The blockchain 1.0 era is marked by disributed ledgers such as the Bitcoin system. The blockchain 2.0 era is represented by smart contracts such as the Ethereum ecosystem. Both technologies are groudbreaking milestones for the crypto industry.
What is the most trendy technology in the blockchain industry in recent months? The answer must be NFT and DeFi, with the former one growing even more rapidly. As a bridge between the blockchain and the physical world, NFT is expected to become the largest breakthrough for blockchain, making it possible for humans to migrate to the digital world on a grand scale.
NFT first established its dominance in the fields of art and games, this marks the era of NFT 1.0. However, in the near future, art, collectibles, and its derivatives will only account for a small part of the NFT market’s mass application. The commercial application of NFT will certainly become much more prevalent because NFT’s capability to reach almost all groups of people. This foreshadows the beginning of blockchain becoming a truly universal technology, which we may name it, NFT 2.0.
As the world’s first DEX for utility NFT, CHAIR has taken the first step towards NFT 2.0
To tokenize rights and benefits into NFTs
The Stanford Encyclopedia of Philosophy defines rights as the entitlements to perform certain actions. Rights are often considered fundamental to any civilization. For the first time, CHAIR connects NFTs with rights and benefits. Everyone of us is owner of certain rights and benefits, and each of us is unique. Rights and benefits will no longer be limited to merely artworks and game cards, etc., The concpet of NFT can be expanded infinitely. They can be financial assets such as real estate, cars, stock shares, digital identities such as ID cards, biological genes, or monetizable data such as internet traffic, IP, etc., or a song, a photo, a string of codes… There is no boundaries to this.
Everyone can mint an personalized NFT on CHAIR with one simple click, and participate in transactions and auctions so as to lower the entry barrier to utility NTF and increase the frequency and liquidity of NFT transactions. This also helps to achieve the privatization and free circulation for multiple types of utility NFT.
CHAIR provides a path for people to tokenize their rights and benefits to digital assets, and finds a possibility for large-scale commercial use of NFT in the future. It’s currently the first of its kind in the industry.
Open up the NFT market
In the future, NFT may be ubiquitous, but at this stage, the way NFT develops is extremely segregated.
Lets look at the example of a full theatre. In a theater where everyone is watching a performance. Suddenly one audience member stood up, and other audience members had to stand up in order to see the performance. In the end, everyone was just standing. Then some people was even standing on chairs or even setting up ladders. Despite the high costs and great efforts, you can always get the same or even worse experience.
For the NFT industry, it is currently in such a state of excessive competition, mutual exhausion, and internal friction. The major platforms still focus on a single NFT type and a small group of participants.
But CHAIR has developed a unique approach to develop a brand new market. On the one hand, it uses the advantages of the platform model and the large number of high-quality resources of the founding team to attract and invite a large number of KOL users to join. On the other hand, the platform will attract many top KOLs with their own traffic and loyal fans. In the process of facilitating KOLs’ traffic monetization, KOLs will use their own resources to attract more fans. The fans in turn will trigger the attention and follow-up of other KOLs and fans.
The platform will also give priority to high-quality KOLs. The platform, KOLs, and fans work together to make greater profits and form a positive cycle, reach more user groups, and bring traffic and incremental funds in other fields.
Can you imagine a liquid market that brings together so many kinds of NFT buyers and sellers? At present, no one has done it. If so, NFT is highly likely to become the next big thing.
Based on these two points alone, it is not an exaggeration to say that CHAIR has started the NFT 2.0 era. At any time, it is much more difficult to be a pioneer than to be a follower, and those who do so should win the greatest respect and encouragement from the industry. NFT has an infinite future. We hope that CHAIR can become the infrastructure of NFT 2.0. We also wish CHAIR to go further on the road of NFT 2.0 and bring us more surprises.