On February 25, Newt, the experimental department of Aave, launched the first time tokenization project Aika. Time is minted and sold on Polygon as an NFT using Aika to record events and work on the blockchain.
For guilds, DAOs, and other crypto-native organizations, Aika provides a standardized way to get paid for services. In addition, Aika can be used for restaurant reservations, personal meetings, and car sharing, among others.
It is said that “every inch of time is worth an inch of gold”, the importance of time is self-evident, and the emergence of time NFT is undoubtedly an innovation, so what is it and what is its role?
Definition of Time NFT
As the name implies, Time NFT is when users mint their own time into NFT and sell it, and the blockchain will permanently record events and users’ work.
Creators can sell their time on the NFT platform, and buyers pay sellers for the time they spend providing their services.
Taking Aika as an example, it is like the hot search bar of social platforms such as Douyin, the bulletin board in the campus, and the electronic screen of the bus station. It only exists as a bridge between buyers and sellers. This is what the platform undertakes. character of.
Creators can publish their time slots for sale to users, and the platform tokenizes and on-chain proofs these time slots for sale.
The vision of the social platform Alfa
In 2019, Tony Tran, the founder of Alfa-Enzo (a blockchain social platform), proposed the idea of tokenizing people’s “time”.
He believes that there is only one thing in the universe that can help people understand blockchain better, and that is time , because it can neither be tampered with, nor destroyed, and it can be digitized.
To this end, he designed a social app called Alfa, where users can contribute their “time” to earn money on the platform.
“Unlike traditional social software like Facebook and Twitter, people can only browse what happened in the present and the past, and can’t see what’s going to happen in the future, but with Alfa you can,” Tony Tran said.
As a simple example, if you took a lot of photos while traveling with friends last week, but choose to post them today, the platform will actually place your photos in the last week.
That is, users can post a photo of themselves at any point in the past, such as going back to the moment you were born and uploading a photo. In the same way, users can also share their lives in the “future” time.
From food to accommodation, from work to life, from social news to local stories, users can browse the content of the “past” and “future” indefinitely, so as to discover the interesting people and things around them.
In this process, users have contributed their precious time to the Alfa platform, and in return, they will get the platform’s token ENZO (also known as NZO), which is the tokenization of time we mentioned at the beginning.
This “incentive” measure is more like a platform set up to increase the activity of users. As time goes by, the platform has lost its news, but it provides an idea for the formation of “time NFT”.
Possibilities of Time NFTs
The concept of time NFT has been developed to a little maturity, but there has been no clear plan for the implementation direction.
It has been suggested that temporal NFTs may find use in the field of work.
Creators can store their iconic moments at work on the chain, such as when a project they work on is a big success, when the team they lead is rewarded, or when they get work-related certificates.
This is equivalent to leaving an on-chain proof all over the world. As an unalterable record, it directly reflects the creator’s experience. Future buyers don’t need to look at his resume or make back-ticks. You can learn about his ability background and project contributions.
Through the horizontal comparison between creators, buyers can also understand their reputation, experience, skills in the market, and evaluate their “value for money”.
However, this also has certain drawbacks. Are the momentous moments that creators store on the chain real and effective? Are buyers’ evaluation criteria consistent with them? How can the platform avoid these problems?
Time is never fair, everyone has the same 24 hours, and time NFTs bring a new direction to the field.
Unfortunately, it has basically no practical application so far, and the only few attempts have not been widely recognized by users. As for when NFT will go out of a new way or be eliminated in the future, we still don’t know.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/it-is-said-that-every-inch-of-time-is-an-inch-of-gold-is-nft-facing-an-opportunity-or-a-challenge-at-that-time/
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