Mathew Sweezey, Co-Founder of Salesforce’s Web3 Studio, is bullish on smart tokens.

Mathew Sweezey, Co-Founder of Salesforce's Web3 Studio, is bullish on smart tokens.

The Rise of Smart Tokens in the Blockchain Industry

Mathew Sweezey, co-founder of Salesforce’s Web3 Studio and a prominent figure in the blockchain industry, is embarking on a new journey at Smart Token Labs as their Chief Strategy Officer. Sweezey firmly believes that the ERC-5169 token standard, commonly known as smart tokens, has the potential to revolutionize Web3 and onboard more users into the blockchain ecosystem.

From Web2 to Web3: Sweezey’s Blockchain Journey

As a key player in ushering Salesforce into the world of Web3, Sweezey has developed a deep interest in the concept of digital ownership. However, instead of relying on traditional non-fungible tokens (NFTs), he is focusing on another emerging blockchain technology – smart tokens.

Before joining Smart Token Labs, Sweezey played a vital role in Salesforce’s acquisition of marketing technology firm Pardot. He became a prominent thought leader at Salesforce, exploring new technological possibilities and leading research and education initiatives. Now, Sweezey aims to bring Ethereum-based smart tokens to the forefront of the Web3 ecosystem.

Unlocking the Potential of Smart Tokens

Smart tokens, represented by the ERC-5169 token standard, combine the functionalities of NFTs and smart contracts. While NFTs primarily represent ownership of digital assets like art, smart tokens can be used to perform specific tasks autonomously or on behalf of users. This dynamic functionality opens up a wide array of possibilities across various industries.

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The NFT boom in 2021 served as Sweezey’s entry point into Web3 and ignited his fascination with digital ownership. However, during his time at Salesforce, he observed that many companies struggled to find long-term utility for NFTs. Unlike smart tokens, NFTs rely heavily on the creator’s determination of their broader value after minting.

Enhancing NFTs through Smart Contract Functionality

By infusing smart contract functionality, smart tokens enhance NFTs, transforming them from static collectibles to active tools within the decentralized ecosystem. For instance, in the realm of blockchain gaming, a smart token can serve as a character programmed to complete quests independently.

In Sweezey’s pursuit of smart token knowledge, he discovered Smart Token Labs, a company specializing in tokenizing loyalty and membership experiences. Notably, Smart Token Labs collaborated with Karma Automotive to tokenize car ownership, providing holders with services such as car registration, insurance, and club membership on the blockchain.

Capitalizing on his new role at Smart Token Labs, Sweezey aims to emphasize how smart tokens can overcome technical entry barriers in Web3. Unlike traditional crypto wallets, smart tokens can live on or off-chain in various platforms such as Apple Wallet or email addresses. This accessibility facilitates the onboarding of new users, eliminating the need for complex setup procedures.

Unlocking Limitless Possibilities

The concept of smart tokens as frictionless applications backed by the power of Web3 technology has deeply resonated with Sweezey. This breakthrough has paved the way for a new era where tokens act as applications, enhancing user experiences and expanding business efficiencies.

Smart Token Labs serves as a facilitator for companies looking to embrace Web3 through tokenization. Leveraging their native Smart Layer network, the company empowers businesses to create their own smart tokens and build composable, interoperable digital experiences.

Sweezey’s ultimate goal is to shift the conversation beyond NFTs and towards the exploration of digital experiences and the limitless potential of Web3. He envisions a world where these technologies drive progress and become an integral part of our digital future.

Edited by Rosie Perper.

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