August 27, 2022
NFTs represent a big innovation developed thanks to blockchain technology. Born in recent times and already expanding rapidly, they can be defined as a type of token uniquely associated with a contract, which certifies the owner of the contract itself as the sole owner of the token (hence the term NFT: Not-Fungible Token).
The possibility of converting any digital object into a non-fungible token and above all the development of the first collections, communities and long term projects, allowed a quickNFTs growth.
As the creators of FriendlyMonsters, an NFTs project developed on the Elrond Network since December 2021, we have been able to observe the evolution and change of the system. It is very inspiring for us to see how many projects develop and realize innovative ideas and even more to cooperate with them to build something that leaves an imprint. Because that is what we are talking about: being an active part in the NFTs innovation.
In the multitude of collections and projects it is possible to find many different applications:from single digital-artworks to long term projects composed by collections of NFTs, ready to exploit the NFTs potential in order to build something bigger.
A fundamental characteristic of NFTs is the exclusivity. In fact, the ownership of an NFT is (and will always be) certified, making the owner the sole and unequivocal possessor of the token, until its eventual sale.
As well represented by the concept of community, owning a token from an NFT collection gives access to an exclusive environment, where it is possible to enjoy various benefits. Thus, it is not just a matter of owning a token, it makes you an integral part of a long term project, together with people who share the same goals. Combased team built their Shopify app NFTcommerce on this premise as well.
For this principle, exclusivity is a great improvement brought by NFTs. The task of each team is to maximise the benefits for the community members, thereby producing a token value increasing in time.
But let’s be clear: all that glitters is not gold. There are several criteria that should be evaluated before buying an NFT. In such a new and unexplored environment, it can be easy to come across scams, from the most simple and easy ones to the most complex. In the absence of any real regulation of this new system, a buyer would have to carefully evaluate investments and, vice versa, a seller would have to carefully evaluate the viability of the project, in order to avoid promising something unachievable.
Since NFTs are a new product, based on a technology as modern and futuristic as blockchain, the applications of an NFTs project are potentially endless and still unexplored.
In recent months we have observed so many ways of application, some ingenious and really innovative, others unattainable. What has always fascinated us in the FriendlyMonsters team, is the idea of establishing a connection between the real world and the NFTs world.This can be achieved by creating products that can simultaneously generate benefits for community members and increase people’s awareness and trust in the NFTs and blockchain systems.
By analysing our possibilities and skills, we identified the creation of a concept-brand as the best way to express the full potential of NFTs exclusivity. Our proposal is to transport the concept that inspired the artistic realization of our NFTs into products that can reach any kind of audience.
We strongly believe that this application can increase the value of the NFTs themselves, creating real benefits to their holders, as the sole and certified owners of the brand logos.The idea is to consider the holders as those who own the rights to the brand’s sales and, consequently, to produce earnings closely linked to the NFTs ownership.
In this system, the owners not only benefit and earn profits over time, but they are considered as co-owners of the brand. This would lead to advantages such as the participation in overall decisions, being part of a solid and united community focused on a common goal, and above all directly deriving profits from sales by owning a share of the brand.
In synthesis, connecting an NFTs collection to a brand allows to associate the brand itself to project’s investors, bringing exclusive benefits to both parties.
The challenge is therefore to be able to create a system that brings two apparently distant realities like the real and NFTs worlds closer, learning to know each other in a healthy way and without prejudice.