Written by Super User on . Uncategorised

The NFTier Vision

Blockchain technologies are now experiencing a Cambrian Explosion, with crypto-currencies, token offerings, DeFI forming a cascade of revolutions that add together into a tsunami of change. And now NFTs – non-fungible tokens – are having their turn in the spotlight, even while the rest of the crypto market is having a rough ride. Major cryptocurrencies, especially Bitcoin, have been lately trading in tandem with stocks facing macroeconomic uncertainties, whereas NFTs are attracting growing mainstream attention.
 
Mass market brands are driving adoption and driving the hype engine. For example, Walmart has been looking to create its own cryptocurrency and non-fungible tokens in a push into the metaverse. The Gap recently launched NFTs of digital hoodie art, following Nike, Adidas, and PUMA into the fray. At the high end, Prada, LVMH, and Gucci have all made moves into the NFT space. Even Coca Cola has started selling NFTs. 
 
On the tech side, more than 3.1 million people have joined the waitlist for Coinbase’s forthcoming NFT platform. They partnered with Mastercard to allow users make purchases on the marketplace using Mastercard debit and credit cards. Twitter, Meta, Salesforce and Reddit are all working on NFT projects.
 
The potential applications of NFTs are boundless. Some claim that ten years from now, all retail purchases will be accompanied by NFTs. Others think smart contracts will replace legal documents. And while many naysayers still think NFTs are a fad, others are making millions every day and causing serious FOMO.
 
What needs to be stressed is that the future of NFTs and their applications are much bigger and brighter than gaming and art. NFTs can represent core proof of ownership, manage licensing, provide social status, grant exclusive access and certify authenticity. Thus, small and medium businesses need to keep an eye on what’s happening with NFTs… think coupons of transformative value, passes to both physical or virtual events, access to perks, subscriptions to spas. These are all digital assets that hold disruptive potential. 
 
So what does the future hold? Well, first, there’s lots that still needs to be fixed. Account recovery is problematic. User experience sucks. Hackers and rugpullers are rampant. It’s the wild west out there, where you could suddenly strike it rich or just as easily get drygulched. Some centralized NFT marketplace will likely un-decentralize the fledgling industry by selling security and ease of use.
 
Here are a few predictions: 
  • Watch to see if gaming and porn emerge as killer apps for NFTs, as play-to-earn and earn-to-play demonstrate that it will be possible to earn money in the metaverse. Currently, in the online gaming world, value is held in virtual objects and avatars. But in the future, gaming NFTs will likely be used for identity, cross-chain reputation, and much more. As for the porn world, we’ll leave this as an exercise for the reader to figure out – think OnlyFans on steroids.
  • NFTs will merge with DeFi to produce all sorts of revolutionary new investment vehicles and wealth-building opportunities. For example, one of our incubations – basketizer.io – is planning to enable basket trading for NFTs, essentially making non-fungible stuff fungible. Add some AI/optimization, and bob’s your uncle. 
  • Retail will drive mainstream adoption of NFTs, because an NFT can be the encapsulation of partnerships between major brands. These collaborations will span across both virtual and physical products. For example, clothing brands can offer their customers virtual wearables to be worn in the metaverse, and digital brands can offer physical goods as rewards for loyalty.
The underlying foundation for this digital Cambrian Explosion is the power of innovation and technological evolution. To help power the explosion, FutureLab is developing an innovation ecosystem for extending NFTs (non-fungible tokens) with functionality for identity, sensors, proximity networking, cyber/physical interop – the 5 W’s  for NFTs. It's called NFTier, and pronounced "niftier". Here's what this comprehensive and cohesive vision entails:
  • WHO - the first step is to standardize on identity, and we propose to use the Decentralized Identity and Verifiable Credentials W3C emerging standards
  • WHAT - enabling NFTs for physical collectibles will drive adoption and value
  • WHERE - location and proximity sensors enables other interesting capabilities. E.g., for Musician NFTs we can enable opt-in tracking of user’s attendance at concerts, to unlock value in the core NFT
  • WHEN - trustable time servers for smarter NFTs
  • WOW - our enhanced NFTs would enable next generation capabilites of basketization, securitization and eventually basket optimization... plus enable standardized legal policy servers, smart contract dispute resolution, digital compliance, open governance., and more.
 If you'd like to find out more, or get on our priority invite list for the beta, please enter your contact info below.

The NFT Edition of the Blockchain Design Sprint Book

This book will explain the NFTier vision in detail, by providing a navigational guide to the wild and unexplored territories of the NFT revolution. This workbook starts with a tutorial to learn a new vocabulary around blockchains and NFTs. And the following chapters provide a step by step process to NFT innovation, by implementing an Agile innovation design sprint, to create better ideas, develop them efficiently, and work with a team to create breakthroughs in NFT technology. Learn how to:

  • Accelerate your innovation by applying the best design sprint methods and tools
  • Learn a new way to invent radically new business models and engage in business model warfare
  • Integrate agility principles into your strategic innovation
  • Explore the differences between first, second and third generation NFT solutions

Blaze your own path to the next level of innovativeness by learning from expert guidance and the practical, actionable advice offered in this workbook. This book will be released in April 2022, and a number of galley versions will be released to our VIP clients and partners. Please enter your request below to get on this VIP list.

Get the NFT Edition of the Blockchain Design Sprint Book
Read it.
And give yourself an unfair advantage.

Register here

Enter your contact information and we'll send you the book and an invite to the NFTier beta, once they're released!

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