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DNFT is a cross-chain NFT infrastructure built on the Substrate framework, providing NFT asset generation, trading, maintenance, recovery, data processing, governance and other services.
Written by: Holmes
The NFT that gives individuals ownership of assets in the digital world has been the focus of continued attention in the crypto market this year. According to CoinGecko data, the market value of NFT tokens has grown to 18.2 billion U.S. dollars at the time of publication. Although the cryptocurrency market suffered the largest correction since the start of the bull market in May, the popularity of the NFT market has quickly picked up as the price stopped falling.
At present, the Ethereum platform gathers most of the NFT projects and assets, but due to the limitations of the Ethereum network throughput performance and high miner fees, more and more NFT projects and platforms choose independent public chains such as Flow, WAX, BSC, Near, Heco, etc. , Polygon, XDai, Ronin and other Ethereum side chains and Immutable X and other Ethereum two-layer expansion solutions are deployed and operated. Among the top 20 Dappradar NFT sales rankings, 8 seats have been based on Flow, WAX, Polygon, and BSC networks. The item occupies.
As more and more NFT assets are generated on various blockchain networks, and more and more NFT projects need to be released and operated on multiple chains to obtain more users, cross-chain transactions and operations of NFTs have become a rigid demand. DNFT, a cross-chain NFT protocol based on Polkadot ecology, is a forward-looking project aimed at this trend. The project has successfully completed a million-dollar angel round of financing and held the first round of IDO on Mantra DAO.
According to Jason Liu, CEO of DNFT, the DNFT protocol has developed a cross-chain decentralized NFT protocol based on the Polkadot Substrate blockchain framework, providing NFT asset generation, trading, maintenance, recovery, data processing, governance and other foundations. service. Developers can develop various products related to the creation, transaction, analysis, derivatives, data, etc. of NFT assets based on the DNFT protocol, and are committed to becoming the infrastructure supporting NFT cross-chain in the Web 3.0 era.
Cross-chain architecture design of DNFT protocol
The reason why DNFT chose the Substrate framework for development is to provide cross-chain infrastructure services from the bottom layer for the increasingly frequent and abundant NFT assets now and in the future.
As can be seen from the DNFT protocol architecture diagram, the DNFT protocol layer includes NFT asset creation, NFT decentralized transaction/auction, NFT maintenance tax, NFT recovery mechanism, DAO governance, NFT casting mechanism, token economy, stable currency mechanism, etc. Module; its cross-chain bridge can connect Polkadot, Ethereum, BSC, Heco, OKExChain and other multi-chain ecosystems to provide cross-chain liquidity for NFT; the application layer includes NFT stores, NFT games, NFT artworks, NFT data, and NFT DeFi and other application functions.
The DNFT protocol consists of five main components: DataNFT, DataStorageWithTax, DataSwap, DAO governance, and AI-kit, which provides infrastructure services such as NFT generation, storage, transaction, transfer, and protocol governance. The AI toolkit is a unique innovative function and service of DNFT: through data ETL and data label annotation, a common data framework for personal data and AI models is created. According to Jason Liu, AI-kit allows users to upload data and AI models and make them NFTs. This is a brand new attempt. DNFT combines machine learning models and blockchain NFTs to allow data and artificial intelligence. The model can be circulated more widely, and the project also won the ninth batch of Web3 Foundation Grants by virtue of this innovation.
To support NFT cross-chain circulation, the native token of the DNFT protocol is indispensable. The protocol token DNF was originally the ERC20 version. After the mainnet is launched, there will be native DNF tokens. The DNFT agreement plans to build a cross-chain bridge to realize the two-way exchange between ERC20 DNF and native DNF. The DNFT protocol uses Polkadot’s XCMP to realize the shared security between Polkadot ecological projects and the intercommunication between parachains. In other words, the DNFT protocol helps NFT assets to achieve internal cross-chain interoperability based on the Polkadot ecology, and achieve heterogeneous cross-chain interoperability through cross-chain bridges.
Economic model of protocol token DNF
The total amount of DNF tokens issued is 100 million, of which 30% will be used to incentivize users who support it to win the Polkadot slot lease. DNF is the gas fee settlement token of the DNFT network, and it is also the governance token of DNFT DAO. Coin holders can participate in the construction of the DNFT ecosystem. In addition, DNFT also plans to run on Kusama, and its token KNF will also be airdropped to DNF holders. In addition to governance value, DNF has designed a repurchase and destruction mechanism. Part of the NFT transaction fees, storage taxes, recovery auctions, etc., will be allocated to DAO, and DNF’s token economy and value capture mechanism will also be upgraded and iterated through DAO governance. The DAO governance of the DNFT protocol is maintained through on-chain governance, oracles, storage mechanism management, recycling mechanism management, and system agreements. Due to the gas consumption and burning mechanism, DNF is a deflationary token.
DNFT products and plans
Developers can develop various NFT-related applications based on the DNFT protocol. Currently, the team has launched a protocol based on DNFT test network example, you can make people a glimpse of its assets, market, mining, IGO, games, arts and profile data such as NFT application, users can create NFT above, were related to mining NFT Activities, conduct NFT sales and purchases, participate in NFT game crowdfunding, play NFT games, participate in NFT artwork and tasks related to NFT data. Jason Liu said that the team will use 10% of the project budget to fund NFT creators, independent game developers and other IPs to enter the DNFT platform.
The core members of the DNFT project come from well-known companies such as Alibaba, SenseTime, Didi, Honeywell, and Huawei. Community contributors are located in Shanghai, Silicon Valley and Taiwan. Since its inception in the fourth quarter of last year, the project has won numerous awards in hackathons, and has successively received official grant support from the Web 3 Foundation, Heco, BSC, Filecoin, etc.
After obtaining investment from more than 10 institutions such as Won Capital, Candaq, and Water Drop Capital, the DNFT project is planned to be implemented in 4 phases: the first phase is the testing phase of the protocol core modules, and the second phase is the pre-operation phase, which will participate in the Kusama parallel Chain slot auction; the third stage is the official operation phase of the main network. It is planned to participate in the Polkadot Parachain slot auction and release the DNFT main network at the same time. At the same time, this stage also plans to launch NFT and game Grant incentive plans to encourage NFT and game projects to enter the DNFT ecosystem; the fourth stage is the Ethereum DNFT stage, which will deploy its DNFT protocol module on the Ethereum network and explore Ethereum Direct cross-chain application between Boka and Polkadot ecology.
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