Unlocking the Future of Web3 with Composable NFTs
KnownOrigin x Brendan Dawes x $WHALE
There’s often discussion around the tokenized art space as to whether NFTs are worthwhile investments in their own right, or if these digital files need to be functional and have an interesting use case in order to retain value.
Many believe that the love and appreciation of the art and artist is reason enough to collect. While others often proclaim utility is required, no matter how awe-inspiring the art execution and aesthetic sticks the landing.
But what if a collector could interact with a piece, leaving an original imprint to be burned into that piece for all time? Or just some time? What if an artist could use an NFT as a vehicle to engage collectors and fans in new ways to create value for that artist’s community? In answer to these questions and more:
NFT platform KnownOrigin and $WHALE teamed up with Brendan Dawes to release KnownOrigin’s first Composable NFT.
KnownOrigin Composable NFTs address concerns of both sides of the argument in a way where art is celebrated and accented by the pursuit of utility, not sacrificed in the name of financial gain.
The first Composable NFT, designed specifically for this event, is given the likely moniker “The Composable” due to its aesthetics and historical provenance. It was created by celebrated artist and $WHALE fixture Brendan Dawes. There are 100 $WHALE tokens sponsored by NFT leading social token $WHALE embedded within “The Composable”.
KnownOrigin describes the rationale and projected impact of their new venture in their press release.
“We constantly strive to push forward and innovate: with the release of composable NFTs we have enabled new and exciting opportunities for creators and collectors to experiment and engage with new technologies, fostering new crypto economic possibilities.” — KnownOrigin
The Technology
KnownOrigin’s solution is built on the ERC-998 draft standard, which enables the embedding of ERC20 and ERC721 tokens inside other assets. The dev team, coming from a UX/UI mindset, wanted to keep artist usability at the forefront and provide a turnkey solution where the artist could basically just mint as usual without the need for contract customization or technical ability.
Brendan Dawes, as the first artist to use the new Composable NFT platform, was enthused about the results of KnownOrigin’s efforts. “The whole parcel is: you create the NFT as normal. Then there’s another step where you compose the NFT with a token. It was just so easy. They’ve done it really, really well.”
“It was just so easy. And the new parcel that KO’s done is really really nice, one of the best experiences of minting an NFT on any platform.” — Brendan Dawes
Social Tokens
The KnownOrigin team is pretty bullish on social tokens and realizes that there is a whole other level of value involved for an NFT artist with the implementation of Composable NFTs. That artist’s fanbase and the NFT products themselves stand to benefit when offerings include social token drops as a mode of distribution for value growth. Social tokens can either add purchase value to a piece in its own right or be utilized as a financial incentive with which to reward collectors and fans.
According to KnownOrigin, “creators and collectors can get creative and experiment by adding further utility to their NFTs by embedding additional digital assets in the token itself.” 🧩
Derivative Work
There are many ideas, experiments, and initiatives that are still up in the air regarding the Composable NFT technology. KnownOrigin has an exciting idea they will choose whether or not to implement after they see whether or not the social token initiative is successful on the executable and financial fronts: derivative artwork. Think of it. You can add an NFT within someone else’s NFT in a collaborative manner. A buyer would have the possibility to extract that NFT and sell it separately.
A piece of art can become an organic entity in its own right.
Every new collector can add something to it or take something out, creating a piece of beauty that passes between collectors and changes each time. These properties can be passed on even when the NFT is sold on a different platform. KnownOrigin sees the sky, er, the moon as the limit with the possible abilities of this technology as it is now and in future implementation.
Practical Application for Collectors
The collector buys the Composable NFT and then, they have the choice to do whatever they want with it:
- Redeem all the items inside & keep the NFT
- Redeem the items inside & sell the NFT as a stand-alone artwork
- Redeem only some of the items inside
- HODL both
The interaction between the dynamic intrinsic value of what’s embedded inside the NFT and the value of the NFT itself is going to be very interesting to watch. And the new Composable NFT technology can be used to unlock an endless array of cool Web3 applications and possibilities.
“Composable”
Aesthetically, the piece was inspired by Faberge eggs, Chinese puzzle boxes and Dawes’ assertion that “I can’t stand reality”. He wanted to make sure the NFT looked like it was something from the digital world. He wanted to represent a gift and how you unwrap it, to make the piece look like something shiny and precious.
He took an old sound byte from his collection from a 1968 🔔 Bell Telephone Laboratories information film. Bell Labs were obviously this big innovator back then. The sound byte was advertising how they were using these new things called computers to do graphics with a light pen on a cathode ray tube.
“Back then, this was like magic,” Dawes asserts.
Dawes clipped the quite-fitting statement “I want to reach out to this technology, I want to incorporate this technology into my art and have the two mixed together” from the commercial and into the new piece, whose movements are audio-reactive — driven by the sound from the sample.
Cathode Ray Sunshine — A Light Towards The Future
The cathode ray of the past was the glowing beacon (if not the life-sucking flame to moth) of the future for those who couldn’t possibly have dreamed of what the world would be like today.
“I want to reach out to this technology, I want to incorporate this technology into my art and have the two mixed together.” — Bell Labs sound byte used for “The Composable” by Brendan Dawes
But the KnownOrigin Composable NFTs, with $WHALE support of this iconic Brendan Dawes piece, are lighting a creative fire that may burn throughout the NFT and cryptocurrency communities for decades to come. 🔥
Let’s see how it plays out, and how people take the ball and run even farther than we can imagine.
📢 KnownOrigin Composable NFTs
📖 Announcement & Blog
🖼 “The Composable” artwork by Brendan Dawes
🔗 To learn more about Brendan Dawes
🔗 To visit NFT platform KnownOrigin
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