Switching from collection NFT to utility NFT

Despite their recent success and some spectacular examples, NFTs have so far been primarily collectible items, especially in the realm of luxury and art.

The next step in the evolution of NFTs is just the beginning. For example, dynamic NFTs (dNFTs) expand the design space of NFTs through their ability to adapt and change over time or in response to predefined conditions met. A dynamic NFT allows you to automate updates of its metadata. This is the proposal of the startup Chainlink Keepers that allows you to automate any smart contract function. With Chainlink Keepers, you can create truly autonomous and decentralized dynamic NFTs.

Over 100 projects are now part of the Chainlink Keepers ecosystem, helping to bring reliable and decentralized automation to a wide variety of use cases. Web3 developers used Chainlink Keepers-enabled automated smart contract execution to invent entirely new experiences for their users and reduce their DevOps overhead by an order of magnitude. Chainlink is a decentralized Oracle network that allows public blockchains and smart contract platforms to bring external data sources outside the blockchain to blockchain operations with minimal third party trust. (Blockchain oracles are one of the tools that blockchain technology uses to interact with the physical world.)

Corp Labs Capsules

In France we have Capsule Corp Labs which brings a paradigm shift in the way NFTs are used. The startup implements NFT solutions on behalf of companies across all industries, enabling them to integrate the web3 value proposition: ownership of digital data and assets, or federation and engagement of user communities. Capsule Corp Labs began operations in 2022 It is the main integrator of Ternoa, a so-called “layer 1” blockchain infrastructure. Open-source and decentralized, it provides developers with an independent infrastructure that allows them to create useful NFTs. It has just raised an amount of € 7.3 million from a seed round.

Its founder Clément Téqui, CEO of Capsule Corp Labs and co-founder of Ternoa thinks that, unlike the current NFT market, whose functioning is very similar to that of the art market, based on a scarcity value, the NFTs will have more and more utilitarian value tools. They will be used initially in the development of sectors such as video games, music and entertainment, or the metaverse, then gradually spread to other sectors of activity. Our role is to enable this transition from web2 to web3 which can be technologically complex.

First use cases of utility NFTs

The second strategic axis is the advice to companies in the implementation of their web solutions3. Their role is to identify with their customers the use cases for tomorrow’s NFTs and support their development. In particular, the startup participated in the first half of 2022 in the launch of 20 Mint, the free media dedicated to the 20 Minutes blockchain that stood out for the successful sale of 999 NFT typewriters that funded the operation by bringing together a community of enthusiasts.

It also supports Editis, one of the French leaders in publishing, in identifying the really useful use cases of NFTs for its sector: collaborative editorial work tool, new book format or even an animation tool for communities of readers. This work therefore allowed the launch of the Editis web3 transformation project.

For the not.IT technological endowment fund affiliated with the Notary of France, Capsule Corp. Labs has designed and developed a solution for the transmission of digital assets, in particular allowing the storage of private contents in NFT and the definition of protocols of complex transfer. The first model has been delivered and the project is being validated on a national scale. Commissioned by gift-wrapping specialist Wonderbox, she embarked on a project to transform her relationship with customers through NFT. The collaboration also made it possible to identify solutions for securing the resale of virtual boxes. The startup also leveraged specific features of Ternoa’s NFTs, such as secret content, to enhance the experience of an online sports game owned by a major video game group.

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