NFTY NEWS is a weekly newsletter covering the latest developments of non-fungible tokens (NFTs) in the blockchain space – collectibles, games, new platforms, and much more. NFTY NEWS is created by contributor Brian Flynn and adapted from his Medium page. For more information on NFTs, check out Brian’s reading list to get you up to speed on crypto digital assets.
Digital Celebrities Tokens, NFT Showcases, and dApp Metrics
Nfties? Nifties? We still can’t figure it out. But it’s okay — I got the NFTY News here for you this week. This week, we’ve had a lot of conversations about digital celebrities, showcases for non-fungible tokens, and dApp usage/metrics. Let’s dive in!
1. Digital Celebrities & Tokens 💃
What if there were fungible tokens to advance a narrative for digital celebrities? Sending tokens to their token address would result in a patronage badge in the form of a non-fungible token as well as leaderboard narratives.
As digital celebrities start to gain traction, how do designers start to design tokens and digital collectibles to grant access to new content, instead of just being collected?
Maybe digital collectibles from digital celebrities can be designed as a form of payment just like fungible tokens can.
Any token is a currency. Soon, we’ll start seeing users request NFTs for other NFTs instead of ETH, the native NFT store of value. CryptoStrikers already accepts CryptoKitties for packs. Can CryptoKitties become a store of value for other NFTs? 🤔
2. Showcase for NFTs & Social
How do we showcase NFTs? How do we know what’s in our friends’ wallets? How do we see all our friends’ cool toys?
We really haven’t figured out the best way to do this. We have ETH addresses to display the contents of a wallet on sites like OpenSea, but still no social platform to show off what we have.
Here’s how I imagine this space evolving within the next 6 months:
- New ways to display NFTs — We can turn digital goods into physical goods with CryptoGoods, but we still don’t have a way to showoff our digital goods in a digital environment.
- Ability to “Offer Tokens” for NFTs in other users’ wallets — Maybe we can look in our friend’s wallet and see that he has the Genesis Cat. We could offer him Neymar and Ronaldo from CryptoStrikers as well as all our Axies in exchange for the Cryptokitty. No longer is ETH thought about when swapping NFTs.
3. Creating demand for tokens using more than one token — Brands will start accepting their own digital collectibles in exchange for their merchandise. Ticketing will move to NFTs, and brands will sell these non-fungible tickets and only accept their own NFTs as payment for those tickets.
3. Usability & Adoption of NFTs
Why are NFTs not being adopted as people may have hoped?
- Eyes are still on the money — The profit making opportunity is still in ERC20s, since liquidity is insanely higher. The investment opportunity for NFTs is still not quite clear. Why do people buy unique assets other than just collecting?
- Extensibility is currently just a fantasy — “NFTs are cool because they are extensible, just look at KittyHats and KittyRace” These are the only two examples of extensibility that gained traffic and coverage… four months ago. When are we going to get real extensible experiences? When consumers start buying NFTs for the second layer experiences instead of the primary use case, the original NFTs become valuable.
- It’s still largely experimental — The majority of NFT users have logged onto CryptoKitties, bought a cat, and said “now what?” They usually just turn around and head back to the fungible token world.
Interested in NFTs and Blockchain Gaming? The folks at Kenetic and Decentraland are co-hosting a hackathon and conference in Hong Kong. The conference is free to attend and you can apply for the hackathon here.