Content Fly is Bringing NFT 2.0 to Internet Computer
NFT 1.0
NFTs went mainstream in 2021 and there is no doubt that it has had great success in getting users’ participation, raising awareness and increasing the adoption of the broader blockchain ecosystem. Many people learned the basics of blockchain through collecting NFTs, especially when the mainstream media was covering the topic in the daily news.
While we greatly appreciated what NFT 1.0 can do as collectible and tradeable artwork through the marketplaces, we would like to look into what NFT 2.0 can look like.
NFT 2.0
We believe the truly valuable use cases of NFT could be so much more than proving the ownership of digital artwork. Let us picture what this could look like in the near future.
Utility NFT
Content Fly is a Web3 Creator Marketplace. In the beginning, our vision is to connect creators to buyers and facilitate jobs between them. We believe that incorporating NFTs into these job transactions will bring Real Economy utility to NFT. To achieve this, we plan to introduce NFT attestation for proof of job completion and proof of ownership of the job’s deliverable(s).
The incorporation of NFT into jobs is an extension of the existing Job concept in Content Fly. Once a job is completed, both the buyer and creator can claim their NFTs that contain traceable data to the job brief, payment, deliverables, involved parties, drafts, chats etc. which are all stored in the Canister smart contract on-chain. The NFTs are unique and represent the experience and process both parties have gone through. The use case would be made even more powerful when Escrow Payment Smart Contract is introduced in Q2-Q3, Proof of Job Completion will have a payment record embedded.
Nested NFT & Composability
DeFi is popular and innovative partly because it’s composable in many ways. We believe a similar trend will emerge in NFT 2.0 in 2022. In addition to Proof of Job Completion (PoJC), buyers will be issued a Proof of Deliverable Ownership (DO) NFT for the job’s content deliverable. It could be graphic, audio, video, writing or code. It is also nested with the Proof of Job Completion NFT in the way that DO will own PoJC. If the DO NFT is sold, the associated PoJC would be included as part of the trade. The advantage of this is it gives a traceable record of the content creation and creative ideas through the ownership of the DO NFT. As a result, it adds authenticity to the job deliverable which would result in better valuation and buyers confidence.
NFT 2.0 in Internet Computer
Internet Computer (IC) is a great fit for NFT 2.0 because the actual binary graphic or deliverable could be stored on-chain with low-cost storage. To achieve great composability, we also need structured data stored in smart contracts provided by Canister, unlike static content stored in IPFS seen in other blockchains.
Summary
In Summary, we plan to create a more creative form of NFT 2.0 in Internet Computer than NFT 1.0, with real utility. When the work of Q1 2022 is complete, instead of buying an existing pre-created NFT, users can create a job in Content Fly Web3 marketplace and work with creators to produce content they require. Once the content is delivered, the buyer will be issued the DO NFT that incorporates the delivered content. The result is an authentic and tradeable NFT that belongs to the buyer (or new holder if sold). The ETA of Q1 roadmap is March to April. We look forward to seeing NFT 2.0 working in Content Fly.
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