NFTs
Non-fungible Tokens (NFTs) represent a revolutionary approach to digital ownership and authenticity, powered by blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum's native currency, Ether, which are fungible, meaning each unit is the same as every other unit, NFTs are unique. Each NFT has distinct characteristics and metadata that distinguish one NFT from another. This uniqueness opens up a myriad of applications beyond simple transactions.
Main Token Standards
The Ethereum blockchain, the predominant platform for NFT development, has introduced several standards for the creation and issuance of NFTs, with ERC-721 and ERC-1155 being the most notable.
ERC-721
The ERC-721 standard is the first widespread specification for creating NFTs. It allows for the creation of tokens that are truly unique, with each token having a separate identifier and metadata that can link to an external resource (e.g., an image, video, or audio file). This standard laid the groundwork for the digital collectibles market.
ERC-1155
Building on the concept of NFTs, the ERC-1155 standard introduces a more flexible approach. It allows for both fungible and non-fungible tokens to be represented within a single contract. This multi-token standard enables a single contract to mint multiple types of tokens, which can represent anything from in-game items to digital art and more. It offers efficiency improvements in transactions and the ability to bundle several types of items into a single transfer.
The Expanding Universe of NFTs
While digital art and collectibles have been the most publicized use cases for NFTs, their potential applications span far wider:
Supply Chain and Provenance
NFTs can track and verify the provenance of products throughout the supply chain. From luxury goods to organic produce, NFTs ensure authenticity, combat counterfeiting, and enhance consumer trust.
Identity and Credentials
Tokenizing identity and credentials can revolutionize how personal data is stored, shared, and verified. NFTs can represent individuals' identities, educational achievements, and professional certifications, making them easily verifiable in a secure, tamper-proof manner.
Real Estate and Asset Tokenization
The tokenization of physical assets, including real estate, through NFTs can streamline buying, selling, and transferring ownership. It introduces liquidity to traditionally illiquid markets and simplifies complex transactions.
Gaming and Virtual Worlds
NFTs are transforming the gaming industry by enabling true ownership of in-game assets, such as skins, characters, and virtual land. Players can buy, sell, or trade their assets across games and platforms, potentially earning real-world value for their virtual achievements.
Intellectual Property and Licensing
NFTs offer a novel way to manage and monetize intellectual property. Creators can tokenize their work—whether it's music, literature, or patents—allowing for transparent and efficient licensing, royalty distributions, and resale markets.
Wireshape Nectaverse Epic Key V2 NFT
Created using 3D scanned nectarines by Wireshape, this special NFT entitles its owners to receive $WIRE tokens on TGE in proportion to the number of NFTs owned.
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Contract Address: 0x65682f1b17b3038132362fa1f59ddd9faa654774
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Token ID: 1
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Token Standard: ERC-1155
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Blockchain: Polygon
Nectaverse Epic Key dApp
On Nectaverse Epic Key dApp the V2 NFT owner can verify how much $WIRE they will be entitled to receive on TGE: https://nectaverse.wireshape.com/
Nectaverse Epic Key NFT Update
At May 10, 2022 the Nectaverse Epic Key NFT has received a major update. The V1 owner could easily update/mint the Nectaverse Epic Key V2 NFT.