Not-So-Fungible Weekly Edition #7
Already 7 weeks of non-fungibility? Where the hell did the time go? You probably had all the time in the world to catch up non-fungible news this week because there wasn’t much — but that doesn’t mean there wasn’t any interesting discussion. Checkout what you NFT Happenings you may have missed!
🔔I’d like to explore 2 topics this week with NFTs.🔔
- Minting NFTs with bonding curves and token-curated registries
- Extending the utility of fungible tokens in the context of NFTs
Both of these ideas were portrayed brilliantly at ETHBuenosAires Hackathon last weekend.
1. Crypto vs. Humanity — Minting NFTS with TCR certificaiton
This is definitely one my favorites. Not only is this a great example of the decentralized minting of NFTs, it’s a brilliant start to the meme economy. Non-fungible tokens are sometimes useless alone, but extremely valuable when placed in a larger composition.
Artists & Creators reputations will be valued based upon which token-curated registries their creations exist within. As the NFTs are used in larger compositions, they’ll start receiving royalties.
2. Token Toilet — Extending the utility of fungible tokens
With the number of tokens being minted is beginning to accelerate, the majority of them will be useless. Token Toilet dumps all your useless tokens into a toilet. Token Toilet then bundles up these coins and sells them for 5 DAI. All proceeds go to charity. Seems like a good potential use case for Set Protocol which launched this week.
Fungible tokens can also be burned to affect the attributes/quality of a non-fungible item. Burning 10 Dentacoin tokens with a sword will sharpen the blade using the power of dentistry!!
Instantly, what was once a useless utility token now has immense value outside of it’s initial use case.
Non-fungibles were initially interesting because of the extensibility aspect — they’re meant to be used in larger compositions. Fungible tokens can also have extensibility — they can be used in other applications and given additional value by a third-party.
Using fungible tokens to make composed tokens is nothing new. Checkout Crafty, allowing anyone to create their own crafting recipes using fungible tokens.
Matt Lockyer also explores the benefits and use cases of using fungible tokens and non-fungibles within the same ecosystem in his medium post this week.
📰Not-So-Fungible Weekly Tokenized Edition #7📰
I’ve been experimenting with new ways to tokenize this newsletter, as mentioned on Twitter. I have something in the works to make this newsletter a bit more weird, more fun, and more collectable. I’ll be announcing this new experiment within the next few weeks!
In the meantime, here’s NSFW Edition Week 7 made by Hackato
You can bid for this piece here.
As always, I’m super stoked about talking to others about the possibilities of NFTs. If you want to talk about NFTs, or anything crypto related, drop me a line on twitter @flynnjamm, my DMs are always open.
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