Non-fungible tokens (NFTs) are tokens that can only be transferred through ownership rights. Later on, when the demand for NFTs grew, marketplaces based on NFTs exploded. However, marketplaces are not the only ingredient accompanying the NFT boom. NFTY Labs has managed to sell shovels to the gold miners.
Who is NFTY Labs?
The NFTY Labs team has renewed their dedication to Web3 and its future influence on people’s lives with the current makeover. The team has been looking into how NFTs could revolutionize how people connect online and in person since the outset. The NFTY Labs team appears to have come out of the crypto craze with a solid understanding of how blockchain technology works and how it can be applied to our daily lives.
NFTY Connect was launched by the studio in 2020. The product was designed to work like an intelligent Discord Bot, giving users access to a social channel; however, as more critical use cases for NFTs emerged, the team began to evolve the product, adding capabilities, flexibility, and usability. NFTY Connect is now integrated into the new product SocialPass.
NFTY Labs also successfully launched a utility token in 2021, which will be integrated into the burgeogoing token gating and metaverse ecosystems. NFTY Network token ($NFTY) is the utility token, and its value has risen significantly since its inception.
The NFTY Labs team has established itself as a Web3 venture studio focused on incubating, investing in, and developing disruptive technologies that will enable the development of more foundational and valuable products via Web3 technology and initiatives as the NFTY products to mature into their own organizations.
NFTY Labs launched NFTY Network, a utility governance token for the NFTY Network, last year. The NFTY token also went live on the DEX platforms, ApeSwap and CyberFi in September 2021. On CoinmarketCap.com, the token is now ranked in the Top 1000 projects and is available on the Polygon, ETH, and BNB chains.
The utility token’s principal use, according to the whitepaper, will be as a type of Web3 escrow token for those who use token gating features on any Web3 platform, as well as for governance of the NFTY Brand’s developing digital world and metaverse.
The Next Phase For NFTs And Communities Is SocialPass
SocialPass, NFTY Labs’ most recent incubated venture, has recently been promoted. Despite the lack of public information regarding this new product, we can piece together what SocialPass may have to offer.
NFTY Labs introduced its first incubating product, “NFTYConnect.com,” shortly after its founding, which certified that wallets had an asset and then provided users access to exclusive Discord channels.
The NFTY Connect team hinted at future NFTY Connect features, such as multichain functionality, platform integration with Shopify and Telegram, and even new capabilities like attendance verification, in multiple interviews and AMAs.
In November 2021, during the DCentralCon Miami conference, the NFTY Connect team demonstrated its MVP of a new NFTY Connect feature named “IRL Ticketing.” The feature, which was a first of its kind, took an NFT and turned it into a tangible ticket that could be scanned at an event.
NFTY Connect and its features have lately been rumored to be integrated in SocialPass, decreasing friction points and providing more features and capabilities to enterprises wishing to migrate to Web3.
As the news shows, powerful businesses will surely enter the Web3 sector, and a growing number of established corporations have attempted to enter the Web3 industry, with varied degrees of success.
The NFTY Labs team has hinted that a growing number of “major brands” are attempting to enter the sector, and there’s little doubt that the NFTY and SocialPass brands see themselves as the ones who can assist in bridging the gap.
Disclaimer: This is a paid post and should not be treated as news/advice.