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’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:

AlchemyNFT has been constantly striving to make the integration of NFTs more attainable.

AlchemyNFT’s main product, AlphaWallet is the platform’s take on tokenization further.

Victor Zhang, Founder of AlchemyNFT and Alphawallet

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:

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.

Colborn, founder of MOCA

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:

DoinGud’s PoS infrastructure allows its users to trade NFTs with reduced climate impact and low fees.

Manuel Gonzalez Alzuru (Manu), DoinGud Founder

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:

Suji Yan, Founder of Mask Network

AlchemyNFT takes a different approach of adopting NFTs with a framework that improves the functionality, security, and usability of blockchain tokens called “TokenScript.”

AlchemyNFT believes in using a token as an integration layer for the existing internet.

Victor explained how AlchemyNFT approaches this problem:

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:

DoinGud has also collaborated with projects such as The Giving Block and dOrg to further accomplish their goal of helping creators in Web3.

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.

Follow Mask Network

Twitter: @realmaskbook

About MOCA

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.

Follow MOCA

Twitter: @MuseumofCrypto

About DoinGud

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.

Follow DoinGud

Twitter: @DoinGudHQ

About AlchemyNFT

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.

Follow AlchemyNFT

Twitter: @AlchemyNFT

The Portal to the New, Open Internet.