In order to improve upon Web 2.0 applications, NFTY Labs was created as a cross-chain authentication platform for Web 3.0. NFTY employs Web 3.0 public key signing to authenticate users, whereas Web 2.0 relies on a standard username and password mechanisms. It is also employed in the provision of subscription services, loyalty rewards, and the management of access.
NFTY Labs In Changing Public View Of NFTs
According to NFTY Labs, the Metaverse and Web 3.0 goals would be impossible to achieve without NFTs, which would one day replace identification, authentication, video games, art, and much more.
NFTs and other digital assets can be used as provable keys to access metaverses and other gated material, communities, and much more by holders of $NFTY.
With NFTY, the NFT and metaverse communities will be able to better communicate and collaborate. To help mainstream enterprises and non-profit organizations maximize their resources, NFTY builds products that gate content access, community management, unique Web3 ticketing, and metaverse experiences.
About NFTY Labs
With the latest rebranding, the NFTY Labs team has reaffirmed its commitment to Web3 and the future impact on people’s lives. Since its beginning, the team has examined how NFTs could revolutionize how people connect online and in person.
The NFTY Labs team appears to have emerged from the crypto frenzy with a clear grasp of how blockchain technology works and how it might be implemented into our daily lives.
In 2020, the studio launched NFTY Connect. The product was initially intended to function similarly to an intelligent Discord Bot, granting users access to a social channel; however, as more critical use cases for NFTs emerged, the team began evolving the product, adding capabilities, flexibility, and usability. NFTY Connect is now integrated into the new product, SocialPass.
Furthermore, in 2021, the NFTY Labs successfully released a utility token that will be integrated into the burgeoning token gating and metaverse ecosystem. The utility token is called the NFTY Network token ($NFTY), and its value has risen significantly since its inception.
As the NFTY products mature into their organizations, the NFTY Labs team has established itself as a Web 3.0 venture studio focused on incubating, investing in, and developing disruptive technologies that will enable the development of more foundational and valuable products via Web3 technology and initiatives.
Last year, NFTY Labs created NFTY Network, a utility governance token for the NFTY Network. The cryptocurrency was launched in September 2021 on the DEX platforms ApeSwap and CyberFi. The token is now ranked in the Top 1000 projects on CoinmarketCap.com and is available on the Polygon, ETH, and BNB chains.
According to their whitepaper, the utility token’s primary function will be as a type of Web 3.0 escrow token for persons who employ token gating features on any Web 3.0 platform and for governance purposes of the burgeoning digital world and metaverse that is forming from the NFTY Brand.
SocialPass The Next Step For NFTs & Community
NFTY Labs has just promoted its most recent incubated product, SocialPass. Even though there is little public information about this new product, we can put together what SocialPass may promise.
Shortly after the foundation of NFTY Labs, they released its first incubating product, “NFTYConnect.com,” which validated that wallets possessed an asset and subsequently granted them access to private Discord channels.
Throughout numerous interviews and AMAs, the NFTY Connect team hinted that more NFTY Connect features, such as multichain functionality, platform integration with Shopify and Telegram, and even new capabilities such as attendance verification, were on the way.
The NFTY Connect Team demonstrated its MVP of a new NFTY Connect feature called “IRL Ticketing” in November 2021 at the DCentralCon Miami conference. The functionality, a first of its kind, took an NFT and generated a ticket that could be scanned at a physical event.
It has recently been speculated that NFTY Connect and its features are now being included in SocialPass, reducing friction points and bringing more features and capabilities to organizations looking to transition to Web3.
As the news indicates, influential organizations will undoubtedly enter the Web3 sector, and an increasing number of traditional corporations have endeavored, with varying degrees of success, to enter the Web3 market.
The NFTY Labs team has been hinting that an increasing number of “big brands” are attempting to enter the market, and there is no doubt that the brands of NFTY and SocialPass consider themselves the ones to help bridge the gap.