Practical NFT is a strong trend. Let’s discuss what NFT can achieve, so as to further research subsequent products, and more importantly, reflect the shortcomings of the current NFT infrastructure.
Video introduction: https://www.youtube.com/watch?v=q2uDxG8jybc
First, let’s briefly describe the structure of NFT (Non-Fungible Token)
Token Agreement + Metadata
Token protocols mainly refer to ERC721 and ERC1155. Metadata mainly includes media files (pictures, videos, music), and fixed descriptions (attributes, etc.)
1. Collectibles (digital collections, artworks)
The most widely used NFT application at present. Commonly known as "small pictures on the chain", keywords include "community", "brand", "hype", "fomo", "culture", etc.
2. "Game" assets
"" refers to the broad meaning of games, some X2E can also be classified as this category NFT is often used as in-game assets, such as characters, equipment, cards, etc. (Stepn, Skyweave, etc.)
Expectation:
1. Mutable NFT. The attribute value of NFT adapts to the game business and continues to develop. At the same time, this change is traceable and has credibility.
2. Data interoperability. All NFTs in blockchain games can be shared and data interoperable
3. Decentralized identity (approximately equivalent to DID)
DID is more general, and is a decentralized identifier, of which decentralized identity is a major part. An NFT can and is suitable to become a decentralized identity, and business data is continuously accumulated based on this NFT. For example, Lens Profiles
Expectation:
1. See NFT become a decentralized identity in more tracks, such as lens in the social track, corresponding defi, game, etc.
2. All tracks are interoperable
4.Defi
In Defi applications, it is mainly manifested as a certificate for locking digital assets (Tokens). Such as V3's LP, Solv's bonds, "token exchange vouchers", etc.
Expectation:
1. Same as the direction of games, more Defi scenarios can be met through variable NFTs. For example, divisible LP certificates 2. Defi+ more scenarios. The pillars (Swap, stablecoin, lending) are relatively stable, but there are many directions for expansion, such as social networking, games, and content creation in the context of Defi
5. Content
Content can be roughly divided into content creation & distribution
Content creation. Giving "copyright" to NFT can determine ownership. NFT crowdfunding can help content distribution
Content distribution. With content NFT as the main body, the X2E model is designed, and the use of content also brings the gold effect
Expectation:
1. Mutable NFTs (same as above)
2. NFTs with more permission sets. For example, for an article, differentiating between ownership/browsing permissions
6. Social
In addition to the above, NFT can become a decentralized identity and content in the social direction. NFT can also be a member relationship (such as following and being followed), a user tag (Sbt), or a message.
Expectations
1. Mutable NFTs are used to meet the continuous updating of identities and changes in content during the distribution process
2. Permission division. Used to meet the needs of different social scenarios, such as public, group, and private
7. Domain Name
Domain name NFT, widely known, .ETH.BNB, etc. It can be summarized as all the rights of a domain name belonging to an NFT. Expectations:
1. Use an NFT to realize the domain name of the entire network. For example, .ETH is available on all chains, even on the web.
2. Universal business. For users, it is like a universal identity tag (highly overlapped with did), and for the B-side, it is like a credible portrait data service
NFT has more practical directions, but there is little progress, such as real assets (RWA), real proof (education, skills, bills). I am very optimistic about the development of practical NFT. We will continue to discuss specific projects in each direction and discuss the shortcomings of the current NFT infrastructure, such as how to expand NFT data in a decentralized way and how to manage the permissions of NFT data.
