There are many ways to approach to a non-fungible token industry as a collector or investor. One can either pay top-dollar for the NFT they want or try one’s luck by minting a random asset and hoping for the best. Thankfully, there is now a third option courtesy of NFT Canvas.
A New Way To Get Appealing NFTs
It is challenging for newcomers to enter the NFT space without either substantial capital or a high-risk appetite. Mining an NFT when the collection has yet to be unveiled isn’t too different from buying a video game loot box and crossing fingers and toes for something good. Unfortunately, most minted assets will not have a look, feel, or traits a user wants, forcing them to look for other solutions.
One such solution is never minting NFTs and only market-buying the assets with traits one wants. It is a slow and steady approach to potentially making money from non-fungible tokens, although it can be costly. For instance, those buying a Bored Ape today will pay over 100 ETH, whereas the mint price was 0.05%. A steep premium is associated with cherry-picking the NFT that suits your individual needs.
Neither of these options will cater to mainstream users right away. While the non-fungible token industry saw tremendous growth in 2021, it remains an industry that caters to crypto enthusiasts rather than everyday consumers. That situation may change over time, but there is too much “randomness” in the industry today to create a strong appeal. Additionally, traits will always be randomized to give everyone an equal chance of minting the traits they want.
It is very tricky to change these core aspects of the NFT industry. Even so, something needs to change if the sector gains mainstream traction in the coming years. Giving users more control and flexibility is, as illustrated by NFT Canvas, the most straightforward way of addressing these shortcomings. The NFT Canvas tool, developed by the same team building the Plutonians play-to-earn game, can shake up the non-fungible token industry in various ways.
Flexible Metadata For Broader Appeal
At its core, an NFT contains metadata stored on the internet and secured by a blockchain. That metadata will contain the unique information of your NFT, but there is no way to customize the data. Doing so would diminish the immutable nature of blockchain technology and create rather uncomfortable precedents.
However, NFT Canvas shows there is a way to give users more customization options. Its technology stack, designed for the Solana blockchain, will let users combine and decombine NFTs. Especially that latter aspect is crucial, as users could undo their new combination at any time. That makes it very different from traditional ways of combining NFTs into a new asset, requiring users to destroy their initial non-fungible tokens.
The approach by NFT Canvas applies to many use cases in the non-fungible token industry. Don’t like the headwear of your favorite profile pic NFT? Swap it for a different one! Want your utility-focused NFT to offer more personalized benefits? Combine a few NFTs of that collection and tweak the results accordingly. There will be composability and personalization two aspects the non-fungible token industry severely lacks today.
All activity involving NFT Canvas occurs on-chain. Moreover, it doesn’t compromise the immutable nature of the Solana blockchain. Everything will be recorded transparently and have the option of being undone by the asset owner. Furthermore, thanks to Solana’s speed and low fees, users can construct and deconstruct NFTs as they see fit and find new potential combinations.
You Are In Control
Whereas NFTs are designed to showcase the power of true digital ownership, NFT Canvas goes one step further. It enables users to unlock value in ways not accessible before while still giving them ultimate control on whether to keep the outcome or deconstruct it again. It is the highest degree of control many people had hoped to see embedded in the first-generation NFTs but ultimately failed to acquire.
Introducing this degree of composability can benefit various industry verticals integrating NFT technology. It paves the way for new gaming experiences – Plutonians is the first game to leverage NFT Canvas – or avatar-based experiences like CoinBoi. However, the technology has broader implications for memberships, finance, trading, and anything else.
The next era of non-fungible tokens is here, and it will ensure you have more control than ever before.