As the world continues to make the transition from web2 to web3, there is a flurry of confusion surrounding its major components, and rightfully so. The recent collapse of crypto exchange FTX, and the impending consequences felt by those who entrusted funds to them, has further disoriented the general public.
Despite their common denominator, it would be an oversimplification to lump all blockchain technologies – including cryptocurrency, non-fungible tokens, and the metaverse – together as one. In the minds of many, if one of these falters then web3 as a whole must be doomed. But that’s simply not the case. These various aspects of web3 are complementary in that they all leverage blockchain technology to some degree, but they are not inextricably tied together.
Let’s use cryptocurrency and NFTs as an example. By now, it is abundantly clear that crypto is highly volatile, no matter how big the customer base is, or how popular it is on Twitter. We’ve all heard of the term “crypto winter”, and it seems like we are still very much in the thick of it. Now more than ever, people are questioning if digital currencies like Bitcoin, or Ether are worth owning, and if this whole crypto thing is just a passing trend. But it’s unfair that this negative perception about crypto has translated into a negative perception of NFTs and the technology they use.
When the first wave of NFT popularity hit, most NFTs were simply digital collectibles with no real world, tangible value. They were a fad, something to show off, and a very expensive social media profile picture at best. And while they made for click-worthy headlines, they were not popular with everyone.
In time, though, NFTs began to offer “utility” to their owners, meaning that owning a particular NFT could grant you a real life perk, access pass to a real event, and more. This is akin to the internet making the jump from web2 to web3, as NFTs are now transitioning from NFT 1.0 (speculation) to NFT 2.0 (assets with utility). Now everybody from professional sports teams to pizza parlors and barbershops are offering their own NFTs, which give loyal customers real perks relating to the issuing organization or business. But let’s bring this back to crypto for a minute.
There are a couple of reasons why the perception of NFTs suffers when crypto takes a dive. First, those who haven’t done much research on, or don’t fully understand, it’s easy to think this blockchain business is all the same. Crypto is tanking, so NFTs are doomed as well. Crypto is up, so NFTs are hot again. This is true only to a certain extent, and largely because NFTs gained popularity as speculative assets that had to be purchased using crypto. That also entailed having to set up a digital wallet, purchase a cryptocurrency, and then mint your NFTs. There were way too many steps for people who are used to a seamless, web2-like purchase experience. But the technology is evolving, people are thinking differently, and now that is all changing.
ePaymints has partnered with Chainstarters, which offers an easy, all-in-one solution. Anyone can customize their own NFT storefront, deploy NFT collections, and assign meaningful benefits — with no development time. And thanks to ePaymints, NFTs can be purchased on a Chainstarters storefront without crypto and using a credit card. No digital wallet? No problem. Just enter your email address, and one will be created for you.
Chainstarters is also leading the way in “NFT 2.0.” Their platform has been built with utility in mind. ePaymints believes Chainstarters is the most complete and accessible NFT solution on the market. It can benefit customers ranging from individual creators to large organizations, like NBA teams and popular lifestyle brands. You get to leverage the power of digital assets to engage your customers in new and exciting ways – without the hassle of development.
Reducing points of friction is the way to break down the barriers and increase adoption in the world of web3. We don’t need to force everyone to change their behavior to accommodate early blockchain technology. Rather, we need to optimize the current technology to give users a familiar, seamless experience. With an email address and a credit card, anyone can now be part of this world. If you’d like to get in on the next evolution of NFT technology, go on over to Chainstarters to learn more. You can also contact firstname.lastname@example.org with any additional questions.