The NFT industry is evolving very rapidly. NFT technology holds a lot more promise than generating static picture collections. Numerous projects have begun to enter the market, expanding the use of NFT. But since they were innovators, there was no sustainable title for NFT with new functionality on the market yet. Therefore, we will call them NFT2.0
NFT 2.0 are such NFTs that in addition to standard properties ( ID and metadata) have additional properties. At the same time, the user can select the necessary properties of the NFT when minting. Envelop offers a no-code tool to give the NFT the features it needs.
Envelop is a flexible cross-chain toolset able to give any NFT new functionality (economic set-up, on-chain royalties, rental mechanism, time/value/event-locks), protection of devaluation, and anti-fraud system.
What features does NFT2.0 have?
In the current version of the protocol (ver.1), you can select either one or combinations of the following functions:
- Set lock by event;
- Set lock by time;
- Add other coins, tokens, or NFTs inside NFT2.0
- Mint upgradable Soulbound Tokens and various certificates, gift tickets, and more;
- Set up different royalty and multi-royalty options
It is important to note that the more functional NFT2.0 is fully compatible with the ERC721 and ERC1155 standards. So they can be traded on any NFT marketplace.
NFT2.0 Use Cases
So, these simple features create many new uses for NFTs:
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- Digital Gifts. Customizable and transferable NFT2.0 with the option to put some tokens inside.
- Liquid Farming. Farmer gets tradable NFT2.0, a right of rewards claiming, and unstacking of tokens – so the owner can resell all his vested tokens and future rewards by just selling NFT2.0. Also, it is useful when farming is limited by the number of farmers/pool of tokens.
- Upgradable SBTs. Envelop offers the ability to upgrade the reputation inside SBT via dropping reputation level/grade tokens (ERC-20 format) inside NFT2.0 when the SBT holder has achieved or executed some useful activity for his community. Thus users (DAO or other communities) can easily build dynamic reputational models with on-chain proof. Fan communities could be used SBT as proof, certificate, diploma, confirmation of skill/job skills, etc. with the opportunity to have grades and be dynamic.
- Trustless revenue sharing using royalties and fees
Unstoppable NFTs: A new approach to metadata management and storage. Now creators could offer buyers true NFTs which are guaranteed to be solid despite any issues with centralized services, like Google or AWS, erasing the risk of data being deleted. You can set up transactional collateral growth (appoint token and amount), and permit SWARM storage to charge from collateral for storing metadata (could appoint exact token). When NFT is traded/rented it collects value and when needed pays for storage.
Skill tokens: A new approach to increase revenue when traits are replaced by special tokens standing for skills. Game devs can adjust skills, for each will stand a token which could be placed inside collateral of wNFT and perform as power, speed, armor, attack, etc. Players will be able to buy or achieve skills and upgrade assets. When the game is finished if the game asset is damaged some skills could be reduced and players will need to refill missing skills to insure appropriate performance.
The skill token approach gives game devs a new level of on-chain tokenization to provide maximum transparency and a new way of monetization and the opportunity to switch even to a new model when they mint NFTs for free and just sell skills – it can improve the quantity of user base and attract new gamers.
Indexes: An ideal tool for forming tradable portfolios. Suitable for assets already traded or vested. You can create an index with NFTs and FTs with multiple wrapper layers, and specify additional settings on the outer layer (fundraising within the collateral, royalty distribution).
Vesting NFT.: All-in-one solution for fundraising (SAFT wNFT – SCOTCH – FinexBase – plug-and-play token sale based on wNFT.
Collateral-free borrowing: New models of NFT part-ownership, passive income for owners, revenue-sharing. Delete the entry barrier to GameFi. No need to buy and even pay for the rental, just take, play, and earn – then share revenues. Plots of land in Metaverse, advertiser places, passes, tickets, statuses, accounts, liquidity, virtual spaces, AR objects, could also be rented.
Envelop in Arbitrum
DAO Envelop has already deployed its protocol to networks such as Ethereum, Binance SmartChain, Polygon, Aurora, OKex Chain, NEAR. And now it’s coming to Arbitrum.
Envelop has already been deployed in Arbitrum:
- NIFTSY token contract (NIFTSY is a native Envelop’s token) – https://arbiscan.io/tx/0x07443cff526aff3fbef6935aefc8a813c9dd6e9b9fc471d8054ef1807a3b5d1c
- ERC-721 NFT mint contract – https://arbiscan.io/address/0x161fe1f0CC36212b656FC699Dc245b569a39d4AF#code
- ERC-1155 NFT mint contract – https://arbiscan.io/address/0xE692c53C2a35E88d5c58e32C58f13b4bE1AaD8f4#code
- Mint dApp – https://appv1.envelop.is/mint/
The key difference between Envelop’s Mint dApp is to provide unique reliability for storing your NFTs and usability. Envelop is planning to achieve this through the following features:
- Users can choose where to store their NFTs: on IPFS, SWARM, or simple storage;
- The NFT mint will be seamlessly connected to other Envelop features such as batch wrapping, collateral variation, royalties, etc.
The total supply of NIFTSY tokens in the Arbitrum network equals 11,111,111.11 NIFTSY.
Envelop gives Arbitrum users the ability to create smart programmable NFTs and give them utilities in a few clicks.
Disclaimer: This is a paid post and should not be treated as news/advice.