The first use-case of NFTs being about immutability and scarcity. This is critical around art and representing value. The next evolution of the technology allows more flexibility in programming NFTs to by dynamic and reflect future value, progression of media and updated storing of metadata. This opens up many new ways to utilize NFTs and incorporate within web3.
At Few and Far, we spent a lot of time and research on developing our protocol and NFT specifications differently to other protocols with this opportunity in mind. pNFTs allow creators to easily add controls to their collections. This has been the core to forking the NEAR NFT standard and releasing the FNF-007 specification. More information can be found here.
What are Programmable NFTs?
Programmable NFTs are not only unique in their characteristics but also in their abilities, as they can carry with them programmable code, allowing for new and innovative use cases that were previously impossible. This code can dictate things like how the NFT can be used, how it can be traded, or how it can be interacted with, among other things. This opens up a whole new world of possibilities for artists, musicians, and other creators who are looking for new ways to monetize their work, as well as for businesses who are looking to create new and exciting products. One of the most exciting things about programmable NFTs is their potential to disrupt traditional industries. For example, imagine a virtual real estate market where people can buy and sell unique plots of land in a virtual world, complete with programmable rules and conditions. This could completely change the way we think about real estate, making it more accessible, transparent, and secure.
Another example is in the world of gaming. Programmable NFTs can be used to create unique in-game items that can be bought, sold, and traded, just like physical collectibles. This opens up a whole new market for gamers who are looking for rare and valuable items to add to their collection, as well as for game developers who can create new revenue streams from their games.
Programmable NFTs offer developers and creators more flexibility
What features are now available with FNF007?
Soulbound NFTS — where NFTs are locked to the wallet which minted it, and cannot be traded or transferred.
Burning mechanisms — An approach where NFTs can be burned / destroyed in certain instances.
Dynamic NFTs — Where the NFT media and metadata can be changed by the creator. This works well in gaming for example where your avatar levels up on performance.
Composability of NFTs —
Enriched Metadata — Lets say a user performs certain tasks. This data can be collected and used to update the metadata within the NFT. For example it now becomes rarer than others based on this activity.
Revealing NFTs — Where a user mints the NFT but the media file changes to reveal a collection in the future.
Royalties Protected — The 007 has uniquely designed the royalties to be controlled on the creator contract side and not the marketplace contract side. This ensures future royalties to the creator can be protected.
Control Trading Environment — Creators get to choose which marketplaces can trade their collections, giving more control and power to the creator or project to succeed.
With this evolution, it is important the community/buyers know what they are getting with NFTs. That’s why we are adding UI capabilities to explain what type of NFT they are interacting with and what are its technical functionalities / capabilities.
We have many projects and developers building on the FNF007 specification and using the Few and Far APIs and excited to see the new utilities and solutions that come from this.
In conclusion, programmable NFTs are poised to be the future of digital assets, changing the way we think about ownership, value, and creativity in the digital world. With their secure and transparent nature, combined with their programmable abilities, they have the potential to disrupt traditional industries and create new and exciting opportunities for artists, musicians, gamers, and businesses alike.
To learn more about Few and Far’s API solutions, reach out to us on the following application form. And, join our developer community on Discord!
Introducing Programmable NFTs (pNFTs) was originally published in Few and Far on Medium, where people are continuing the conversation by highlighting and responding to this story.