We made it. Wakatta — the blockchain of entertainment — is officially launched. The team introduced the project at London's Token2049, shedding light on how the future of non-fungible tokens will look like and outlining the broad opportunities these new types of NFTs unleash for the dynamic entertainment industry.
The presentation was handled by Alex Blagirev, Wakatta Co-founder & COO and Deputy CEO of Sensorium — our parent company and developer of the Sensorium Galaxy metaverse. In fact, this network was initially conceived as a solution that will primarily serve the entertainment-focused metaverse, offering lower fees, faster transactions, and enhanced NFT mechanics. Yet, we later realized that the innovative features this solution includes could benefit far more than just a single metaverse or sector.
"In the past year, we've been working hard to create a blockchain that will serve the needs of gamers, artists, creators, producers, and all wonderful people and businesses in the entertainment industry," said Blagirev during his presentation.
While there are plenty of features that one can highlight about Wakatta, there's one particular aspect that immediately stands out from ANY other network out there — programmable NFTs. In 2020, non-fungible tokens became the new kid on the 'blockchain'. Despite the criticisms and some major market corrections in the middle, this technology has proven to be a resilient ally of artists and content creators worldwide. Wakatta is taking NFTs to the next stage, adding programmability so that they can be seamlessly integrated into existing and new business structures as well as enabling new use cases for creators.
"We want to help businesses and artists realize their full potential and meet their growth goals faster. And to make it possible, we are providing them with powerful, brand new NFT types on top of a first-class network", added Alex.
Wakatta is bringing to market the following NFT types: upgradable, time-limited, and non-hashed. Each of them opens broad opportunities for businesses and creators regardless of their sector. Upgradable NFTs are capable of mutating over time, a powerful feature for any modern artist. In today's world, the practice of using someone else's artworks to develop our own is already well established. Yet, one practice particularly difficult to regulate in terms of copyrights and distribution rights. With Wakatta's upgradable NFTs, any artist can rest assured that their digital creations are distributed safely and can benefit from spin-offs by configuring royalties.
Time-limited NFTs are an equally valuable solution, especially for virtual environments such as events, games, and metaverses. They are capable of operating as an additional gamification tool with a positive impact on user engagement. Concert tickets represent a great example of their possible usability, being able to enhance them with advanced access and expiry settings, secondary market trading, or store them as collectibles forever.
Last but not least, non-hashed NFTs act as text containers without the need to write a single line of code. They are also upgradeable, so the contents inside the smart contract can be easily modified. This is a new twist to NFTs that can potentially be used in data management.
"The possibilities that non-fungible tokens enable go far beyond the virtual world. Although they are a digital solution per se, text-based NFTs can be well-applied in the automotive industry, for example, as a way to authenticate vehicles, link them to specific drivers, record required maintenances, and more. And these NFTs can also take physical form, being saved in car keys, special cards, or even driver's licenses," highlighted Blagirev.
Wakatta is developed with the Substrate technology framework. Correct! The same technology that powers the Polkadot ecosystem. And yes, this is obviously not a coincidence. The decision to work with Substrate was mainly justified by the extensive interoperability this technology provides through the rapidly growing Polkadot network. Strategically, Wakatta could participate in this ecosystem as a parachain, guaranteeing seamless communication with other networks.
"Successfully onboarding millions of users into the metaverse will heavily depend on content quality, accessibility, but also user experience. With NFT mechanics deeply integrated into the Sensorium Galaxy virtual economy, we simply can't rely on a network that charges users over $100 in minting fees and is regularly congested. That's why we intend to migrate to Wakatta — a solution with fees as low as $0.001 per transaction and capable of handling thousands of transactions per second."
Aside from our revolutionary NFTs, Wakatta delivers high transaction speed (up to 30X faster than Ethereum), and fees as low as $0.001 — Yes, that's a lot of zeros. And there's more. Ethereum Virtual Machine compatibility, on-chain NFT auctions, multi-role assignments for Dapps, customizable onboarding mechanics for digital environments, algorithmic incentives for validators, and many other features designed with businesses and creators in mind. In the pipeline, we also have the release of a standalone platform to make NFT issuing on Wakatta blockchain a super smooth process for individuals.
"Businesses, artists, musicians shouldn't be worried about the complex process of connecting their products and services to the blockchain. With Wakatta, we will be providing ultra-fast integration, SDK for developers, as well as around-the-clock support from our team to ensure blockchain is all benefits and no headaches", added Wakatta CTO Sergey Drozdkov on a press release following Wakatta launch.
Why launching at Token2049? The event is one of Europe's premier business conferences in the blockchain market. That said, it was a great opportunity to put out our solutions in front of 1000+ influential executives from the world's leading crypto projects. And guess what? They were blown away by Wakatta and our next-gen NFTs.
From metaverse companies to gaming platforms and developers, we are already discussing multiple high-level partnerships for our network. You'll be hearing more about this real soon. Coming up next in terms of development, we’ll be kicking off our Incentivized Testnet Program in mid-November! We encourage you to subscribe to our updates so we can keep you in the loop with our latest announcements. No spam, we promise!