Aside from Web3, NFTs is also the buzzword right now. As per coin telegraph, the word NFT is searched more than the word crypto itself! We also covered about how NFTs are trending in our previous blog . Considering the overwhelming response they got, it was expected that an upgraded NFT would come soon. NFT2.0 will be a revolutionized upgrade which expects to augment the current standard. If BAYC, Cryptopunk , Party Bear and all other NFT projects are NFT1.0, then NFT2.0 will be what NFT Legos is working on.
What is NFT 2.0?
NFT 2.0 is basically an evolved version of NFT1.0. They can do alot more than just sit on a blockchain and be owned. Taking some intel from here, NFT2.0 can not only be upgraded but extended as well.
Usages of NFT 2.0
In terms of upgradation, NFT2.0 can be upgraded as much as the imagination allows. These upgrades can be around artwork, metadata, addition of new resources and much more. Think of buying a dragon egg as NFT and then owning everything hatching out of it. Not only that, as you nurture and take care of your dragon, it can actually grow into a beast as big as Drogon! Talk about being a Targaryan in Metaverse!
Talking about extension, NFT2.0 will be able to connect with other NFTs or other projects in meaningful and useful manner. Lets say you have a gun bought in a sniper shooter game as an NFT and want to upgrade it. Then you can buy NFTs such as scope, customized stock, a silencer or a even a skin and then link them all up and convert into a full fledged usable and sellable NFT. Imagine owning a car in a racing and then customizing it to your desires. You would be able to treat the whole upgraded thing as a single NFT. There would be no limits to the layers of ownership as there can be as many “child NFTs” as the owner wishes.
These features enable NFT2.0 to do more than just have an existence. Imagine equipping other NFT2.0s, issuing commands, change looks and what not. This is just scratching the surface in a universe full of possibilities (or should I say Metaverse).
Few NFT2.0 Works Worth Mentioning
As people are still absorbing what NFTs are all about, here are a few names that are working on NFT2.0s and worth mentioning.
RMRK (pronounced as “remark”) is basically a standard that can be used for customizing NFTs. Basically a set of Legos that exist as standalone but allow their owners to build up something as per their wishes. The RMRK based NFT2.0s can be nested, have different resources to switch between, change visuals/data based on certain criteria (day/night) and also be shared into a Decentralized Autonomous Organization (DAO). Imagine a land in metaverse that is shared by multiple owners. Or Changing look and feel of a NFT based on time of the day. How about owning a Rare Monster that breeds rare babies which are automatically owned by the original owner. The options are limitless! For more details, I would recommend having a look at their project called Kanaria.
LTO Network, a Dutch blockchain network revealed a roadmap in December 2021 for their main net upgrade known as Titanium. They released a white paper, which focuses on solving the issue of “NFT Centralization”. They champion in coining the term “Ownables” and how they will function. Like other NFTs, Ownables can be media files, images, songs, 3D models of which the owner have full possession. They also claim of “Ownables” to be directly tradable with other people in a peer-to-peer (P2P) fashion!
Summing it All Up
What LTO network is doing is surely exciting and revolutionary. Though my heart beats more towards the possibilities tapped by RMRK. We have just scratch the surface here. The possibilities with NFT2.0 are endless! Apart from gaming, this also has potential to go across the board as far as various industries and verticals are concerned. The ability to use NFT2.0 as a foundation for creating games brings us a massive step closer to the metaverse.