More Than Just a JPEG: The Utility of PUML NFTs
We love NFTs.
What a magical evolution NFTs have been in the blockchain space! From humble beginnings to bringing art to the digital world, NFTs have taken over, defying the value of cryptocurrencies and proving that significant value can be provided and generated. NFTs have really been the first signal that people want in on the metaverse. They have also proven that there is value in items that exist solely online.
While NFT art has been the prominent version of this technology discussed in mainstream conversation, the applications of NFTs are really endless. When something is first created, it doesn’t take long for new applications to be imagined. Although it’s still new, it already seems that NFTs have graduated from the 1.0 version — NFTs for NFT sake — to a 2.0 that builds them into so much more.
What are NFTs?
For anyone scratching their head and still a bit unsure of what the 1.0 iteration is, here’s a quick run-through: NFT stands for non-fungible token. Non-fungible means that the asset is unique. It cannot be replaced. And the blockchain guarantees this.
If you think first about classical art, it can be easier to understand. There is only one Mona Lisa. Anyone and everyone can have a copy of the Mona Lisa on their wall, but everyone knows it's not the original. It is not interchangeable. It is non-fungible. NFTs work in the same way. So let's say, the NBA mints a player NFT, and it gets registered on the blockchain. The NFTs are verifiable on the blockchain, and blockchain technology is what allows us to verify that person A has that NFT and that it is the original. There is no way for someone to take it away or replace that NFT. There is a chain of proof that reflects that it is yours. Only you can trade or sell it. Others may, ‘take a screenshot’, but only the owner will be able to show it on the blockchain.
Now for the sake of our demonstration, let’s assume this NFT is purely a collector’s item like a sportscard. You may put it on your Twitter profile, show it off in a virtual world or trade it with other sports fans as you would have a physical trading card. This is NFT 1.0.
NFT 2.0: NFTs with Utility
As the vision for the metaverse develops, NFTs have taken on a new life with utility baked in. Instead of being a collector’s item, new applications have been introduced where these NFTs also come with access or benefits.
In the mid-2010s, sports media veteran John Haegele looked at the non-fungible nature of blockchain technology and saw how this could be used to tackle scalping at sporting events. With NFTs, there would be a record of the purchase. Tickets could not be replicated or faked. The only way for someone to sell tickets would be if they had an actual ticket to sell. Those buying the tickets could verify this through the blockchain records.
This was a revolutionary application of utility NFTs. It was more than just a digital item. It had utility. It gave people access to the event.
Introducing WearX by PUML
PUML is proud to announce our Genesis WearX Collection; a series of 5000 NFTs, hand drawn + algorithmically generated by our in-house NFT studio.
There are over 600 unique colorations, traits, and variations among the NFTs launched which include different watch faces, bands, models, accessories, and backgrounds. The NFTs will be developed and distributed on the Ethereum blockchain and will be available for purchase on OpenSea and the PUML in-app marketplace.
NFT utility in practice
In our own NFTs, the utility has been a top priority to bolster the impact of our platform. Access and community are baked in. Utility NFTs encourage more engagement. Not only do users have the chance to acquire NFTs of their favourite athletes, but they also have the opportunity to get unique access.
Through PUML coin and athlete NFTs, users can access special events, social interactions, and engagement opportunities with those athletes. Through our programs, athletes can create NFT utilities unique to what they want to offer. This could be premium fitness content, voting on programs or access to special communities based on how users engage.
NFT utility is a driver in the future of the sport and fitness metaverse. At PUML, we are proud to be at the forefront, supporting athletes through our platform to be architects of their own programs and future worlds.
PUML also has ambitious plans to collaborate with some of the most renowned luxury brand names to create unique timepieces using blockchain technology for use in-app but also eventually, in the metaverse.
WearX Utility
WearX NFT represents digital wearables possessing real gameplay within the PUML app and DeFi ecosystem. WearX NFTs possess different utilities of varying levels. Currently, there are three utilities associated with each NFT plus the multiplier:
1. Battery
This affects the number of days a user has to use the bonus before they lose access to it. It will also show how often a user will have to charge the battery to continue claiming the activity bonuses. For instance, a WearX NFT with Battery Utility Level 1 will have 7 claim days and 10% in-app representation.
2. Damage Resistance
The NFT watches in PUML are unusable after a certain number of days. This utility defines and impacts this number. The lifespan of the product begins when the user first claims it. If at any time, the damage resistance is zero and there is battery remaining, it is still unusable. A watch NFT with Damage Resistance Utility Level 1 has a lifespan of one month.
3. Distance
This utility defines the number of steps that a user can claim. The number of steps that can be earned increases with the rarity of the item. So, “No Watch” is the least rare WearX NFT utility and allows up to 1000 steps to be claimed. On the one hand, Digital Classic is an extremely rare utility with a maximum step count of 20,000.
Multiplier effect
Users can have multiple NFTs in their account, and all of these NFTs can combine together to provide better outcomes. The rarity of the WearX watch can affect its multiplier, which in turn determines the reward. The multiplier also increases the PUML earnings. However, if the user wants to use the watch, they need to be sure that it isn’t broken.
Without WearX NTFs, the PUML app users can only access the basics features and activities. This leads to generating limited rewards, and these users won’t have access to exclusive rewards specific to WearX NFT holders. However, users who own at least one WearX NFT have a whole bunch more fun things they can look forward to. Each WearX NFT will give its owners the ability to participate in challenges designed specifically for their watches. They can also take advantage of premium PUML fitness classes.
For multiple WearX holders, it’s even better. These users can choose to equip the challenges they want. They can choose which traits they want to improve in order to earn better in-app reward points while staking unused watches to generate passive daily $PUMLx earnings.
About PUML Better Health
PUML Better Health is one of the original Web3, Move-to-Earn, Fitness and Wellness company from Gold Coast, Australia. PUML specialises in the Move-To-Earn industry, where users can get rewarded with their cryptocurrency token $PUMLx on the Ethereum blockchain for completing health challenges such as steps and meditation. PUML successfully launched Move-to-Earn for Corporates in 2021 by signing with major corporations such as Singapore and Malaysia’s Western Union, Deloitte, LVMH and many more, generating substantial revenue and growth.
Visit PUML at https://pumlx.com/ or https://twitter.com/pumlhealthio
