LONDON, UK / ACCESSWIRE / July 6, 2021 / From physical to digital assets powered by "smart contracts", the landscape of programmable currency has substantially expanded to the point where total capitalization of the market is constantly reaching a new peak and an increase of user flow in the ecosystem. And the practices of storing real assets will soon shift from being physical to digital.
Since early 2017, there have been numerous trials and experiments in planning "non-fungible" instruments within distributed ledger technology to identify and safeguard the ownership of the unique piece of data collectibles that carry intrinsic value.
The proof-of-concept was initially realized by CryptoKitties via NFTs (Non-fungible Tokens; ERC-721) and quickly escalated growth of NFTs not only in technical development, but also in communal interest, to store real assets in form of digital collectibles.
Despite ERC-721's solidarity, however, it isn't the most ideal standard for a gamified platform due to slow transaction and high minting fees. Thus, the ERC-1155 so-called multi-token standard with a versatile point of use offers advantages when utilized in the metaverse and StarryNift is readily exploring the application of ERC-1155 to better suit ecosystem users.
Such advancement of NFT token standards was evolved reactive to needs of the community, and it serves as an indicator of market growth since demand of utility is outpacing technical progression.
Despite the growing demand, however, NFT as a whole ecosystem is still at an infancy. StarryNift envisions that network effects will settle into place through the metaverse when there comes the channel where NFT carries a practical sense of utility with varying usage points.
Prior to its presence, StarryNift had spent years into research and simulation to identify the problems in NFT marketplaces and most were in lack of artists, applicability, and assimilation.
Artists
- Although there have been few practices where renowned artists auctioned their art-pieces in NFT, it is important to note that "Everydays - The First 5000 days" by Beeple was rather a symbolic scheme than an event driven by mass demand.
- Despite the significance carried out from precedents marked by famous figures or influential individuals, it creates an asymmetric environment if there lacks the platform where small-to-medium sized artists are shunned.
- In contrast to conventional practices, StarryNift aims to resolve resource asymmetry by relentlessly supporting emerging artists with provision of programmable tools and professional illustrators. The goal is to create an environment where artists are given sufficient resources to primarily focus on creative endeavor.
Applicability
- NFT marketplaces are saturated to the point that there presents a lack of value against the scarcity. Unless the utility is installed in NFTs, there is no longer the merit to collect NFTs and thus it's crucial to define the usage points.
- NFT should be more than a storehold of value and to reach such consensus, there needs to be a foundation where each NFT interacts with one another.
- At the metaverse presented by StarryNift, each user has an unbounded capacity to express creativity whether by oneself or together with other users. User interaction will be borderless and only boundaries proposed in the ecosystem will be set by voluntary choice. Artists can seamlessly cooperate with one another and StarryNift facilitates such dynamics by providing a gamified platform where transactions take in place.
Assimilation
- The current landscape of the NFT ecosystem is a bit congested in a way that there's lack of platform with interoperable pedestal and thus there is less liquidity. The lack of interoperability creates unintentional scarcity and it halts vibrancy.
- The problem with poor multi-chain platform integration halts network effects and unless such an issue is resolved, there'll be hardly any network effects which prevent more users from engaging within the platform.
- To ensure organic growth of liquidity and network effects, StarryNift is set to engage in integrating public blockchains and NFT marketplaces to elevate the level of user engagement. Further, StarryNift will keep content open-sourced to foster an ecosystem.
Suggested drawbacks that StarryNift noticed are well-versed and aim to improve the seamless user experience by researching relative references and modifying underlying issues to offer users the foundation that provides meaningful utility.
From membership entitlement associated with utilities to exclusive access in activities such as grants to access collaborative pixel boards and advanced features, StarryNift is exploring numerous possibilities to present the best use-cases for all users.
Ultimately, StarryNift envisions that imbuing a sense of autonomous worldview to each user of our metaverse is the key to the resolution that hasn't yet been solved by precedents. As it moves forward to the near-distant progression, StarryNift will share updates accordingly.
About StarryNift:
StarryNift is the first gamified massive creation platform and launchpad for fun digital collectibles. The mission is to empower art by technology and democratize value appreciation as DAO.
The vision is to enable the whole ecosystem to share the prosperity of creator and token economy and unlock new ways to explore the metaverse by game+art+DeFi+NFT Ark.
Social Links:
Telegram: https://t.me/starrynift
Medium: https://medium.com/@starrynift
Twitter: https://twitter.com/StarryNift
Media Contact:
Company: StarryNift
Contact: Martha Zhang
E-mail: [email protected]
Website: https://starrynift.art/
SOURCE: StarryNift