NFTs are revolutionising many intellectual property based industries. Christies, founded in 1766, is one of the biggest auctions in the world, and they have also indulged in NFTs, (the power of NFTs). They are digital assets that represent a wide range of distinctive tangible and intangible items that can vary from collectible cards, players’ avatars, virtual real estate, and more.
There are numerous benefits of owning NFTs, as each token contains unique information that sets it apart from anything else. Therefore, anyone with an NFT essentially owns a one-of-a-kind token. This can apply to any industry, whether it’s art, games, streaming, etc.
CryptoKitties collectibles were some of the first NFTs, where each blockchain-based cat was unique. This was the first successful implementation of Dapper Labs, making over $40 million USD in sales, it was a defining moment for NFTs that brought them to the attention of the wider blockchain space as well as mainstream media. Now Dapper Labs has also evolved into sports, with NBA Top Shot, where a fan can own the NBA’s most memorable moments, the company has shown that NFTs are capturing the attention of major investors, having announced a raise of $250 Million USD at a $2 Billion USD valuation.
Another NFT platform that garnered significant success recently is CryptoPunks, they have 10,000 truly unique collectible characters, none of which are the same, with proof of ownership stored on the Ethereum blockchain, so anyone on the blockchain can own one. To put into perspective the value of NFTs, CryptoPunks’ total value of sales has surpassed $100 million US dollars to date. There are also multiple marketplaces in which NFTs are auctioned or sold within the crypto infrastructure including OpenSea, Decentraland, and Nifty Gateway.
Xfinite is a decentralised entertainment platform on the Algorand blockchain. Xfinite hosts a consumer centric experience through their Mzaalo dApp. This platform takes the enjoyment beyond streaming content, by offering a range of social and interactive features to create a unique entertainment experience to its users.
One of the NFT features Xfinite offers through their Mzaalo dApp includes; digital collectibles, this is where celebrities can engage with loyal fans through interactive systems, and influencers can create digital goods or fan tokens allowing them to monetise their brand in novel ways as well as creating direct engagement features that include fans in the social life of their favourite stars. Content creators earn revenue through ads and sponsorships, but now they can offer digital collectibles in the form of NFTs to their most loyal followers as an additional incentive.
Xfinite has already launched its NFT strategy via its partnership with the cricket team Pune Devils. Digital assets are created for the team to enhance its brand power by engaging with their fans through the use of fan tokens.
Verified users on the app also own an NFT in the form of an avatar that represents their digital identity. Mzaalo also includes a set of gamified features, including online challenges and games where users can compete or interact with each other. The app also contains a digital wallet for users to effortlessly manage their digital assets, each verified user receives this wallet linked to their profiles where they can store redeemable NFTs, XET tokens, collectibles, etc. users can hold, transfer, share, redeem or exchange their assets directly through their wallets.
Xfinite’s implementation of NFTs on their Mzaalo dApp incentivises their most involved users on the platform by giving them premium access and eligibility to view content that is reserved for VIPs, and offering several forms of rewards that can later be exchanged for valuable assets and premium experiences. This ensures that they are greatly compensated for their loyalty and keeping all the stakeholders engaged.