The massive growth nonfungible tokens reflects their fundamental value: NFTs make digital objects unique. NFTs do this by connecting a digital object with an identifier that cannot be replicated because the identifier is a unique blockchain transaction.
When digital objects are unique, creators, content producers, and brand owners can capture the value of producing original works, limited editions, authentic products and transactions, and verified credentials. The most popular uses of NFTs are straightforward applications to capturing the value of limited editions of art and using NFTs to give buyers access to unique products. For example, the Kings of Leon released their album with a limited number of NFTs that give their buyers exclusive benefits such as a vinyl copy and concert seats.
NFTs will soon become central to the global economy. As a result, there will be a growth in the need to be able to customize NFTs by automating their functionality, combining NFTs with each other and other systems, and using NFTs as the centerpiece of new business models.
Early on, NFT platforms made it very easy to customize one aspect of NFT functionality: simply clicking a button enables NFT creators set the percentage of revenue from all subsequent sales they will earn. But more advanced customizations require users to code.
More advanced NFT customizations include:
being able to create and customize the design of your own NFT marketplace instead of only selling on marketplaces that charge fees and place other limits, including enabling users to add a wide variety of web2 components to NFTs such as comments, voting, and embedded video and streaming
setting up the rights associated with an NFT to change when it is sold, as time passes, or in response to other conditions, which can range from simply having the NFT media display aspects of its transaction history to generating or unlocking new content or benefits in response to milestones or online activity
enabling NFTs to have rights to other assets or payment streams (including cryptocurrencies and other NFTs) so the NFT can distribute benefits to the NFT owner and other select parties in the form of payments or in-kind benefits
enabling the NFT to effectively function like a corporate entity by issuing fungible tokens
connecting NFTs to each other, external systems, and physical goods via QR codes, APIs, and Internet of Things devices
dividing up NFT ownership and benefits among numerous people.
The problem with customized NFTs is that creating them either requires knowing how to code or not fully benefitting from blockchain.
NFT builders don’t have the time to learn how to code. And customized NFT functionality is either too expensive to implement on Ethereum or requires using blockchains that still rely on centralized governance or technology such Google cloud or AWS. Most blockchain are limited to structuring NFTs only as metadata and not the actual image, video, or other content itself.
Fortunately, the approach being taken by ICME can solve these problems. ICME is the only no code builder for the Internet Computer blockchain, which was open sourced by the Dfinity Foundation in May 2021. Being able to customize NFTs without writing code will alleviate what is already a bottleneck in NFT adoption and soon become a major focus on no code building.
With the benefits of no code and the Internet Computer, anyone can customize NFTs without writing code and still benefitting from the best that blockchain has to offer in terms of decentralization, low costs, speed, scalability, privacy, and user-ownership.