Home Opinion What is NFT? Next hot toptic is NFT token.

What is NFT? Next hot toptic is NFT token.

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Still complaining about not being able to keep up with DeFi? Someone has started to explore the next hot NFT.

NFT has recently begun to attract more and more attention.So today, let’s take a detailed look at the recent development of NFT, to see what areas NFT has begun to play a role, and what scenarios will play light and heat in the future.

This article will mainly focus on the NFT ecology on Ethereum. The NFT ecology on other public chains currently has a magnitude gap with Ethereum in terms of popularity and scale, so let’s not talk about it.

1.What is NFT and what are the NFT protocols?

NFT – Non-FungibleToken,it has uniqueness and indivisibility.

Non-FungibleToken,simplest is BTC or eth.The ETH in your hand is essentially the same as the ETH in my hand, just like the 100 Dollars in your wallet and the 100 Dollars in my wallet (ignoring the different codes of the two money).

But, NFT is a token with its own unique and unique identification, each of which is unique and inseparable.

Just like you burst out a piece of equipment in the game, this equipment is bound to your ID at the moment it landed, with your personal information and characteristics on it, so in essence, this piece of equipment is actually a unique piece of the whole server Equipped, it means a little NFT.

NFT was first popularized by Ethereum cats in 2017. At that time, each cat corresponds to an NFT token on the chain, with its own unique ID and gene, combining a unique image and temperament, etc. At that time, the most expensive cat sold for hundreds of thousands of dollars. Therefore, people realized that NFT should make a great difference in the “uniqueness” and “scarcity” level.

The two most popular protocols of NFT are ERC721 and ERC1155.ERC721 is derived from the encryption kit and is the most familiar NFT standard. Metadata such as ID and NAME are defined in it. The protocol interface is very similar to ERC20 and it is very convenient to use.

ERC1155 is an improved version of 721 proposed by Enjin. A fatal disadvantage of ERC721 is that a contract can only issue one type of NFT asset, making it impossible for games with rich types of props to use 721. ERC1155 can issue any kind of NFT assets in a contract, and at the same time make many adjustments to the metadata settings. 1155 was also accepted by the Ethereum team as the Ethereum token standard in June last year.

2.NFT application development in the past two years

From cryptocat to God onchain

As the pioneer of ERC721 and the “first NFT application in history”, the status of CryptoKitties naturally goes without saying.

However, as a game, it really has no playability, at most satisfying the curiosity of some collectors.

And the application or game that promotes ERC721, Gods OnChain (a Hearthstone-like on-chain card game) is undoubtedly one of the best, with more than 10,000 players, the legendary card inside sold hundreds of ETH The sky-high price of, and the accumulated transaction volume is nearly 10 million US dollars.

NFT - Non-FungibleToken

Obviously the Gods Onchain collection level is higher than the crypto kitty.

Nike and European Cup tickets

Last year, Nike registered a patent to use the blockchain to verify the authenticity of sneakers. When a user buys a pair of Nike sneakers, they will receive the only digital asset (ERC-721 token) that matches the shoes, that is, they will get both shoes and Token, and then the system generates a “CryptoKick ID”, which records the information of the shoe material, series, specific model, etc., and will be stored in a cryptocurrency wallet type APP called “Digital Locker” .

nike NFT

At the beginning of this year, more than 20,000 tickets for the 2020 European Cup (because the epidemic was postponed to 2021) were sold in the form of NFT. Many people said with satisfaction that after the Internet brought e-tickets, blockchain has brought NFT tickets to the ticketing market. Do you think that there are 1 billion people in the world using digital tickets. If 5% of them are converted into blockchain NFT tickets in the next few years, does this number of users exceed the number of players in the industry?

Club collection, Binance’s third anniversary

The most recent NFT incident is probably the NFT collection (Erc721) of stars released by Juventus (football club) on the platform Sorare, and the third anniversary of Binance.

uropean Cup tickets

A few days ago, the third anniversary of Binance, Binance also released a limited edition of the third anniversary of the NFT card (ERC1155), users still need to do tasks to complete.

Binance's third anniversary NFT

As for what this card can do, it is sad that you can participate in Binance’s online virtual conference, but it has not been verified. Readers who know it, please tell me.

Encrypted artwork

For now, this is actually the largest NFT market. Many senior players say that this will be a trillion-level market in the near future.

At present, as far as I know, the most expensive encryption art has sold more than 100 eth, which is about 20,000 dollars. The artists on super are now making more than one million dollars.

In addition, Rocker NFT, an NFT lending platform, has recently emerged, which can obtain stablecoins by collateralizing NFT assets.

There are several interesting aspects of NFT encrypted artwork

For example, the picture below is a landscape map created by AI.

Some works are not created manually, but created by AI programs, and there are artists who specialize in this way and are very famous.

  • NFT encrypted artwork can be divided into layers, and different layers created by different writers can spell a work together. The copyright of each layer is independent, and the overlay method of the layers can be programmed and customized.

For example, the following one is a combination of many layers.

On the artistic value of encrypted art, this is a topic of different opinions.

But there is no doubt about the value of encrypted art itself, that is, the incomparable liquidity of traditional art.

A friend who is very proficient in art history and DeFi said that “the liquidity premium brought by NFT ART is the core of supporting its value as an “asset”.

3.Two Ace Projects

When it comes to NFT’s blockchain projects, the two leading players must be mentioned.

Mana(Decentraland)

Regarding Mana, I believe that the old players are no strangers. The readers who were the first to speculate on the land in Mana have basically earned many times.The impression is like a “virtual life” on the chain, giving people imagination.

Recently, the opening of Dragon City in Mana was considered a grand event, and it was all NFT items.

NFT,Mana


Regarding Mana, a foreigner described it like this: “After 10 years, the 2D Internet will no longer exist. Our browser should be the VR virtual world. The text, images, advertisements, social networking, etc. should all be presented in 3D. We, and Mana undoubtedly made a good start.”

In addition, the official announcement was made on July 21. Decentraland has reached a cooperation with the Samsung blockchain team, and the two parties will cooperate in the field of NFT.

Enjin

Enjin initially wanted to build an on-chain game development platform.They hope to help traditional game developers to cast assets directly on Ethereum in a more lightweight way and interact with the game.

This is still Enjin’s current main business direction-a multiverse with multiple games, interoperable assets, and a rich product matrix.There are Enjin wallets for viewing game items anytime and anywhere, EnjinX blockchain browser for easy access to transaction data, Enjin SDK for developers to put game items on the chain, and a decentralized game asset trading platform that prevents middlemen from making price differences.

However, as ERC1155 is officially included in the token standard by Ethereum, we can clearly feel that the team’s ambitions do not stop there.In addition to the game items on the Enjin platform, the Binance 3rd Anniversary NFT mentioned above was issued through Enj. It feels that it is becoming an integrated platform that integrates agreements, transactions, and issuance.By then, becoming the Chainlink of the blockchain NFT community is probably the real ambition of the team. All of this is estimated to depend on the acceptance and popularity of ERC1155.

4. Future direction

It should be said that although NFT has developed well in recent years, it is still far from exerting its due strength, which is limited by the development of blockchain.

Combine with traditional games

The playability of various games in the multiverse of Enjin games can not be compared with the traditional Internet games at this stage, which is not at the same level.

What would happen if the blockchain could be used as the currency and the bottom layer of props for traditional games?

Imagine that you drop gold coins in World of Warcraft or Diablo. It is a blockchain token with a constant total amount, similar to Bitcoin.The acquired equipment has NFT features and can be directly traded into BTC, ETH or USDT on the auction house. What kind of scenario would that be?

That is an exciting thing to think about. However, there are not only technology, but also various constraints such as benefits. While maintaining the playability of traditional games, the introduction of blockchain and NFT must not be It happened overnight.

NFT token of assets

When it comes to tokenization of assets, the first thing we think of may be STO, which means assets are on the chain.

If you have a house that you want to chain, you must use NFT to identify you as the owner of the house.

The NFT issuance of European Cup tickets is essentially the result of the tokenization of assets, but the assets here are tickets.

And when the blockchain develops to a certain stage of maturity, what really makes the NFT shine is not the assets on the chain, but the assets off the chain.Chatting with several friends, we enjoyed such a scene:

  • Use BTC or USDT to buy a house NFT;
  • Design and decorate with Mana;
  • Legally own property rights through STO.

The core requirement of this scenario is that the registration and sale of houses are issued on the chain through NFT Token from the beginning, and then through the STO gateway, your NFT Token is projected, transformed, and confirmed.

Instead of what everyone understands now, there is a set of real estate offline, tokenize it, and then put it on the chain.

It is believed that NFT will be everywhere in this era of blockchain.How much do you know about NFT and how do you see its future development?

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