• Latest
the inspiring projects tapping into the unrealized potential of non fungible tokens

The Inspiring Projects Tapping Into The Unrealized Potential Of Non-Fungible Tokens

January 28, 2022
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

March 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

March 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

March 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

March 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

March 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

March 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

March 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

March 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

March 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

March 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

March 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

March 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

The Inspiring Projects Tapping Into The Unrealized Potential Of Non-Fungible Tokens

coinnewsdaily by coinnewsdaily
January 28, 2022
in Business
0
the inspiring projects tapping into the unrealized potential of non fungible tokens
193
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
actor

NFTs have evolved much beyond their basic label of “expensive artwork.” Along with the remarkable growth of the DeFi ecosystem, recent years have seen a surge in demand for NFTs.

Beyond artwork, the NFT market has extended, establishing a foothold in a variety of industries, including gaming, sports, music, and even real-world commodities. Indeed, in 2021, some projects integrated the TradFi and DeFi ecosystems by tapping into the world of real-world assets (RWA).

Related articles

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

July 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022

The expansion does not stop at the addition of new primitives. With the metaverse concept gaining hold in 2021, NFTs are soon becoming the preferred method of accessing the undiscovered realms of individual blockchain game universes. Add to that the usage of NFTs for content sharing, subscription services, and fundraising options, as well as the yet-to-be-explored potential of smart contracts, and it’s easy to see why the NFT ecosystem is establishing itself as a dominating blockchain sector.

Additionally, a rising number of open-source projects have reached the mainstream market, lowering the barrier to entry for blockchain technology. Almost anyone can now manufacture thousands of distinct NFTs in a matter of minutes, courtesy of AI-driven systems.

For example, Nvidia, the world’s largest GPU manufacturer, recently made its metaverse-building platform Omniverse available for free to individual users, makers, and artists. Simultaneously, metaverse projects such as The Sandbox enable people to develop and design their own metaverses. These results demonstrate unequivocally that as the metaverse and Web3 converge in the future, NFTs will be key components of both ecosystems.

Parallel to the exponential growth of NFTs, the number of secondary NFT marketplaces is also exponentially growing. NFTs are no longer exclusive to the Ethereum network; they have spread to other prospective third-generation blockchain networks as well.

Having said that, below are a few potential NFT initiatives that are expanding the application space for NFTs.

Offering Complete Control Over Content and Monetization to Creators

The Web2 environment is replete with social media platforms and forums. However, the bulk of these sites are governed by centralized institutions, which by design restricts users’ rights significantly. For example, it is becoming increasingly frequent for authors to face unjustified censorship and copyright violations, resulting in the demonetization of their work.

Creaton is a Web3-based system that tries to solve this reality by giving content creators complete control. Creaton, being a completely decentralized content sharing platform, enables producers to tokenize their work in the form of NFTs. These NFTs can then be securely kept in Arweave’s completely decentralized content storage solution, which utilizes NuCypher technology to encrypt them. Only subscribers to the author are able to decrypt and access content that includes these features.

Creaton, which is based on the Polygon network, provides lightning-fast transaction speeds and extremely cheap gas costs. Additionally, the site has integrated Superfluid’s decentralized payment method to ensure that creators receive their payouts immediately, in contrast to the Web2 ecosystem’s monthly payout scheme.

Additionally, Creaton enables creators to control access to their works through the use of smart contracts and value-added blockchain technologies that eliminate arbitrary prohibitions, censorship, and payment delays, among other things.

Unlocking Novel Opportunities For Creators Of Short Video Content

Apps for creating short video content, such as TikTok, have exploded in popularity in recent years. However, the centralization issue remains unresolved. While creators have the option to monetise their work, this is at the discretion of the app’s decision-makers.

Chingari, the Indian short-video platform, has positioned itself as the go-to destination for content creators by combining blockchain technology and the strength of NFTs. The network launched India’s first social media token, the $GARI currency, which serves as the key driver of the entire ecosystem.

Unlike other Web2-based short-video platforms, Chingari empowers creators by granting them complete control over their content and providing them with a varied range of revenue-generating alternatives. Content providers can use the $GARI token to host NFT sales, unique goods offerings, and much more.

The platform is backed by a number of high-profile investors, including Bollywood celebrity Salman Khan, Swordfish Investments, and FJ Labs. With over 100 million downloads since its introduction, Chingari has established itself as India’s fastest-growing app. Additionally, the platform raised $15 million in a recent fundraising round led by Republic Capital and is the world’s first token to launch simultaneously on six exchanges.

Introducing A Whole New Set Of Utility Functions To NFTs

As the NFT frenzy grows, investors are looking for newer methods of purchasing, selling, and trading their assets. To address this requirement, Infinity, a community-driven NFT marketplace, has emerged as a possible platform for accelerating NFT adoption on a broad scale.

The platform is a DAO-controlled marketplace that also functions as a protocol and treasury, as well as a platform for programmable NFTs. According to experts, the next big evolution of NFTs will be a focus on the highly unappreciated potential of programmable NFTs, which can be “programmed” to alter and adapt over the course of the NFT’s existence.

Due to the fact that Ethereum’s problematic conditions remain front and center as the network sluggishly implements its improvements, prominent NFT markets such as OpenSea are having a difficult time. In comparison to other marketplaces, Infinity charges reduced fees, with all earnings going straight to the community-controlled DAO, as opposed to other marketplaces, where all proceeds are dispersed among the platform’s team members. Additionally, it enables existing OpenSea users to advertise their NFTs for free, as it leverages OpenSea’s smart contracts and removes new smart contract risks, hence reducing the need for gas.

Solving The NFT Royalty Issue

Despite the increasing financial significance of NFTs, the lack of interoperability among separate NFT markets frequently results in large royalty losses for NFT inventors. While marketplaces allow artists to include royalties when minting their NFTs, the royalty payout for subsequent sales is only valid if the subsequent sales occur on the same platform as the NFT was originally minted.

As a result, producers have no practical way of tracking subsequent sales or claiming royalties if a buyer resells the NFT for ten times the original price on another platform. CXIP addresses this issue by its minting-as-a-service (MaaS) solution, which enables creators to add royalties through the use of its bespoke “PA1D” smart contracts.

The platform is intended to address the issue of inequitable royalty distribution regardless of where the NFT was initially produced or sold. The PA1D smart contracts may be shared across markets inside the blockchain ecosystem, providing producers with a simple mechanism to track NFT transactions and guarantee they are compensated appropriately for their labor. The platform’s API enables customers to mint NFTs with cross-market royalties, authenticity, immutability of the payload, counterfeit prevention, and copyright registration.

CXIP will shortly launch the largest-ever NFT DAO for creators, comprised of prominent artists and celebrities such as Pharrell Williams, Chad Knight, CXIP co-founder Jeff Gluck, and Jen Stark, among others.

This content is provided solely for informational reasons. It is not meant to serve as legal, tax, investment, financial, or other professional advice.

 

Tags: actorAPIBlockchainblockchain networksblockchain technologiesblockchain technologyBusinessco-founderCoinconditionscontent creatorcontractsCryptoCrypto BusinessDeFidiversedriverEthereumethereum networkExchangesexpansionGaminggasgas costgas costsinIndiaInvestmentlimitsmanufacturerMetaversenetworkNFTNFTsNotNvidiaOPENSEAOptionsOtherPlatformPolygonPolygon networkpriceProgrammable NFTsProtocolRangeRepublic CapitalSaidsalesSandboxservicessocial mediasocial media platformsstorage solutionTeamTechnologythe WorldTikTokTokenTradeUseWill
Share77Tweet48
Previous Post

Solving & Simplifying The Data Integrity Equation For Businesses & Consumers Alike

Next Post

What is Etherscan, and how does it work?

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses
Business

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

July 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
Load More
Next Post
what is etherscan, and how does it work?

What is Etherscan, and how does it work?

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$28,400.00-0.02%
  • ethereumEthereum(ETH)$1,815.42-0.52%
  • tetherTether(USDT)$1.000.12%
  • binancecoinBNB(BNB)$314.89-0.80%
  • rippleXRP(XRP)$0.51-4.46%
  • cardanoCardano(ADA)$0.394910-2.34%
  • dogecoinDogecoin(DOGE)$0.0807625.85%
  • matic-networkPolygon(MATIC)$1.10-0.44%
  • solanaSolana(SOL)$20.940.22%
  • polkadotPolkadot(DOT)$6.28-0.83%
  • litecoinLitecoin(LTC)$92.393.18%
  • shiba-inuShiba Inu(SHIB)$0.0000115.20%
  • tronTRON(TRX)$0.0663270.41%
  • daiDai(DAI)$1.000.10%
  • chainlinkChainlink(LINK)$7.49-1.65%
  • cosmosCosmos Hub(ATOM)$11.260.79%
  • leo-tokenLEO Token(LEO)$3.39-2.15%
  • ethereum-classicEthereum Classic(ETC)$21.112.25%
  • stellarStellar(XLM)$0.109750-0.63%
  • moneroMonero(XMR)$155.72-1.21%
  • okbOKB(OKB)$41.61-0.58%
  • bitcoin-cashBitcoin Cash(BCH)$125.651.37%
  • filecoinFilecoin(FIL)$5.772.07%
  • crypto-com-chainCronos(CRO)$0.068860-0.36%
  • vechainVeChain(VET)$0.023298-0.58%
  • algorandAlgorand(ALGO)$0.222267-0.71%
  • internet-computerInternet Computer(ICP)$5.210.16%
  • eosEOS(EOS)$1.18-1.40%
  • elrond-erd-2MultiversX(EGLD)$42.27-0.71%
  • theta-tokenTheta Network(THETA)$1.063.63%
  • aaveAave(AAVE)$73.990.73%
  • tezosTezos(XTZ)$1.130.42%
  • neoNEO(NEO)$12.37-1.40%
  • havvenSynthetix Network(SNX)$2.551.69%
  • paxos-standardPax Dollar(USDP)$1.00-0.03%
  • bitcoin-cash-svBitcoin SV(BSV)$35.980.03%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.730.77%
  • dashDash(DASH)$58.900.95%
  • makerMaker(MKR)$690.070.35%
  • iotaIOTA(MIOTA)$0.2219573.66%
  • huobi-tokenHuobi(HT)$3.64-0.17%
  • zilliqaZilliqa(ZIL)$0.0309366.79%
  • basic-attention-tokenBasic Attention(BAT)$0.2733192.63%
  • zcashZcash(ZEC)$37.60-3.70%
  • nemNEM(XEM)$0.0403371.72%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.130.80%
  • kusamaKusama(KSM)$33.77-3.63%
  • compound-governance-tokenCompound(COMP)$43.230.95%
  • yearn-financeyearn.finance(YFI)$8,736.480.11%
  • bitcoin-goldBitcoin Gold(BTG)$16.080.64%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2455401.91%
  • omisegoOMG Network(OMG)$1.56-1.65%
  • wavesWaves(WAVES)$2.121.27%
  • ontologyOntology(ONT)$0.2388472.12%
  • sushiSushi(SUSHI)$1.09-0.95%
  • digibyteDigiByte(DGB)$0.0097090.84%
  • umaUMA(UMA)$2.100.77%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%