NFTs Have Bettered Web3 Immensely
We’re living in the dominance of web2 technology with tech giants such as Meta, Youtube, Spotify, etc. However, the centralization feature of web2 has gotten eroded, henceforth, web3 was born as the solution to it. The transition from web2 to web3 has involved NFT as the biggest part to accelerate the process and better the web3 itself. Here are why.
In Web2, Creators Are Devaluated
Owing to the fact that all renowned social media channels belong to the tech giants, the creators’ devotion is assessed by the numbers and the platform’s algorithm so mostly the contribution is wrongly evaluated. This status leads to less unique content but more trending ones that make the algorithm recognize the push appearance or less dedicated creators since quality content takes time to take off (even never really gets big).
Most of the time, content creators in web2 earn money from the brands’ endorsement and a little bit from the platforms, not directly from their communities. This phenomenon is really risky for creators and fragile to maintain.
In Web3, NFTs Are Playing The Key Roles
Let’s analyze NFTs from several aspects:
NFTs As Membership Ticket
NFTs are non-fungible tokens whose price could be varied through times of trading. What makes that emergence? The values behind those NFTs. Buying one NFT is purchasing the membership authority to receive the utilities behind the NFTs from the projects, communities, or influencers. Look at this from 2 perspectives.
Users — NFTs’ scarcity to access exclusive privileges
In web2, the scarcity cannot be detected because people keep duplicating the digital products, editing them, and spread all over the place. However, the blockchain algorithm in web3 will prevent the duplication of digital assets, which creates an uncopiable file that belongs to the owner solely.
Certainly, depending on the NFTs’ scarcity, the owner can enter different spaces, clubs, and communities with different privileges. The scarcer their NFTs are, the more special goodwill they are endowed. For instance, if buying one NFT equates to the right to receive gifts from the project, one with $1000 can grant the buyer with X & Y gifts, but one with $2000 can get the buyer X, Y, & Z gifts.
Creators — NFTs to form community values
The creators in web2 are not correctly evaluated. They may work so hard but many external factors in web2 could prevent them from not sailing through the formation stage of their channels. They could not make it until the end for lacking money and time. However, in web3, with many functions (X2E models) creators can easily earn money from their social behaviors and their content will always get recognized.
Social power is a key point in this case. The creators can keep creating their content and get paid for that. The increasing number of followers will help them get more income volume. Later, they can mint their own NFTs and sell them to loyal fans, your NFTs’ value can be priced by your social power on web3. Only those who buy it could have membership access to your community and socialize with you. This act could prevent indiscriminate conversations and filter out toxic haters.
NFTs As Earning Tool
Earning by NFTs? Too many ways to list out.
- Artists could mint their NFTs on marketplaces to sell. If adding more utilities (use case) to their NFTs, their price will surge significantly.
- NFTs buyers can buy, sell, flip, trade, stake, etc, the NFTs to gain more money. However, just make sure that those NFTs have their use case, not just a mere piece of art as at this point, NFTs are investments, not quite an art enjoyment.
- Purchasers can use NFTs to enter the web3 projects and execute social behaviors (for instance: talk to earn, play to earn, etc) to generate money from that.
- Influencers can sell and auction their NFTs to build up the community and earn money directly from their community.
- With the version of NFTs 2.0, buyers can co-own, lend, and customize their NFTs, upgrade them then resell them at much higher prices.
NFTs As An Interoperability Feature
There’s also the concept of interoperability to consider. Unlike SKINs purchased in LOL that can only be used within that game, NFTs can potentially be transferred from one virtual environment to another. If you don’t like Solanart, you can easily take your NFTs (which are stored in your crypto wallet rather than on Solanart’s servers) and trade them on another platform. In social media, such kind of stuff doesn’t happen. If you have a YouTube channel, you won’t be able to transfer your subscribers to TikTok whenever you want.
NFTs As Branding Bridge
NFTs will provide a branding link between established businesses and Web3. Such branding entails establishing a strong community that can support the company and organizing events in order to get incentives. Apple, for example, portrays itself as a catalyst for innovation and design excellence. NFTs can take such branding to the next level by allowing people to interact with them and gaining their support.
UMBΛLΛ MΞTΛVΞRSΞ is launching the first NFTs collection called UMBΛLΛ NFTs that pledge to be the next bomb representing NFT 2.0 with all social power, DID, and IP rights, primarily focus on the mobile experience.
Stay updated with us! We surely will give you a breath-taking experience in our Web3 innovation.
