Clubhouse Recap | DIVE into NFT Adoption (Part 1: Utilization, Adoption, and Composability)
At a recent Clubhouse event, NFT platform AlchemyNFT, NFT marketplace DoinGud, Museum of Crypto Art (MOCA), and decentralized Web 3 portal Mask Network shared their thoughts and outlooks on the adoption and utility of non-fungible tokens aka NFTs, discussing the composability and utility of NFTs, sharing their views on the future of preserving crypto art, and the role of their respective projects in supporting the cause.
The representatives explored their stances on decentralized platforms coming together to support crypto art and how each of them utilizes NFTs or employs respective products or applications that can provide sustenance to digital content creators who are using different social platforms in the crypto world.
Speakers from the four platforms: Victor Zhang from AlchemyNFT, Manu Alzuru from DoinGud, Suji Yan from Mask Network, and Colborn Bell from MOCA shared their understandings of NFTs
The Utilization of NFTs
The discussion revolves around the potential of NFTs through their utility and compatibility. Suji Yan, of Mask Network shared their prospect on NFTs and its collaboration with supporting platform Valuables by Cent by saying:
“Mask Network is collaborating with Cent through a joint bounty to add NFTs directly to social media platforms such as Twitter [….] With support from Valuables, and the tweet minting platform made by Cent, Mask Network aims to enable users to trade tweets as NFTs directly on Twitter, and in the near future, allows an instant look into the tweet’s bidding history.”
Mask’s recent collaboration with Cent will enable users a more developed NFT trading structure on Twitter.
Victor Zhang (@Victor928), CEO of AlchemyNFT, a platform based entirely on the development and making NFTs limitless, said:
“Currently NFTs have limited utility and some missing components. AlchemyNFT addresses those missing components. We’re excited to announce a new liquidity layer to the NFT ecosystem, adding unlimited utility and rights to existing NFTs.”
AlchemyNFT has been constantly striving to make the integration of NFTs more attainable.
“AlchemyNFT’s main purpose remains to make NFT utility portable, so users can use it on other platforms as well.”
AlchemyNFT’s main product, AlphaWallet is the platform’s take on tokenization further.
Colborn Bell(@colbornbell), the co-founder of MOCA, a virtual community-run crypto art museum, remains very adamant about NFT’s use to empower artists and creators by giving them an open-market access system, further enabling their freedom of identity and privacy. Colborn shared his take on NFT:
“It is very expensive to create a physical museum, however, it is much cheaper to create one in the virtual world. MOCA’s take on digital art translates how we can interact with NFTs. Part of gathering and presenting digital art made the NFT movement what it is today.”
MOCA believes in creator ownership, which is provided documentary evidence such as curatorial and transfer files, which NFTs are now being used to identify as.
“MOCA foundation hopes to become a common ground for artists to help define NFT standards.”
Manu Alzuru(@ManuAlzuru), the founder of DoinGud, a unique next-gen NFT marketplace that allows curated creators to connect with their fans and collectors of their artwork via automated collaboration payments, said:
“We improve the current NFT space by ensuring more resilient media storage, multi-currency support (fiat & crypto), automated collaboration payments, and complete transaction transparency [….] We leverage blockchain technology to uniquely identify digital items and demonstrate ownership.”
DoinGud’s PoS infrastructure allows its users to trade NFTs with reduced climate impact and low fees.
To let the future of NFT cultivate itself fruitfully, it is crucial to examine how the NFT supporting platforms make use of NFT and integrate it into their products. At the end of the day, NFT is a blockchain-based certificate that can be given more attributes that can work for different scenarios. It is critical to see how far-reaching this is for the digital world. One of the most fundamental utilities of certificates is to provide the recognition and differentiation of the unique existence of any certain entities or relationships. For the same NFTs to be integrated across platforms, NFTs have to be thought of in different frameworks. For DoinGud and MOCA, NFTs represent unique pieces of digital arts, for Mask Network, NFTs represent commoditized IP based products that fans will want to buy and hold, for AlchemyNFT, NFTs are programmable certificates that descriptive metadata can be continuously added to, such as a date, URL, or title. Mixing the immutable certificates, the ability to integrate both off-chain and on-chain data, we see very clearly that the potentials of NFTs lie in composability and the lack of any data silos.
They can be several things all at once:
1. Mediums of interaction between the creator and the audience: NFTs serve as fundamental building blocks for a Web3 creator economy. Their most basic attributes are not assets, but tools. AlchemyNFT can allow creators and devs to add metadata on top of any NFTs that allow them to possess new functions or abilities under specific scenarios. NFTs can also be thought of as a permission management system. For instance, allowing NFT art pieces on DoinGud and MOCA to serve as tickets to exclusive events. Allowing NFT holders to possess rights to governance rights on various initiatives. There are ways creators use to build growing relationships with the audience. Push it one step further, NFTs can represent relationship data.
2. Digital identity: While we are used to internet platforms to collect our data and create our digital portraits, these portraits are not identities. They are market segment characteristics. A big part of identity is about conscious choices and one’s beliefs and values. Very few of these are captured by the existing internet platforms. However, they are extremely important in decentralized settings because people are required to choose what they are part of instead of being led or misled. In this way, the Active Selection algorithm using crypto presents an alternative to the predominant behavioral selection algorithm. The present behavioral selection algorithm such as recommendation engines can be extremely biased over time, segregating the population-based on historical passive data, and placing this power to the hands of a small group of people and their AI children. The ethical implications can be significantly harmful for society. The new alternative can help us discover new markets and challenge the centralized ways services are offered. Individual customizability can be maximized through this approach. Mask is working on creating an identity system that is based on on-chain data including NFTs.
While presenting Mask Network’s course of action in terms of NFTs, Suji said:
“The Mask extension can save users a lot of tedious steps, allowing content creation-related practitioners to showcase and trade their work as NFTs while interacting with their peers and supporters on the traditional social media platforms they are familiar with.” Mask has also partnered with DoinGud to empower and simplify NFT migration and usage. “Users should hold control over where their content appears, how their personal data is used, and most importantly, how it is monetized. Every record of ownership is kept in encrypted digital storage that is maintained on a public network, users will have access at all times.”
AlchemyNFT takes a different approach of adopting NFTs with a framework that improves the functionality, security, and usability of blockchain tokens called “TokenScript.”
“TokenScript enables token issuers to add context, security, and cross-platform functionality to their tokens with a single file. For instance, let’s take token negotiation on a booking website, users don’t need to sign up or anything, the website can negotiate with token and provide the most suitable travel packages and options to the users directly because the token carries the details of the trip, same is done with a tokenized driver license and tokenized insurance.”
AlchemyNFT believes in using a token as an integration layer for the existing internet.
Victor explained how AlchemyNFT approaches this problem:
“For artists, users or NFT owners can request artists to do remixes. After the remixing is done, users will have the remixed NFT and the artists will receive the payment. We also integrate Autograph NFT tools to build another layer for artists to interact with their audience. AlchemyNFT utilizes a super light licensing model. Our token owners are allowed to collect digital signatures, add synthetic traits, bundle collections and collaborate with other artists to do recreation based on the existing NFT.”
DoinGud focuses on collaborating with various blockchain companies and Web 3 platforms to provide seamlessness to their user-NFT experience. Manu shared his thoughts with DoinGud’s collaboration Mask to enhance the NFT experience:
“As we build our NFT platform to bring together creators, curators, collectors, and social impact organizations, we are laser-focused on providing our community with tools that will make access to the NFT world easier than ever. Mask Network’s solution of bringing Web 3 solutions to traditional social media is a natural choice for DoinGud and the vast community we are striving to serve [….] It will also be easy for collectors to interact with each other and purchase or trade NFTs directly on the platforms that they are familiar with, or for curators to get direct access to new and original creations.”
About Mask Network
Mask Network is the core product of Dimension, which is positioned to become the bridge that connects internet users from Web 2.0 to Web 3.0. The foundational technology of Mask Network is a peer-to-peer encrypted messaging application, with new functions continuously being created around this foundation.
We at Mask Network are strong believers in the ownership economy. People should own what they produce, people should own their data, their attention, and the virtual space they choose to contribute to.
MOCA is the premier space for discourse around digital art, crypto culture, frontier technology, and the NFT revolution. The Museum has developed the infrastructure to align interests and safeguard the communal story of crypto art. Introducing $MOCA incentivizes collaboration and allows people to add to and responsibly care for a community collection.
DoinGud is a next-gen creator ecosystem exploring the future of digital media & collectibles. It strives to be community-owned and curated, working on empowering creators, curators, brands & organizations to engage with their audience, tap into sustainable compensation streams, generate value for their audiences and create meaningful impact.
AlchemyNFT is an advanced platform for NFT owners, creators, and celebrities to co-create and monetize ‘synth NFTs’ and it contains a game-changing technology (TokenScript) that turns NFTs into usable Apps and Open APIs. Besides the smart contracts, the other part of AlchelmyNFT is TokenScript which adds utility and rights to NFTs and enables NFTs to be used everywhere.