A Beginner’s Guide to Multiverse NFTs
NFTs are booming; people are becoming more aware of it, their interest in NFTs is triggering NFT sales exponentially. The property of scarcity is the main reason for the massive growth of NFTs, but the same property can also cause liquidity issues in NFT assets. Currently, the horizon of NFTs is limited to its unique niche only, i.e, NFT trading, but to keep the momentum of its growth and widespread its relevance in the real world, NFTs need to fit in for cross-chain as well as cross-functional adoption.
The whole idea here is to improve the utility of NFTs in multiple blockchain-based projects like Defi platforms, digital games, apps and websites. To put it simply, here, we are talking about using NFTs in a multi-universe or multiverse; we are talking about expanding the purpose of NFTs beyond a single NFT marketplace.
In this insight, we will understand the idea of NFTs in a multi-universe and see what can be achieved through it.
Table of Content:
- What is multiverse NFT?
- Why do we need multiverse NFT?
- What is a multiverse NFT platform?
- What are the core features of the multiverse NFT platform?
- What are the functionalities of a multiverse NFT platform?
What is multiverse NFT?
Today’s NFT space allows purchasing and trading NFTs, but eventually, we are heading to a future where NFT users and the world will demand utility for NFTs. An NFT, just as a JPEG file, will no more be interesting enough; people may want to use NFTs as a tool to unlock things or gain benefits or connect content across apps. Such advanced forms of NFTs can be called multiverse NFTs, which can also be referred to as cross-usable NFTs.
Why do we need multiverse NFT?
True digital ownership and scarcity of NFTs make them ideal for digital collectibles. Several artists, creators, and dApps have minted millions of NFTs till now.
However, multiverse NFTs are much more than just collectibles. They have the superpower that lies in their decentralized nature that goes far beyond the basic NFT attributes. Most NFTs do not have any utility and are often provided by the same entity that created them. Moreover, dApps grant access to content when the user verifies the identity and ownership of the related NFT through a blockchain wallet.
Thus, in the case of conventional apps, access to content is managed through centrally controlled user accounts. Here comes the untapped potential of interoperable NFTs. The decentralized, user-owned, and publicly-managed NFTs on third-party dApps offer additional permissionless utilities. There is no limit to the number or types of utilities that NFTs can unlock. Thus, they make it possible and can merge digital products and services into cooperating networks. Various communities and projects can form an ecosystem of collaborating dApps and attract new users by offering new utilities and extended use-cases while adding value to the NFTs.
It is beneficial for users to explore utilities of their NFTs, get notified of new utilities being added, and stay up to date.
What is a multiverse NFT platform?
A multiverse NFT platform lets NFT creators connect with utility providers and share their content across various decentralized applications. It is a content cooperation platform that aims to connect brands, dApps, and creators through cross-usable non-fungible tokens.
A multiverse NFT platform can include different types of assets which can be managed and interconnected, including interoperable NFTs, utilities, and resources.
NFTs: NFTs are unique digital entities on the blockchain, often representing ownership of or access to digital content.
Utilities: A utility is any digital content accessed with an NFT, unique items, or characters in a video game. But, a utility can also be a voucher, a discount, or anything else that the provider is willing to give access to via an NFT.
Resources: The third category is resources. They represent data that is needed to recreate digital content across multiple apps. Taking an example of a video game, while a utility represents access to a special item, a resource would be the related 3D model used to create it.
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What are the core features of an NFT multiverse platform?
As described, Multiverse NFTs are all about enhancing the usability of NFTs across different prospects. Thus, at its core, a multiverse NFT platform enables NFT creators to collaborate with different digital utility providers and resources so that NFTs can become cross-usable and contribute to improving the overall functionality of a project, like facilitating the secured sharing of content by implementing NFT-based content access.
While the features of a Multiverse NFT platform are programmed depending on the requirement of the projects, yet some of the core features of a multiverse NFT platform can be the following:
- Create and handle NFTs, utilities, and digital resources
- Support token-based access to digital content by integrating NFTs
- Provide the users a platform to discover and connect with apps, communities, and NFTs
- Facilitate cooperation between digital utilities and NFTs by facilitating sending and receiving of cooperation requests for NFT-based content access
- Automate the management and maintaining of asset network
What are the functionalities of a multiverse NFT platform?
Incorporating the features mentioned above, a Multiverse NFT platform can facilitate different functionalities such as:
Manage on and off-chain data in one place.
A Multiverse NFT platform allows users to share NFT-bound attributes to enable cross-use experiences.
Cooperate and grow communities
NFT creators can add attractive utilities to their NFTs from different games or third-party apps. Collaborations between different parties are initiated through cooperation requests. Both parties can decide the type of utilities they will share and the duration and funds for cooperation.
Explore a network of NFTs and Utilities
Since a multiverse NFT platform enables everyone, including creators, games, and dApps, to collaborate, the users get the opportunity to discover and explore new games and apps with their NFT collections.
On a blockchain, NFTs remain the independent entities, and they allow the management of overarching metadata that can be used and manipulated by multiple dApps.
This approach helps to intertwine utilities and create benefits for one another. For example, a user can use an NFT to complete task A in dApp A and unlock benefit B in dApp B.
To explain it even better, here is a more specific use case; an NFT-based game avatar that can level up across multiple games through multiple sets of game stats upgrades.
An infrastructure powered by an API or SDK that can store NFT utility pairings stats enables handling of NFT related metadata. Every dApp can store its datasets without interfering with other pairings for the same NFT.
The multiverse NFT platform can support other NFT platforms and smart contracts, including ERC721 and ERC1155. The network has the potential to contain limitless unique assets.
Multiverse NFT is an attempt to help the creators, developers, utility providers, game producers, brands, and service providers build decentralized digital asset networks, where they can interconnect their projects through NFTs. Growing such asset networks help communities merge and increase engagement for all the interconnected projects, offer better benefits to their respective users, and extend their communities. By making these connections visible to everyone, value is provided to token holders who often have limited access to information about the utility of their assets. Thus, it is evident that multiverse NFTs are going to be a boom in the digital world.
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