While it’s anyone’s guess how the future of web3 will shake out, the evolution of how non-fungible tokens (NFTs) are created has a particular Wild West feel to it right now as new models emerge.

The current NFT minting system is dominated by companies who know how to create and power the release of NFT sets, called drops, a system fairly akin to the beginning stages of website innovation and development.

But as the technology around website and mobile app development has advanced into no-code territory, so too has the reach of no-code tools expanded into the realm of NFTs, and it doesn’t seem to be slowing down.

Felipe Servin is the chief executive officer (CEO) and founder of Neefter, a no-code platform that creates NFTs for brands and artists across many different blockchains. He believes the future creation and development of NFTs will also be further popularized by no-code technology.

“It’s quite interesting how everything has evolved over the last three years with brands,” Servin said. “Most of my work with my previous company was around creating marketing campaigns and helping develop communities around the brand values. Now, NFTs and other token related assets are shifting the way brands are interacting with these subjects.”

He continued, “I’m an old entrepreneur, and when I was a teenager, I had a job working on websites. I was getting paid hundreds if not thousands of dollars to release a website. Once Wix and all of these other companies released no-tool solutions, that job for me disappeared. I think similar things will happen with nonfungibles.”

For Servin and Neefter, the impetus for the company came from filling a practical need to make the process of NFT creation simpler. 

Felipe Servin

“Everything started with lucha libre, the Mexican version of wrestling,” Servin said. “One of our previous clients – the lucha libre World Wrestling Association (WWA) – came to us and said they wanted to start building media, not only physical events, but things like NBA Top Shot. When we signed that project, Neefter was just an idea for how we help brands. The [WWA] proved to us that there was a whole necessity for NFTs, not just for artists but brands as well. For loyalty, entertainment, or ownership. In the beginning, it was difficult – the protocols, the smart contracts – so we thought, maybe we could have an easy-to-use platform where everyone can just drag-and-drop and two minutes later, they’d have a token. We figured it could be a good opportunity, and here we are.”

The path to “here we are” wasn’t always smooth sailing. “At the very beginning of Neefter, we experienced a bull market on NFTs,” Servin said. “Everyone was happy and pretty much every collection was selling out. The expansion into markets outside the U.S. and Europe was happening – until we had the bear market.”

But then something very unexpected happened.

“Brands started to show up and ask for different initiatives, finally realizing it might be a good time to pursue NFTs – not realizing they were ‘late’ from the hype,” Servin said. “But it was not an obstacle and they started building things and we helped a couple of the brands understand how to create value.”

Brands are using the NFT ecosystem more as a loyalty program than as a way to pump profits, Servin said. “We see a lot of brands coming to us asking for free mint collections,” Servin said. “In these cases, they’re just trying to promote their brands by giving coupons, access, or tickets to specific loyal users.”

The Mexico-based tequila company San Matias is a Neefter client that released a special edition physical bottle that comes with a phygital bottle too. You receive the tequila bottle at your home and also receive an email with access to mint your NFT, which can then be used for things like raffles. “I think for most brands, it’s not just about releasing something and making money off of the audience, but it’s now about giving something for free and subsidizing the operation and deployment of the NFT to create value for the audience,” Servin said.

He continued, “Two weeks after the release of its NFTs, San Matias launched an experience in the metaverse that they started building in Roblox. Inside, they built an adventure where people could follow missions and unlock an NFT once completed. The NFT, if you received it, allowed you to snag the physical tequila bottle in your home. In this way, San Matias is trying to create a new branch of customer acquisition and experience. I think most of the things we’ll see in the next 12 to 18 months are going to be around the extension of experiences in the metaverse.”

According to Servin, a lot of metaverse experts are doubting the real value of the metaverse and question whether or not a brand should be there building and buying land.

“It ultimately depends on a brand’s overall strategy and the audience it’s trying to attract,” Servin said. “The idea behind moving companies into the metaverse should be really well thought out in terms of what brands want to get out of it and also what they’re offering to their audience.”