In Web3, global collaboration is key, and long-term partnerships are essential to a project’s success. As we enter a multi-chain world, this becomes more important than ever. There is a lot of discussion about interoperability issues in the crypto space. And the concerns are valid because the space is in its early stages and must define itself first, which brings a need for discussion and collaboration to bridge projects and connect ecosystems.
In this article, we will introduce you to NEAR and the opportunities that come with the strategic partnership. We answer questions about technology, vision, and collaboration within the NEAR x DEIP ecosystem to build the future of the creator economy.
NEAR 101 – What is NEAR?
NEAR is a community (collective), a foundation, and a development platform built on an exciting new layer-one blockchain. NEAR is a sharded, proof-of-stake (POS) and public blockchain. It is designed for founders, developers, and members of the Web3 community.
In addition, it is an exciting community supporting Web3 and blockchain-based growth. Through its Open Web Collective, a blockchain accelerator program focused on Web3 technology and adoption, there are already over 500 community members and 20 Web3 startups. OWC startups have so far raised $72 million, with a combined valuation in the $610M range.
Founders, creators, and developers rely on NEAR to build and scale blockchain-based projects. Whether these are centered around NFTs, dApps (decentralized apps), or DeFi apps and products, NEAR’s infrastructure and solutions make all of this possible.
NEAR features in a nutshell
- NFTs (Non-fungible Tokens) are basically digital containers that can hold intellectual property in digital realms. They can be owned and traded so creators have a world of new ways to produce, distribute, remix and monetize their creations. As NFTs are stored on a distributed ledger (blockchain), their owner and owner history can be tracked and publicly available. This means the question of ownership is resolved by the underlying technology, which increases trust to a level never existed before.
- DAOs (Decentralized Autonomous Organizations) are organizations that emerge in the digital space governed by communities and code-based governance. As DAOs usually own a token with tokenomics infrastructure, the community is able to invest in the protocol. This means a DAO can hold and merge assets for their communities (like a fund, often called treasury). Communities can act almost like official cooperations or companies and build sustainable models for themselves. Usually, DAOs implement voting infrastructure so the community can govern on protocol decisions. The DAO could also invest in other companies or projects collectively. This gives enormous power to a collective of community members.
- DeFi (Decentralized Finance) is an entire toolkit that allows creators, communities, NFTs, DAOs, fungible tokens, and many more. The idea behind DeFi offers entirely new ways of earning income for creators or benefitting from the upside of membership for community members. One of the most beneficial features of DeFi is the availability of micro-transactions with very low fees paid to the network nodes in a peer-to-peer fashion.
DEIP 101 building the future of the creator economy
DEIP is a protocol for the future of the creator economy with a vision to transform the space as we know it by using blockchain technology. We want creators to have access to a whole range of tools and solutions to get more out of their work by unlocking the full potential of their intellectual property rights. We transform the relationship between creators and community, the consumers of artistic works, ventures & different projects, and give them a new way to exchange digital assets with each other.
The DEIP protocol enables the discovery, evaluation, licensing, and exchange of intangible assets. It is designed specifically for intangible asset tokenization (in the form of F-NFT), governance (via DAO), and liquidity (via DeFi instruments and derivatives). By doing this, we support a stronger bridge between artists, their IP, and the community while cutting out the middle man.
A strong network of users and partnerships is crucial for the success of the project, as the emerging network effects bring more value to the entire ecosystem. We will further take a look at the benefits from different angles and evaluate how the different ecosystems are aligning in their long-term goals.
NEAR x DEIP – How does DEIP benefit from becoming part of the NEAR ecosystem?
Both projects align in vision
NEAR has a vision to “reimagine your world.” The project intends to achieve this in the following way:
“Through simple, secure, and scalable technology, NEAR empowers millions to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive future.”
Alongside NEAR, the team behind DEIP has a similar vision, which is to empower creators and Web3 entrepreneurs with blockchain-based technology and tools to accelerate growth & provide more power over their own intellectual property.
Access to technology and benefits of the entire ecosystem
DEIP Co-founder & CEO, Alex Shkor mentioned that:
“We want every member and participant within DEIP to benefit from the most powerful features possible. We want to empower creators and artists, supporting the transformation of the creative economy into something that works for all creators and fans.”
“As part of this, we are designing DEIP to be an advanced substrate-based chain, with interchain interoperability provided by a combination of NEAR and the Octopus Network. Once our connection has been approved and audited, that will bring the full benefits of NEAR and Octopus into play on the DEIP network, and likewise, NEAR and Octopus community members can benefit from the DEIP protocol”, Shkor concludes.
Creators on DEIP can now benefit from everything NEAR has built. With NEAR and DEIP working together, creators and entrepreneurs everywhere will benefit from this future collaboration.
DEIP x NEAR – Which NEAR apps can benefit from DEIP?
Let’s take a look at some of the apps that have already been launched on NEAR, and how these will benefit from a cross-chain connection with DEIP.
Satori, for example, promises “Better Economics for Creators.” Satori is an NFT-based creator studio for artists and brands to create NFTs and promote them to fans and the community, without the need for coding and technology expertise. Satori offers artists and creators an end-to-end no-code solution, with a Shopify plugin and direct-to-fan ways to drop NFTs to large and growing audiences. All of this runs on the NEAR protocol, as one of the dApps NEAR promotes and supports.
As you can see, there’s a lot of overlap between what DEIP is building for creators and what Satori has done on the NEAR protocol. NEAR makes minting NFTs quick, easy, and cheap, allowing creators on Satori to “engage entire communities in a single drop.” We are establishing this partnership to support both communities. What’s good for creators on one platform is meant to benefit creators and fans everywhere.
Another dApp built using NEAR is Paras, a marketplace for NFT digital art cards. Currently in a public beta. Paras says that artists can “Create your digital art cards and sell them on the marketplace in just a few clicks. Start earning with your digital creation.” Collectors are flocking to Paras to collect, buy, sell, and swap digital art cards. Without a doubt, it’s an active and growing community.
DEIP offers unique things to the ecosystem such as the ability to turn NFTs into F-NFTs (fractionalized non-fungible tokens). Consisting of a complete creator economy protocol, DEIP gives creators the ability to establish DAOs, and implement DeFi applications for intangible projects. Plus, for those wanting to launch Web3 startups, DEIP has an entire Web3 startup toolkit to support them. The toolkit enables creators to start building their own applications from scratch, without too much complex development knowledge and high cost.
All these features of DEIP make partnership with NEAR an exciting prospect for creators everywhere. Whether you build on NEAR or DEIP, you can access the benefits of both networks. This in turn will bring in more users to the community and more people keen to support your career and work, through the purchase of NFTs and F-NFTs within the ecosystem.
Any app or dApp built on NEAR can benefit from the DEIP network. Making the whole platform stronger and more effective for artists, creators, and creative entrepreneurs.
How DEIP can boost the NEAR ecosystem?
DEIP is launching as an Appchain on the Octopus Network, allowing it to be deeply integrated with the entire NEAR ecosystem. At present, this integration between DEIP and NEAR is being audited by the Octopus Network to give our users/customers access to every advantage of both platforms.
Once approved, this partnership will bring all of the benefits of DEIP to the Octopus Network, and of course, the entire NEAR ecosystem.
NEAR is designed to enable the discovery, evaluation, licensing, and exchange of intangible assets. It’s been designed specifically for intangible asset tokenization (in the form of F-NFT), governance (using the DAO model), and liquidity (DeFi instruments and derivatives).
“Artists can either create blockchain-based portals or dApps on NEAR or DEIP and then benefit from the network effect on both platforms. DEIP is going to be a boost to the NEAR ecosystem, bringing new tools and solutions, such as a Web3 startup growth toolkit, and other powerful functionality”, DEIP Co-founder & CEO, Alex Shkor.
Multi-chain-world and network effects
From a technical perspective, it will become very important for the crypto space to connect ecosystems. This can be done in many ways, such as building on the same L1 or connecting different blockchains. Aggregators such as the Octopus Network, Polkadot, or Cosmos will become increasingly important for the space. In this context, economic security between blockchains is very important, as these systems are very complex and represent a real technical challenge for developers.
A lack of interoperability will drastically limit the user experience and overall functionality for the future of the creator economy, as assets cannot be sent from one place to another. This means they will be stuck in their silos, limiting free trade and economic growth across the Web3 economy.
Let’s look at this briefly from a scientific perspective. The so-called network effect is a phenomenon in which the benefit or value that a network can provide is tied to the number of users within the system. These network effects are usually positive, i.e., the more users, the higher the value provided to each individual user.
Discussion of opportunities
Keeping this in mind, the cooperation of entire ecosystems is crucial for their individual success. For this reason, the partnership of NEAR x DEIP will bring many opportunities to both communities, such as network effects, effective collaboration, knowledge exchange, increased development resources, and combined marketing to accomplish the vision of reimaging the world and supporting the future of the creator economy with Web3 technology.