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NFT 2.0 - All information about the next evolutionary stage of NFTs

 


What are NFTs?

By NFTs we mean the non-fungible tokens. They form the contrast to the fungible tokens, which represent replaceable values. An example of a fungible token is a bitcoin. Every bitcoin has the same value. In contrast, non-fungible tokens are unique and non-substitutable. They are based on the blockchain and have a unique value. 


Magic Eden NFT

An NFT has a unique digital signature. This means that each NFT is individual. This leads to the fact that the digital objects sometimes reach a massive value. Thanks to the blockchain, the property relationships can also be clearly and unmistakably proven. Most NFTs are based on the Ethereum blockchain, although many projects are also emerging on the Solana blockchain .


How have NFTs evolved in recent years?

The first full NFT was presented at DEVCOM in October 2015. Since that moment, NFTs have seen exponential growth. The year 2021 then brought the complete commercial breakthrough. In Q3 2021, NFTs generated over $10 billion. 

NFTs have also penetrated more and more industries. The first major area where NFTs added value was in the art market. Digital auctions have allowed far more people to participate in the art market than is possible with the traditional art market. 


As a result, the NFTs increasingly spilled over into other areas . Music can now be distributed in the form of NFTs. However, gaming is a major growth market for NFTs. In this article you will learn more about NFT gaming .


What is NFT 1.0?

As we have already touched on, the rise of NFTs in the art market began. Until now, it has been difficult for the common person to own physical, well-known works of art. NFT technology made it possible to digitize certain works of art or parts of them. Works of art thus became more widely available. 


NFTs allowed collectors to create digital art collections and store them in their own wallets. NFT 1.0 also spread to the gaming industry. In digital worlds, eg in the Metaverse, it was suddenly possible to own certain digital objects in the form of NFTs. All these applications are part of NFT 1.0.


NFT 1.0 also includes well -known collections such as Bored Ape Yacht Club , Krypto-Punks and other well-known NFT projects.


What is NFT 2.0?

With the advent of blockchain and the proliferation of NFTs, a universal technology is needed. This is NFT 2.0. NFT 1.0 represents the products, for example the digital works of art. NFT 2.0 is intended to create the means to develop further projects. 


NFT 2.0

While NFT 1.0 was based on simple objects or illustrations, NFT 2.0 allows for the development of unique and diverse objects that have their own personality.


What changes from NFT 1.0 to NFT 2.0?

NFT 2.0 offers numerous things that NFT 1.0 could not yet offer:


NFT Interlinks : This is where different layers of ownership come into play. An NFT can be linked to other NFTs. Furthermore, an NFT can also have other "fungible tokens". 

Upgrade Possibilities : In the future, NFTs can also be modified. You can add metadata to NFTs. This can cause the artwork to expand.

Dynamics : Through this feature of NFT 2.0, NFTs can be equipped with functions that allow them to issue commands and perform modifications on other NFTs. You can even change the appearance of the linked NFT.

What types of NFTs can NFT 2.0 provide?

With NFT 2.0, the possibilities in the NFT area increase exponentially. The following types of NFTs are available:


Nested NFTs : Nesting means that one NFT can own another NFT. There are already developers who have developed infinite nesting. This means that an NFT can own another NFT, which in turn owns another NFT. This series then continues indefinitely. These Nested NFTs find application in the Metaverse, in art, or in visual exhibitions.

Smart NFTs : In contrast to NFT 1.0, NFT 2.0 allows NFTs to be linked to other NFTs. If ownership of the NFT changes, the NFT can adjust the ownership dates directly. Furthermore, smart contracts ensure that the creator of the NFT always receives his shares as soon as his created NFT gets a new owner. 

NFTs with partial ownership : The NFTs can also be owned by two people at the same time in NFT 2.0. Each co-owner can own a certain percentage of the NFT. This motivates owners to give shares of their property to other people and receive value in return without giving up ownership altogether. Furthermore, trust in the asset increases when several people own it.

NFT Rental Model : NFT 2.0 goes beyond ownership. Smart contracts can also be used to lend or rent NFTs to specific people. This can generate passive income for the owner. It can also improve liquidity in otherwise illiquid markets. 

With these properties, NFT 2.0 makes the NFTs smarter and more adaptive. Smart contracts offer numerous functions - from renting out, to co-ownership to automatically compensating the creator every time the owner changes. The decentralized structure of NFTs is increasing, which increases the uniqueness of NFTs and makes them even more attractive for different industries. 

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