Just like many other industry leaders, analysts, and investors who continue sharing their thoughts for the crypto sector, Halsey Minor, the CEO of non-fungible tokens (NFTs) platform provider Vivid Labs (VID), has also joined the big team and shared his views for the crypto industry.
In a short interview on February 17, Halsey acknowledged the non-fungible tokens within the crypto space have today gone more mainstream, asserting that the crypto industry now desperately requires more dynamic NFTs.
The crypto space keeps growing leaps and bounds and with it, NFTs have been thriving since the start of 2021. Previously, analysts and experts thought that cryptos were meant just for speculations and day trading. However, with the emergence of nonfungible tokens, the narrative seems to be changing. The nascent market appears to have brought in new use cases for the crypto sector.
Minor argued that however multimedia-rich non-fungible tokens (NFTs) might be, they can turn more valuable if connected to real-world products. He compared NFT creators that sell media assets with immutable data such as songs or artwork and the creator of dynamic assets that can be continuously updated and connected to real-world experiences.
He gave an example of acquiring a luxury handbag from the French fashion house Hermes if it were linked to an updatable NFT to communicate with the customer:
“You buy a limited edition bag, but you also get an NFT that proved that it was real videos about how the bag was made and pictures of how the bag can be styled.”
According to Halsey, this phenomenon applies to any edition item or event tickets sold as NFT, such as the NFL tickets offered to Super Bowl attendees earlier this month. Attendee data can be reflected via dynamic NFT, adding:
“The industry will need to have dynamic NFTs,” and commercial marketing is “the least recognized application.”
Vivid Labs Lets Developers Build Blockchain-Based NFT Marketplaces
Vivid Labs, the parent company of the Live Planet production company founded by actors Ben Affleck and Matt Damon, is a non-fungible market platform that allows developers to build NFT marketplaces on its native blockchain. It incorporates marketplaces that create NFTs with multimedia capabilities to bundle videos, images, audio, and files into a single asset, dubbed NFT 3.
Interestingly, Vivid Labs recently partnered with Shopify to allow App store users to download the VIVID NFT App. Shopify Plus merchants can now efficiently create and manage their NFT+ marketplaces direct from their storefronts.
1/ @VividLabsHQ has been chosen to be part of the @Shopify NFT Beta program! 🙌
We built the #VIVIDNFT App to unlock the world of multimedia #NFTs for Shopify merchants.
Here’s a 🧵 on what this means and why this is big👇 pic.twitter.com/UlCG8ePDC7
— Vivid Labs – formerly VideoCoin (@VividLabsHQ) February 17, 2022
Moreover, according to John S. Lee, lead of blockchain ecosystem at Shopify, the recent partnership will help to grow participation in Web3 and expand what’s possible in commerce.”
The dynamic NFTs that Halsey is advocating are not new, with their functionality still being explored on other use cases such as blockchain collectible. Recently, Koii Network successfully launched a project that enabled collectibles to change in the state based on holders’ love and attention.
With the Metaverse and play-to-earn games coming up more use cases for crypto and NFTs are expected to pop up in the coming months and years.
