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Interview | Enevti: Driving the next evolution of NFTs

Enevti- the award-winning Web3 social media super app connecting creators and fans through redeemable NFTs. Interview with Aldo Suhartono Putra, CEO and co-founder of Enevti.


Can you explain what Enevti is?

Enevti is an award winning Web3 social media super app that connects creators and fans through redeemable NFTs. With Enevti, creators and fans can mint, collect, and monetize redeemable NFTs in a super easy way using just our mobile app! Our central idea is that NFTs can become more than just art or collectibles. With redeemable utilities NFTs become an indispensable technology in our everyday life, just like social media is!

We take product building really seriously! That’s why we are proud to have several awards. We were the 3rd Indonesian National Winner at IdenTIK 2021, and we are officially appointed by the Indonesian government to represent our country at the upcoming ASEAN ICT Awards 2022. This shows our level of dedication to building an innovative product that our users will love!

Enevti is built on Lisk; why did you decide to build on the Lisk ecosystem and what are the benefits?

The benefits of building a Web3 product using Lisk are its scalability and interoperability!
Unlike a smart contract platform, Lisk offers the tools and the ecosystem to build an app-specific Layer 1 blockchain, enabling us to customize every aspect of our blockchain algorithm and technology. This means that we can create the best possible user experience while balancing decentralization and scalability. As a Web3 social media alternative, scalability is critical for us. It's not fun to have to pay a high gas fee, just to comment, like, buy, or redeem an NFT, is it? I believe app-specific Layer 1 blockchains will become more significant in the future. We can already see some projects moving in this direction, just like dYdX for example!

Other than that, Lisk’s interoperability will allow our blockchain to connect and integrate seamlessly with other blockchain networks inside and outside the Lisk ecosystem. Interoperability is important for us since part of our mission is to create an open super-app to unlock an unimaginable potential of NFT utilities beyond what is currently possible right now.

Can you imagine if we can import an NFT from other chains, and turn it into a redeemable NFT within our blockchain? Or can you imagine if we can transfer an NFT from our chain, and lock it as a DeFi collateral onto another network? The possibilities are endless, and that’s something that we will always strive for! And with Lisk’s interoperability, this possibility becomes a reality!

Can you discuss Enevti’s vision and mission?

Sure! Our vision at Enevti is straightforward! We are striving to “Make the Next Evolution of NFT Easy!”. Two core values shape our vision: innovation, and accessibility! We believe that these two guiding principles are definitely needed for NFTs to become sustainable and mainstream!

We believe that NFTs are an amazing technology that has the potential to disrupt numerous industries. However,the majority of NFTs are currently used in the art world as collectibles. It’s a great use case, but it’s not all NFTs can do! In fact, the ownership attributes of an NFT will enable every single utility that you can think of! We want to see a future where NFTs become an integral part of our daily lives and to enable this, we need to empower creators to innovate. That’s why one of our missions is to become an open and interoperable NFT utility ecosystem that empowers users across multiple blockchain networks.

However, we don’t believe that just focusing on innovation is enough! In fact, cutting-edge technology will be useless if users don’t know how to use it. We need to admit that the current NFT ecosystem is not user-friendly yet. It still feels complex and intimidating, creating a barrier that prevents this technology from being utilized by the rest of the internet users. That’s why our mission also involves providing a super easy app that will open Web3 to user audiences that are new to the decentralized space. In fact, we believe that blockchain should be built for people, not the other way around!

Can you provide insight into the current NFT marketplace and why there is a growing interest in purchasing NFTs?

Of course! The current NFT market is interesting, especially if we look specifically into the NFT utility category.

An NFT research firm, nansen.ai, published a report in 2022, which shows that while the PFP (Profile Picture) NFT market cap is declining, utility, access, and membership NFT projects are generally rising about 13%! Other than that, we are also starting to see companies like Starbucks implementing a new kind of customer loyalty program through NFTs. For me, it shows that utility is becoming more and more relevant to the NFT industry, and it is starting to shift this space from pure speculation into a real solution.

However, despite this, the NFT utility is still not accessible to all creators. Not everyone can implement NFT utility, because you need to have specific technical knowledge, including knowing how to code a smart contract. And that’s where Enevti comes in! We will help creators to get rid of these technical barriers with, no-code, and no hassle! So, creators can focus more on their creativity and utility! And this, we believe, will enable a new wave of adoption, powered directly by creators!

How are redeemable NFTs building the bridge between developers, creators and users?

To answer this question, please let me tell you a story about how this idea started!
We had a lengthy conversation with one of the well-known content creators from Indonesia. His content is centered around financial education, including crypto-related content. Knowing that his audience was educated on crypto, we asked him “Why don’t you create your own NFT?”. And he answered, “I don’t understand what I can do with NFT”, claiming that NFTs tend to be an ‘overpriced JPEG’ with no intrinsic value, and by creating such speculative assets, he is afraid that NFT will damage his reputation.

This also aligns with several comments from people when certain Indonesian celebrities released their own NFT. They basically comment, “Why do I need to buy this NFT? What is it for?”, showing that the majority of users are still confused by the real tangible value of NFTs.

From these stories, we understand that for certain types of creators and users, utility has become some kind of barrier to adopt NFT, and we decided we want to fix that. We came across a project called VeeFriends by Gary Vee, which blueprints how creators can use redeemable NFT to empower their relationship with fans. We then showed this project to our content creator friend earlier, and he instantly resonated with it!

From there we brainstormed this idea further. We then found out that while VeeFriends project is great, many creators still do not have access to create that kind of NFT, mostly because of technical barriers. And that’s why we decided to create the easiest place to mint, collect, and monetize redeemable NFTs, in the form of a mobile app! So, creators and users just need to focus on their interests and creativity, not the complexity!

Apart from that, we are also aware that we need to provide an open place where people can further develop the utility of NFTs even more. And that’s why, as stated in our roadmap, we will also provide an API for developers to envision and create unprecedented types of redeemable NFT utility. Thus, redeemable NFTs will bridge not only creators and fans but also developers.

How will redeemable NFTs impact Web2 users and consumers?

This is an interesting question. Statistically, Web2 has more users than Web3. There are approximately 5 billion Web2 users, 4.7 billion of which are social media users, in comparison to just 300 million total Web3 users. This means, Web3 is reaching just 6% of all internet users. From this, we can tell that Web3 is still far from mass adoption. Of course, Web3 mass adoption is inevitable, the question is, how do we get there?

Web2 is great, especially if we talk about user experience. Web2 has successfully brought the power of the internet to people and got rid of every single technical barrier, in such a sustainable way. Web3 user experience has not reached that level yet, but Web3's ownability is definitely superior! So, what if we combine the best of both worlds? What if we can make better Web3 UX, while applying Web3 products to enhance existing Web2 models? That’s one of the goals that we have in mind for redeemable NFTs, as well as applying these NFT technologies for real use cases! We believe the web2-to-web3 bridge will play a big role in the next wave of mass adoption!

Ultimately, what users and consumers generally will experience are the benefits. They will not even notice that they are indeed using NFT technology in the backend. Just like the majority of us are not even aware of the technology behind the internet, even though we are using the internet every single day! That’s the level of mass adoption that we seek from redeemable NFTs! In the next 5 years, users will just experience the benefits of redeemable NFT, not its complexity!

Reference:
[1] Out of 198 projects, Enevti is awarded as 3rd national winner at IdenTIK 2021 competition for startup category. Read more: (Indonesian) https://bandung.bisnis.com/read/20211110/550/1464476/tren-industri-digital-meningkat-kominfo-perkuat-masyarakat-digital
[2] In the Lisk roadmap, apart from interoperability with chain built on Lisk, they will also enable integration with other blockchain, such as Ethereum. Read more: https://lisk.com/roadmap
[3] dYdX chain is built as a standalone blockchain, moving on from L2 chain architecture. https://dydx.exchange/blog/dydx-chain
[4] Report by nansen.ai. https://www.nansen.ai/report/nft-indexes-quarterly-report-q1-2022
[5] NFT experience by Starbucks that explores Customer Loyalty program. https://stories.starbucks.com/press/2022/starbucks-brewing-revolutionary-web3-experience-for-its-starbucks-rewards-members/
[6] Read more about Enevti’s roadmap, here: https://enevti.com/roadmap/
[7] Total Internet Users: https://www.statista.com/statistics/617136/digital-population-worldwide/
[8] Total Crypto users: https://www.zippia.com/advice/cryptocurrency-statistics/

Lundi 5 Décembre 2022




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