Many artists and musicians are using composable NFT – NFT News Today

Every day we see more and more industries, gaming companies, musicians and artists exploring ways to engage their customers and fans using emerging Web3 technologies. Foremost among these are NFTs and especially compoundable NFTs.

Gone are the days when collectors were happy with a JPEG image. As space expands, these collectors are looking for more. They want other utilities around the NFT they buy. This is where the rise of composable NFTs takes center stage and ushers in another phase in NFT’s march. So how did we get to this point?

Day 1 of NFT

Kevin McCoy takes credit as the creator of the world’s first NFT industry, Quantum He created his artwork on May 3rd, 2014 using the Namecoin blockchain.

The next notable event in the evolution of NFTs came in 2016 with the Counter Party Platform. They partnered with Force of Will to create a trading card game on the blockchain. Years later, the rare Pepe meme began trading on the Ethereum blockchain.

This was followed in 2017, when Larva Labs creators John Watkinson and Matt Hall created CryptoPunks, a set of 10,000 unique computer-generated characters.

Then came 2018 to 2021 and the explosion in NFT adoption. As adoption has increased, so has competition. Enthusiasts become more discerning in their behavior. They were no longer happy with beautiful digital assets; They wanted more utility from them.

One way for projects, musicians and artists to get more out of their collectibles is to use composable NFTs.

What is Composable NFT?

Composable NFTs allow artists, musicians, and collectors to embed additional utility into their NFTs. The ERC-998 standard is used to create NFTs. The standard allows further ERC20 and ERC721 tokens to be embedded within the core token.

Artists and musicians can add more ECR20 tokens to the original work, create price tiers within the asset, and enhance the various narratives within the primary artwork or song. Social tokens can also be added as utilities for fans, as creators build a social network around their work.

Additionally, collectors also benefit from the composability aspect. They can further personalize NFTs by embedding other NFTs, social tokens or even crypto into the work, allowing them to sell NFTs as a bundle.

Some NFT platforms already offer component NFTs, with KnownOrigin being one of the first to adopt them.

Composable NFTs in gaming

Component NFTs are not exclusive to artists and musicians. Some blockchain games are starting to include these NFTs in their games, rather than a blind drop.

Most NFT drops for game-to-play games use an RGN method when mining. This often leaves the new NFT owner with features they don’t want.

This situation is detrimental to the adoption of NFT games, with players having to return to the secondary market to search for NFTs with their preferred features.

Composable NFTs end this. They allow owners to attach or detach their collectible features, enabling many combinations.

NFT Canvas on Solana Blockchain is one company that offers this solution. The team behind Plutonians developed the technology and incorporated it into their interstellar game.

Afterthought

The NFT space is evolving daily, with some additions contributing more overall than others. Composable NFT is an innovation that will have a lasting impact on the Web3 revolution.

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