Introducing DareNFT, the universal NFT 2.0 protocol for Digital Assets
NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, books or items in video games.
We believe the adoption on NFTs in the mainstream depends on its ability to reflect the ‘benefit’ relationship between digital assets.
Digital assets have many relationships especially benefit relationships… if NFTs want to tokenize all assets in the world, the NFT must reflect this part of the relationship too.
That’s why DareNFT have created the NFT 2.0 Protocol, with the new standard for the non-fungible tokens named NFT 2.0.
We have identified three current problems in the NFT market:
- Unrecognized Benefit Relationships between NFT’s
- Unrecognized Benefit Relationships between NFT owners
- NFT Ownership at Risk or lack of liquidity for NFT
Let’s take a look at the first problem identified (Unrecognized Benefit Relationships between NFT’s)
As we know everything in life has relationships with each other. For example:
Books derive from words, you have original books and they are translated in many languages which is an example of derivative content.
In Music we have an original song and you can see many covers or remixes on YouTube or TikTok which is an example of derivative content.
In Gaming we have characters and items that are re-created from each other. An example is Fortnight, they produce new characters and items within the game overtime.
The three examples mentioned all have a ‘benefit’ relationship of some form.
NFT 1.0 does not support the tracing and tracking of the origins and derivative benefit relationships between the digital assets.
Let’s take a look at the second problem identified (Unrecognized Benefit Relationships between NFT owners)
We can see that many products and investments have co-owners. Two co-owners can collaborate to create a product or two investors can contribute capital to own one asset.
The NFT 1.0 it does not support the co-owner model. They agree the terms traditionally via handwritten or verbal contracts.
Therefore DareNFT 2.0 protocol can create a binding agreement through the Smart Contract.
Let’s take a look at the third problem identified (NFT Ownership at Risk or lack of liquidity for NFT)
The current NFT 1.0 holds more risk than benefit when you buy the NFT, as it’s purchased whole and can only be sold as a whole.
Therefore, there is a low trading liquidity and the NFT will likely become the liability rather than the assets as you can only hold it until you can sell it — without knowing the future value.
The NFT should support the owner and give them a chance to use the rental model so they can receive an income from the NFT they are holding, instead of the traditional outright purchase model.
Our solution to all three problems highlighted is the DareNFT 2.0 Protocol
The NFT Protocol 2.0 is currently fuelling the era of digital asset tokenization.
Our DareNFT 2.0 will allow the following:
- Owners can receive royalties from the reproducers or the derivate NFT revenue
- Support the co-owner model through smart contracts and blockchain
- Support the multi-chain rental NFT model through many networks
- Most importantly it’s compatible to the existing NFT 1.0 therefore if you already own NFT 1.0 you can use it with our new protocol as well
In other words, in our new standard for non-fungible tokens named NFT 2.0, the derivative NFT model (with royalty payment), the co-owner NFT model (with revenue sharing mechanism), and the rental & lease model will be applied for NFT. Along with that, any current NFT (NFT 1.0) can be upgraded easily to NFT 2.0
We present two Use Case’s to showcase our DareNFT 2.0 in action
Use Case 1: NFT Marketplaces for derivative works
As mentioned, most content on the internet is a form of derivative content.
Therefore, we have created a DareNFT marketplace.
This allows music artists who originally created a song, to allow a reproducer the right to create a remix. The reproducer can agree a royalty such as 10% of their revenue income will go to the original artist. This agreement will be formed through a smart contract.
If you create a book or learning material many people from other countries can translate and resell as well as giving the original author a royalty for doing so.
Lastly in gaming you can purchase or reproduce an item and rent it out for other users to use.
In essence the examples mentioned would all form the DareNFT marketplace.
The NFT 2.0 can track the origins of a derivative works and automate the licensing process.
This will ensure creators are happy as they now have a revenue stream of their derivative work that will be tracked through smart contracts.
The rental model is suitable for derivate work rather than outright purchase model that we are currently having at NFT 1.0.
Use Case 2: NFT Marketplace for Rental Digital Assets
For the second Use Case we are looking at the NFT marketplace for the rental of digital assets.
Rent to earn is a large part of our economy.
When you own an asset or item it’s easier and more profitable to rent it out for another user and receive royalties or commission — Rather than to wait and sell the asset as a whole for a profit.
However, there are two problems.
First of all, for the new investor it’s a substantial initial investment cost which can create a barrier to entry to the market.
Secondly for people who already have an asset it’s difficult for them to rent as everyone is wanting to monetise their unused asset by leasing.
For example, if you are playing a game, you are not going to play that game all your life. Therefore, the amount of time you have spent playing the game and collecting or purchasing characters and items will go to waste.
It will be more profitable to rent to different players and in which you can use the money to re-invest for the second game which will be a win win for all parties.
The biggest challenge we see is that many people are not complying to their agreements as it’s in a written or verbal contract.
By using the blockchain and smart contracts we use NFT as the mapping, to tokenise the rear access where we can eliminate these problems.
Where DareNFT currently sit in the NFT Market
We are the first NFT 2.0 Protocol to allow a user to use our platform for all of their digital contents.
We have two competitors who currently serve in the digital collectibles market and are versed in Rental Smart Contract and NFT 1.0 compatible only.
The DareNFT 2.0 will serve all internet content and provide the following features:
- Royalty Smart Contract
- Rental Smart Contract
- Co-ownership Model
- Derivative Licensing
- NFT 1.0 Compatible
There is a huge market that is relatively untouched and DareNFT 2.0 are the market leader to offer a full-service package to the customer.
How DareNFT will grow in the market
We have three main areas we will be focusing on for our growth.
Our first growth strategy is the DareNFT 2.0 as a service
We will compact all our features mentioned into one package to support our clients through our API cloud-based service.
We have already been approached by many traditional gaming, music or content companies, that would like to get into the NFT market and NFTify their platform to earn a revenue stream.
However, they currently have a barrier to entry as they will need to spend time learning about NFTs and set up their NFT infrastructure.
This is where we offer DareNFT 2.0 as a service.
With our API cloud-based service all they have to do is send us an API request with their content, which we can then create an NFT infrastructure for them.
We can support the traditional gaming, music company or author to NFT provide their product or service with a small fee, which they can use USD or a normal transaction to buy the service.
We will also support a multichain network.
Many clients want to choose their favourite network for example Ethereum, BSC, Polkadot, Saloana, Cosmos, Polygon and our NFT 2.0 protocol will support this.
Our second growth strategy is also our Bootstrap Products — DarePlay, the GameFi platform for both non-NFT-games and NFT games
This is looking at the whole picture, as DareNFT 2.0 will create a core platform, therefore we can catch up with any new trends coming out next.
However, we are currently focusing on the in-demand market of onboard blockchain gaming.
This is a hugely popular trend at the moment with most gaming companies looking to explore the NFT market.
Currently they have the gameplay feature however they are missing the following:
- NFtify Game Assets (DareNFT Cloud Service)
- In-Game Tokenomics (DareNFT Cloud Service)
- NFT Marketplace (DarePlay)
- IDO Launchpad (DarePlay)
DareNFT 2.0 protocol can provide the above features to create the onboarding blockchain game.
DarePlay is the simplest form of the worlds first metaverse.
A sides from the current gaming trend there would be many products that can use our platform to reflect the economics in blockchain such as NFT for digital music, online publication and also e-learning.
As long as NFT is popularity accepted DareNFT are in place to catch any future NFT trends.
DareNFT’s 3-Layer Business Model
The first layer is a DAO, playing the role of a governance committee of the whole protocol. DAO’s revenue is taken from the service transaction fee of DareNFT-based applications and will be distributed into 5 sources:
- Reward for $DNFT stakers
- Reward for liquidity providers
- Discount for users using DareNFT-based applications
- Burn to reduce the circulating supply of $DNFT
- Reserve, which will be used in sudden incidents
The second layer will create our DareNFT Marketplace.
if you are a company and want to get yourself into the NFT Market but you don’t know where to start, you can go straight to our second layer and ask for the service, similar to the Amazon Marketplace and AWS.
We will compact all our features in a NFT 2.0 package to give a whole service which they will be charge a service fee.
As mentioned, all they will have to do is send us their API, and we will create the NFT 2.0 protocol for them.
For the third layer this is all about customers — they can use the NFT 2.0 base product to provide a service or product to any platform or any customers. Sell and rent to get a financial benefit,
The third layer also enables the customer to use their own platform and get the commission fee from their.
What Next?
DareNFT is currently in an exciting growth phase and we welcome you to follow our journey on the following social media platforms and hope for you to make use of our service now and in the future.
If you have any enquires, please send us an email at contact@darenft.com or message us via our Telegram Group.
About DareNFT
DareNFT is the universal NFT 2.0 protocol for Digital Assets. The mainstream adoption of NFT depends on its ability to wholly reflect the benefits of digital assets. DareNFT has developed a suite of products that solve the current problems of NFT 1.0, which are: Unrecognized benefits between NFTs, Unrecognized relationship between NFT owners, and hidden risks of NFT Ownership. Our first product is DarePlay, the GameFi platform including a blockchain gaming launchpad & IGO services for non-NFT games, as well as a Rent-to-Earn and Lease-to-Earn marketplace for in-game items NFT. We have had plans to move further with the derivative NFT content platform after our first product has been completely built and well positioned in the market.
Learn more about DareNFT:
Website | Telegram group| Telegram Channel | Twitter | Medium
