Non-fungible tokens, or NFTs, have taken the cryptocurrency industry by storm. Although the concept has much more potential, it is an excellent tool to create and sell digital art or collectibles. Autonomy is bringing NFTs to life, the autonomous NFTs (aNFTs) that can do things on behalf of their holder through automation.
Autonomous NFTs? Is That Even Possible?
The current generation of non-fungible tokens is static and primarily a one-trick pony. Moreover, the industry suffers from tremendous speculation rather than utility. Although that situation slowly changes, there is still little one can do with an NFT. All of that will change in the future, at least where the Autonomy Network is considered.
Rather than focus on static NFTs, Autonomy introduces the concept of aNFTs, or autonomous non-fungible tokens. It may seem a bit Skynet-like at first, although this concept has tremendous potential. One can use a smart contract to create more contracts. Developers have been able to code such features for a while, although nothing has been deployed on a large scale just yet.
Through Autonomy, it becomes possible to own an NFT that can work on your behalf around the clock. Some may argue it is possible to deploy a bot for that particular purpose, although it requires some upkeep and a hands-on approach to the coding itself. Automating these processes can lead to many potential use cases and applications.
What Can An aNFT Do?
There is no limit as to what aNFTs would be capable of. Like smart contracts, aNFTs can create transactions or complete arbitrary tasks under specific conditions. Those conditions can pertain to on-chain and off-chain events, paving the way for broader integration of this technology across industries, platforms, protocols, products, and services.
Imagine an aNFT that would be capable of doing the following:
Voting (governance or otherwise)
Lending/borrowing to farm yield or provide liquidity to the user
Play against the owner in a game to create a better gaming experience
Upgrade its native logic as it learns by interacting with more data
Mint more aNFTs of itself to create a fleet of helpers on your behalf
All of these ideas can have a tremendous impact on how people interact with the blockchain and the broader industry. These aNFTs can impact non-fungible tokens, decentralized finance, trading, and much more. Moreover, the fact these aNFTs can operate under any condition allows them to work 24/7, giving NFT holders more time to focus on other things that matter to them.
The concept of aNFTs is revolutionary in the crypto and blockchain world. Although some collections introduced [limited] utility, many people think of NFTs as speculative investments, although some collections introduced [limited] utility. The time has come to take that concept one step further and explore the broader ecosystem’s many different options.
Moreover, it removes the need for users to rely on bots developed by third parties. Creating aNFTs is relatively straightforward through Autonomy Network and injects intelligence and life into non-fungible tokens. Any “intelligent” NFT deployed on a blockchain will remain active 24/7, allowing them to become incredibly powerful and bring more people into the crypto and blockchain world.
Photo by Shubham Dhage on Unsplash