An article to understand what innovations are there in NFT in Polkadot?

Time:2022-03-02 Source: 1104 views NFT Copy share

"Polkadot Knowledge Graph" is our entry-level article for Polkadot from zero to one. We try to start from the most basic part of Polkadot to provide you with a comprehensive understanding of Polkadot. Of course, this is a huge Engineering is also full of challenges. However, we hope that through such efforts, everyone can understand Polkadot correctly, and people who do not know Polkadot can easily and quickly grasp the relevant knowledge of Polkadot. Today is the 35th issue of this column, with a detailed introduction NFTs and various NFTs in the Polkadot network.

Based on the decentralization of the blockchain, the information on the chain is open and transparent, and cannot be tampered with, NFT is a manifestation of the current stage of blockchain technology. Polkadot has also begun to actively develop its ecology and develop its market in the NFT field. This article focuses on a high-level overview of various NFT methods in NFTs and the Polkadot network.



Homogenization
NFT refers to non-fungible tokens. Homogenization means interchangeability within a group. In theory, a $20 bill is worth $20 in a store, the same as any other $20 bill. However, it is not interchangeable with $1 or $100 bills (outside of its group).

The trading cards of Charizard and Jenny Turtle in "Pokémon" are not interchangeable, while different versions of Charizard are interchangeable.

Homogenization is a range - homogenous to some, non-homogenous to others. In reality, a Pokémon exchange card is a prime example of a non-fungible asset, more homogeneous than a dollar bill, each with a unique serial number that may be important to a government agency. But these cards do not have serial numbers.

Polkadot

Additionally, in-game digital props like the "Purple Magic Sword" can be replaced with another sword of the same appearance if all the player cares about is the appearance of their character. But if another sword has a different function, and that function will affect the outcome of the adventure the player is about to embark on, then a sword that is identical in appearance is also non-homogeneous.



NFT standard
A general-purpose blockchain is not built to innately understand the concept of NFTs. It only natively perceives and optimizes its own native token, but such an implementation built on the chain is essentially a kind of "intrusion".

For example, Ethereum is a general-purpose blockchain with no concept of "tokens" (homogenization and non-homogenization) built into it. Ethereum’s tokens are essentially spreadsheets of information that are somehow interpreted and read by various user interfaces. This way of reading is called a standard.

The most widespread homogenization token standard you may have heard of is ERC20, and the most widespread NFT standard is ERC721, followed by ERC1155. The downside of having to define these standards is that they are always instructions on how to read a spreadsheet, pretending to provide information in a way that, by definition, cannot be optimized.

So even on good days when network congestion is extremely low, an interaction with an NFT on any EVM chain will cost a few dollars, but in 2021 each interaction (transfer, mint, sale) on Ethereum will average about $100 .

This prevents use cases that go beyond the current craze on Ethereum to collect digital dust-like NFTs such as profile photos (PFPs), once-see-and-discard generative art, ENS addresses, and proof-of-attendance badges, etc. .

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