Introducing NFT PLUS
More than Just Art
NFT PLUS expands the application of NFT outside of artwork by attaching assets to the blockchain and metaverse. NFT PLUS have real measurable value and increased liquidity because they can be redeemed for actual assets whether they be physical, financial or experiential. This makes for additional use cases in not only artwork but also in entertainment, gaming, media and finance.
Introduction
Non-fungible token (NFT) refers to a unique type of digital asset. The ownership of these assets is circulated on various chains such as on the Ethereum blockchain.
From digital goods that exist in the virtual world to physical assets such as clothing or real estate, these items can all be expressed as an NFT. Because of their combination with other financial instruments on the blockchain, anyone can issue, own, and trade NFT’s. Therefore, the efficiency to interact between users and NFT is significantly higher than that of traditional platforms similar to how the payment efficiency of cryptocurrency is higher than traditional finance.
For example, if you are a game developer and want to create a tradable gaming ecosystem, you can use the agreement based on decentralized NFT exchanges to give the item trading attributes and monetary value immediately. It eliminates the need to create a trading market and the need to go through the process common on a centralized platform to allow items to flow.
Current Pain Points of NFT
Low Turnover Rate
Since the current applications are only in low-frequency areas such as in games and art collections, the overall transaction frequency is very low, resulting in the lack of circulation properties of NFT.
Lacking Real Value Anchors
Currently, the assets behind NFTs have low circulation frequency, relatively subjective value, and lack supporting value anchors. This makes it challenging to get large-scale promotion from applications such as DeFi.
Limited Application Scenarios
Although there is a saying that “everything can be an NFT”, there is no value if there is no transaction. Only when there are transactions can an asset realize its value. The value needs to be reflected by the transaction — the lower the transaction efficiency, the lower the liquidity and value. At present, NFTS are limited to gaming and art collection and even then have significant limitations on liquidity and valuation.
NFT PLUS
NFT PLUS directly solves the subjective problem of assets behind an NFT by linking the NFT to the assets. This ultimately provides measurable value for the NFT since it can be redeemed for actual assets. Some examples of the application of NFT PLUS can be seen below:
- Physical redemptions, such as priority subscription rights for scarce resources, such as albums of famous artists, subscription warrants for limited edition luxury goods, etc.
- Experiential redemptions, similar to high-end credit card rights services, such as tickets for popular LOL concerts/sports events, access to VIP and private events, reservations for popular spots, restaurants etc.
- Financial redemptions, such as pre-emptive rights for high-quality products, or pre-determined price locks for aforementioned products
NFT PLUS Technological Solution:
About DeFine
DeFine is the NFT social platform for all creators including artists, musicians, influencers, gamers, and athletes. The platform facilitates all social interaction, engagement and communication for creators and their fanbase with digital assets like NFTs and social/fan tokens.
Join our community
Official Website: https://www.define.one/
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Contact Email: contact@de-fine.art
