How AlchemyNFT Makes Remixing NFTs Possible
The word “remix” first appeared at the beginning of the 19th century. However, it can be argued that the concept of artistic “remix” as we know it today wasn’t really born until the second half of the 20th century when pop artists and musicians began to directly lift and repurpose pieces of each other’s work.
For example, in 1962, Andy Warhol famously cloned and colorized a photo of Marilyn Monroe; around the same time, DJs in Jamaican dance halls began deconstructing and remaking musical tracks to better suit their audience's tastes.
Since then, technological developments have enabled creators to take the concept of the artistic remix and transform it into something new.
Musical producers sample and feature the work of other artists; visual artists copy, transform and combine other pieces of artistic work. On TikTok, users lift and reference each others’ content with alacrity. What has resulted is the creation of a collaborative, cross-cultural artistic dialogue that plays an important role in global society.
Bringing Collaboration to NFTs: Can Non-Fungible Tokens be ‘Remixed’?
When the dawn of non-fungible tokens (NFTs) brought art to the blockchain in a meaningful way, creators everywhere became excited about the opportunity to develop new income streams and relationships with their fans.
NFTs faced some initial challenges. One of the well-known benefits of blockchain is its immutability: records on a blockchain network cannot be altered without the consent of more than 50 percent of the network’s nodes. This immutability makes NFT ownership secure and indisputable. When you create, purchase, or sell an NFT, a record of that event is permanently stored in a blockchain’s public ledger.
However, this level of immutability is incompatible with the collaborative and customizable concept of the artistic “remix”: NFTs, in theory, could not be altered after they were added to a blockchain network.
Until now.
AlchemyNFT Allows Creators to Recreate, Remix, Combine, Mutate, & Transform Their NFTS
AlchemyNFT is bringing the concept of artistic remix to the world of non-fungible tokens for the first time. Through the concept of NFT Transmutation, we are offering users the ability to recreate, remix, combine, mutate, and transform their non-fungible tokens, charting a path toward a reality where non-fungible tokens are an integral part of the global economy.
Our Synthetic NFT technology makes it possible for non-fungible and/or fungible tokens to be combined–or “synthesized”–to create new, unique tokens. This allows creators to collaborate with each other in new ways, and to create more value for end-users and investors.
For example, a CryptoPunk NFT could be combined with a piece of Beeple’s artwork; or a CryptoKitty NFT could be combined with 1 BTC and a non-fungible token associated with a Grimes song. Through our AutographNFT feature, each of these non-fungible tokens can also be signed by their creators or anyone the NFT owner prefers, giving the NFT even more value.
This level of utility actively runs against the narrative that the non-fungible token market is a “bubble” of speculative hype. On the contrary, through synthetic NFT technology, we believe that non-fungible tokens will create a resilient, secure economy that is based on strong, flexible technology.
Synthetic NFT Tech Brings a New Level of Utility and Flexibility to the Token Economy
To date, most of the attention that non-fungible tokens have attracted seems to focus on the creative side of the NFT industry. But Synthetic NFT technology doesn’t just apply to tokens that are associated with creative work–it can be used to expand NFT use cases across industry verticals.
This is why we believe that NFTs will become widespread. At their core, non-fungible tokens serve two main purposes: first, their digital uniqueness and basis in blockchain networks provide an indisputable record of ownership and authenticity. It makes each token into an open API that can be used by any app or website.
Second, they add liquidity to markets that were previously illiquid. NFTs can be produced to represent ownership of real estate, fine art, antiques, and other traditional financial markets that have low liquidity. NFTs can even be used to create entirely new kinds of tradeable, liquid assets that never previously existed.
Synthetic NFTs Create Liquid Assets & New Markets
Perhaps the most common example of this capacity to facilitate liquid markets is the creation of NFTs based on digital Images. In the days before NFTs, a photo could be copy-pasted to infinity; there was no mechanism that could be used to create scarcity. Now, non-fungible tokens have given creators the ability to create scarce, rare assets where there were none. In turn, this has created a new kind of artistic economy.
This particular NFT use case reaches far beyond the art world. When you add AlchemyNFT’s Synthetic NFT technology into the mix, the potential to create new kinds of liquid assets becomes almost limitless.
For example, in gaming, NFTs can be synthesized to combine the powers of objects in the game. If you owned an NFT-based spaceship in a game, you could purchase and synthesize another NFT that could add a special feature to the spaceship, such as a color change or speed boost.
Additionally, NFTs can be created and synthesized to make unique, scarce assets out of just about anything: the potential for this technology is only limited by the imagination.
To Infinity and Beyond
The utility and potential use cases of synthetic NFTs are further expanded through AlchemyNFT’s TokenScript, which will allow creators to add a virtually unlimited range of utility to their NFTs. This will enable token issuers to add context, security, and cross-platform functionality to the tokens they create. TokenScript will, for example, allow token creators to add redeemable rights to the coins that they mint across all platforms.
The practical implications are enormous and wide-ranging. For example, TokenScript could be used by businesses to create e-commerce systems. Companies could issue redeemable vouchers in the form of NFTs, which could be redeemed for products or services. TokenScript increases liquidity by making these products and services much easier to trade across platforms. And it adds utility: anyone can add functionality to NFTs anywhere along the chain of custody. NFTs as redeemable vouchers also enable businesses to use new, decentralized finance (DeFi) systems, since redeemable NFTs are assets on a blockchain, connected to the real economy.
TokenScript also promises to put an end to fragmentation in NFT markets. Currently, non-fungible tokens are limited to blockchains and decentralized applications, or dApps, on which they were created. But TokenScript will support advanced rendering of tokens across all platforms, bringing a layer of interoperability to the non-fungible token space.
In this way, TokenScript fulfills AlchemyNFT’s vision of Web 3.0: it will support the development of a free market and decentralized web that is enabled by blockchain technology. To learn more about AlchemyNFT, click here.
To try the first product built on AlchemyNFT, Join the AutographNFT whitelist & tweet for a surprise 🥰!
To follow the AlchemyNFT project
- Twitter: https://twitter.com/AlchemyNFT
- Telegram: https://t.me/AlchemyNFT
- Discord: https://discord.com/invite/ns5KQHJctp
- Website: https://AlchemyNFT.org
