NFT, the word to Be Gone in 2022

By Evan Park, COO of Lambda 256

One of the most famous English dictionaries, Collins, nominated NFT as the “2021 word of the year.” It seems like NFT comes to mind before Bitcoin when explaining blockchain technology. Today, NFT is not a foreign term — instead, it is prevalent and easily accessible. By connecting wallets to Twitter, its users can change their profile pictures into an NFT they own which will be verified by Twitter; now, NFT collectors all over the globe are showing off their collection through their Twitter profiles. Gwyneth Paltrow showed off her BAYC collection on her Twitter, envied by other collectors.

(Source: Quartz)

The word NFT, however, is like the word “smartphone.” The advent of smartphones more than a decade ago was the hottest issue at that time. The invention of Steve Jobs, the iPhone, was called a smartphone to emphasize relative smartness compared to pitcher phones. But now that smart has become the default, brands such as iPhone or Galaxy are more important than the categorical word smartphone. According to Google trends, people search “smartphone” much less than “NFT.”

A non-fungible token is used to contrast it to a fungible one. It should be noted first that both fungible and non-fungible tokens are essentially technical standards to prove the ownership of an asset of certain tokens by decryption of blockchain and to track transaction history. Here, fungible tokens indicate exchangeable or countable assets (i.e., stock or currency) while non-fungible tokens were developed as electronic certificates to prove individually distinguishable digital assets (i.e., real estates or unique artworks). Thus, NFT is often compared to a copy of the real estate register.

The reason for the power of NFT technology, nevertheless, is that it can prove the ownership of digital assets. The advent of NFT let people think that jpg files could also be owned and traded like offline assets for the first time. The potential impact of the NFT technology on the scale of the economy is incomparable to anything, especially with a myriad of digital contents due to the beginning of the era of Metaverse.

However, as the word smartphone is not used anymore, the word NFT might disappear one day if everyone understands that all digital contents require ownership. Everyone, whether he is unaware of the concept of the real estate register or not, knows that real estate is an asset owned by somebody; likewise, everyone will one day understand that digital contents are assets with ownership. Once the concept becomes natural, users on Metaverse will willingly pay for digital clothes or accessories on Metaverse.

That is, the disappearance of the word NFT will mean that the NFT technology is truly popularized. Rather than asking for an NFT trade, we will check information of all digital items on blockchain and ask to trade a “Gucci accessory item.”

I am confident that the world is coming soon because the technology is already close to completion. Since the launch of Lambda256 in 2018, the only goal has been to popularize blockchain technology. That is how Lambda256 built the first NFT ecology based on Ethereum layer 2 technology and has collaborated with world-renowned NFT corporates. In the NFT session of the 2019 Upbit Developer Conference, representative DApp partners of Luniverse dominated the stage. In addition, tens of developers participated in a hands-on session to issue NFT and develop a transaction system, experiencing a pleasant surprise of easy and accessible NFT technology based on Luniverse. The technology was already commercialized by then and has been implemented in Upbit NFT after improvements in UX and other performances.

Some of the special features of Luniverse include the followings:

1. Low gas fee and architecture free of gas fee for even general users
2. User-friendly UX for those not used to crypto
3. Safe wallet management technology for both on-chain crypto and offline payment methods
4. Compatibility for the current crypto users to connect with wallets, such as Metamask

For enterprises wishing to service NFT, more issues can be handled by the core technology of Luniverse.

1. Eco-friendly blockchain (Luniverse uses 100 million times less energy than Ethereum)
2. Regulation-friendly technology, like anti-money laundry (Lambda256 provides Asia’s №1 technology complying with regulation)
3. Blockchain infrastructure technology providing enterprise-level SLA (Barrier-free since open-beta in 2019; AWS-level SLA)
4. Immediate technology/development support
5. Technology compatibility (planning to support multi-chain such as Solana and Flow, in addition to the most prevalent Ethereum layer 2 protocol)
6. Top marketplace ecologies, such as Upbit NFT, Cyphrly, and Hybe Project

For individual creators and IP holders wishing to pave the way in the NFT market, Lamdba256 aims to be a Pixar of NFT with a new corporate, Cyphrly — an NFT professional studio and global marketplace.

1. Marketing/producing competitive creators to the global market
2. Collaboration in LIVE NFT production using blockchain technology, more than just simple digitalization
3. Web 3-like collaboration, which enables scaling ecology while adhering to copyrights of brands

Some of the technology and services listed above have been already completed, and others are to be revealed according to the roadmap in 2022. I believe 2022 is going to be a year for most industries, including global K-pop, entertainment, and game, will implement NFT; technology will be all prepared this year to form a market. The word NFT will be so popularized, ironically disappearing.

iPhones and Galaxy have replaced the word “smartphone;” Netflix and Disney+ have replaced the word “OTT.” Your service could replace the word “NFT.” Do not miss out on this invaluable, new opportunity.

Luniverse NFT

Through one-stop NFT service platform, Luniverse leads to scale ecology and popularize blockchain — anyone can proceed NFT projects easily! Do you want to learn more about Luniverse NFT? E-mail support@lambda256.io for a consulting.

Visit Luniverse Discord community to learn about the recent news of Luniverse and NFT!