Social Tokens
Instead of issuing physical cards or tracking activity by phone number, which exposes an important piece of personal information, activities can be tracked via an NFT that is scanned without revealing any other information. Exclusive memberships A final application of NFT technology is as a general utility token that performs a specific function, like verifying membership to an exclusive club or providing access to a certain service. This is a function that is already being employed by a number of NFT projects where they have a website or Discord group that can only be accessed after verifying ownership of an NFT from that particular collection. As noted in a 2018 article by two of us, authors can publish works on a blockchain-based system creating a quasi-immutable record of initial ownership and encode smart contracts to license the use of works. Remuneration may happen on online distribution platforms where the smart contracts reside.
A strong NFT crypto community is unique and can’t be traded for another. As we have seen with NFT marketplaces like SuperRare and others, building and curating a strong community around your project is the same as building value. And just like in the real world, your land is valuable not just because of its utility for you, but because of its scarcity and potential utility to other people. This means the more interest in an area, the more valuable property in that area becomes.
You can interact with others, explore, go shopping, and complete challenges. What NFTs enable in this space is the same non-fungibility of assets we see in the real world. In 2017, a new video game allowing users to collect, breed, and sell NFT kittens skyrocketed in users.
Websites have OpenSea , and many new NFT projects are confronting the issue of not being able to scale their systems to match the high demand for NFTs. Just as in the world of NFT music streaming, Stoner Cats is removing the middlemen, creating a new space in which there’s only the animators and their fans. The Stoner Cats are around $1,000 (0.3 ETH) as of writing, and there are only 10,400 in existence. There are almost 5,000 cat owners, and these are the only people who have access to the show. DJ 3LAU was the first musician to tokenize an album, making $11.6 million off the 33 NFTs of the album he sold.
The only nuance is that you are not the official owner, and they are. There are numerous sustainable projects that can only be implemented with crypto and NFT. Ethereum has introduced the division into Execution Layer and Consensus Layer and at the moment is progressing step by step with greenerwhile secure upgrades Beacon-Chain / Merge / Shard Chains.
TokenSociety is a launchpad for NFT-based projects such as the Gay Aliens Society. For new projects seeking a platform to promote their project, TokenSociety offers an excellent overall approach. There are many tracking tools that pull data from various NFT marketplaces to rank NFT artists by total value sold. Examples of such tools include Cryptoart.io, Rarity Sniper, NFT Now, and CryptoSlam. Nifty Gateway – Nifty is one of the largest marketplaces for NFTs, especially digital artworks. This is a huge step in the legitimization of NFTs by one of the biggest social networking sites in the world.