Crypto

Moving from collectible NFTs to Utility NFTs

Despite their recent success and some impressive examples, NFTs have so far been mostly collectibles, especially in the realm of luxury and art.

The next step in the evolution of NFTs is just beginning. For example, dynamic NFTs (dNFTs) expand the NFT design space through their ability to adapt and change over time or in response to the fulfillment of predetermined conditions. Dynamic NFT allows you to automate updates to your metadata. This is a proposal from the Chainlink Keepers startup that allows you to automate any function of a smart contract. With Chainlink Keepers, you can create truly autonomous and decentralized dynamic NFTs.

Over 100 projects are currently part of the Chainlink Keepers ecosystem, helping to provide robust decentralized automation for a wide variety of use cases. Web3 developers have used the automated smart contract execution provided by Chainlink Keepers to invent completely new experiences for their users and significantly reduce their DevOps overhead. Chainlink is a decentralized oracle network that allows public blockchains and smart contract platforms to use external off-chain data sources for blockchain operations with minimal third-party trust. (Blockchain oracles are one of the tools that blockchain technology uses to interact with the physical world.)

Capsule Corporation Laboratories

In France, we have Capsule Corp Labs, which is changing the paradigm of using NFTs. The startup is deploying NFT solutions on behalf of companies across all sectors, enabling them to integrate the value proposition of web3: ownership of data and digital assets, or the unification and commitment of user communities. Capsule Corp Labs started operations in 2022. It is the main integrator of Ternoa, the so-called “tier 1” blockchain infrastructure. Open and decentralized, it provides developers with an independent infrastructure that allows them to create useful NFTs. The company has just raised 7.3 million euros from the seed round.

Its founder, Clément Teki, CEO of Capsule Corp Labs and co-founder of Ternoa, believes that unlike the current NFT market, which works very much like the rarity-based art market, NFTs will have an increasingly utilitarian focus. value. Initially, they will be used in the development of sectors such as video games, music and entertainment or the metaverse, and then gradually spread to other areas of activity. Our role is to enable this transition from web2 to web3, which can be technologically challenging.

First use cases for utility NFTs

The second strategic axis is advising companies on the implementation of their web3 solutions. Their role is to identify, with their clients, the NFT use cases of tomorrow and support their development. The startup notably participated in the first half of 2022 with the launch of 20 Mint, a free media dedicated to the 20 minutes blockchain, which stood out with the successful sale of 999 NFT typewriters that funded the operation, uniting the enthusiast community.

He also supports Editis, one of the French publishing leaders, in identifying really useful NFT use cases for his sector: a collaborative editorial tool, a new book format, or even an animation tool for reading communities. Thus, this work allowed to start the project of converting Editis to web3.

For technology charity not.IT, which is associated with notaries in France, Capsule Corp Labs designed and developed a digital asset transfer solution that allows, among other things, the storage of private content in NFTs and the definition of complex transfer protocols. The first model has been delivered and the design is in the process of being approved nationwide. Commissioned by gift box specialist Wonderbox, she initiated a project to transform her customer relationships with NFT. The collaboration also allowed for the identification of solutions to enable virtual boxes to be resold. The startup also used features specific to NFT Ternoa, such as classified content, to enhance the online sports game experience owned by the leading video game group.

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