NFTs on Solana

NFT Overview

NFTs are currently taking the digital art and collectibles world by storm.

Digital artists are seeing their lives change thanks to huge sales to a new crypto-audience. And celebrities are joining in as they spot a new opportunity to connect with fans. But digital art is only one way to use NFTs. Really they can be used to represent ownership of any unique asset, like a deed for an item in the digital or physical realm.

Osiris Team really wants to spread this to everyone so that they realize the importance of exclusive releases in the digital age.

What’s an NFT?

NFTs are tokens that we can use to represent ownership of unique items. They let us tokenise things like art, collectibles, even real estate. They can only have one official owner at a time and they’re secured by the Ethereum blockchain — no one can modify the record of ownership or copy/paste a new NFT into existence.

NFT stands for non-fungible token. Non-fungible is an economic term that you could use to describe things like your furniture, a song file, or your computer. These things are not interchangeable for other items because they have unique properties.

Fungible items, on the other hand, can be exchanged because their value defines them rather than their unique properties. For example, ETH or dollars are fungible because 1 ETH / $1 USD is exchangeable for another 1 ETH / $1 USD.

Video explained: https://youtu.be/Xdkkux6OxfM

The internet of assets

NFTs and Ethereum solve some of the problems that exist in the internet today. As everything becomes more digital, there’s a need to replicate the properties of physical items like scarcity, uniqueness, and proof of ownership. Not to mention that digital items often only work in the context of their product. For example you can’t re-sell an iTunes mp3 you’ve purchased, or you can’t exchange one company’s loyalty points for another platform’s credit even if there’s a market for it.

Here’s how an internet of NFTs compared to the internet most of us use today looks…

How do NFTs work?

NFTs have some special properties:

• Each token minted has a unique identifier.
• They’re not directly interchangeable with other tokens 1:1. For example 1 ETH is exactly the same as another ETH. This isn’t the case with NFTs.
• Each token has an owner and this information is easily verifiable.
• They live on Ethereum and can be bought and sold on any Ethereum-based NFT market.

In other words, if you own an NFT:

• You can easily prove you own it.
• No one can manipulate it in any way.
• You can sell it, and in some cases this will earn the original creator resale royalties.
• Or, you can hold it forever, resting comfortably knowing your asset is secured by your wallet on Ethereum.

And if you create an NFT:

• You can easily prove you’re the creator.
• You determine the scarcity.
• You can earn royalties every time it’s sold.
• You can sell it on any NFT market or peer-to-peer. You’re not locked in to any platform and you don’t need anyone to intermediate

Solana and NFTs

The NFT world and the Defi world are starting to work together in a number of interesting ways

Solana makes it possible for NFTs to work for a number of reasons:

• Cheaper & Faster than Ethereum
• Transaction history and token metadata is publicly verifiable — it’s simple to prove ownership history.
• Once a transaction is confirmed, it’s nearly impossible to manipulate that data to “steal” ownership.
• Trading NFTs can happen peer-to-peer without needing platforms that can take large cuts as compensation.
• All Solana products share the same “backend”. Put another way, all Ethereum products can easily understand each other — this makes NFTs portable across products. You can buy an NFT on one product and sell it on another easily. As a creator you can list your NFTs on multiple products at the same time — every product will have the most up-to-date ownership information.
• Solana never goes down, meaning your tokens will always be available to sell.

Solana is a trusted platform for future Defi projects to develop.

All Done. In the next post, maybe we will talk a little bit about Project Osiris. See you soon.