1.7 KiB
What is NFT?
A non-fungible token stored on the blockchain represents a unique asset. NFTs can represent images, videos, digital art, or any piece of information. NFTs can be traded and allow transfer of ownership and copyright.
How are NFTs handled in the Blockchain world?
EIP-721 defines an interface for handling NFTs on Ethereum blockchain. The creator of the NFT can deploy a new contract on Ethereum or any Blockchain supporting NFT related interface and also, transfer the ownership through the transaction(s).
How will Ocean Protocol support the NFT market?
Ocean Protocol defines an ERC721Factory contract which will allow users to deploy ERC721 contract instances on any of the supported networks. The deployed contract can be associated with Metadata information which describes, also published on-chain. The Metadata contract will store the information about the asset, and associated access rights defined through roles.
Once the contract is deployed, it will be available on the Ocean Marketplace for trade.
Other References
- https://en.wikipedia.org/wiki/Non-fungible_token
- https://blog.oceanprotocol.com/nfts-ip-3-combining-erc721-erc20-b69ea659115e
- https://blog.oceanprotocol.com/nfts-ip-2-leveraging-erc20-fungibility-bcee162290e3
- https://blog.oceanprotocol.com/nfts-ip-1-practical-connections-of-erc721-with-intellectual-property-dc216aaf005d
- https://blog.oceanprotocol.com/on-difficult-to-explain-fungibility-sightings-in-nfts-26bc18620f70