What is xNFT?
xNFT stands for executable non-fungible token. You have an NFT like normal but that NFT can execute like a mini app inside your wallet.
Technically, instead of deploying a picture for the presentation of an NFT, it now turns into a script that is executable inside the wallet
How does Nimbus leverage the power of xNFT?
When building Nimbus, we do see a huge problem in Web3 that keeps most people away from dAPP
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As Statista, there are 673M users invested in crypto but we have only around 31M users active on-chain which takes only 4.7%
There is a huge gap between users invested and users that actually use blockchain/dAPP, deep dive into the problem, there are some issues
- There are lots of new terms/concepts for users
- The experience is poor
- Need native token for using dAPP
Then we found xNFT is a really interesting thing that can really solve some issues in this space, which ability to install a mini-app inside the user’s wallet, opens an unlimited way how us can ship cool things for users.
The flow to install/using xNFT is simple, you have an xNFT or you can install it on their store, just like you install a wallet from the Chrome extension store.
Usually, you can only view basic token/NFT holding, and swap features and that’s all, if users need to get any more advantage use cases, they need to find other dAPP for their purpose, but that’s is no longer valid since we have xNFT. Users can now install dAPP to their wallet, browsing it like you do on your phone.
That makes me very bullish on this technology.
Imagine that you can
- Have an NFT that opens the game right inside it, which exclusive perk for holding that NFT
- One-click yield farming right inside the wallet
- Read daily news on the wallet, selected by your holding
- Chat with your friends, address to address
The app there gets carefully reviewed/audited like how the App Store qualifies an app published on its store
Back to the problem we trying to solve in Nimbus, dAPP is hard to use. So we decided to build a mini app using xNFT that
People send GM every day, so why not turn it into gamefi that plays to earn?
The idea is simple
- User get GM points for their GM check-in
- Then they use the GM point to get rewards from us
This is just an MVP, we will add more quests, and reward vouchers into the app so users can have a gamification app where they can learn new things, and get incentives right inside their wallets.
Some limitations on xNFT
It is only possible on Solana with Backpack wallet, and it is still in beta so it might be really hard to try.
For the technical side, I don’t think it is hard to expand to EVM, just a script instead of an image, and make a sandbox environment for that.
Summary
Metamask has something quite similar called MetaMask Snap which open some limited function, the only use case for now is you can integrate non-evm chain into Metamask.
For me, the xNFT opens so many opportunities for builders to give the best experience for users in Web3, and that is a huge step to mass adoption.
So I really bullish!
👉 Nimbus xNFT app: https://www.xnft.gg/app/7LgG1PyosD1UynzNoygm1vFdXfpSrGHv6ixpaRcnB87q
👉 Track your web3 portfolio: https://app.getnimbus.io
