Unpacking NFT Gen 2 from SIX Network
Table of Contents
Introduction
Hello, and welcome to “NFT Gen 2 Guide” We’re excited to explore the developments in the evolving world of NFTs with you. In this blog, we’ll take a closer look at NFT Gen 2 from SIX Network.
NFTs have taken the art, collectibles, and gaming worlds by storm, offering a new way to buy, sell and trade unique digital assets. From art to exclusive in-game items, NFTs provide a way to own and verify ownership of digital assets.
NFT Gen 2 is the next step in the evolution of NFTs, bringing new features and capabilities that make it even easier to use and interact with NFT users for businesses. In this guide, we’ll dive deeply into NFT Gen 2 and explore what sets it apart from other NFTs. We’ll also provide an overview and the benefits of using NFT Gen 2. So let’s get started!
What is NFT?
Non-fungible tokens, or NFTs, are types of digital assets that are created using blockchain technology. They are unique, immutable, non-interchangeable, and traceable.
NFTs can represent many things, including images, music, videos, gifs, and even physical products. They have many use cases, such as serving as fundraising tools, event tickets, exclusive merchandise, loyalty point programs, and more. NFTs are versatile and can be used in many ways to represent valuable and unique items.
What is NFT Gen 2?
NFT Gen 2 is a new project from Six Network that offers more adaptable NFT and is helpful for everyone who wants to add value to their’s businesses. NFT Gen 2 is built on Dynamic Data Layer that runs on SIX Protocol, enabling NFTs to match business needs.
The story behind NFT Gen 2
NFT Gen 2 was developed when people were excited about NFTs. SIX Network wanted to make NFTs more valuable in business, so we thought about how it could be used in real-life.
Previously, some projects offered NFT Utilities such as free rewards, but these utilities were not easy to use. For example, if a project owner wants to offer rewards like free hamburgers, NFT holders have to physically show the NFT at the counter. Then, the employee manually records that rewards have been redeemed.
Many owners offer utilities that are linked to NFTs, but the process of redeeming is inconvenient because the NFTs are stored on the blockchain while utilities are not. So, SIX Network aims to make this process easier. For example, with NFT Gen 2, Holders can show an NFT and simply scan a QR code to redeem a reward, without the need for manual record-keeping or verification. So, the process is more efficient and secure.
Core features
1. Marking Usage Value
The business can embed the use case and redeemable inventory for the users to obtain their rights.
2. Point System
Dynamic Metadata allows the NFT to collect the point and work as a membership or CRM tool for the users and brands.
3. Proof of Attendance
Users can use the NFT as a Proof of Attendance concept as a fraud-free ticket to attend the events or complete the quest and journey.
4. Mergeable Attribute
Once the users have completed their task or quest, the attribute of NFT can be merged with new attributes.
5. Transformable NFT
Dynamic Metadata allows the collection owner to change the artwork on NFT. The business can create a business case related to artwork transformation and its attributes to create uniqueness as a symbol of use.
6. Delegating Gas Fee
Via fee delegation address, users can process any NFT transaction without having to prepare for a gas fee which will be provided by either the business or the collection owner.
Who is behind NFT Gen2?
NFT Gen 2 was developed by Six Network, a leading blockchain, and decentralized financial company. They are backed by FSN, a group of over 10 public companies in South Korea.
SIX Network was founded in 2018 with the goal of using blockchain technology to expand business opportunities. They offer services for businesses to easily store, exchange, buy, and transfer digital assets such as cryptocurrency and NFTs.
NFT Gen 2 is run on Six Protocol, a blockchain infrastructure layer built to help businesses migrate their assets into the blockchain by issuing their tokens, including cryptocurrency and NFT, to the destination chain.
How does the NFT Gen 2 work?
To understand how NFT Gen 2 works, it is necessary to understand the basics of NFT functions.
NFT is a digital asset that is created and stores the data on Blockchain. For example, a human portrait NFT might consist of various attributes, or traits, such as eyes, ears, nose, and mouth, which come together to form the NFT portrait.
In general, once NFT was created, it consists of traits as metadata on the blockchain that cannot be changed. The image and all the traits will remain the same forever, as it is permanently recorded on the blockchain.
SIX Network wants to overcome the limitations of NFT. Therefore, They created NFT Gen 2 which builds upon the concept of “adaptable NFT” by allowing the NFTs to be modified and breaking the limitation of normal NFTs being fixed and unchanging.
So, NFT Gen 2 works as follows:
Let’s say we have a human portrait NFT on the Ethereum blockchain, the NFT metadata is on Ethereum, and the picture can’t be changed. But, If we want to modify an NFT, such as adding a hat, we can use NFT Gen 2 to create a hat and link it to the “hat trait” on the Six Protocol Chain.
This means that the original NFT remains on the Ethereum blockchain, but additional traits can be added later and linked to the Six Protocol Blockchain without changing the metadata on Ethereum Blockchain.
By doing so, we can change NFT traits by simply adding NFT Gen 2 functions, and keeping data stored on the blockchain. It allows us to track and trace all past data, no matter how much it may have changed.
Example of how the dynamic data layer work :
Preparations before using NFT Gen 2
For any business that wants to use NFT Gen 2, there are two 2 main things that must be prepared:
1. Prepare the smart contract of the NFT. If this is not something that can be done in-house, you can hire an outsource company to work or you let SIX Network handle it.
2. Prepare the requirements, such as how the NFT will be used and how many will be needed. For example, a company might want to use the NFT as a membership card for 500 numbers. If a company is unsure about these details, SIX Network can consult to find a suitable solution.
Once the necessary preparations have been made, the following steps can be taken to set up NFT Gen 2
1. Download Binary and list available commands of the binary Create Account
2. Mint Tokens at the faucet to get coins for gas fee
3. Create NFT schema and NFT Metadata
4. Deploy NFT Gen2
5. Perform Action of NFT Gen2
6. Download and install the script
Read our full NFT Gen 2 Tech Doc https://app.gitbook.com/o/-LNwjTTMzXF4z4Ip3nxo/s/UOgAAChWM38m2FHlKkOf/getting-started/getting-started
Moreover, SIX Network plans to release NFT Gen 2 testnet for developers soon. You can follow more details at the discord.
How to use NFT Gen 2
Most people that adopt NFT Gen 2 aim to add value to their businesses. We would like to give an example of a coffee shop that wants to increase customer engagement and retention by replacing the old point-collecting program with NFT Gen 2.
A coffee shop, SIX Cafe, decides to launch an NFT point system to reward its loyal customers and increase engagement. Customers can buy NFTs and collect points when buying coffee, referring friends, and participating in special promotions or events. These NFTs can then be used to redeem rewards, such as discounts, free drinks or snacks, etc.
To participate in the NFT point system, customers must first create a digital wallet link to SIX Cafe. And, SIX Cafe might set rules and activities such as buy 10 cups get 2 snacks free. So, Whenever customers buy coffee, they will be automatically collecting points in their wallets. They can then view their activities and redeem their points when purchased.
Also, It will be recorded in the system, how many rewards customers redeem. To ensure that every point is valid and transparent, also avoid errors when giving privileges.
In the future, SIX Cafe might decide to create a marketplace where customers can buy and sell their NFTs with other users. This allows customers to trade or sell their points for other rewards or even for cash.
Overall, the NFT point system serves as a way for SIX cafe to reward its loyal customers, increase engagement, and create new business opportunities.
Benefits of using NFT Gen 2
NFT Gen 2 has many benefits depending on the implementation of businesses. Some examples of these benefits might be:
1.Improve security because once the data was in the blockchain. It can not be changed and is hard to hack.
2.Use data and analytics by tracking NFT usage, This information can help understand customer behavior.
3. Increased customer engagement in a more interactive and rewarding way, which can lead to increased customer engagement.
4. Strengthen Customer loyalty by offering rewards for customers to remain loyal to businesses. These rewards can be earned and redeemed through the use of NFTs, which can provide valuable benefits to customers
5. Offers unique opportunities for generating revenue such as selling NFTs as collectibles and more.
6. Added brand value by establishing a business as an early adopter of innovative technology, which can enhance brand reputation.
NFT Gen 2 Uses Case
NFT Gen 2 has 4 use case already which is Whale Gate Collection, Team MHRS for Maho Rasop Music Festival 2022, NFT BUAKAW1 x Amazing Thailand, and NFT Tickets at Ultra Abu Dhabi.
The First One is the “Whale Gate Collection,” which was exhibited at Thailand Crypto Expo at Queen Sirikit National Convention Centre during 6–9 October 2022 when visitors received the paper wallet, they were required to complete the in-booth missions to get points that are embedded in each NFT then redeemed those points for the premium gifts.
Next is “NFT BUAKAW1 x Amazing Thailand”. The collaboration NFT Project between Buakaw Banchamek and Amazing Thailand which NFT Buakaw1 holders will receive an airdrop for this new NFT collection. The background of NFTs will be randomly selected from 10 unique attractions across Thailand.
NFT BUAKAW1 exclusive collection uses “NFT Gen 2” to update or change some traits to become a new NFT. For example, This NFT Collection has an Asymmetrical Trait in which Buakaw’s NFT traits left and right are different. But when the holder uses “Mirror Potion” (Symmetric Potion) and mixes it with NFT, It will make the original NFT trait evolve to be symmetrical NFT on both left and right sides.
Maho Rasop Music Festival. TeamMHRS is the first collection of NFT Gen 2 used in ticketing passes for an event which this time represents an international independent music festival hosted in Thailand during 19–20 November 2022 at ESC Park, Rangsit.
The latest is NFT Tickets at the Ultra Abu Dhabi music festival. The festival is introducing NFT tickets that allow attendees to access exclusive benefits and experiences. These NFT tickets are available on Binance and Xclusive Launchpad Launchpad, using SIX Protocol’s Dynamic Data Layer.
Summary
NFT Gen 2 is a new project from Six Network that offers more adaptable NFT and is helpful for everyone who wants to add value to their’s businesses. NFT Gen 2 is built on Dynamic Data Layer that runs on SIX Protocol, enabling NFTs to match business needs.
It can be used to improve the abilities and applied to existing NFTs and can design with business. So it can be adapted to use in many cases, for example, a ticket pass NFT, exclusive membership, track and prove fraud from using a particular NFT, and many more.
NFT Gen 2 works by adding traits and linking to the Six Protocol Blockchain without changing the metadata on the original Blockchain. So, we can change NFT traits by simply adding NFT Gen 2 functions, and keeping data stored on the blockchain. It allows us to track and trace all past data, no matter how much it may have changed.
It has benefits such as Improving security, Tracking NFT data, Increasing customer engagement, Strengthen Customer loyalty, Offering unique opportunities, and adding brand value. It already has 4 use cases which are Whale Gate Collection, Team MHRS for Maho Rasop Music Festival 2022, NFT BUAKAW1 x Amazing Thailand, and NFT Tickets at Ultra Abu Dhabi.
If you’d like to explore ways you can use NFT Gen 2 with your project or business, please kindly contact us via business@six.network or open a ticket in our discord server.
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Chalermlak Woraurai
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