NFTs are good for a lot of things, but one thing has proven to be inadequate: preserving their value. Non-fungible tokens that made their collectors rich in 2022 have had the opposite effect in 2023, as the entire sector has lost billions in market capitalization. But as speculative demand for NFTs has waned, new uses for the token standard are emerging. Leading this movement is Enevti, who believes the humble NFT has the potential to drive real-world utility.
The Indonesian startup, whose Layer1 NFT network was built using Lisk, sees numerous use cases for non-fungible tokens, starting with ticketing. If the future of consumer engagement lies in web3, projects like Enevti are forced to educate the masses about NFTs – which means separating speculation from practical application.
From Indonesia to the world
Indonesia is not known as a hotbed of crypto innovation, but it is known as a hotbed of crypto innovation Enevti it has a startup that is proud of its roots, even as its focus is on shipping solutions that can serve the world. Specifically, the Layer1 NFT network targets “web 2.5” users. These are the millions of internet users who find themselves at the crossroads of web2 and web3. They mainly use web2 products, but have some experience with web3, be it through buying crypto, trading NFTs or using decentralized identifiers (DIDs). They are primarily millennial or younger, and tech-savvy or at least comfortable with trying out emerging technology.
So what does Enevti have to offer this significant group of internet users? For now, it offers an NFT platform that can be used to connect fans and their favorite influencers. A way to increase engagement and unlock opportunities for creators to interact directly with their most loyal supporters, who in turn can reap the rewards and unlock unique experiences. But this is just the first phase in Enevti’s ambitious plan roadmap: It ultimately has a lot more in store, with NFTs serving as the vehicle that makes it all possible and Lisk providing the blockchain stack on which everything is anchored.
No code, no problems
From a technical perspective, Enevti’s vision of a Web3-powered Internet is brought to life using Lisk, whose no-code blockchain forms the foundation layer. Enevti is in the process of integrating Lisk SDK v6, which will increase interoperability with the Lisk main net. From a developer perspective, this provides on-demand access to a scalable Web3-friendly blockchain without having to get bogged down in deployment and maintenance. As a result, Enevti’s developer team is free to focus its efforts higher to deliver a consumer-oriented product that is easy to use.
Web3 projects building consumer solutions prefer to abstract the blockchain layer as much as possible, focusing instead on UX and ensuring that the user experience doesn’t stray too far from the Web2 world they’re used to. Enevti joins this model: although it makes no secret of its web3 stack and the components that make it all possible, it is very committed to optimizing the application layer, since it is here that web3 impressions are made. If Enevti can demonstrate that NFTs have a utility beyond speculative value, it has the potential to engage millions of people on the web3 while solving challenges ranging from ticket fraud to boosting the creator’s economy.
Reimagining NFTs
No matter how you split the data, there is demand for NFTs is off the air. While the decline in speculative use mirrors that of traditional crypto assets, NFTs have the potential to be used for much more than just trading. But for that to happen, there needs to be a major change in the way consumers interact display non-fungible tokens. Enevti believes that mainstream adoption of NFTs will occur when they are deployed to solve specific problems that other technology is ill-suited for, and it believes it has found such a use case in ticketing.
It’s no secret that NFTs have the potential to solve many of the problems endemic to the ticketing industry, including scalping and price gouging, but they have yet to be seriously adopted for this purpose. NFT proponent Gary Vaynerchuk is excited about this, to predict “In five years, there will be almost no reason not to turn every ticket into an NFT,” but others are more cautious. Like Mark Cuban points outthis means that you are not only dealing with crypto-literate people, but also with non-crypto-literate people.
It is here that Enevti believes it can work magic, supporting collectible tickets that simultaneously provide event verification while serving as a digital memento of the occasion. Somewhere at the intersection of collectibles, gaming, and events, there’s a ticketing solution that captures the best elements of blockchain and NFTs, like proof of authenticity, all wrapped up in a consumer-friendly package with an extremely shallow learning curve.
Enevti thinks this represents the future of NFTs, and it is now on a mission to make that vision a reality. While speculation will always be a part of ownership, there may one day be much more pragmatic reasons to keep NFTs in your digital wallet.