projects exploded in the summer of 2021, many individuals hurried to get their hands on NFTs.

When NFTs became so popular in the last few years, gas prices skyrocketed due to the increased demand.

Whitelisting evolved as a reaction (and fairly fast) and has become ubiquitous. Whitelisting has helped alleviate some of the Ethereum network’s gas expenses, but they’re still a problem.

The idea here is that the NFT world is always changing and adapting. This is a brand-new market, and if you’re reading this, you’re among the first (well ahead of the majority). It’s never too late to learn something new… get engaged…

And best of luck in your efforts to get a spot on your favorite team!

Why NFTs are Essential for Every Photographer’s Toolbox

Non-fungible tokens, or NFTs, have caused a stir in the art world. NFTs allow more artists and creators to profit from their work globally. How does it do this? A worldwide market for anything can be created utilizing blockchain technology at any time, anywhere. This was a first in the history of the human race. This is the internet of the future.

In this new world of NFTs, photographers find themselves in an ideal position. The internet has made it very simple to distribute images and other material forms. Ctrl-C to copy and then paste! Media aggregators were predicted to take the lion’s share of social and economic influence. Instead of benefiting all artists, this strategy just favors a select few of the greatest. Initially, I thought this was fair. Because all innovators must first develop their skills and then get their due, it was just a matter of time until the most talented creators recognized they were handing authority to machines. Rather than valuing art’s cultural significance, they saw it as a commodity. Collectors and customers want to support the original authors rather than the aggregators.

Photographers and other creators will finally get compensated for their work thanks to the advent of blockchain and NFTs. How? We’ll go into more detail about this in the paragraphs that follow.

What are the benefits of using NFTs for photographers?

When you’re a professional photographer, every narrative and every body of work has meaning for you. Photographers document society and their personal and professional lives in unique and poignant ways. NFTs, on the other hand, record social moments in digital form, and each has its community. NFTs provide you with more control over your work as an independent photographer. If you sign an agreement stating that your work is owned by someone else, you are free to use your work. An ordinary 9-to-5 work entails just that. Others make money off of your work, not you. But you, the photographer, lose all control over your work.

Photography has become a business of its thanks to NFTs and the blockchain.

What is Blockchain Technology for Photographers?

Every picture you take is sent to a centralized database of a company. The present business model is laid up in this manner. Because you do not own your work, it belongs to someone else who may recoup their investment. An “authority” is responsible for compiling the work of numerous photographers like you. It is then up to them to ‘decide’ where and how they would put them to good use.

You may identify yourself as the owner of an image using blockchain technology. The same goes for anybody who wants to use it; they may pay a charge or even purchase it directly from you. Your work becomes an asset thanks to blockchain technology. An asset that generates a profit for you every time it is used. The present internet ecology does not allow for this in conventional, centralized databases, which is what we have now. With blockchain as its underlying technology, Web3 is the internet’s third evolutionary phase.

NFT Photography is the future.

NFTs may seem to be in their infancy. Because it’s still early, this is accurate. It takes time for new technology to get accepted by the general public. It may take many months or even years before this method of doing things is accepted as the norm. Consider the dominance of Kodak’s film cameras, for instance. Social media businesses, on the other hand, have beaten them to the punch in the digital world. Internet corporations recognized that cellphones had transformed everyone into a photographer in their own right.

NFTs, on the other hand, have just started. With so much time on their hands, photographers are well-positioned to figure out exactly what they want from their work. Use blockchain technology and comprehend the market dynamics. And what they portend for the market’s long-term trajectory. Today, the majority of people throughout the globe continue to operate traditionally. What is the traditional method? Two options are employing photographers on a contract basis or sourcing photos from image banks. It’s a place where photographers are forced to sell their work for pennies on the dollar. We could be doing things a lot better.

Photographic technology will change, though. One more method for photographers to make money has opened up recently. Photographers may use NFTs to own their work.

Why NFTs are Changing the Photography Market

In the mind of every blockchain and NFT fan, everything is on the blockchain. Any physical or digital asset may be tracked and monetized with ease. This is possible without the need for middlemen that don’t contribute anything to the ecosystem. Every photographer, whether amateur or professional, may be imagined. They’re in the business of telling tales and assembling collections. NFTs are a way for them to publish their work on the blockchain. As a result, there will be a global photographic market. All you need is an internet connection to buy and sell images online.

As long as an image is used, the original photographer will keep track of every use. Among photographers, this is a game-changer for innovative thinkers and artists. All of us can agree that this is. We can put our faith in code even in a violent world. Let’s put our faith in the blockchain to maintain tabs on the state of the universe. Conflicts do not have to arise as we perceive them now.