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NFT today does not represent your identity, but just a proxy. How is a random Bored Ape face related to your physical appearance, your personality, or your daily life?
We have already seen how powerful NFT is, as an easy-to-adopt concept for the majority of the world, to onboard into web3. Wallet data enriched NFT, as the next emerging trend of NFT design, will elevate its value in all aspects:
Wallet data enriched NFT will change the way how NFT is created from today. Current NFT designs are created by 1 or a team of artists in a centralized way. It’s true that not everyone, without training, can create visually satisfying jpegs. But in the future, artists may only be needed to define the art presentations: elements, themes, art genres, visual styles.
As how Uniswap manifested in DeFi context, anyone can create an asset Pool Contract thru clicks on their simple UI. In NFT vertical, Loot was a successful innovation of giving back the creation process to the crowd. If we call today’s artist-created NFT as NFT 1.0, in my opinion Loot could be seen as a NFT 1.5 experiment - because the generator input is a random number that user can choose from a range, which means, 1) there is some level of input from user, 2) but still the input isn’t necessarily associated to user themselves largely.
The current trend of generating NFT based on user’s wallet data would give the art piece a lot more personal meaning, as a next step further.
Synthetic Nouns, similar to Loot’s experiment, takes your wallet address as the input to generate your Nouns pfp:
https://twitter.com/stephancill/status/1550808420030234624?s=20&t=gc88Q-D82ayFeSSlnin-oQ
3FACE NFT by Artist Ian Cheng is an example to next level: it takes in your Ethereum wallet’s transaction data history, and generate dynamic art visuals based on a set of defined metrics, aiming to demonstrate your inner self from your self-created and self-owned wallet data. Since it’s dynamic NFT which you can refresh and re-generate, your NFT will grow with you based on refreshed wallet data:
https://twitter.com/outland_art/status/1554353141939720192?s=20&t=7dbsjJ_b8sCAqNTetn80UA
It will change how NFT collection being issued. When each of the NFT can be designed with infinite input from individual wallet, the design labor cost lowered dramatically; and since each wallet’s history and activities (as art’s generating input) will be relatively unique and thus render relatively unique outputs - why not put the collection on sale for a larger total issuance? - in that case, the means NFT uses to retain economic value will change too. A major design as of today is to limit the total number in the collection (e.g. 10k, or 8888), but when the NFT has value attached to each unique individual wallet, there is less reason to restrict it to only a small amount of people since the value is less coming from its rarity.
NFTs with more identity will have less liquidity. As Vitalik discussed in the Soulbound article, if the token represents an identity, then it cannot be transfered. A token that can highly resemble your identity to the extreme - will lose its commodity value of being traded, or gifted.
NFTs of higher identity value, though generally will be less liquid in secondary market, still have use cases with commodity value - which is when the identity is valuable itself - call it Fans NFT:
Celebrities (idols, singers, politicians) can use the NFT with their identities attached as a marketing voucher, concert ticket, express line add-on, redeem physical merch at events…
Investors (famous traders, fund managers, market makers) can use the NFT as a commission ledger for (passive) liquidity providers who gives custody, or follows their trading strategy to benefit yields.
As of today, different collections give NFT owners some level of social identities in the Metaverse - but only to the granularity of a club, or a community instead of an individual.
When you see an account on Crypto Twitter with a Bored Ape profile photo, you know they belong to the NFT early OG group, or is a rich chad wallet - whichever the label that is tagged with the NFT collection.
This is again because of the creation process today is done in batch by the designers without any association with the potential future owners, the identity that can be attached and differentiated is only at collection level. Within the same NFT collection community, only differentiator at the moment is historic price, which is often time correlated to traits’ rarities in visual design.
ENS is the simplest - but a big step - implementation with name selection by owner associated to the NFT. POAP is another demonstration with life event attendance associated. I recently minted my Logbook NFT by Metagame, which is a text jpeg generated based on partial records of my wallet activities:
It decoded and displays a bunch of actions I had with various dapps. The semantics attached tells a lot of events I participated, interacted and things I care on chain. In my opinion, it is a successful 1st-layer low-level abstraction of on-chain personality.
Abstraction of personality is just one step ahead, another thing that can truly activates social network value is the connections between different identities on chain: imagine now you have your identity extracted and summarized on your wallet profile, you are still a lonely soul standing in the dark forest - only when the application, or platform starts to connect dots, search similarities, and give friending/following recommendations, a society starts to form: one project I encountered is Charisma NFT which scans the data, constructs wallet personalities, then runs similarity analysis and recommendations as shown below. This tool and model can be applied in social IRL web3 events (hackathon, meetup, conferenes), as well as online platforms (investment, web3 chats, even dating site :P)
https://twitter.com/Charisma_Social/status/1548780539771064322?s=20&t=QX5ZDQXCetdJ7Ght5t6iIA
Data can drive the identity embedding of NFT 2.0. Only when your metaverse identity represents you more than your physical appearance (web0), your email id (web1), your instagram photos (web2) - you will likely hang out more on the URL than IRL. And wallet is able to do that - to show your personality, your preference, and to even find your potential community belongings. With NFT maturing towards the data-driven design, more and more people will easily move to the decentralized social land.
NFT today does not represent your identity, but just a proxy. How is a random Bored Ape face related to your physical appearance, your personality, or your daily life?
We have already seen how powerful NFT is, as an easy-to-adopt concept for the majority of the world, to onboard into web3. Wallet data enriched NFT, as the next emerging trend of NFT design, will elevate its value in all aspects:
Wallet data enriched NFT will change the way how NFT is created from today. Current NFT designs are created by 1 or a team of artists in a centralized way. It’s true that not everyone, without training, can create visually satisfying jpegs. But in the future, artists may only be needed to define the art presentations: elements, themes, art genres, visual styles.
As how Uniswap manifested in DeFi context, anyone can create an asset Pool Contract thru clicks on their simple UI. In NFT vertical, Loot was a successful innovation of giving back the creation process to the crowd. If we call today’s artist-created NFT as NFT 1.0, in my opinion Loot could be seen as a NFT 1.5 experiment - because the generator input is a random number that user can choose from a range, which means, 1) there is some level of input from user, 2) but still the input isn’t necessarily associated to user themselves largely.
The current trend of generating NFT based on user’s wallet data would give the art piece a lot more personal meaning, as a next step further.
Synthetic Nouns, similar to Loot’s experiment, takes your wallet address as the input to generate your Nouns pfp:
https://twitter.com/stephancill/status/1550808420030234624?s=20&t=gc88Q-D82ayFeSSlnin-oQ
3FACE NFT by Artist Ian Cheng is an example to next level: it takes in your Ethereum wallet’s transaction data history, and generate dynamic art visuals based on a set of defined metrics, aiming to demonstrate your inner self from your self-created and self-owned wallet data. Since it’s dynamic NFT which you can refresh and re-generate, your NFT will grow with you based on refreshed wallet data:
https://twitter.com/outland_art/status/1554353141939720192?s=20&t=7dbsjJ_b8sCAqNTetn80UA
It will change how NFT collection being issued. When each of the NFT can be designed with infinite input from individual wallet, the design labor cost lowered dramatically; and since each wallet’s history and activities (as art’s generating input) will be relatively unique and thus render relatively unique outputs - why not put the collection on sale for a larger total issuance? - in that case, the means NFT uses to retain economic value will change too. A major design as of today is to limit the total number in the collection (e.g. 10k, or 8888), but when the NFT has value attached to each unique individual wallet, there is less reason to restrict it to only a small amount of people since the value is less coming from its rarity.
NFTs with more identity will have less liquidity. As Vitalik discussed in the Soulbound article, if the token represents an identity, then it cannot be transfered. A token that can highly resemble your identity to the extreme - will lose its commodity value of being traded, or gifted.
NFTs of higher identity value, though generally will be less liquid in secondary market, still have use cases with commodity value - which is when the identity is valuable itself - call it Fans NFT:
Celebrities (idols, singers, politicians) can use the NFT with their identities attached as a marketing voucher, concert ticket, express line add-on, redeem physical merch at events…
Investors (famous traders, fund managers, market makers) can use the NFT as a commission ledger for (passive) liquidity providers who gives custody, or follows their trading strategy to benefit yields.
As of today, different collections give NFT owners some level of social identities in the Metaverse - but only to the granularity of a club, or a community instead of an individual.
When you see an account on Crypto Twitter with a Bored Ape profile photo, you know they belong to the NFT early OG group, or is a rich chad wallet - whichever the label that is tagged with the NFT collection.
This is again because of the creation process today is done in batch by the designers without any association with the potential future owners, the identity that can be attached and differentiated is only at collection level. Within the same NFT collection community, only differentiator at the moment is historic price, which is often time correlated to traits’ rarities in visual design.
ENS is the simplest - but a big step - implementation with name selection by owner associated to the NFT. POAP is another demonstration with life event attendance associated. I recently minted my Logbook NFT by Metagame, which is a text jpeg generated based on partial records of my wallet activities:
It decoded and displays a bunch of actions I had with various dapps. The semantics attached tells a lot of events I participated, interacted and things I care on chain. In my opinion, it is a successful 1st-layer low-level abstraction of on-chain personality.
Abstraction of personality is just one step ahead, another thing that can truly activates social network value is the connections between different identities on chain: imagine now you have your identity extracted and summarized on your wallet profile, you are still a lonely soul standing in the dark forest - only when the application, or platform starts to connect dots, search similarities, and give friending/following recommendations, a society starts to form: one project I encountered is Charisma NFT which scans the data, constructs wallet personalities, then runs similarity analysis and recommendations as shown below. This tool and model can be applied in social IRL web3 events (hackathon, meetup, conferenes), as well as online platforms (investment, web3 chats, even dating site :P)
https://twitter.com/Charisma_Social/status/1548780539771064322?s=20&t=QX5ZDQXCetdJ7Ght5t6iIA
Data can drive the identity embedding of NFT 2.0. Only when your metaverse identity represents you more than your physical appearance (web0), your email id (web1), your instagram photos (web2) - you will likely hang out more on the URL than IRL. And wallet is able to do that - to show your personality, your preference, and to even find your potential community belongings. With NFT maturing towards the data-driven design, more and more people will easily move to the decentralized social land.
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