After getting in touch with the concept of NFT, many investors will ask: The art works in reality can be understood, why are works in the digital world worthy? NFT is of course more suitable for art works that map the digital world. Real-world paintings are used to ensure uniqueness. POB (abbreviation of Proof of burn) has been used to burn the original work. Although this approach is extreme, it represents A sacrifice made to ensure uniqueness.
The essence of the blockchain-based NFT is to give a unique identifier to digital assets, and at the same time provide a cross-border clearing and settlement trading platform, so that digital assets can be mapped to the chain to achieve value exchange. In order to ensure the casting and transaction flow of NFT, Ethereum defines a set of protocol standards. ERC-721 and ERC-1155 are the most common NFT smart contract standards. Take ERC-721 as an example. The biggest difference from ERC-20 is that the contract only corresponds to a single token. The transfer quantity parameter is cancelled and only the entire transfer can be performed. . Compared with ERC-721, ERC-1155 can correspond to multiple NFTs in a single contract, which facilitates batch transfer and processing.
The NFT's smart contract can record project-related data on the chain. This data can be data that needs to be stored decentrally (for example, representing the attribute value of game equipment), or it can be an external link to a specific resource. Because of the on-chain capacity limitation of the blockchain, NFTs generally cannot completely upload data content on the chain, and can only record part of the key data or establish a connection with the off-chain data content through a link. Based on this feature, we can map any data content on the chain through links, making NFT an asset "entity" of data content, thereby realizing the value flow of data content. If the data content is a collection of art, then NFT can map these content to form an electronic collection with asset attributes.
On September 21, 2020, NFT Lab and R3 Blockchain Alliance reached a strategic cooperation. The two parties will jointly promote the development and construction of the NFTT platform, and jointly carry out the research, experiment, design and construction of the NFTT platform to meet the needs of the NFTT platform. Identity, privacy, security, scalability, interoperability, and legacy system integration needs.
The R3 Blockchain Alliance was established in September 2015 by the Internet financial technology company R3 CEV. It is committed to researching and discovering the application of blockchain technology in the financial industry, researching and introducing distributed ledger technology to global banks. The current alliance members include more than 60 large international financial institutions such as Morgan Stanley, Wells Fargo, Goldman Sachs, HSBC, ING (abbreviated as ING), and Citibank.
In 2017, when the first generation of NFT works, CryptoKitty, was born, the most popular CryptoKitty sold for more than US$200,000. However, as the market heat subsided, the trading volume of CryptoKitties plummeted, and many practitioners also gave NFT judgments. death penalty. However, the evolution of the industry has not stopped. As the blockchain infrastructure is becoming more complete and the digital market is becoming more prosperous, the NFT iteration speed will exceed market expectations. We believe that NFT technology will bring about changes in related fields such as digital art, and we also believe that advances in technology and mechanisms can enable NFT to better carry artistic value.
