When I think about NFTs, I often don’t think about the actual NFTs themselves.
I think a lot about value & many NFT assets will have value, even long term but the amount
of work to identify that value...isn’t worth it to me.
So when I think of NFT value...
I think about infrastructure.
Marketplaces, how NFTs will be exchanged, tooling for new NFT creation & NFTs integrating
with DeFi.
In this blossoming space, that is what I’ve been looking for…
Today, we are going to dive right back into NFT projects.
The one’s I’ve been eyeing and a hodling.
Starting at the highest marketcap.
And this high market cap NFT project isn’t one you would think would be changing the
NFT game.
But they are….
And that is Chainlink.
That stinky link….knew even before the NFT hype was here.
NFTs were gonna be BIG.
In June of last year, they dropped this blog post “16 Ways to Create Dynamic Non-Fungible
Tokens (NFT) Using Chainlink Oracles”
Dynamic NFTs?
What in the freak is that??
Well NFTs as we know them today, erc721 and erc1155 are static NFTs.
They are simple right now yet the ideal collection vehicle: Immutable, everlasting, resistant
to theft, impossible to counterfeit on the blockchain.
Dynamic NFTs is when the real fun begins.
Dynamic NFTs will be perpetual smart contracts that use oracles to communicate with and react
to external data and systems.
The oracle allows the NFT to use those external datas & systems as a mechanism for minting/burning
NFTs, trading peer-to-peer, and checking state.
For example, Chainlink said... a smart contract that automates the minting of a limited edition
digital soccer card if the oracle informs it that a player scored a hat-trick…A sweet
freaking possibility that is coming sooner than you think.
If you didn’t know, Chainlink has the VRF.
Their Verifiable Randomness generator.
Chainlink oracle nodes create a random number, which is then inputted into smart contracts.
The VRF has been live on the mainnet, since October of last year...and this VRF gives
dynamic abilities to NFTs through randomness.
Developers since October could apply random traits to an NFT.
Chainlink VRF can be used as an input to randomize the placement, creation, and/or distribution
of in-game items.
For example, fair and unbiased randomness can determine each in-game item’s rarity
and power ranking when it is minted.
And guess what?
Today NFT projects are implementing just that.
EtherCats just sold out for minting of the founders series & as we can see the mints
use chainlinks VRF.
The founders packs, each contained 5 random founder series cats, with a random rating
and random multiplier all decided by the VRF.
And just last month, the chainlink team & youtube channel had the ethercats team on, to discuss
how they were using the VRF & even demoing the code!
So, the beginning of pure randomness with NFTs is beginning through Chainlink live on
the ethereum mainnet.
But it doesn’t stop there..like the first example, real world events can be inputted
into the NFTs.
Mining an NFT card based on a hat trick.
What about going even further?
Where the value of the NFT cards depends on the real-life statistical outputs of the associated
player.
Chainlink oracles can source real-life performance data to determine the value of cards, which
is used to decide the winners of tournaments and trigger winning payouts.
Even more down the rabbit hole?
What about authenticity verification...even with identity?
Going back to the blog post on NFTs and chainlink they speak on identity and say “Several
projects are already working on how to develop digital identities that can interface with
many existing applications.
By doing so, users can plug’n’play it with other applications to keep control of
their private data.
Chainlink allows smart contracts to query identity-based blockchains to verify personal
credentials, as well as to append data to a person’s identity based on an output from
another business process.
Interestingly, identity may interplay with cyber-physical systems in the future, wherein
a digital identity will give authorized users access to a physical system.
Several projects are already working on how to develop digital identities?
And this identity will interplay with the cyber-physical systems, where a digital identity
gives authorized access to physical systems.
Doesn’t that sound like another NFT project, I’m oh so bullish on...LUKSO…
Lukso posted this in October on Twitter, around the same time of the chainlink VRF go-live.
ERC725 Standard - The standard allowing the creation of UniversalProfiles on a blockchain
and proposed by our Co-Founder Fabian Vogelsteller Don't get it?
Relax!
Just remember that those profiles are UniversalLogins across blockchain applications, reflecting
your digital identity.
Lukso’s goal is to bridge the physical world and the digital world.
NFTs for both digital and physical items, that are tied to a person’s identity.
Fabian thinks this identity will be powered by ERC-725.
Will Chainlink be involved with the lusko Mainnet...which we got info is slated for
release in q2 2021?
Only time will tell…
That stinky link & lukso, building the infrastructure which I think will push NFTs beyond today’s
boundaries….but what about the trading of the NFTs.
Exchanging them??
There is no instant satisfaction with the big markets... as it’s P2P, a seller needs
to wait for a buyer.
There needs to be more efficient ways of trading and swapping these assets, and I’ve been
zeroing in on a project doing just that.
But before we get into, it’s time for a sponsored segment of this video supported
by our friends at the GET protocol and like always the full details of our agreement can
be found in the description.
The use cases of NFTs are far and wide reaching, we’ve covered art, gaming...but GET protocol
is dominating a certain area.
Their name GET protocol is short for guaranteed entrance protocol.
Entrance?
Yeah, they focus on Tickets & ticketing, through tokenization & NFTs.
This market, ticketing isn’t small by no means either...by 2025 expected to be a nearly
70 billion dollar industry.
The GET protocol has been around since 2017, and carving their chunk into this industry.
They’ve issued over half a million blockchain-registered tickets to date.
And with the hype of NFTs, that number will only accelerate.
They issue smart tickets, as erc721 NFTs, which gives the issuers more control over
those tickets & gives the event goers benefits too.
getNFT Smart tickets are controlled by the wallet holder and blockchain address.
Of course this provides transparency of ownership, but it also means they are transferable at
the will of the owner.
Also the owner of it, has a digital collectable that lives forever on the blockchain.
For the ticket issuers, they of course can control resale markets and rules, but they
can also implement timelocks to the tickets, This allows them to protect their fans and
event goers from malicious third parties.
You know how tickets work in the real world??
Scalpers, exorbitant prices...get protocol can stop this.
And this has been implemented into ticketing platforms, succeeding at providing the benefits
stated above.
GUTS Tickets is the first commercial company which implemented the GET Protocol to create
an honest ticketing service.
They have a functioning web and mobile app for the ticketing platform.
Already working with many partners to fill venues, festivals, and even stadiums.
The app is Easy to understand, looks like most ticketing platforms, you can even get
drinks and parking.
They also allow ticketing by floorplan.
But their tickets also have features like dynamic qr codes, changing every so often.
Every ticket issued by Guts on GET, over 600k, not a single one has been scalped.
But the tickets soon are going to be able to do so much more since it’s an NFT, it’s
composable, it’s LEGO block of DeFi, decentralized finance.
And guess who has partnered to bring NFT tickets even further?
Chainlink and the Getprotocol.
GET is implementing their VRF for randomness with their tickets, especially with ticket
lines.
Depending on pending development & design, ticket buyers will be able to easily verify
the randomization that has been given to them for their place in line to buy the ticket.
With a simple click of the button, while they wait!
But I wanna go back to their website, to highlight a feature.
They say “The GET Protocol approach to Event Finance (using NFT's): Our DeFi investment
module, which is expected to go live in 2021, will offer tooling for organizers to sell
their ticket inventory forward.
This is achieved by tokenizing the future tickets in an NFT.
…
What does that mean?
Well this will allow event organizers and artists to pre-finance their own events by
collateralizing their tickets and offering them up to DeFi investors.
And that is coming soon.
Of course if any of this interests you all links for Get & Guts are below.
Now back to the trading & the swapping of those NFTs.
What project do you think I’m going to bring up?
NFT20….as they tweeted this 2 days ago.
“If you have an NFT project or love a project that is not yet on NFT20: it's high time to
create the pool and add liquidity for it!
In a few days we'll enable anyone to trade NFTs using any ERC20 tokens in the most liquid
way ever created!
Few days is not two, usually 3 or more, so NFT20 could have a big release tomorrow or
in a couple of days.
And below the tweet they explained it a bit further...A Rich on twitter asked “It will
be nft20 for erc20 ? Or an erc20 like yfi for any nft (erc721)?
I think rich was a little confused but NFT20 replied “Any ERC721/ERC1155/ERC20 combination”
That is BIG, and I’m licking my chops to find out just what….but things aren’t
only looking bullish for NFT20 within their own department.
Remember Vasa Develop, who is working on the cross asset NFT swapper for NFTX posted an
update before taking a development break for exams.
As we can see NFTX, and NFT20 are the two markets on the sell side, and both are integrated
on the buy side, but also on the buy side rarible, axie infinity, crypto punks, and
opensea is a work in progress.
The bluechips in the NFT space are obvious to me, even if the marketcap rankings doens’t
view NFT20 and it’s governance token muse as a blue chip...YET!
But what about the mysterious alchemist coin?
Which is creating NFTs, and Universal Vaults.
Remember they aren’t on Coingecko, they just needed to get their front end UI ready...the
application is processed just waiting on that website.
Well going to the front end github for the coin, it’s active being worked on, and looky
there a link alchemist.farm….going to that...Very nice, its almost there...but remember it isn’t
ready, that link, the team will announce it..but they are getting close….real close.
Cheers I’ll see you next time!