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Elastos NFTs: Beyond Collectibles to Practical Applications
The emergence of Non-Fungible Tokens (NFTs) has injected fresh energy into the crypto world. Initially, projects like CryptoPunks sparked excitement by offering unique identity profile pictures for social media accounts. Bored Ape Yacht Club (BAYC) took it a step further by granting likeness rights to all its holders, distinguishing itself from earlier NFT ventures. Major sports leagues such as the NBA, MLB, NFL, and MLS embraced NFTs through platforms like NBA Top Shot and Sorare, introducing the concept to a wider audience. Corporations and institutions joined the NFT frenzy, acquiring virtual land plots in popular Metaverse projects like Decentraland and Sandbox. The involvement of celebrities, adopting NFTs as profile pictures, elevated the sector’s appeal.
The NFT world revolves around culture and identity. NFT holders actively engage with specific Twitter or Discord accounts to showcase their enthusiasm and support for their preferred projects. There is a certain status associated with being part of an NFT club, with BAYC offering exclusive access to parties and events for its holders. Other projects provide airdrops and limited-edition merchandise to their community members. Speculation also abounds that these top NFT projects could evolve into valuable intellectual property, with holders potentially benefiting from future profits.
While limited edition NFTs bring uniqueness, excitement, and appeal to individuals, the future potential of NFTs lies in its utility. It’s about finding practical applications for this technology that can truly enhance people’s lives. Elastos, a next-generation blockchain and internet protocol, is actively exploring new use cases and utilities for NFTs, aiming to enable anyone to monetize and utilize their valuable blockchain-based digital assets. Elastos NFTs are pushing the boundaries, seeking to extend beyond the realm of pure collectibles and be applicable to real-world scenarios, bringing tangible benefits to the common people.
In the Elastos ecosystem, users can stake their ELA and vote for specific validators participating in the Bonded Proof of Stake (BPoS) consensus mechanism. After users stake their ELA and vote for validators, they can mint BNFTs (BPoS NFTs) that correspond to their voting actions.
BNFTs can be seen as pledged ELA bonds that provide utility for ELA locked in the BPoS mechanism. These NFTs are based on the ERC721 standard and contain crucial information, such as the amount of staked ELA, the staking period, the start and end times of staking, and the identity key of the validator where the ELA are staked.
To mint BNFTs, users need to place a request on the Elastos Mainchain. This action locks the rewards generated from the voting included in this BNFT. This mechanism ensures that the rewards are tied to the BNFT and cannot be accessed independently. After minting, users can claim their BNFTs on the Elastos Smart Contract (ESC) chain. On the ESC chain, BNFTs can be traded on marketplaces such as Pasar, providing users with a means to leverage the value of their locked ELA. However, if users decide to burn their BNFTs on the sidechain, they gain the ability to withdraw both the staked ELA and the rewards associated with the particular BNFT. Burning the BNFT effectively releases the ELA and the corresponding rewards back to the user.
The use case of BNFT is to provide liquidity for ELA that’s locked in BPoS on the Elastos platform. It enables users who have locked their ELA to mint BNFTs, which can then be sold or transferred. This gives them a way to convert their locked ELA into cash in emergency situations. This innovative mechanism encourages active participation and engagement in BPoS. Overall, BNFT enhances liquidity and flexibility for ELA holders within the BPoS ecosystem. The introduction of the BNFT feature is expected to go live in Q3 of 2023.
Feeds revolutionizes the concept of social media accounts by integrating them with NFTs, making them easily tradable in a peer-to-peer manner. When a user creates a channel on Feeds, it instantaneously transforms into a unique NFT. These NFT-based channels are showcased in the “Collections” section of the Pasar NFT Marketplace, creating an environment for users to discover, trade, and monetize their digital presence.
In traditional Web2 social media platforms, offline sales of popular accounts take place, indicating a demand for transferring the ownership of established online personas. Feeds addresses this need by providing a decentralized marketplace that seamlessly facilitates the buying and selling of social media accounts.
At present, the transactions of Feeds channels as NFTs are hampered by the association of decentralized identifiers (DIDs) with the original channel user. As the DIDs cannot be transferred, the transfer of NFT ownership poses a challenge. However, the diligent Feeds team is actively working on implementing customizable DIDs, which will enable users to transact channels with one another. Once DIDs become transferable, the possibilities for users to trade and transfer their channels as NFTs will be fully realized.
This groundbreaking functionality empowers users to build popular social media accounts on Feeds and subsequently sell them to interested parties through a seamless peer-to-peer transaction process. The integration of NFTs with social media accounts on Feeds revolutionizes the way digital personas are valued, bought, and sold, offering a decentralized and secure marketplace for users to engage in these transactions.
Elacity DRM NFTs
The integration of Digital Rights Management (DRM) with NFTs in the Elacity marketplace built on Elastos holds the potential to revolutionize the NFT sector. By combining DRM with NFTs, Elacity introduces a unique utility that addresses some of the key challenges faced by creators and buyers in the digital content space.
One significant benefit of this integration is enhanced content protection and ownership rights. DRM technology empowers content creators to safeguard their intellectual property and retain rights over their digital assets. With DRM-integrated NFTs, Elacity provides a comprehensive solution that safeguards creators’ content against unauthorized use and distribution. The watermarking capabilities of DRM assure consistent identification and tracking of content, thereby simplifying copyright enforcement.
Furthermore, the integration of DRM bolsters the authenticity verification process of NFTs, assuring buyers that the digital asset they are purchasing is both legitimate and original. This verification mechanism can foster trust and confidence in the NFT market, attracting collectors and investors alike.
DRM integration also grants creators granular control over the distribution and monetization of their digital content. They can establish specific rules and conditions for the usage of their NFTs, such as limited access, reselling options, or exclusive rewards for token holders. This control empowers creators to dictate the terms of ownership and ensures their content is used according to their stipulated guidelines, cultivating a fair and sustainable ecosystem for content monetization.
In addition, DRM-powered NFTs streamline rights management by automating the enforcement of rights and facilitating transparent revenue sharing among stakeholders. Blockchain technology underpinning NFTs ensures immutable and auditable records, enabling seamless revenue payouts and reducing administrative overhead.
Compliance with legal requirements is crucial in the digital content space, and Elacity’s DRM integration helps content creators and buyers navigate these regulations. The platform provides tools for compliance, such as content licensing and rights management features. By aligning with legal frameworks, Elacity contributes to the long-term sustainability and legitimacy of the NFT sector.
Furthermore, the integration of DRM with NFTs expands the use cases and market potential of NFTs beyond the art and collectibles domain. With enhanced content protection and ownership rights, NFTs can be utilized for a wide range of digital assets, including audio, images, 3D models, eBooks, and more. Elacity’s commitment to expanding its offerings to various asset types paves the way for a broader market adoption of DRM-powered NFTs.
CreDA Credit NFT
CreDA’s credit NFTs (cNFTs) introduce a revolutionary approach to credit scoring solutions on the blockchain. These cNFTs will incorporate decentralized identity (DID) and various functionalities to transform the credit assessment and lending process. Here’s a detailed explanation of CreDA’s credit NFTs and their capabilities:
Data-Driven Credit Assessment: Each cNFT will associated with a decentralized identity (DID) and encapsulates essential data such as asset status across linked wallet addresses. Information on transaction history and current status on DeFi protocols provides a comprehensive view of the user’s financial activities. This data-driven approach ensures an accurate and transparent credit assessment.
Credit Rating Calculation: The CreDA Credit Oracle calculates the credit rating of a cNFT holder. It considers factors such as asset status, transaction history, and engagement with DeFi protocols to determine the user’s creditworthiness and financial reputation.
CREDA Token Integration: Users can mint CREDA tokens onto their cNFTs, which serve multiple functions. These tokens facilitate cNFT upgrades when specific credit rating thresholds are met. Upgrading a cNFT unlocks additional rights and privileges, thereby improving access to more favorable terms from DeFi protocols.
CreDA’s credit NFTs redefine credit scoring by integrating decentralized identity, data-driven credit assessment, interoperability with DeFi protocols, and upgradability. These cNFTs foster transparency, efficiency, and opportunities, transforming traditional credit systems and empowering individuals in the decentralized finance landscape.
In conclusion, the emergence of NFTs has injected energy into the crypto world, but their true potential lies in practical applications and utilities. Projects like Feeds, Elacity, and CreDA are at the forefront of exploring new frontiers in the NFT space.
Elastos introduces BNFTs, allowing users to stake their ELA and mint BNFTs, enabling them to trade and leverage the value of their locked ELA. Feeds integrates NFTs with social media, creating a decentralized marketplace for trading and monetizing user accounts. Elacity combines DRM with NFTs, enhancing content protection, ownership rights, and control over distribution.
CreDA revolutionizes credit scoring with credit NFTs, incorporating decentralized identity and data-driven credit assessment. These projects showcase the ongoing innovation and exploration in the NFT space, empowering individuals and extending the value and benefits of NFTs beyond collectibles.