Metaversal is bankless newsletter Weekly level-ups for NFTs, virtual worlds and collectibles
Dear country without banks
It is a misconception that NFTs can only be collected and exchanged.
Of course, the NFT ecosystem is teeth While incredibly early, there are already many exciting and diverse things you can try with NFTs, and these use cases point to many more possibilities in the future.
As a reminder of how overflowing the NFT space is here and now, let’s take a look at “The ABCs of NFTs.” It features NFT-related verbs that vary by letter of the Latin alphabet.
Finally, make a note of utilities you’re unfamiliar with below and consider exploring them in greater depth to level up your NFT skills. Let’s dive in.
-WMP
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A for “Annotation” — Experiments such as NFT scribe Allows adding on-chain messages to Ethereum ERC721.
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B for “borrow” — Ben Dao It employs an NFT liquidity system based on a peer-to-pool model. This approach allows NFT holders to instantly borrow ETH from the lending pool using approved assets as collateral. On the other hand, depositors who provide liquidity for ETH can earn interest on their contributions.
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C for Catalog — JPG Canons is a Token Curated Registry (TCR) system. These directories are community contributed NFT listings. Derived NFTs, was created as a public good to map the cultural landscape of Ethereum. (Disclosure: I contribute to his JPG!)
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D for “draw” — OKPC It is a dynamic NFT whose surface changes with the dot picture you draw! Think of it like his Etch-a-Sketch toy on-chain.
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E for “exhibition” — Create a gallery of the NFTs you own or curate themed exhibits for metaverse and IRL events on platforms such as Deca, on cyberand gallery.
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F for “Follow” — Lens is Polygon’s growing social media platform. Follow NFT Track who follows who on-chain.
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G for “game” — NFTs can be used as digital game pieces, wearables, and virtual lands, as seen in games such as Axie Infinity.
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H for “Hang IRL” — If you want to enjoy your favorite NFTs at home or anywhere else, infinite object Great place to start.
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I for “Insert” — projects like charged particle Allows NFTs to be inserted into other NFTs, similar to storing multiple documents in one folder.
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J for “jam” — The music NFT scene continues to gain momentum, leading web3 music players to spin amplifier It is very convenient for you to enjoy and organize your playlist of your favorite songs.
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K for “Keep Safe” — Safety-focused services such as: Club NFT Easy long-term backup of NFT metadata.
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L for “loan” — Peer-to-peer lending platform NFTfi, lenders can offer loans with available NFT collateral, specifying the loan amount, term, interest rate, etc. If the loan goes unpaid, the lender receives his underlying NFT collateral.
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M for “migration” — LayerZero Labs will create the infrastructure that will allow NFTs to be bridged to new chains. lil pazis bridge.
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N for “Name” – of ethereum name service (ENS) allows users to register human-readable domain names and subdomains to simplify Ethereum addresses and make it easier for individuals to interact with blockchain-based services.
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O for “organize” — NFTs can be used to organize activist efforts. Financing for Ukraine’s DefenseBy creating and auctioning or selling NFTs, people can mobilize resources and raise awareness about real-world causes.
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P for “providing liquidity” — Earn yield on NFTs by supplying NFTs as liquidity and providing services like a decentralized NFT exchange caviar.
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“Quest” Q — accumulate and build on-chain credentials quest receipt About RabbitHole V2’s new quest protocol.
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R for “rent” — You can rent idle NFTs through platforms such as reNFT and delegate.cash As seen by a few sewer pass holders at Yuga Labs’ recent Dookey Dash competition.
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S for “Squad Up” — new and improved PartyBid App You can easily team up with a small team of friends or a large group of strangers for NFT-based activities such as an on-chain Tic Tac Toe battle between two DAOs.
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T for “Crypto Tracking” — Price tracker sites like CoinGecko are cool, but NFTs like Finiliar have oracles built in so the dynamic “mood” reflects and tracks the relevant crypto price.it certainly The cutest way to monitor crypto!
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U for “unlock” — Access NFTs to unlock unique experiences. degenz gold pass Unlock professional analytics tools with degenz.finance platform.
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V for “Vote” — owned by Bud Light noun 179. firefly light N3XT NFTs holder vote together Based on Noun 179’s decision, we are making N3XT NFTs (currently ~0.01ETH) an affordable way for NFT enthusiasts to access Nouns DAO voting.
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W for “rap” – Is possible “Wrap” the NFT It is possible to wrap modern NFTs that predate the ERC721 NFT standard, e.g. Wrapped CryptoPunks, and NFTs substitutable Currencies like we’ve seen in Wrapped CryptoKitties (WCK) tokens.
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“(E) Exploration” X – check out Events on the Ethereum Metaverse Scene Here the virtual land is managed and organized via NFT.
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Y for “yield” — Hook Earn allows NFT owners to generate yield on their idle NFTs by putting them up for sale at a specified future date and price. A trader pays her NFT owner upfront for potential future earnings, and if the NFT sells at a higher price, the trader earns the difference. Although it is currently in the early stages, Hook Earn has a waiting list Interested users sign up.
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Z for “Zoom” — Created by Hologram Labs, Hologram allows users to: Take the shape of your favorite NFT Video content and live video chat with motion capture technology.
As demonstrated in this “ABC of NFTs” exercise, we have already many How to interact with, enjoy, and benefit from NFTs across a variety of applications and platforms.
From annotating and borrowing, to gaming, organizing, and even managing virtual presence, the NFT ecosystem continues to evolve and expand in all directions, offering unique opportunities for users to participate in their digital lives in new ways. doing. It’s not just about buying and flipping.
Digging deeper and testing these different utilities will not only broaden your NFT skills, but also provide insight into the future of this nascent but rapidly growing industry. In the meantime, enjoy exploring.
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Explore the ABCs of NFTs: Try some of the less familiar use cases above to level up your NFT skills 💪
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If you missed it, read the last week’s roundup.: NFT Frontier 🤠
William M. Peester is a professional writer and creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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It is not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult an accountant. Please do your own research.
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