Unpacking NFT Gen 2 from SIX Network

Posted on June 7, 2023July 24, 2023 by Baicha Chalermlak

Unpacking NFT Gen 2 from SIX Network

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

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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SIX Network Q2 2023 Summary

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Business Guide to Understanding NFTs for Access and Utility

Posted on September 16, 2022May 2, 2023 by Administrator

Business Guide to Understanding NFTs for Access and Utility

You may have been wondering what kind of “utility” NFTs can really bring to the table since there are many projects in the space, yet everyone seems to focus on delivering their utilities to their NFT holders.

In this article, we will explore the use of NFTs and other possibilities for businesses to understand this ever-changing landscape of Web 3.0.

NFTs Access Passes: What is it?

As these non-fungible tokens exist on the blockchain, they also come with the ability to verify proof of ownership through wallet addresses / Name Services across networks.

An obvious example of an NFT access pass would be a special kind of ticket to an event. Traditionally, tickets are issued according to the differences in seating and tier based on the time purchased. With NFTs as tickets, an event such as a concert, webinar, or networking event will be able to issue verifiably unique tickets that have proof of ownership with history or transactions stored in the blockchain.

You can see Coachella’s NFT access passes as examples here

What is ‘special’ about these NFTs, especially from a business’s perspective?

Using NFTs as tickets for an event can create many streams of value, whether for the event itself, ticket holders, or partners involved. Here’s why:

#1 Proof of attendance

In significant events like Glastonbury Festival, ticket holders must verify their ID with a system to get a physical (with image) ticket to prevent fraud and invalid passes and control the audience’s overall safety.

If the said event used NFTs, their ticketing system might be improved since ticket holders can verify themselves with a simple swipe on their phones, making the experience smooth while remaining efficient regarding the event’s safety policies.

#2 Utilities for holders & Marketing values for partners

The sponsors/ partners are the hearts that pump the event’s energy and the organizers. They play a massive part in shaping what kind of experience a specific event will provide. What the event can do to increase the utilities for the NFT collection and deliver valuable results for partners is to integrate exclusive perks, privileges, or access for the partners and NFT holders.

For example, the event’s NFT holder can access the partner’s special VIP area or get an exclusive discount on a certain line of products. This way, holders can enjoy their privileges to the fullest while partners can get in-event traffic with awareness in the Web3 space.

NFT Access Passes in the online world

You may wonder, “Can NFT Access Passes be used in other forms?” The answer is crystal clear, YES!

Apart from IRL (in-real-life) events, NFT access passes can also be used in the online world, introducing the concept of “NFT token-gated content.”

What do you mean by “Token-gated”?

Allow us to explain.

Today, we are familiar with exclusive content through subscription services like Patreon and OnlyFans. How it works is the creator creates content and locks it behind a ‘paywall,’ and then supporters who subscribe get access to the content.

As per Token-gating, the content will only be accessible to supporters who own a specific token (like NFTs). We already see this happening in discord communities, where the members need to ‘verify’ a certain token/ NFT to access a certain server section.

At SIX Network, we adopted a similar concept with our holder club, where community members with 5,000 SIX tokens in their wallets can verify themselves and join the club.

You can learn more about it here.

Summary

While NFT ticketing is an obvious real-world use case everyone can imagine, we can all agree that one of the ways to create utility and value for NFTs is for businesses, creators, and projects to consider token-gating the content!

Is this all NFT access passes can do/be?

One of the things our team likes to do at SIX Protocol is to explore as we try to unleash the true power of digital assets, a world with unlimited possibilities. What we covered today in this article is just the first layer of many more.

NFT access passes can be used in many other forms, such as newsletters and virtual experiences in the Metaverse. So if you’re interested to learn more about all things NFTs, whether for yourself or your business, why not stick around and join our community space on discord?

Join now here: https://discord.gg/kypKmUJv9J

Connect with the SIX Protocol team for business opportunities

At SIX Protocol, we aim to help businesses and enterprises across industries access this ever-changing era of digital assets and Web 3.0. If you’re planning to build something on the blockchain for your business, SIX Protocol might be perfect for you.

Learn more about what we do and stay connected with us at sixprotocol.com