May 27, 2020
While there are already tens of thousands of tokens created using blockchain, and thousands of them actively used (or traded), Non-Fungible Tokens are still in their infancy. We believe this will change, and that NFTs will become a dominant form of representing assets in the digital form, simply because if we look around us, “Fungible tokens are odds one out” (quote from Opeansea NFT Bible). Obvious use cases we see are:
While Ethereum network is still favored by NFT creators, other blockchains are getting traction, too. Tron, EOS, Steem are all seeing interesting games using them. Very soon we will get a lot of good implementations that are stuck in their ecosystem. Interoperability is in its very early phases, with Cosmos releasing its NFT module with very limited capabilities.
For the above-mentioned use cases to become reality, Web3.0 is required. Powerful, interoperable, scalable and with very flexible economic models. Ethereum will not be the NFT platform on the global scale because of its rigid economic system – each transaction requires gas fees, and we cannot imagine this approach being deployed on a massive scale. While its community is very creative in building workarounds for its limitations (we have created a gas stipend solution for one of our clients, for example), it is still just a workaround, and not a solution.
These are reasons we decided to create NFT infrastructure and chain using Substrate, to be deployed on Kusama and then Polkadot. The components we’re building and/or are needed in the future are:
There are certainly a number of other solutions that will be built with NFTs, and we are looking forward to ideas or requests from the community on that.
Obviously, we don’t plan to do all this ourselves. We are looking for partners to execute this vision jointly and bring this grand opportunity to reality. Until then, look for NFT Chain going live in the Summer 2020.