An Introduction to Decentralized NFT Catalogs

After last year's hype about non-fungible tokens, people speculated about their potential. This created a bubble of unfounded expectations.

An introduction to NFTs/decentralized catalogs> Expert grip <p>Over the past year, venture capitalists have invested over $4.6 billion in non-fungible token (NFT) related infrastructure and projects. This infrastructure now needs users. They will come when people understand that they can apply these NFTs not only for speculative purposes, but also to design and structure their day-to-day activities. For these, they don't need NFTs - they have to sort out their lives. And decentralized catalogs are here to help them do that.</p> <p>We can think of an NFT as a book that someone owns, and that ownership is recorded on the blockchain. But what we're really missing is the library.</p> Not just a flower, but a garden <p>Several NFTs constituting a collection form a system. This system is structured by the standards it uses. If you've ever visited CryptoKitties, you've probably noticed the museum categorization of Kitties and their attributes in their
A Catalog of CryptoKitties< /figure>

However, each item in the collection means nothing without the collection itself. You cannot remove a CryptoKitty from the original smart contract. You can copy the image or create a split version of it, but you will not be able to transfer its value if the derivative version of your CryptoKitty is not linked to the original collection. This means that the value of each NFT is not determined by a standalone element of the collection but by the collection itself.

Put simply, if we take a step back from each item in almost any NFT collection, we will discover that the real value is not in a single NFT itself, but in a perfect system of many NFTs linked together by a contract chip. By doing this, we stop looking at a single flower and realize that we are in a well-designed garden.

Related:

  Crypto   Oct 31, 2022   0   64  Add to Reading List
An Introduction to Decentralized NFT Catalogs

After last year's hype about non-fungible tokens, people speculated about their potential. This created a bubble of unfounded expectations.

An introduction to NFTs/decentralized catalogs> Expert grip <p>Over the past year, venture capitalists have invested over $4.6 billion in non-fungible token (NFT) related infrastructure and projects. This infrastructure now needs users. They will come when people understand that they can apply these NFTs not only for speculative purposes, but also to design and structure their day-to-day activities. For these, they don't need NFTs - they have to sort out their lives. And decentralized catalogs are here to help them do that.</p> <p>We can think of an NFT as a book that someone owns, and that ownership is recorded on the blockchain. But what we're really missing is the library.</p> Not just a flower, but a garden <p>Several NFTs constituting a collection form a system. This system is structured by the standards it uses. If you've ever visited CryptoKitties, you've probably noticed the museum categorization of Kitties and their attributes in their
A Catalog of CryptoKitties< /figure>

However, each item in the collection means nothing without the collection itself. You cannot remove a CryptoKitty from the original smart contract. You can copy the image or create a split version of it, but you will not be able to transfer its value if the derivative version of your CryptoKitty is not linked to the original collection. This means that the value of each NFT is not determined by a standalone element of the collection but by the collection itself.

Put simply, if we take a step back from each item in almost any NFT collection, we will discover that the real value is not in a single NFT itself, but in a perfect system of many NFTs linked together by a contract chip. By doing this, we stop looking at a single flower and realize that we are in a well-designed garden.

Related:

What's Your Reaction?

like

dislike

love

funny

angry

sad

wow