NFT 2.0: THE NEXT VERSION OF NFT YOU MUST KNOW

Category: Technology

Since NFT took the world by storm in 2021, they progressed beyond JPEG collectibles to establish themselves as a force in the crypto as well as Web 3.0 world. They have evolved into valuable assets with numerous applications in both the virtual and physical worlds. But now, the NFT era has been rising to its next better version with the introduction of NFT 2.0. NFT 2.0 represents an upgrade or evolution of the original NFT concept, incorporating the latest advancements and increasing utility in the existing NFT systems. This new form of NFT is expected to surpass the capabilities of its predecessor and offer even more exciting possibilities. What is NFT 2.0? NFT 2.0 is closely related to the first version of NFTs. In fact, NFT 2.0 operates seamlessly with NFT 1.0, incorporating the existing NFT infrastructure with new capabilities. NFT 2.0 can be viewed as an extension of NFT 1.0 rather than a completely new concept. While NFT 1.0 allows ownership of unique tokenized digital assets, NFT 2.0 broadens the possibilities by creating a new digital asset market with enhanced utilities (NFT use cases). Also, the most recent version of the NFT allows its owners to do more with their tokenized items. It enables players to interact and play around with their acquired digital assets. These assets can range from rare digital artwork to in-game objects, music, in-game items, tickets and other digital items. But, apart from an increasing number of use cases, what distinguishes NFT 2.0? Let’s look at what differentiates NFT 2.0 from the previous form of NFT.