We're in an NFT renaissance! I'm blow away by the new uses for NFTs I see every day.
Here are 5 new frontiers for NFTs & predictions for the future: medium.com/electric-capit…
Monster Thread of 5 new NFT frontiers👇🏽 (1/28)
Here are 5 new frontiers for NFTs & predictions for the future: medium.com/electric-capit…
Monster Thread of 5 new NFT frontiers👇🏽 (1/28)
👩🏻💻 1. Proof of Patronage - Creators use NFTs to reward their early supporters w/ exclusive opportunities
Today:
- @jackbutcher's new NFT shares revenue w/ those who supported his prev NFTs
- @3LAU and @AkuDreams drop new NFTs that are exclusive to existing patrons (2/28)
Today:
- @jackbutcher's new NFT shares revenue w/ those who supported his prev NFTs
- @3LAU and @AkuDreams drop new NFTs that are exclusive to existing patrons (2/28)
🔮 Predictions
-Decentralized Patreon: Creators will use NFTs & social tokens to create economies around their communities.
We'll see: NFTs that can only be bought w/ social tokens, NFTs that give fans airdropped social tokens later, & many more experiments (3/28)
-Decentralized Patreon: Creators will use NFTs & social tokens to create economies around their communities.
We'll see: NFTs that can only be bought w/ social tokens, NFTs that give fans airdropped social tokens later, & many more experiments (3/28)
🔮
Crypto-native Patreon might be one platform, or integrate many protocols.
Projects that'll play a part:
Social tokens: @tryrollhq
Token-based community mgmt: @Collab_Land_ & @mintgate_app
Payment streaming: @UnlockProtocol & @Superfluid_HQ (4/28)
Crypto-native Patreon might be one platform, or integrate many protocols.
Projects that'll play a part:
Social tokens: @tryrollhq
Token-based community mgmt: @Collab_Land_ & @mintgate_app
Payment streaming: @UnlockProtocol & @Superfluid_HQ (4/28)
🔮
- Shopify for NFTs: Mktplaces today highlight NFTs, not creators. More creators will build their own shops for NFTs. @mintbase already lets creators set up shops
- Enterprise NFTs: NFTs will become a bigger part of the strategy for brands like Nike, Disney, & celebs. (5/28)
- Shopify for NFTs: Mktplaces today highlight NFTs, not creators. More creators will build their own shops for NFTs. @mintbase already lets creators set up shops
- Enterprise NFTs: NFTs will become a bigger part of the strategy for brands like Nike, Disney, & celebs. (5/28)
🤝 2. Co-creation & collaborative ownership - Fans now create content. The line b/t fans & creators will blur.
Today:
- @MeebitsDAO builds tools for Meebits in the metaverse
- @AxieInfinity's community creates games for its NFTs
- @AyncArt lets collectors change their NFTs
Today:
- @MeebitsDAO builds tools for Meebits in the metaverse
- @AxieInfinity's community creates games for its NFTs
- @AyncArt lets collectors change their NFTs
🔮 Predictions
- NFT Remixes: Fans will take NFT music, art, videos, fiction, etc & “remix” them to create new NFTs while giving royalties back to the original creators (7/28)
- NFT Remixes: Fans will take NFT music, art, videos, fiction, etc & “remix” them to create new NFTs while giving royalties back to the original creators (7/28)
🔮
- Fan-created worlds: Fans will be able to put NFT characters into new creative works. It's already starting: @punkscomic is a comic ft. cryptopunks w/ a token that lets users claim cryptopunks when burned; artists like @Edu_Visualist create worlds for their NFTs (8/28)
- Fan-created worlds: Fans will be able to put NFT characters into new creative works. It's already starting: @punkscomic is a comic ft. cryptopunks w/ a token that lets users claim cryptopunks when burned; artists like @Edu_Visualist create worlds for their NFTs (8/28)
🔮
- Co-creation: As NFTs become part of games, movies, or comics, DAOs made by fans will vote on storylines or how certain NFT-based characters behave (9/28)
- Co-creation: As NFTs become part of games, movies, or comics, DAOs made by fans will vote on storylines or how certain NFT-based characters behave (9/28)
🔮
- Dispute Settlement: On-chain disputes will arise as NFT creation becomes more complex. @UpshotHQ already appraises NFTs. New protocols will be invented to verify NFT authenticity, investigate minting fraud, & settle other on-chain disputes (10/28)
- Dispute Settlement: On-chain disputes will arise as NFT creation becomes more complex. @UpshotHQ already appraises NFTs. New protocols will be invented to verify NFT authenticity, investigate minting fraud, & settle other on-chain disputes (10/28)
🥇 3. On-chain reputation & identity - Users can earn non-transferrable NFTs based on past actions & build on-chain reputation
Today:
- @Uniswap LP positions are now NFTs
- @poapxyz mints "Proof of Attendance" badges
- @OrcaProtocol gives NFT credentials for DAO working groups
Today:
- @Uniswap LP positions are now NFTs
- @poapxyz mints "Proof of Attendance" badges
- @OrcaProtocol gives NFT credentials for DAO working groups
🔮 Predictions
- Reputation: DApps will use NFT ownership as a quality signal for users. For example, some defi protocols will enable early access or higher spending limits for users who own non-transferrable NFTs that prove they are helpful liquidity providers (12/28)
- Reputation: DApps will use NFT ownership as a quality signal for users. For example, some defi protocols will enable early access or higher spending limits for users who own non-transferrable NFTs that prove they are helpful liquidity providers (12/28)
🔮
- NFT rewards for contributions: NFT badges will be awarded to the community member most active in governance, the top code contributors, or top commentors, etc. Non-transferrable NFT badges will be the way key contributors are recognized for their work (13/28)
- NFT rewards for contributions: NFT badges will be awarded to the community member most active in governance, the top code contributors, or top commentors, etc. Non-transferrable NFT badges will be the way key contributors are recognized for their work (13/28)
🔮
- Governance seats dictated by NFT ownership: Users will only be able to join a grants committee if they have an NFT proving they’ve allocated funds or that they’ve voted. The “roles” in Discord servers will be based on NFT ownership (14/28)
- Governance seats dictated by NFT ownership: Users will only be able to join a grants committee if they have an NFT proving they’ve allocated funds or that they’ve voted. The “roles” in Discord servers will be based on NFT ownership (14/28)
🔮
- NFT-based credit scores: Users that receive an NFT for being a good citizen in a lending protocol will get better lending rates. If users are bad citizens, they will receive a badge labeling them as such. NFT ownership will determine credit worthiness (15/28)
- NFT-based credit scores: Users that receive an NFT for being a good citizen in a lending protocol will get better lending rates. If users are bad citizens, they will receive a badge labeling them as such. NFT ownership will determine credit worthiness (15/28)
🔍 4. Discovery & curation - NFTs are a new type of data w/out easy organization. As NFTs form the basis of on-chain reputation, social signals will become an important signal for discovery & recommendation.
- @tryShowtime is building an instagram experience for NFTs
- @tryShowtime is building an instagram experience for NFTs
🔮 Predictions
- LinkedIn of NFTs (idea credit: @cuysheffield): When it's common to earn non-transferrable NFTs for voting, providing liquidity, etc we will see visual reputation display spaces that show NFT badges like lines on a resume. Ppl will be recruited bc of their NFTs
- LinkedIn of NFTs (idea credit: @cuysheffield): When it's common to earn non-transferrable NFTs for voting, providing liquidity, etc we will see visual reputation display spaces that show NFT badges like lines on a resume. Ppl will be recruited bc of their NFTs
🔮
- Search Engines for NFTs: Amazon and Etsy both already have many shop owners that sell collectibles, & in the future web2 product search platforms will support NFT product search. Today: @eBay already announced they will support NFTs (18/28)
- Search Engines for NFTs: Amazon and Etsy both already have many shop owners that sell collectibles, & in the future web2 product search platforms will support NFT product search. Today: @eBay already announced they will support NFTs (18/28)
💰 5. Financialization - NFTs are financial assets
Today:
- Fractionalized NFTs can earn yield w/ defi protocols, improve price discovery, & make NFTs more liquid
Some projects here: @NFTX_, #B20, @whale_community, many more (19/28)
Today:
- Fractionalized NFTs can earn yield w/ defi protocols, improve price discovery, & make NFTs more liquid
Some projects here: @NFTX_, #B20, @whale_community, many more (19/28)
💰 Financialization Today
- Dividends: NFTs enable holders to get new tokens. e.g. Cryptopunk owners can redeem new Meebits; @YieldGuild purchase expensive NFT gaming assets & then lend them out to players; @DefiNft creates NFTs that earn yield on @AaveAave (20/28)
- Dividends: NFTs enable holders to get new tokens. e.g. Cryptopunk owners can redeem new Meebits; @YieldGuild purchase expensive NFT gaming assets & then lend them out to players; @DefiNft creates NFTs that earn yield on @AaveAave (20/28)
💰 Financialization Today
- DAOs that buy NFTs as investments or to support creators: @pleasrdao, @whale_community, @FlamingoDAO, & more (21/28)
- DAOs that buy NFTs as investments or to support creators: @pleasrdao, @whale_community, @FlamingoDAO, & more (21/28)
💰Financialization Today
- Creators are using NFTs to fundraise for charity. @viamirror allows orgs to make & split funds. NFT creators can pledge % of their earnings to funds like these & proceeds will automatically pay out when an NFT is sold (22/28)
- Creators are using NFTs to fundraise for charity. @viamirror allows orgs to make & split funds. NFT creators can pledge % of their earnings to funds like these & proceeds will automatically pay out when an NFT is sold (22/28)
🔮 Predictions
- generate cash flow w/ NFTs - NFTs will generate revenue. E.g. rent on parcels in @cryptovoxels; DAOs that aggregate millions of $ to buy the music masters; NFTs that pool $ to be staked through PoS chains (23/28)
- generate cash flow w/ NFTs - NFTs will generate revenue. E.g. rent on parcels in @cryptovoxels; DAOs that aggregate millions of $ to buy the music masters; NFTs that pool $ to be staked through PoS chains (23/28)
🔮
- fractionalized NFTs that plug into defi - fractionalized NFTs are tokens backed by value. it'll be commonplace for them to be swapped through AMMs, put into lending pools, used as collateral for better APY (platforms like @nftfi are mktplaces for NFT collateralized loans)
- fractionalized NFTs that plug into defi - fractionalized NFTs are tokens backed by value. it'll be commonplace for them to be swapped through AMMs, put into lending pools, used as collateral for better APY (platforms like @nftfi are mktplaces for NFT collateralized loans)
🔮
- Impact NFTs - Artists can give a percentage of sales from their NFTs to certain causes in perpetuity, even after death. Creators may create “impact NFTs” specifically to support environmental or social causes (25/28)
- Impact NFTs - Artists can give a percentage of sales from their NFTs to certain causes in perpetuity, even after death. Creators may create “impact NFTs” specifically to support environmental or social causes (25/28)
🔮
- Pre-token fundraising - Projects that have not yet launched a token can issue NFTs to reward their early supporters. Once their tokens launch, they may airdrop these tokens to NFT holders (26/28)
- Pre-token fundraising - Projects that have not yet launched a token can issue NFTs to reward their early supporters. Once their tokens launch, they may airdrop these tokens to NFT holders (26/28)
...& more NFT use cases to be discovered!
2 developments will push NFTs forward:
1. New data types represented by NFTs: physical collectibles eg watches, real estate, sports figures
2. Low transaction fees: Layer2s & Layer1s eg @NearProtocol will be hotbeds for experimentation
2 developments will push NFTs forward:
1. New data types represented by NFTs: physical collectibles eg watches, real estate, sports figures
2. Low transaction fees: Layer2s & Layer1s eg @NearProtocol will be hotbeds for experimentation
❤️ Thank you for reading all the way to the bottom! What NFT use cases are you most excited about? If you're exploring some of the ideas I mentioned, tell me about it! 🙋🏻♀️ DMs open 📨
More ideas & projects here: medium.com/electric-capit…
Thank you to @AliaksandrH, @jubos, @cuysheffield, @JulzRoze, @thejuliawu, @puntium, @RGBteddy for helping me with this monster list of ideas!
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