Autonomy Network: Setting the pace in NFTs
Introduction
Crypto enthusiasts and users have regularly asked, what would be the future of NFTs in the next five years without innovation and creativity? How would crypto users utilize NFTs beyond gaming, art, music, domain name, collectibles etc into creating an integration between digitally-created assets and tokenized real world assets on the blockchain. Above all, how can NFT perform multiple tasks even while the owner/user is asleep or offline? This article would be addressing these questions and more!
What are NFTs?
Non-Fungible Tokens are are cryptographically secure tokens featuring unique properties and data with the smart contract of the token. Now all known or fiat currencies are representative of equal value and can be used as medium of exchange between people in a particular location.
A deeper look into NFT use cases suggest that it can be used for a variety of things beyond gaming, arts, music, collectibles etc. They are increasingly gaining popularity in the crypto space but their use cases can actually stretch far beyond the above areas of application, hence the need for innovation in order to reap the enormous benefits inherent in them.
The Future of NFTs with the launch of autonomous NFT
The future looks bright and promising as different development and modifications of NFTs use cases are coming up. Some into more practical and real life uses of NFTs, blending the real world into NFTs; engineering the performance of more actions than its been done currently, thus filling the already existing limitations in the entire NFT world. It is pertinent to note that NFTs and blockchain games have been pretty limited so far. We need to bridge this Gap and erase the limitations in the space.
This is the aim of Autonomy Network which seeks to provide developers with tools for building complex, engaging, interactive on-chain worlds and presents to the world autonomous NFT (aNFT) which on its own is focused on providing avenues where your NFT could be active that is perform certain functions while you are offline or asleep without employing the services of a bot. Simply put, aNFT can create and execute their own transactions and can do arbitrary things under arbitrary conditions both on-chain and off-chain actions.
Autonomous NFTs (aNFTs)
Autonomous NFTs can on their own perform several tasks, for example; vote, trade, lend/borrow, send messages, play against you in a game, buy NFTs, do things off-chain based on off-chain events, upgrade its own logic, have children by minting more aNFTs of itself, etc.
These functions are effectively carried out by a decentralised and incentivised network of bots that receives requests from users and executes this request (trade) when all conditions are met.
Autonomy can be used to Automate the execution of a single action like stop losses but can also be used to execute actions repeatedly!
$AUTO Token
These Network of bots need gas to function, they need to be repaid for the gas they spent on the execution of the tasks. These could be $ETH (or a native token) or better still $AUTO (Autonomy’s token). The gas can be bought at the start of the transaction or interestingly the bot cloud fund the transaction through the following ways:
👉acting as a trading bot
👉by hodling tokens that appreciates
👉by lending out tokens and receiving interest on them
👉by minting and selling NFTs
Conclusion
So, what essentially does Autonomy Network seek to achieve with aNFT?
It is to create a Cyber life where a non-human and a non-human controlled entity can successfully make their own transactions on the blockchain with support of a network of decentralized bots.
To learn more about Autonomy Network, autonomous NFTs, click on the link below:
https://blog.autonomynetwork.io/sentient-nfts-a-new-form-of-life-part-1-the-roadmap-590237e18753
https://blog.autonomynetwork.io/how-autonomy-works-simple-6c0059a2ee89
For other related topics, please visit our website: www.autonomynetwork.io
You can as well follow us on
Twitter: @AutonomyNetwork
Medium: https://blog.autonomynetwork.io
#AutonomyNetwork #aNFT #Smartcontract #DEXes #DeFi
