How NFTs Create Value?
A recap of an informative Twitter Space Conversation held by NFT Labs with industry insights from comprehensive coverage in NFT eco-system.
NFT Labs, Venus
Hi, This is Venus from NFT Labs. Welcome all of you to join us. NFT Labs is all about bringing the audience the most signiﬁcant and trendiest news from the booming industry of non-fungible tokens. As we witnessed the peak of NFT’s value in a CryptoPunk or a land on Sandbox, the booming tradings of artistic NFTs brought the blockchain technology to the world. But what else are we using it for? NFT Labs are inviting our honored guests and speakers today. I will give my mic to our host Dan who is an NFT enthusiast and pro player. His insights and passion will lead us through today’s conversation.
On behalf of NFT Labs and NFTGO, Venus and I would like to thank everyone here for joining us in the pre-metaverse. This is our very first edition of NFT Labs’ twitter space event of which we hope to bring new, exciting projects in the NFT community under one space to share what they are doing.
NFT Labs for those unaware is a media platform focused on the NFT and blockchain technology. NFTGO is a related project under the same parent company, and we focus on providing the best possible analytics platform for all things NFT related. Please visit nftgo.io to learn more.
The stars of this event are our esteemed guests. The topic will cover from How an NFT’s created through a contract to its usage in Metaverse. Let me briefly introduce them but I hope they could also spend some educating us about themselves on their NFT companies or projects. They are Qazal researcher for NFTGO, Yunfeng Cong, CEO of Isekai Metaverse, Melo, the Community Manager of TokenPocket, Danni, CMO of Async.art, and last but not least, Zach Stonk, CEO of MetaV.
Qazal, NFTGO Research
Topic: Qazal will illuminate us on ERC-721, the universally accepted standard for NFT smart contract creation.
Hello everyone, I’m Qazal, I’m a researcher at NFTGO and I work more on the technical side of NFTs. So glad to be with all of you today.
I know most of you guys are NFT enthusiasts. But has it ever crossed your mind what exactly are NFTs and why do people care so much about these JPPEGs?
I wanna talk about how NFTs are created on the blockchain and what’s their underlying technology behind it.
Let’s zoom out one second and think of what Ethereum is doing. Ethereum hosts things called smart contracts, we say the contracts are smart because there’s no need for a lawyer of some sort to review it or two parties to trust each other. It’s trust-less and autonomous code that does exactly what it says and not only does it power De-fi but also NFTs. Nfts are special smart contracts on the blockchain that follow a standard you might have heard of called ERC721. We just had a conversation with the lead author of the standard, definitely check it out whenever it comes out.
So NFTs follow this standard and that makes them unique tokens on the blockchain that can have many functions. When you by an NFT, the blockchain stores your address as the owner of the NFT. You address is stamped on that NFT and it is immutable just like any data on the blockchain. You can transfer the NFT, burn it or approve someone else to do something with the NFT on your behalf.
There’s not much going on in the main parts of the contract other than these functions. This is the skeleton of an NFT and it’s very important for you to understand that as an NFT holder.
You might now ask well where does the images and the blue eyes and all that come from?
There’s an optional thing in the contract that most of the NFTs we know of have.
It’s not required but for art, well, we need a picture of it before we buy it right?
So there’s this concept called metadata and it’s where all the images and attributes of an NFT are stored. It’s super important for you as an NFT holder to know that this metadata is immutable. There are consequences of the metadata not being immutable. For example, your NFT’s image can vanish and that would destroy its value. That’s a harsh truth but it’s crucial to stay safe
Lastly, I’ll just end with good news: NFTGO has a tag that tells you if an NFT’s image is immutable or not for every NFT. And if that’s something you’re interested in diving more deeply into it, I wrote an article about it on NFTGO’s medium.
Yunfeng Cong, CEO of Isekai Metaverse
Topic: He will graciously talk about his experiences trading in the booming NFT market.
How NFTs have been trade and booming in the market?
- How to trade NFTs?
You can purchase NFTs on a number of NFT marketplaces, such as opensea, Rarible, Mintable, SuperRare, Nifty Gateway, these are often referred to as “secondary marketplaces” because they are sold on these marketplace after originating elsewhere, usually people can mint directly from a contract and then put them on secondary marketplace.
2. How NFT has been booming? There could be a few reasons which contributed to the booming of NFTs this year.
Bitcoin prices started rising at the beginning of 2021 and it sent a hype across the entire crypto market. Cryptocurrency has practically gone mainstream in this year, with popular influencers, new channels and celebrities promoting the next generation of technology.
NFT space witnessed the emergence of innovative and unique characters and avatars, such as Cool Cats or Bored Apes, which helped construct online communities that gave people a compelling sense of purpose and enough reason to buy and use these NFTs.
Gradually decentralized marketplaces such as OpenSea and Rarible started attracting a lot of attention as they were providing a lot of convenient ways for artists and creators to mint, view, share and collect their own NFTs.
In addition to that , the applicability of DeFi helped in enhancing the way they used NFTs and gradually artists and content creators began earning passive income for their work. Eventually.
Melo, CM of TokenPocket
Topic: the function of an NFT wallet
Hey guys. I’m Melo from TokenPocket. Thanks NFT labs for inviting me, it’s an honor to be here, to learn some amazing views toward NFTs from you guys, and share some of my points. What I’m about to talk is about wallet, the function of NFT wallet.
Most self-custodial wallet, their position is serving as the portal of token and DApps. In NFTs domain, its position or function is still similar. There are still a few wallets on the market these days and not all of them offer the same functionalities.
- So Qazal just mentioned the ERC-721, and Mr. cong talk about How NFTs been traded. I think for a NFTs wallet, the basic function is available for you to purchase, hold, mint, sell or trade NFTs. Which means that, wallet need to support ERC-721 standard, even ERC-1155 token standard. And you will be able to connect to NFT marketplace with NFT wallet to trade your NFT. If you are heavy users of NFT trading or minting, you would prefer a wallet list NFT marketplace in their wallet DApp store, like trust wallet, TokenPocket.
- The idea of NFTs is already complicated for beginners, the second feature of NFT wallet is: easy and user friendly UI for displaying NFTs in the front-end.
- In this year we see the hype of NFTs. And in the NFTs domain, most are concerned with Ethereum. The popularity of Ethereum alongside the massive base of developers makes it the preferred platform for NFT users. Therefore, you can find the majority of wallets supporting ERC-721 standard-based tokens. However, if you want to mint, buy and sell NFTs on other networks too, then you need a wallet that offers cross-chain compatibility or at least supports the blockchain network you wish to use. Examples of other blockchains that support these tokens include Binance Smart Chain,Fantom, Solana, Polygon etc. And NFT just like FT, there is demanding on aggravated swap and cross chain swap. If a wallet supported NFT swap or cross chain swap like Poly network, that would be great.
- Education. we are still in an early period of NFTs, the great sailing period, there are opportunities, but there is also a lot of dangerous thing like scams. Or just like I mentioned, NFT concept is complicated for new users. So as wallet providers, it’s important and it’s a MUST to educate people, no matter from the point of wallet app itself, or through out its community and social news outlet
- Is NFT JPEG only？No. So I want share with you guys that TokenPocket is about to release its NFTs — Meelon. What is Meelon? The design of Meelon is inspired by the chameleon, a smart, cute, and naughty little guy. It is a 2D design that can be used as an avatar, character identity, etc. You can use the Meelon as your exclusive collection code, asset page background, and avatar in your TokenPocket. etc. All can be discovered by yourself. You can follow us this tweet on Twitter: https://twitter.com/TransitFinance/status/1467811064532246533?t=f7PXOuEEsyYVP2WlhRqY5Q&s=19, early bird would have opportunity to gain a minted spot to mint Meelonon as wallet avatar or background to make your TokenPocket with more fun.
Danni, Brand Ambassador and Lead of Asian Market, Async.Art
Topic: How can owners programme their NFT
Hi my name is Danni, Brand Ambassador and Asian Market Lead at Async Art. Today I will talk about how to create Programmable Art on Async, and where its value comes from. Async Art is a platform and marketplace for Programmable Art (Programmable NFTs). Before we get into how to create, let’s first talk about what is the difference between an NFT and a Programmable Art. An NFT can be a static image, an animated video, or a video with sound. Once you own the NFT, its visual and audio remains the same, it will not change. Programmable Art is taking the concept of NFT one step further, creating art that’s “alive”, its visuals and audio can respond to its owners, or autonomously to outside data. This results in art that’s ever changing, influenced by data or its owners. How we do this is by developing a system of Master and Layers, where the Layers contain different elements of a painting, and they stack together to make the whole visual image of the Master. Each Master and its Layers are individual NFTs, they can be owned and traded. The owner of a Layer will have the power to go into it and change the visual within the parameter set by the artist. This change immediate reflects on the Master, and anyone viewing this art anywhere in the world will be able to see the change. Async also has Programmable Music, the concept behind it is similar to Programmable Art. Async enables creators to make these powerful artworks without needing to know any codes. On Async Canvas, artists can simply use our existing templates to make Programmable Art. Programmable Art has: Provenance — a complete traceable history of the artwork, all the way to the moment of its creation; Permanence — its instruction lives on the blockchain, its image can be stored on the Cloud or any hard drive in the world, making it longer lasting than traditional art; Programmability — endless possibility to use this, for example, artist can create a painting of a tree, and program it to grow over the next hundred years; and Interactivity — artwork changes based on the owners’ decisions, and all of the changes made are documented on the blockchain as part of the artwork history. Programmable Art brings artists the ability to explore artworks that didn’t exist before; it gives collectors a much richer and deeper artwork experience; making it a more valuable type of NFT.
Zach Stonk, CEO of MetaV
Topic: How can we use NFTs for staking in the Metaverse?
MetaV comprises of bunch of sci-fi mania who did special effects in movies and games, and develop this MetaV, a metaverse with the concept that people all emigrate to in 100 years, and face some devastating threats in Year 3K. Human have to do something to confront the enemies and rebuild the home.
So as you all know, NFT is certificate of your identity and possessions in the crypto world. When combining with the defi, it could be quite interesting to play with.
Usually hare are couple of things to do when staking your NFT in the community:
- Earn token rewards from reward pool;
- Collatoral to loan and borrow;
- Voting rights;
- Breeding system, likes Axies. So players have lots of benefits to buy and stake NFT at earlier stage in good projects.
For some projects, NFT is
- A good way to attract more users with benefits
- Lock up more users and stabilize the price of the token
Take us as an example. In MetaV, things are a bit different, we are on the way to develop GameFi and metaverse. Our NFT is for community members to taste some fun of it earlier. DISCOVERER1: robot to retrieve cryptals. In reality, they are also NFTs, and could be our own official offering or that of some other ETH born projects.
So the staking system given by Discoverer1, is kinda like stake to earn NFT, meaning for each official NFT offering, the possibility to win is different for different rarity. Namely:
- Limited, 1/400 to win in each 100 drops
- Epic, 1/10 to win in each 100 drops
So basically what DS1 can do in the story echos with what it can do in reality, which is to introduce gamefi, cryptals could be use as fuels for building. Then the Discoverer1 could play important role as your companion to fuel your play
That’s how we develop the NFT staking in MetaV Universe. That’s about what I wanna share.
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