An Introduction to Multi-Chain NFT World Building
What is a Multi-Chain NFT
A Multi-Chain NFT is a Non-Fungible Token that is designed and developed to exist on more than one blockchain. Multi-chain implementation can exist where one collection is replicated across more than one chain, or the creator can use each chain to perform different utilities for the overall collection. The concept is still relatively underutilized and mostly restricted to the major L1 blockchains like Ethereum and Solana. When developed as multi-chain, NFTs will have the ability to thrive in multiple iterations and reach a larger audience. Alternative blockchains like NEAR offer an interesting opportunity for NFT founders to expand their projects and bring additional value to their holders.
Why Are We Here?
A lot of people are talking about cross-chain marketplaces and the interoperability of NFTs across blockchains. Those are important topics, but we’re here instead to discuss cross-chain NFTs through the lens of storytelling. Whether you’re developing a new collection or managing a pre-existing collection that’s considering a 2nd/3rd drop, exploring a cross-chain approach could help founders discover previously untapped potential.
Let’s Go
Creating an NFT collection means that you’re building a brand and unfortunately not enough web3 founders realize this concept. A new and different type of brand than what we’ve traditionally seen in the past, yes. But still a brand. Because of that, we can apply some of the same but modified principles that web2.0 brands use. Primarily, the power of storytelling. No NFT collection gains traction (just as no real brand) without a proper story that can woo investors/customers/audiences.
Your audience (buyers/investors/etc) comes in all shapes and sizes. They consume content on various platforms like Instagram or YouTube, but what/why/how they consume it is different depending on which platform they’re on. You wouldn’t make the same content for a movie theater that you would for Tik Tok or Twitter. This is relevant because it helps us remember the importance of building a story world immersive and expansive enough to speak to the audience in the appropriate way across multiple platforms. When done correctly, this type of storytelling invites the viewer to take part in the narrative and have an individual sense of emotional ownership, a sort of personal copyright in a world of creation that is not focused on a single piece of content. We don’t want to merely inform the audience or just entertain them for a fleeting moment, but actually help them slip into our manufactured reality. Immersion blurs the lines — between story and marketing, creator and viewer, fantasy and reality. Once the audience feels that emotional connection through the story, they become evangelists for your brand.
Ok ok, I get it. NFTs should be treated like a brand and have a good story to tell. What does multi-chain have to do with it?
Now with this perspective in mind, we can explore why multi-chain is the future for NFTs.
Each blockchain has its own characteristics, strengths/weaknesses, and community. So utilizing a multi-chain approach shouldn’t be an afterthought. It should be a part of your initial roadmap planning even if you don’t publicly announce it right away. If you already have a successful collection on ETH, your next drop on a different chain could introduce the collection to a completely new audience. You’ve already captured the attention of your current holders, but you need to attract new people to your community if you want to sustainably scale the brand. Multi-chain helps expand overall brand awareness.
Building a NFT collection with a multi-chain allows you to:
1. Connect with a new audience of buyers/investors
2. Create a more immersive story world
3. Reduce the concentration risks inherent with operating on just one chain
4. Ultimately multiply the value of your overall brand
A New set of buyers/investors — NFTs on each blockchain attract buyers at different price points. As an example, ETH collections are typically more expensive than NEAR collections. Harnessing these differences can be a powerful tool because it’s possible to utilize a second chain for creating a lower cost entry point into your NFT ecosystem. Once you’ve brought the audience into your world, it becomes easier to establish an emotional connection and they could even become a customer for your more expensive ETH NFTs someday. It’s the same principle that auto manufactures use when they release cheaper base-model cars. A base model Lamborghini may not be the coolest one, but the owner still gets to say that he/she has a Lamborghini. A Mutant Ape owner can still be proud of being a part of the BAYC community even though the value of their NFT isn’t as high as an original Ape.
More Immersive Storyworld- Multi-chain NFTs have the ability to enhance the story world of the collection when each chain has its own set of unique artwork. Like we talked about above, we want to talk to the audience appropriately depending on each platform. So if we treat each chain like a media platform, we can create unique artwork and storylines on a secondary blockchain that all exist within the same story universe of your brand without cannibalizing the main collection.
Simple Example: Your ETH collection is a PFP of cowboys. Your NEAR collection could be PFP horses. The NEAR collection is still very engaging in its own right and exists within the same story universe as the cowboys, but doesn’t take away from the perceived value of the ETH cowboys. You could even offer special unlockable rewards for holders that own both a cowboy and a horse.
Now we’re really enhancing the value of the collection for holders by telling stories across platforms and allowing them to engage with each other.
Alright, wrap it up
If the perspective can shift away from this chain OR that chain and toward this chain AND that chain, NFT founders can build better products and connect with their audience in a more wholistic way. The four pillars of NEAR’s economic design (Usability, scalability, and simplicity, and sustainable decentralization) create for a solid foundation for this and excellent option when considering which blockchain to utilize as a part of a multi-chain collection.
We’ve just scratched the surface here and it will be fascinating to see how all of the brilliant creators in the web3 space continue to bring new ideas to the community.
About The Writer
Jonny Zeller is a film director, entrepreneur, and storyverse architect.
And while it’s difficult to describe his work within the confines of a single genre, the soul of his vision, and more importantly the way he brings them to life, does have a common thread: 360 storytelling. If there’s a tale to be told, he’s already thinking of how to tell it through video, photo, NFTs, out-of-home, Snap/IG/FB/TikTok, experiential activations… and whatever’s coming out the day after tomorrow.
Website: http://www.jonnyzeller.com
IG: https://www.instagram.com/jonnyzeller/
Twitter: https://twitter.com/JonnyZeller
Medium: https://medium.com/@FlyCloudNiners
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