After co-founding the salesforce Web3 Studio, msweezey is pivoting to smart tokens, joining smartlayer as Chief Strategy Officer. camgthompson reports
, the tokens themselves don’t have any inherent utility baked into their smart contract code. Instead, the token’s utility is determined by its creator after mint. For example, a person can mint an NFT representing a ticket to a Taylor Swift concert but it's up to the show's organizers to determine whether the NFT ticket has any broader value, like being used to access the event.
Smart tokens are meant to enhance NFTs through the addition of smart contract functionality, taking them from static collectibles to active tools in a decentralized ecosystem., in the realm of blockchain gaming, a smart token could serve as a character in a game and be programmed to complete quests independently.
As Sweezey delved deeper into learning about smart tokens, Sweezey found Smart Token Labs, which helps businesses tokenize loyalty and membership experiences. Smart Token Labs previously partneredto tokenize car ownership, providing holders services including car registration, insurance and club membership on the blockchain.
Sweezey told CoinDesk that in his new role at Smart Token Labs, he hopes to highlight how smart tokens can help onboard more users to Web3 by removing the technical barriers to entry, such as opening a crypto wallet. He explained that smart tokens can live on or off-chain, in an Apple Wallet or an email address, which makes it easier for new users to enter the space without needing to first set up a crypto wallet.
“Once I saw the ability for a token to become an application, that's when my mind was blown,’” said Sweezey. “It wasn't until the concept of the smart token – which is frictionless, has the ability to become an application and the ability for it to be claimed and used in the Web2 world but then be backed up by the power of Web3 technology – that's when the lights turned on.”
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