NFTY Review: Revolutionizing the Utility of NFTs

Since its launch in 2020, NFTYLabs has been at the forefront of offering NFT solutions to various clients in both the B2C and B2B sectors. According to the platform’s backpages, NFTY aspires to create solutions for NFT communities within and outside the cryptocurrency sector. Moreover, its partners and clients can invest in their communities and enterprises using the NFTY authentication capabilities.

NFTYLabs’ goal is to deliver new authentication techniques that use the power and benefits of blockchain technology in a simple solution. To do this, it works with both fungible and non-fungible tokens(NFTs). For this article, however, let us focus on NFTs, the 2021 highlight. The idea of employing NFTs to access encrypted data arose in response to rising worries about Web 2.0 authentication. NFTY develops solutions to motivate people to connect with organizations continually through both fungible tokens and NFT ownership, giving a better user experience without sacrificing personal information or security.

Core Offering of NFTY

The NFTY Access to Earn Platform

By establishing ownership of a digital asset, users can access numerous apps and services on Web 2.0 and Web 3.0. With the help of NFTY’s unique authentication method, you may receive rewards from companies, communities, and applications just by carrying a digital token.

Consumers recover control of their personal information by using the NFTY Access to Earn tool. Throughout the web, users are appropriately rewarded. As a result, companies generate more income, and customers feel like they are getting the most out of their memberships and communities.

NFTs as a Means of Authentication

NFTY understands that NFTs have far greater clout than works of art or antiques. Because of their non-fungibility, NFTs may be utilized for user authentication and verification. No personal data or information is ever divulged or broadcasted by employing NFTs, or fungible assets, to verify users, hence guaranteeing data integrity for all holders.

The usage of NFTs for authentication serves as the foundation for many of NFTY’s products and capabilities. Continuous user interaction, decentralized credential ownership, and all-in-one NFT ownership are among these features.

NFTYLink

NFTYLink enables the cross-chain signing of NFT signatures to access specified content using Web 3.0 login techniques (e.g., MetaMask, WalletConnect, etc.).

NFTYLink is a concept of using NFTs to authenticate user identity and gain access to premium content. NFTYLink performs preliminary tests on many vectors at the same time. It guarantees users the proper privileges depending on their NFT holdings and requests to access certain content and communities. Furthermore, NFTYLink monitors and eliminates “bad actors” that do not meet the authorization criteria regularly.

NFTYLink connects NFT gate creators to users. NFTYLink uses blockchain node security to access a user’s wallet balance and determine if a certain NFT is kept within that wallet. If the seeking user possesses the appropriate NFT, access to confidential material, social media accounts, and so on is given.

The NFTY Token

The NFTY utility token serves as the foundation of the NFTY ecosystem. This utility token allows users and developers to conduct particular activities within the NFTY ecosystem of goods. It will also assist in network governance for the NFTY suite of products’ ongoing growth and advancement.

The NFTY token serves as the primary payment method for all NFTY ecosystem operations. The token’s TVL is now $16 million, with more than 40% circulating NFTY tokens locked on the native platform.

Token Gating with NFTYConnect

Token gating is a technique for protecting unique content and communities while simultaneously expanding the capabilities and usefulness of NFTs. NFTY extends the NFT utility by granting token holders access to specific web-based content via token gating. It applies to both newly produced NFTs and NFTs that have previously been minted. Gating is a limitless function that users may use to any link, app, or website.

Staking

Early supporters of the NFTY platform acquired NFTYLabs Access Passes in Q1 2021. A total of 450 passes were sold, and users may now utilize them to invest and collect NFTY token payouts. NFTYLabs will also give token airdrops in direct correlation with token allocation for the community via ecosystem benefits. Token & staking smart contracts have both been audited by HashEx.

Advanced Features & Rewards

Users are rewarded in NFTY tokens through various mechanisms, including, but not limited to, referrals, community involvement, offering feedback on product features or errors, sharing data with token gate builders, and access to numerous token gates, among others.

Governance

Holders of the NFTY token can vote to shape the development of products and services in the NFTYConnect ecosystem. Holders of NFTY can also vote on awards or proposals put forth by the community, such as the option of allocating NFTY resources and other relevant suggestions.

Tokenomics

  • Total fixed supply: 1,456,240,353 NFTY
  • Team: 265,035,744 (18.2%)
  • Ecosystem Rewards: 232,998,456 (16.0%)
  • Advisors: 43,687,211 (3.0%)
  • Foundation DAO: 662,589,361 (45.5%)
  • Private: 96,833,334 (6.65%)
  • Public: 153,500,000 (10.5%)
  • Initial Staking Rewards: 49,100,000 (3.37%)
  • Initial DEX Liquidity: 20,000,000 (1.37%)

Pros

Advanced Features and Rewards: NFTY users can earn tokens through referrals, offering feedback, and community participation.

Easy to Use: The platform is easy to use for both the NFT creators and buyers.

Great UX and Design Teams: It has strong product development teams that make the tech more accessible to artists and consumers alike.

Cons

NFTs are Pretty New: The platform revolves around NFTs, which just hit this year, and hence a lot of growth is yet to be established, and the direction remains unknown.

Roadmap

For upcoming events in Q1 2022, NFTY plans to add software implementations for multiple language features. In addition, we shall see both chain and platform implementations involving Shopify and Twitch, among others. The last thing in the first quarter will be future industry verticals such as pro sports.

In the second quarter, there will be more software implementations such as wallet extension plug-ins. There will also be future chain implementations such as cosmos. Lastly, we shall see future industry verticals such as apparel brands, entertainment, and points of interest.

Conclusion

NFTY is poised to bring significant benefits to users, and NFT producers as Web 3.0 progresses toward unified platforms for data authentication and security. As a result, NFTY is poised to become the de facto Web 3.0 authentication platform.

The future of NFTs is promising, but the future of NFT utilities is much more profitable. That is why NFTY intends to pave the way in developing usefulness for this novel business and assisting the complete ecosystem in flourishing.

Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.

Originally Published at
The Capital