Token Gating: The Next Frontier
The haphazard usage of the term ‘web3’ is sure to induce eye rolls at this point in the cycle — whether it’s from your family or fellow crypto enthusiasts who have seen the term co-opted by every sycophantic passer-by in the space. We, as a collective, must do a better job of defining what we can do in web3. In this article, we’ll quickly examine the wallet as the centerpiece of our web3 activity and dive into one of the primary use cases of web3 at the moment: token gating.
We could use a new name for web3 wallets. While the web3 wallet holds our digital assets in self-custody with no intermediary (quite useful amid the recent Celsius and Voyager exchange fallouts), simple peer-to-peer sending of digital currency is no longer the dominant use case.
The ‘wallet’ functions as an on-chain ID, a universal username, a universal sign-in, an art collection container, a ticket holder, a membership pass, a tool for governance, and the overall provenance of your web3 journey.
The ‘wallet’ is the omni-account for the new web. The more we utilize our accounts, the more opportunities we have to build on top of our current web3 use cases. Let’s examine one of the most significant use cases in web3 today.
Token Gated Entry
A compelling use case of NFTs is the ability to join a token gated community that allows for exclusive access to sites, products, services, Discords, or IRL events. Brands, DAOs or communities can share created value and foster loyalty with their active participants.
Satori’s mission is to not only onboard new creators of NFT communities, but to expand the relationship between creators and their existing fanbase.
Whether your NFT is a token of appreciation or a membership heavy with benefits, Satori’s minting API serves the across the spectrum of realized utility for web3 communities.
As it stands now, an NFT in user’s wallet can be verified through a 3rd party service (NEARify, Nepbot, Collab.land, dApps, etc.) to gain access to discords, metaverses, games, sites or services. Tokenizing entries to access pre-sales for other NFTs, tokens and merchandise are another great way to add value to your core NFT community.
Imagine onboarding hundreds of thousands of users to your tokenized game by distributing base-player NFTs through social media with Creator Studio.
Being able to establish token gating mechanisms that are in line with your brand values are essential to your NFT’s long term success.
Navigating Security
There is always a degree of risk taken when leveraging the utility of NFTs. When an NFT holder connects their wallet with a 3rd party to verify an NFT, they are signing a transaction that states that they are giving a certain set of permissions to their wallet. If said 3rd party gets compromised, your wallet with valuable NFTs and digital currencies are at risk.
There is a reason why Revoke.Cash exists — to quickly revoke any potential wallet signatures you’ve made in the past to potentially malicious or compromised sites.
In the spirit of innovation, there are a crop of products that are adding an extra layer of security that effectively reduces the exposure to potential hacks through 3rd parties. Most notably, Token Proof.
The idea of Token Proof is to create a verifiable credential that mirrors your NFT’s access policies for authentication. This action allows users to enjoy the perks of their NFT without exposing their wallet to potentially dangerous actions.
Harness the power of web3
The main focus at Satori is to provide tools that enable you to create and distribute NFTs in the easiest way possible, in the most secure way possible. Once you’ve used Creator Studio, the magic of web3 is yours to share with the world. We are here to help you build the next frontier of the web.
