February 21, 2023
NFT, also known as the non-fungible token, has exploded in popularity over the last year, with various industries continuously finding new use cases for this emerging technology.
Contrary to popular belief, NFTs are no longer just jpegs or digital art that makes millionaires out of artists and traders. Most people mistake the art itself as an NFT, but NFTs are minted or 'created' through smart contracts, however, NFTs are actually like a 'receipt of ownership'. It is the proof on the blockchain that an individual owns a certain digital asset. An NFT comes with unique attributes held in its metadata that impacts the token’s utility, and cannot be changed or replaced.
Gone are the days of NFTs being used for speculative trading as the market is now moving towards giving the digital asset utility to bring their owners perks and benefits. Beyond just monetary value, NFT holders are increasingly shifting their focus towards the utility of their tokens.
With that said, Metabay is on a mission to democratize NFT by giving users from all walks of life and backgrounds access to this technology and letting non-crypto natives experience its powerful ability to connect them with their favourite creators.
The term “NFT” still carries with it the misconception that it is mainly being used for speculative trading of digital art. Furthermore, the term “NFT” still has an unsavoury reputation due to its association with scams and speculative trading on marketplaces. It is also a technical term associated with technical complexity.
However, an NFT is merely the technology that powers Metabay’s digital passes, rather than their main feature. It is also a way of proving your ownership of digital passes. Even though the digital passes are authenticated by NFTs, the actual focus is on the value and user experience rather than the technology behind them. Similarly, users of Web2 products don’t always know or care about the technology behind them, as long as those products function the way they are meant to.
With that said, the term “digital pass” illustrates Metabay’s concept and value better as the process of purchasing one is streamlined, seamless and requires zero prior knowledge or expertise in NFTs.
The digital passes function as keys for users to unlock access to token-gated features such as dedicated group chats and calls with their favourite creators and influencers, exclusive community events, merch and other benefits.
To make it easy for both Web3 enthusiasts and Web2 non-crypto natives to purchase Metabay’s digital passes, we have integrated a seamless checkout via Paper.xyz, a leading NFT payments solution.
The fiat on-ramp solution enables experienced Web3 users to pay using cryptocurrency such as ETH, but most importantly, allows users to easily purchase our digital pass using credit/debit cards. Instead of navigating how to create a crypto wallet, users can easily create one in Paper’s checkout flow by simply using their email address
With Paper.xyz, anyone can purchase a digital pass regardless of their crypto knowledge, in a way that is most convenient for them - whether it's crypto or credit cards - on one single checkout page. Furthermore, anyone can purchase a digital pass regardless of their crypto knowledge, in a way that is most convenient for them - whether it's crypto or credit cards. The solution is made very easy to implement and the team had a great experience with it. Using an on-ramp service like Paper allows us to easily onboard Web2 users to Web3, tap into a wider audience and remove barriers to entry for them by abstracting away Web3 complexities.
After purchasing your digital pass and checking out via Paper, you can simply access it via email. Still unsure how it all works? Our support team is here to guide you through the process with tutorials and customer service.
The real value of a non-fungible token doesn’t lie in an artwork, but in its utility and rarity tier.
While digital art or digital assets in blockchain games give NFTs visibility and accelerate the mass adoption of the technology, an NFT that’s used to authenticate membership or access passes to a creator’s network or community would still work even if it’s not accompanied by art.
One of the most notable emerging use cases for NFT technology is ticketing, as its traceability can help fight scalping and counterfeit. Another one is the issuing of digital passes backed by NFTs, which fan engagement platforms like Metabay have been using to foster a direct connection between creators and fans. Other emerging use cases for NFTs include digital identity, and the recording and verification of transfers of real estate ownership. Whether they come with artwork or not, the value of these tokens remains the same. The possibilities for use cases are endless.
For instance, for startups or founders who are not creating art or GameFi, issuing NFTs as artwork would only divert attention away from the token’s real utility and confuse the product’s real value proposition, which is in its utility rather than art. To save time and money, you can simply streamline the visual design process of the NFT or even make it invisible.
When NFT technology first emerged a few years ago, its immediate use case was popularised by the first wave of early adopters for the purpose of trading eye-catching digital art collections that put an image to the term ‘non-fungible token’, making it easy to visualise.
Metabay anticipates that the next wave of developers will focus on seamlessly integrating NFT and blockchain technology to provide utility to users in different spheres, thus lowering the barriers of entry to the ever-evolving Web3 space.
Get the latest articles on all things delivered straight to your inbox
Gather with Other Metabay Friends by Joining Our Discord and Connected on Linkedin