"Crypto wallets' loyalty program may be a significant dynamic NFT application."
Ilya Zhurin, OG Protocol business development lead, answers this question.
Crypto wallets and dashboards teams struggle to push their product out there and be noticed. Dynamic NFTs may be the necessary differentiator to help them stand out and attract the crowd.
👉 What is going on in the web3 wallets market?
There are quite some innovative solutions popping up in the space. Several wallets aspire to integrate NFTs and attract NFT enthusiasts, and I believe that a smooth NFT interface will soon become more critical as NFTs explore new use cases.
There are some cool wallets/dashboards that offer a slick interface and focus exclusively on NFTs. However, I believe that the future is after "superwallets", which have both NFT and crypto, offering social trading, analytics, additional products, and third-party integrations with DeFi or DAOs.
I would outline three main challenges for wallets today: user acquisition, differentiation, and services consolidation. It is a pretty mature market, and I believe that as a wallet developer, you have to be either really innovative or have the substantial treasury to bankroll fast development and growth.
👉 Why do they need dynamic NFTs?
A loyalty program may be a significant dynamic NFT application. A loyalty program would reward active users with access to exclusive benefits, such as lower fees, limited features, whitelists, and others. Imagine a PFP collection of basic avatars. Every user gets an NFT which evolves when a person uses the wallet and hits certain usage milestones. Asset size, number of transactions, size of transactions, and any other data points can be taken into account to measure user activity and reward the most active ones. The more active a client is, the more his NFT evolves and the rarer it gets.
Apart from access to benefits, users acquire social capital and bragging rights since their NFT may evolve uniquely thanks to their in-app achievements. They may even sell their NFT on a secondary market for a profit. It's a win-win approach — wallet's user numbers increase, while users get rewarded for being active!
👉 Why choose the OG Protocol?
Our team has over four years and several dynamic NFT projects in our portfolio. Now we're helping web3 teams to achieve their business goals by integrating 3D dynamic NFTs and ensuring smooth and hassle-free ongoing support of dynamic changes in their NFTs.
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