Hi all. I wanted to start a thread to discuss potential projects out there that could be fit for Aptos based on the unique opportunities that the blockchain offers. For example, I see many projects attempting to build on other L1’s, but then realize their full vision is not feasible because of certain limitations. This requires the projects to either 1. Abandon or 2. Pivot and compromise their vision. A lot of the actual use cases that will bring the next billion users into Web3 cannot operate on the current infrastructure. A lot of my recent research in the space revolves around enterprise NFTs, a trend that I believe will bring the next wave of use cases and lead adoption. Things such as receipts, coupons, tickets, documents, credentials, diplomas, insurance records, etc. eNFTS allow you to prove that your watch is authentic or that your fruit is organic. These things bring transparency, but they need safety and scalability to realistically become a norm that Aptos provides.
So with that, I would love to discuss further what projects you have seen out there in this space attempting to implement eNFTs and potential ways you think they could change the world on Aptos. Also, if you are a project founder and previously had to pivot from your original goal due to blockchain limitations, are you optimistic that you will be able to fulfill your entire vision on Aptos?
I’m with you on broader use cases - I’m not a fan of the eNFT nomenclature. The entire crypto world has pretty much settled in on ERC721 as a data standard, which is incredibly restricting. Even the AptosFramework Token module, as light an implementation as it is, is restricting NFTs to a creator, collection name, description and royalty with all the of details abstracted away in a uri that may or may not be on-chain. This is, of course, fine for JPG/PFP type NFTs.
But for anything beyond that with an intent for utility beyond an image, it is very restricting to fit into this data model. I would certainly not want to try to take the incredible flexibility and range of Aptos/Move resources and make them fit a mold to an NFT data standard.
The ERC721 standard continues to be pushed because there is liquidity in OpenSea and Magic Eden. But if we try to force all digital assets into that mold, we are pushing a future where everything “decentralized” is sold in one or two marketplaces because we keep feeding into those network effects.
So - that’s a very winded way to say “yes” to receipts, coupons, tickets, credentials, et al. Let’s not put them into an NFT framework, though.
Hey there! Thanks for chiming in. You make an interesting point that I definitely appreciate. I am 100% with you on the limitations that current day NFT infrastructure provides. As with anything new, this idea of eNFTs is so juvenile that the terms and ideas will shift as the concept matures. From a business perspective, enterprise NFTs are an accurate definition. Yet, from your tech perspective bundling this concept under NFTs would be limiting the potential and selling it short. Do I have that right? What are some of your technical ideas to create this concept without the current limitations that NFTs provide?