Composable NFT: How does the ERC-998 proposed by Known Origin expand the imagination of composability?

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Creators and collectors can increase the utility of the NFT in their hands by embedding other digital assets on the token.

Original title: ” Making NFTs better with Composability ” ( Making NFTs better with Composability )
Written by: KnownOrigin
Compilation: Kxp, Rhythm BlockBeats

Editor’s note: The value discovery of DeFi starts with composability. DeFi Summer also maximizes composability. What about the composability of NFT?

A few months ago MonsterBlock is a combinable between NFT single items, Polkadot’s RMRK is custom combinable, and the “combinable NFT” just released by the NFT platform KnownOrigin is to combine ERC-721, ERC-20 and other assets The combinable space seems to have further refined the combinable imagination space.

In order to make it easier for everyone to understand the new product of KnownOrigin’s “Composable NFT”, Rhythm BlockBeats compiled the article as follows:

Today, we are honored to announce that we will release “Composable NFT” on KnownOrigin. This platform is one of the first emerging Crypto art markets with this feature.

In recent months, NFT, which has a wide range of practicality, has been a hot topic. The artist wants to increase the attractiveness of his project by publishing a roadmap, airdrops to reward early adopters and collectors, and further experiments in the field of ownership tokenization and art collection.

We are constantly moving forward and working hard to innovate: under the opportunity of combinable NFT release, we provide creators and collectors with more opportunities, so that they can use this new technology to create creations for Crypto The economy brings new ideas.

What does composability mean

Nowadays, creators and collectors can increase the utility of the NFT in their hands by embedding other digital assets on the Token, thereby conducting innovative experiments.

If you are an artist, then your artwork can become a vehicle for distributing social tokens or other ERC-20 tokens. In this way, you can add value to your work and develop a narrative around the main work. In theory, you can also set a base price for your work, which is inherently related to the underlying combined asset value.

If you are a collector, you can use the composability feature to bundle different assets together to create a customized NFT package. You can buy a Bitcoin-based artwork, embed a part of the wrapped BTC in it, and put it on the market again.

“Imagine if you have a work of art derived from your favorite collectible project, and then you embed the collectible together with the project’s native currency into it, and so on, this will lead to infinite possibilities.”

We believe that composable NFT is the best way to combine practicality, creativity, the economic primitives of web 3 Crypto in the new era, and the Token distribution model. We have always attached great importance to social tokens. The release of this function will provide us with an effective way to allocate social tokens to art collectors. Adding additional tokens to an art work can not only increase its value, but also reward potential buyers, because they can continue to add additional value to the work for the next sale after purchase.

Although the extent to which creators and collectors can make good use of this feature is not yet known, we believe that adding more innovation to art can definitely add its charm and value.

How to define composability

We have established a plan based on the ERC-998 standard, which drafts how to embed ERC-20 and ERC-721 Tokens into other assets.

Behind this, the smart contract has the ownership of any combination of Tokens, and is implementing the rule that only KnownOrigin NFT Token holders can unlock the Tokens in the contract.

Only the owner can embed more Tokens and redeem the underlying assets, while the smart contract holds the balance associated with a specific Token.

How to achieve composability

To launch this feature, we collaborated with the famous artist Brendan Dawes and the WHALE community.

This combination of artists and a governance-led community allows Brendan to further explore the concept of value through social tokens.

A work of art called The Composable will contain 100 WHALE Tokens combined in the NFT, making the final value of the work much higher than its original estimated value as an independent work.

The artwork contains a piece of audio from a 1968 expansion of Bell Telephone Laboratories, which vividly interprets the historic moment of NFT and reveals the great potential of composability.

Many well-known artists have their own (ERC-20) social tokens, such as Hackatao, Connie, Skeene, Robness, XCOPY, Mattia Cuttini, etc. However, both these artists and others who have social tokens have encountered the same problem, that is, how do they distribute these tokens to their fans or collectors?

With the combinable NFT, the artists of Known Origin can embed their own Token in the Token using their own artwork as the carrier. This means that collectors can not only buy those amazing works of art, but also “cash in” the tokens in it.

For a while, things became interesting.

Collectors can decide on their own next actions after purchasing the artwork:

  • Redeem all the tokens in it and keep the NFT.

  • Redeem the Token inside and sell the NFT as an independent work.

  • Only redeem part of the token inside.

  • Permanently hold the NFT together with the Token inside.

In addition, as a collector, you can also add more ERC-20 Tokens to your works. If you want to create your own social token, or want to increase its basic value by adding a token like WBTC, this is a good idea.

For composability features, this is just the beginning. With the continuous development of this function, users will be able to embed other NFTs or other tokens into NFT works together. We will continue to explore in this direction after carefully analyzing the initial usage of the current combinable NFT functions.

We are very much looking forward to the release of this feature this Friday, and hope that our community will love this new feature.

As always, we will continue to develop and research this new technology to provide useful and valuable tools to the NFT community.

This discussion of “whether art needs to be combined with practicality” will continue, but at the same time, we are also creating the future, bringing NFT into a new field of creativity and practicality.

Source link:www.theblockbeats.com

Disclaimer: As a blockchain information platform, the articles published on this site only represent the author’s personal views, and have nothing to do with the position of ChainNews. The information, opinions, etc. in the article are for reference only, and are not intended as or regarded as actual investment advice.

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