NFT stands for nonFungible Token which means it can't be replaced or changed by some entity because everything is based on blockchain technology, so an NFT can represent any realworld objects like art, music, videos, ingame items in the digital form uniquely. You need to be clear; cryptocurrencies are fungible but NFTs contain more information than a crypto coin does. Ethereum was the first blockchain to allow the creation of NFT as Etheria was the first NFT project to come into existence. The pace of technology is not stopped just by creating the first NFT project now, NFT v.2.0 is the hottest topic to discuss on the internet.
It can be made clear by a comparative study between NFT v.1.0 and NFT v.2.0 so here we go.
NFT v.1.0 vs NFT v.2.0:
Let's start with an example: If you consider a painting to be NFT v. 1.0 then NFT v.2.0 is a canvas which means NFT v. 2.0 helps NFT v.1.0 to be better. You can understand it in this way too like NFT v.1.0 can exist without NFT v.2.0 but the NFT v.2.0 makes NFT v.1.0 better. Developers have implemented so many interesting features to NFT v.2.0 according to the development of the advanced nextgeneration blockchain technology as it is heading toward the Metaverse. So NFT v.2.0 can do so many things that NFT v.1.0 can't do.
We have asked 1061 Experty community members questions related to "What NFT v. 2.0 will bring into the crypto sphere? Interesting NFT v. 2.0 projects". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.
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Investor
What are the differences between NFT and NFT v. 2.0 in your own words?
NFT 2.0 DOES stuff that will hold or increase its value other than just getting the next sucker to buy your NFT for more than you paid. Right now, Defi NFT’s like those one can mint on MidasDao lock a yield bearing instrument within an NFT that will theoretically provide a perpetual yield. It’s the next generation of the OHMDao model and the idea is early. Other 2.0 models will provide governance for DAO’s without being a representation of the projects token. NFT 1.0’s were mostly the end showpiece of the web3 tech coming together; the decentralized storage, algorithmic generation of images and the residing of the NFT on an immutable blockchain. NFT 2.0 will let NFT’s participate in the life of a blockchain and the human who own them.
What NFT v. 2.0 will bring into the crypto sphere?
With NFT 2.0 you will see activity. Interaction with value schemes and with the representation of ownership. 2.0 might bring about the era of buying houses and cars with blockchain instead of forests worth of paper. You’ll also see NFT’s interact more fluidly with game systems and DEX’s. They won’t be fungible, but they’ll be infinitely more sellable.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
MidasDao making perpetually yield bearing NFT’s into reality. There are more features in the works, but the project is in active development and all the newest hooks haven’t been unleashed on the world yet.
David FilipProduct Manager
What are the differences between NFT and NFT v. 2.0 in your own words?
There should be always innovation and progress. The version 2.0 is more dynamic and with more features.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
RMRK will be major player.
James BarcusIT VP
What are the differences between NFT and NFT v. 2.0 in your own words?
NFT 1.0, in the most basic terms, is a rare gif or jpg whose value is determined by consensus. In my opinion it makes any NFT a higher risk. NFT 2.0 reduces risk by making the NFTs much more difficult to scam, or hack. It makes higher priced NFTs at least partly attainable by allowing portions to be sold to individuals. It incentivizes NFT creators to create high quality projects because they can receive royalties for each time their creation sales. And you can also add the passive income that can be generated by holding or leasing NFTs, the ability to customize and upgrade, and the ability to link to other NFTs makes the overall possible value more likely by adding true value in the NFT asset itself.
What NFT v. 2.0 will bring into the crypto sphere?
Due to the fact we are just scraping the surface it is hard to be specific about what the future will hold, but with NFTs being able to store data and use smart contracts it opens a whole world of potential. NFTs have gone from incredibly expensive low-resolution pics to replacing real world assets like pink slips, leases, deeds, and contracts. NFTs may very well end up being one of the most functional and important part of the future of crypto.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
The projects I find most interesting are not the NFT drops on a marketplace, but the projects pushing and moving NFTs along in their evolution. These projects would include RMRK, Arweave, the Sandbox and Decentraland, VeChain, CryptoKicks, Sidus, Alethia AI, and MetaHero to name a few. The simple reason is that these are the innovators that driving NFTs to their destination of being one of the most important and useful parts of crypto and may be the main reason for it's world-wide adoption.
Kostadin DzhondzhorovPCBA Proccess Engineer
What are the differences between NFT and NFT v. 2.0 in your own words?
NFT was started as pictures on blockchains and nothing more for example CryptoPunks in the early stage. The NFT was just the begining and open the gate for future developement and upgrades of itself. In short timeframe was created NFT v.2.0 and unleashing many usefull operations and commands like nesting of NFTs (NFT can own other NFTs).
What NFT v. 2.0 will bring into the crypto sphere?
Cryptosphere holders will receive the Gen 2 Collection for free with future options like staked for passive income.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
I thing the projects like cryptospherenft for example will scale fast based on big social activity.
Romeo RochaKnowledgeable about Blockchain and the crypto industry. I have been actively involved in the crypto space since 2017.
What are the differences between NFT and NFT v. 2.0 in your own words?
V2.0 will bring in projects that have learned from successful projects. The projects will come in with thoughtful roadmaps, DAOs, and other types of fractionalizing of popular art/various items or physically big tangible items like real estate. It’s already being seen on apps like Rally. The growth will bring in projects and people that are incentivized to hold by being a part of certain NFT communities along with other benefits.
What NFT v. 2.0 will bring into the crypto sphere?
The crypto sphere will see more tokens and use of different blockchains.
Mathieu LouisInformation Technologist, E-Commerce, Blogger
What are the differences between NFT and NFT v. 2.0 in your own words?
NFT is knowing for the selling selling of arts, album and likeness. However, NFT is way bigger than that. NFT 2.0 is bringing out more use cases for NFT. For example, house in Florida was sold for $600k+ in NFT and a condo in the same state is next. I imagine NFT 2.0 as the technology that will make NFT applies to any products or services. Imagine your e-commerce store selling products as NFT. Imagine buying a piece of Elon Musk starship project as NFT. Imagine NFTing your forehead to an advertising or Fortune 500 company as NFT. Imagine NFTing your fully paid rental properties where the investors share 49% of rental revenues while retaining majority of shares in the property and don’t have to part way with the property title. Imagine NFTing your uber profit. NFT 2.0 provides endless possibilities. Welcome to NFT 2.0 or should I say, NFT 2.0, welcome.
What NFT v. 2.0 will bring into the crypto sphere?
It expands crypto’s use cases.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
NFTAd.network. The use cases are surreal.
Szamosi ErikCrypto enthusiast!
What are the differences between NFT and NFT v. 2.0 in your own words?
Is more interconnected!
What NFT v. 2.0 will bring into the crypto sphere?
a very important one is the possibility to modify the NFTs
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
Timeless Ape Club
Thakur Prasad PanditEnvironmental Engineer and Local Development Planner
What are the differences between NFT and NFT v. 2.0 in your own words?
The second version is upgradable, eligibe for multiple owners, as compared to the single resource based first version.
What NFT v. 2.0 will bring into the crypto sphere?
NFT marketplace is growing and using crypto among art lovers and creative enthusiasts, thus interlinking art, crypto and vitual business which already making its agressive move.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
Art is the best area which can engage as many creative people as possible and helping them to find marketplace through crypto version, which otherwise seems as not possible to reach million potentail buyers or sellers of the creations.
Mirb .Investment Specialist,Crypto Currency Specialist,Analyst
What are the differences between NFT and NFT v. 2.0 in your own words?
The difference is huge. NFT is a bit limited unlike NFT v.2.0 which can be very open to multiple creators in one project.
What NFT v. 2.0 will bring into the crypto sphere?
NFT v. 2.0 will contribute to the merging of various crypto sectors into one project with a smart contract and the possibility of passive earnings for multiple project participants.
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
Hashmasks, created by over (70) artists around the world. This is very interesting because there are several creators who could very easily develop excellent passive earnings, but at the moment I still do not have a plan to invest in this NFT.
Precious OgweremuCrypto/NFT
What are the differences between NFT and NFT v. 2.0 in your own words?
The difference are worth it. NFT v. 2.0 is of massive importance in the following aspects: A. It is totally decentralised. B. The commercialised angle is more profitable to the content creator. C. It is permission-less and gives you the option of verification. D. The ability to perform B2B, B2C transactions without tracking intent. It is long overdue and needed, even though some people still think NFT is still at its infancy.
What NFT v. 2.0 will bring into the crypto sphere?
Growth and massive adoption of both B2B and B2C
Based on your research, which NFT v. 2.0 projects do you find most interesting and why?
Divine wolfs, kajukings etc
Summary
At the essence, NFT v.2.0 is heading toward the metaverse that is believed to be the future of the digital world. NFT v.2.0 provides the framework for users and developers but NFT v.1.0 just acts as a product based on the distributed ledger technology. Based on the feedback provided by our Experty members, the features of the next generation v.2.0 of NFT can be summarized as follows:
Interlinking between the NFTsRentable NFTsSmart NFTs for digital propertiesNested NFTCustomizable NFTSupports the metaverseThere are so many other features too. So many projects like Near Protocol, Botz NFT, Timeless Ape Club, RMRK, Arweave, the Sandbox and Decentraland, VeChain, CryptoKicks, Sidus, Alethia AI, etc. are working to bring the NFT v.2.0 for this world.
This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.