Mathew Sweezey, the former co-founder of the Salesforce Web3 Studio, is joining tokenization company Smart Token Labs as Chief Strategy Officer. His goal is to bring Ethereum-based smart tokens to the greater Web3 ecosystem. Sweezey previously led research and education initiatives at Salesforce, and was a partner at the company’s Futures LAB think tank.
Smart tokens, also known as the ERC-5169 token standard, are digital assets that combine the functionality of non-fungible tokens (NFTs) and smart contracts. Unlike NFTs, which commonly use ERC-721 and ERC-1155 token standards and can represent ownership of a digital asset, smart tokens can be used to carry out predetermined tasks, such as interacting with other wallets autonomously or transacting on a user’s behalf.
Sweezey told journalists that the NFT boom in 2021 sparked his interest in empowering digital ownership. He noted that many firms were struggling to find long-term utility for NFTs. 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.
Sweezey found Smart Token Labs, which helps businesses tokenize loyalty and membership experiences. Smart Token Labs previously partnered with electric vehicle company Karma Automotive to tokenize car ownership. In his new role at Smart Token Labs, Sweezey hopes to highlight how smart tokens can help onboard more users to Web3 by removing the technical barriers to entry.
Once I saw the ability for a token to become an application, that’s when my mind was blown, said Sweezey. Smart Token Labs uses its native Smart Layer network to help businesses build their own smart tokens and create composable, or interoperable, digital experiences.
What I really hope to do is be able to help people understand how we use these types of technologies to create better experiences and better business efficiencies, said Sweezey. I can help us really move the world forward and past the current conversation about NFTs to a new conversation about just what is possible through digital experiences, and the concepts of Web3 will fade into the background.