Sector: Blockchain Awards
Fragsy is the first platform that allows you to create, buy and sell “upgradable assets”. Dynamic NFTs or “upgradable assets”, as we call them at Fragsy, have the ability to modify their metadata (appearance, attributes and utilities) over time in response to certain conditions or events, such as calendar date or user behaviour.
At Fragsy, our ambition is to democratise the use of this technology and provide solutions for communities, loyalty programmes and ticketing.
PROBLEM IDENTIFIED AND SOLUTION PROPOSED
Upgradable assets” or “dynamic NFTs” offer greater versatility and functionality compared to static NFTs, making them a valuable tool for Web3 creators and companies looking to harness the potential of blockchain technology. At Fragsy, our ambition is to be as horizontal as possible and offer innovative solutions for every industry. Currently, we focus on the following:
- Ticket sales: Tickets are counterfeitable. Event organisers cannot control the resale market. It is very difficult to control the participation and travel of attendees during the event.
Solution: Fragsy allows event creators to create non-transferable and non-counterfeitable tickets, controlling the secondary market, while serving as an engagement tool inside and outside their events.
- Loyalty programmes: CAC has increased by 80% on average for B2C companies in the last 5 years.
Solution: Fragsy offsets the increase in CAC by increasing the value of the existing customer base by creating loyalty programmes that combine an incentive structure, interoperability and identity/community.
- Community owners: There is no way for web3 creators to launch dynamic NFTs without programming: developing dynamic NFTs can be more complex than static NFTs, as it requires integrations and knowledge of blockchain smart contracts.
Solution: We solve this problem with a no-code tool that allows anyone to create one or more dynamic NFTs by filling in a 2-minute form. These can then be bought and sold on our marketplace.
- Innovation: Through dynamic digital assets and our no-code creation tool, we open up new possibilities for companies and creators, better than those that already exist in the market.
- Scalability: We have a scalable business model. Our technology allows us to grow quickly and expand to new markets, offering innovative solutions for each sector.
- Speed: We are a team of 9 passionate people who are able to respond quickly to our clients’ needs.
- Customer focus: We accompany creators in a personalised way and help them to establish the strategy that is right for them.
- Vision: We aim to be the leading hyper-horizontal no-code platform for creating, buying and selling dynamic digital assets globally.
- Launch in October 2022.
- Team of 9 members.
- Community of 1300 early adopters.
- More than 100 creators have used our tool without code.
- Raised +70.000€.
- A growing market: the global NFT market is expected to grow by 33.3% annually from 2022 to 2030 (Grand view research, Inc).
IMPACT ON SUSTAINABILITY
Dynamic NFTs created through Fragsy live on the Polygon blockchain, which differentiates itself from other blockchains in terms of sustainability through its focus on energy efficiency and scalability.
Firstly, Polygon uses a layer 2 architecture to process transactions. This means that most transactions are processed off the Ethereum mainchain, which significantly reduces the load on the main network and therefore reduces the amount of energy needed to process transactions. In addition, by processing transactions off-chain, more transactions can be performed per second, which improves the energy efficiency of the network.
Second, Polygon has implemented a proof-of-stake (PoS) consensus model to validate transactions on its network. Unlike the proof-of-work (PoW) consensus model, which requires a large amount of energy to solve complex mathematical problems to validate transactions, Polygon’s PoS model only requires participants to have a minimal number of tokens to validate transactions. This means that not as much energy is needed to maintain the security of the network.
In addition, Polygon has implemented a decentralised governance system that allows network participants to make decisions about the development and direction of the network. This encourages transparency and participation in decision-making, which can help foster the adoption and long-term sustainability of the network.
- Blockchain & NFT
- API integrations.