NFT — the first Blockchain’s massive adoption

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Spores Network

6 min readJun 17, 2021

Spores Network builds the technology fundamentals for a full-stack, Blockchain-agnostic NFT-DeFi platform that is secure, seamless, and frictionless for all participants, making mass adoption of NFTs possible.

Where we came from:

Bitcoin Mainnet in 2009 stated “The birth of Blockchain”. People call Bitcoin “the ledger of the world” and now consider it as “digital gold”.
Ethereum started in 2015, offering the first smart contract platform well-known as “the computer or state machine of the world”. ICO explosion in 2017 credited to the trend of incubation funding for blockchain projects.
The decentralized Finance (DeFi) boom in 2020 showed cryptocurrency has a solid position in the global financial markets.
The Non-Fungible Token (NFT) industry has emerged since early 2021, bringing Blockchain and cryptocurrency to the first massive adoption and application outside of the speculative financial market.

Where we are going:

After the stages of building infrastructure & fundamentals (2010–2019), fundraising for application initiatives (2015–2020) creating more and more viable Blockchain applications. We can imagine a future in which NFTs appear everywhere in the digital life and transactions, bitcoin is in national reserve (like gold), Blockchain & smart contract plays a critical role in the banking & financial sector (e.g. payment, investment, saving, cross-border money transfer, etc). Albert Einstein said “Imagination is more important than knowledge. For knowledge is limited, whereas imagination embraces the entire world, stimulating progress, giving birth to evolution.”

About NFTs

Vitalik Buterin pointed to the role of decentralized finance (DeFi) and non-fungible tokens (NFTs) in accelerating adoption of Ethereum: “People have talked about the DeFi space a lot, and NFTs as just something that’s really managed to break out into the mainstream and get a lot of people interested,” (sourced Dycrypt.co). He also wrote, “The NFT industry could be a significant boon to artists, charities and other public goods providers far beyond our own virtual corner of the world, but this outcome is not predetermined; it depends on active coordination and support” (Source Cryptonews).

Meanwhile, the Coinbase CEO, Brian Armstrong indicated his excitement about the emerging industry, but there are still problems to solve: “It’s still so many clicks. I think I tried it a week or so ago, it was like 25 clicks or something to go figure out for someone how to buy an NFT. It’s so difficult.”

Limitations of the NFT market

Undoubtedly NFT will disrupt the creative & gaming industries, and many other fields. However, several issues in the market need comprehensive solutions for it to reach mass adoption.

Illiquidity & Fragmentation. Unlike fungible tokens (e.g. ERC-20 types), NFTs have low liquidity due to their scarcity and rarity nature. In addition, NFTs are fragmented on many marketplaces without a seamless connection. Contrasting to rather mature cross-chain wrapping protocols for most fungible crypto assets, NFT owners cannot sell their Ethereum-based NFTs for BEP-20 USDT without an intermediary.

Scalability & Transaction fees. The development of NFTs is heavily dependent on underlying blockchain infrastructure. For instance, solving for scalability and transaction fees is likely to have a huge impact on the speed of development of this space. Gas cost on Ethereum is too high to process huge amounts of low-medium valued transactions. Layer-2 solutions like Matic (Polygon), Celer have performed well for ERC20 tokens but no proven record for NFTs.

High friction. The lack of accessibility when users come to NFTs is a real problem. Particularly for non-crypto natives, interacting with decentralized ecosystems entails a large amount of friction. From having to manage private keys, paying several gas fees per transaction, and setting up a new wallet each time, there are so many barriers to entry. Cryptodecks is tackling this problem by providing a simple interface for users to interact with their NFTs.

Cross-chain trading has partially and locally decentralized solutions regarding ERC20 tokens but not ERC721/1155 types. A decentralized and secure portal to wrap NFTs from Ethereum to other chains and vice versa is still an open problem.

Spores Network solution

Spores is building a full-stack, blockchain-agnostic NFT-DeFi platform, consisting of an NFT marketplace and a space of seamless DeFi facilities, supported by cross-chain interoperable and frictionless protocols on multiple major blockchains (Ethereum, BSC, Cardano, Solana, Polkadot, Avalanche, Cosmos), which solves the addressed limitations of the NFT industry. The technology fundamentals of Spores Network comprise multi-chain implementation, multi-currency payment, layer-2 solutions, cross-chain trading, which are either self-built or integrated with third-parties solutions, all to support the Spores NFT-DeFi platform. The foundation team of Spores Network believes that the composition and complementation of NFT and DeFi will bring significant progress for the blockchain and crypto space, making it extensively applicable and massively adaptable worldwide.

The ideas to conceptualize the legitimacy for NFTs are important to establish opportunities and solidify channels of funding, monetizing methods to artists, content creators, game developers, charities, and others in the metaverse economy and finance. A few examples of what the Spores Network can enable:

Collaboration with game designers & developers, social media platforms, artwork & celebrity agents to make NFTs more visible on internet users’ profiles, as a way for buyers to show the values they committed. This could lead normal internet users toward NFTs that contribute to new digital economics models and valuable social causes.
Decentralized autonomous organizations (DAOs) will bring NFTs in exchange for a guarantee that a fair royalty sharing comes to the creators and a portion of the revenues goes toward charitable and non-profitable causes which bless global poverty relief, scientific research, creative arts, local journalism, etc.
Social networks or streaming accounts can be tokenized as an NFT (or semi-NFTs), then crowd-funded and community-governed with royalty and revenue sharing, even the asset can be traded on the secondary market.

Blockchain, cryptocurrency, and their applications have grown very fast in recent years but still far from reaching maturity and massive adoption. Blockchain application developers are dedicating tremendous efforts to overcome the technology challenges, to expand user awareness, and secure regulatory support, we are well on our way to the NFT future. Spores Network is one of the pioneers racing towards this goal.

*Spores platform built on top of multiple chains*

About Spores Network
Spores Network founders believe that crypto will lead to decentralization of ownership and frictionless redistribution of capital. Their mission is to create an NFT ecosystem that is creator-centric, community-driven, frictionless, and borderless. Spores Network chooses to be a cross-chain DeFi-powered NFT marketplace defining decentralized pop culture. Spores co-founders include Duc Luu (Nasdaq IPOed serial entrepreneur ), Eric Hung Nguyen (former senior investment analyst at a top-10-worldwide hedge fund and blockchain angel investor), Paven Do (former blockchain & cryptonomics researcher at HK Applied Science & Tech. Research Institute), and a diverse team of advisors across blockchain and entertainment.

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