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When looking at the growth the NFT market has seen over the past 12 months, the utility of these NFTs (non-fungible tokens) has remained surprisingly one-dimensional. Whether its Crossroad, the legendary NFT artwork by Beeple sells for $6.6m, or Twitter founder Jack Dorsey’s first tweet, which recently sold for over $2.9m, the marketplace NFTs is limited to tokenizing specific objects such as art and virtual real estate.
For the team at Charged Particles, the sense is that we only see the tip of the iceberg in terms of NFT functionality. While NFTs are allowing artists, creators, fans and investors alike to become closer than ever, what would the next generation of NFTs look like; and how might they enhance current utility to allow massive scale in functionality, purpose and potential returns?
Developing a superpowered NFT
The technology that drives Charged Particles’ protocol is complex, yet it is extremely simple to enable users to do it. It allows users to superpower NFTs to become containers for a whole host of utilities. By wrapping an NFT, creators can insert any ERC-20, 721, or 1155 token inside it. This allows any NFT to be turned into a container for social tokens, other NFTs or even yield-bearing DeFi assets (thanks to their Aave integration); while still maintaining the integrity of the original asset.
The ability to add interest-bearing tokens with programmable principal and interest into the mix is likely to be the real game-changer here. Imagine being able to add an interest-bearing token (e.g. DAI) to an NFT – effectively rendering it “charged”. The NFT would maintain its scarcity value yet would also begin earning yield from day one, meaning it would have intrinsic as well as collectable value. Creators could even add multiple tokens to the mix, thereby increasing earnings over the lifetime of the NFT. What’s more, the yield can be directed or split in any way the creator sees fit – i.e. to the owner, to the creator, or between multiple parties.
While Charged Particles has its own marketplace for primary and secondary market trading, charged NFTs could be bought, traded or sold across any of the popular NFT marketplaces such as OpenSea or Rarible.
Over $2M of charged NFTs sold in the last 2 months
The interest is charged NFTs has been quite astonishing. To date, over $2m of these NFTs have been sold.
Most recently, Charged Particles teamed up with CryptoArt collective The Guild to Create Pandora’s Box. This was loaded with interest-bearing aDAI, interest-bearing aWETH, CHARGE social tokens, alongside 14 unique NFTs from 14 artists, all locked inside a single NFT. This sold last month on the Charged Particles marketplace for over 42 ETH.
The Charged Particles’ legendary Metaverse parties have become one of the most exciting places to be for NFT creators, fans and investors. Their first two events alone drove more than 145 ETH ($500,000+) of sales for featured artists. However, their latest event was responsible for 30% of all the people logged on to Decentraland at the time and featured the brand-new 5-Parcel Charged Particles Gallery in Cryptovoxels (designed by Richard Dixon), alongside the Charged Particles Mainstage in Decentraland (designed by Spike).
The team at Charged Particles recently announced that they have successfully raised $1M in a 10x over-subscribed Seed Round to top things off.
Conclusion
Whether you’re a creator looking to differentiate your NFT from the myriad other NFTs, thereby adding significant utility, scarcity and value to your art, or a collector seeking an NFT that unlocks multiple value growth mechanics, Charged Particles is creating the future of NFTs. In particular, the ability to charge or energize an NFT could very well unlock a massive amount of diversity within the space; and open up NFTs to the wider DeFi ecosystem.
NFTs should be more than simply a provably scarce digital collectible. So when you next see an NFT, you should ask, “does it have a CHARGE?”.
