The evolution of NFTs. Next Generation NFT 2.0
The capitalization of the entire NFT market in 2019–2020 amounted to several million dollars. In 2022, it amounted to more than 15 billion dollars.
The ETHEREUM blockchain is a leader in bringing liquidity to the NFT market, but is no longer able to meet the growing community requests for NFT functionality.
ETHEREUM has been talking about switching to PoS (Proof of Stake) since 2016, but still has not done so by June 2022. In addition to the limited functionality of using NFT, the disadvantages are high transaction fees and low speed.
When the hype and foam subsides, the bubbles deflate, then the most promising technologies will remain, which will be applied in conjunction with the real demands of users and the market.
At the moment, POLKADOT is the most technically complex, but the most promising next-generation blockchain in terms of capabilities.
POLKADOT/KUSAMA is updated weekly. The code improves, usability increases, errors are cut out. This work is ongoing.
This blockchain allows the use of more complex NFTs.
NFTs on ETHEREUM do not allow multi-resource, composite and evolving NFTs, but these qualities are already in demand by the market. What solution is currently being used by the creators of collections on ETHEREUM? Burning. The old NFT is destroyed and a new one appears in its place. It’s the same as if you went to your car dealer to have your winter tires replaced with summer tires, and the dealer completely destroyed your old car with winter tires and instead gave you a new one with summer tires.
BAYC = MAYC
What about evolving NFTs on POLKADOT?
The owner of an NFT can record all his experience in the process of ownership. Whether it’s gameplay or any other activity. This can be completing tasks, changing reputation / rating, etc.
Multi-resource allows you to add additional JPEG pictures, videos to an existing token.
The RMRK team is working on these innovations, and all their progress can be applied in the POLKADOT/KUSAMA ecosystem.
What does compound NFT mean?
When one NFT can own another NFT or several other NFTs. At the same time, not only the value characteristics change, but also the functionality of the original NFT.
This is often used in games. When the characteristics of the hero depend on the items he owns.
Kanaria RMRK 2.0
All technologies created in ETHEREUM are compatible and fit easily in POLKADOT/KUSAMA, but complex technologies created in POLKADOT/KUSAMA are not available in ETHEREUM. It’s like the compatibility of the new and old software version. Typically, the new format is only available in new software versions, while the old format is used in both new and old versions.
Thus, in the near future (after creating bridges between ETHEREUM and POLKADOT ecosystems), NFT collections created in ETHEREUM will be able to easily migrate to more advanced blockchains and acquire new qualities.
The blockchain in the POLKADOT ecosystem created for minting NFT collections, as well as for creating NFT marketplaces, is called UNIQUE NETWORK.
The main category where the creators expect the application of UNIQUE NETWORK technologies is the gaming industry.
This allows gaming platforms to create a game economy where all processes are transparent and game items belong to the player, as well as all their progress and unique experience.
This is a tool that will allow game developers, without diving deep into blockchain development, to use the benefits of WEB 3.0 for their game projects.
Now teams are trying to create games on the blockchain, but this makes the process very complicated. Using the NOCODE boxed solution, the team can focus on building the game and engaging the community, and the UNIQUE NETWORK team will handle the rest.
The path that UNIQUE NETWORK offers developers is to create games and attract users, and when the game is already gaining demand, then use UNIQUE NETWORK solutions to implement the NFT economy.
What other solutions have been developed and implemented in UNIQUE NETWORK?
RFT — RE-FUNGIBLE TOKEN. How it works?
This is the ability to share ownership of the NFT, by providing the ability to split the NFT into parts when it is created. So at the time of minting the collection, the creator has the opportunity to set this parameter. For example, division into 10 parts or 100. This feature is relevant when creating obviously expensive NFTs like real estate or luxury items (for example, paintings).
https://unique.network/blog/re-fungible-nfts/
Payment of commissions for transactions at the expense of the creators.
This solution is suitable for developers who do not want to bother their community with signing transactions on the blockchain. Yes, this is possible. In this case, all processes of interaction with the blockchain can be hidden under the hood and implemented at the expense of the team.
NFT rental and staking
The lease will allow players to access games with a limited number of participants, while the owner continues to be the owner of the asset.
Staking can increase the rating of the project in the UNIQUE NETWORK by blocking your funds in the blockchain while increasing the trust of the community.
So what has been done now? And what’s ahead?
Tool kits have been created for creating your own NFT marketplace, minting NFT collections, a wallet (including those with the ability to pay for VISA/MASTERCARD).
In the process of creating a bridge between POLKADOT/KUSAMA and ETHEREUM.
All developments of RMRK and UNIQUE NETWORK are 90% compatible.
Work is underway on nesting and integration with the MOONBEAM project.
Follow the projects UNIQUE, RMRK, EFINITY, CENTRIFUGE, BITCOUNTRY to keep abreast of the latest developments in the NFT category.
