The following is a guest post by Michel Chamoun, developer of Utilify and Bitcoin Hodler. Utilify is being developed by Hymedall UG.
Designed as a network of interconnected projects, Utilify enables everyone from creators to brands, games and apps to collaborate and make their items useable in a myriad of ways.
Using non-fungible tokens (NFTs), there is virtually no limit to the number and type of utilities items can unlock in numerous realms. Projects can take advantage of existing NFTs and communities by merging with collaborating dApps, and users can discover new games and apps to explore with their NFT collections.
Utilify is being developed by Hymedall UG and is an incredible new place to discover a network of interconnected services and products based on true digital ownership.
Utilify is a unique platform where NFT creators meet utility providers to connect content across decentralized apps (dApps).
Now, for the very first time, creators, brands, and dApps can explore, cooperate, and build distributed asset networks leveraging a rapidly growing ecosystem of cross-usable NFTs.
With NFTs come scarcity and true digital ownership, making them the ideal medium for digital collectibles. Numerous dApps, creators, and artists have minted millions of NFTs to bind them to specific content and provide transferable ownership rights.
On its own, this feature dramatically changes the way we value, consume, and transfer digital content.
However, the true superpower of NFTs goes far beyond these attributes, and lies in their decentralized nature.
Currently, most NFTs have little-to-no utility, often provided by the same entity that originally created them. In the case of a dApp, access to content is granted when the user verifies ownership of the related NFT via a blockchain wallet.
This is a key distinction from conventional apps, where access is managed through centrally controlled user accounts.
And here lies the incredible, largely untapped potential of NFTs:
Since they are decentralized, user-owned, and publicly managed, a third-party dApp is enabled to offer permissionless additional utilities. The exciting aspect of this feature is that there is no limit to the number or type of utilities NFTs can unlock in numerous realms.
This enables unprecedented possibilities to merge digital products and services into cooperating networks (as initially envisioned and described in the Enjin Multiverse).
By touching upon existing NFTs and communities, projects can join ecosystems of collaborating dApps, and attract new users by providing complementary utilities and extended use-cases while adding value to the NFTs.
Users, on the other hand, can explore the utilities of their NFTs, stay up to date, and get notified whenever new utilities have been added to their assets.
On Utilify, projects can create, view, and connect NFT Blueprints and Utilities across dApps.
NFT creators (e.g., dApps, brands, artists, content creators, streamers, celebrities) can use the platform to add third-party utility to their NFTs to benefit their holders with additional use-cases.
Likewise, utility providers (e.g., video games, services, platforms, events, online stores) can offer utilities for specific NFT blueprints to benefit and attract their holders.
These connections are initiated with cooperation requests sent between the projects to establish a new link within an ever-growing asset network.
When sending a cooperation request to link with the desired asset, projects can optionally add limits and quotas, tailoring the scope of the cooperation.
This allows for unlimited or temporary utilities that are either consumable (e.g., vouchers, mana, event tickets, coupons) or non-consumable (e.g., memberships, virtual characters).
Once a connection is established, holders of the NFTs will be notified and enabled to access the newly created utility.
As NFTs are independent entities on the blockchain, they allow the management of overarching metadata, which can be used and manipulated by multiple dApps.
This will enable projects to intertwine utilities so they can benefit one another, for instance: Use your NFT to fulfill task A in dApp A to unlock benefit B in dApp B.
A more specific use case would be an NFT-based game avatar that can level up across multiple games by upgrading multiple sets of game stats.
To enable NFT-related metadata handling, Utilify provides an infrastructure through an API / SDK to store stats related to unique NFT-Utility pairings. This allows every dApp to store its own datasets without interfering with other pairings that point to the same NFT.
However, if desired, third-party data can be inherited to accomplish true cross-use experiences.
You can either create new NFT blueprints on the Enjin smart contract, or load existing blueprints, using the Utilify project dashboard.
The platform also provides a sophisticated distribution module, allowing fine-grained control over distribution strategies, tracking distribution status, and logging expenses for accounting purposes.
Currently, Utilify supports NFTs from the Enjin smart contract, which is based on the ERC1155 token standard. The network already contains more than 1.14 billion assets in 7,540 unique types.
However, Utilify will extend support to other popular NFT platforms and smart contracts (ERC721 & ERC1155) to expand thereach and scope of potential limitless asset networks.
To use the cooperation feature of Utilify, you can currently choose to connect your wallet via the Enjin Wallet, with both WalletConnect and Metamask coming soon.
Launched in May 2021, Utilify is currently in its closed pre-alpha phase.
A handful of exciting projects are already engaging in NFT partnerships and currently testing the core features of the platform, including Bitcoin Hodler, Enjin, Lost Relics, Forest Knight, Kingdom Karnage, MyMetaverse, Aldian Legends, Grasshopper Farm, Min-Mins, Shied of Shalwend, and more!
A public alpha release is estimated toward the end of Q3/2021. To preregister your project, visit platform.utilify.io.
Want to learn more, receive updates, or test out the platform? Get in touch and follow along with our progress!