NFTs (non-fungible tokens) inaugurate the next stage in asset ownership characterised by transparency and decentralisation. Furthermore, NFTs have grown extremely popular in the last couple of years, and tokens are selling for astronomical amounts.
Moreover, two defining attributes of traditional NFTs are their uniqueness and the inability to replicate/forge these digital assets.
However, the one-of-a-kind exclusivity of these tokens somewhat limits an NFT holder’s possibilities. This has led to innovation within the NFT space and resulted in two exciting concepts: dynamic NFTs and A-NFTs.
All QUASA dApps are cross-chain by default. Building on QUASA NFT ensures that your NFT is future-proof.
Even if new blockchains are invented, your QUASA NFT decentralised application will instantly certify NFT from any chain and make it active.
In this article, we’ll direct our attention to the latter and answer the question, “what are active NFTs?”.
The simplest explanation for active NFTs is that they are non-fungible tokens with their entire life cycle added to them. However, if you’d like to learn more about A-NFTs, follow along as we’ll dive deeper into the intricacies of active NFTs.
What are Active NFTs?
With the increased attention towards NFTs, we have further seen token prices surge exponentially. On occasion, NFTs representing artwork have sold for millions and millions of dollars.
Moreover, avatars from famous collections such as Bored Ape Yacht Club are becoming relatively pricey. This increase in demand and price escalation makes it prohibitively expensive to purchase NFTs.
High price tags, among other things, are due to high transaction costs for commissions in networks and create significant barriers to the market, as not everyone can afford to acquire NFTs.
One way to address this issue is through a certification process where active NFTs enter the scene.
So, what are Active NFTs?
Active NFTs are non-fungible tokens certified on the blockchain, which contain all events, information, changes and additions, that is, the NFT life cycle. However, what exactly does this mean?
This essentially means taking an NFT and certifying the entire life cycle of a non-fungible token on the blockchain.
The certification process is done using smart contracts. The contract records events, history, and information with the original NFT and issues a certificate for signers to certify.
It is later possible to trade the fungible tokens representing the full lifecycle of an active NFT on an exchange or market.
To summarize, this basically suggests that an active NFT is a token that has additional information added and a certificate issued by the community or the author that allows the NFT to be associated with a physical asset allowing multiple different people to claim ownership of parts of the same NFT. In addition, all issued certificates can be verified by experts or the community even after they have been created.
Now that we’ve answered the question “what are active NFTs?”, let’s take a look at how the certification process work.
How Do Active NFTs Work?
In its bare-bone state, an NFT is a token that implements a particular standard. Two examples are Ethereum’s ERC-721 and BNB Chain’s BEP-721 standards, and both are used to regulate NFTs on the various networks.
Before the certification process, NFT tokens must be imported from a marketplace such as OpenSea, Rarible.
The QUASA NFT application today allows you to import NFT tokens made on the Ethereum or Solana blockchains from five marketplaces.
Once the original NFT is imported from the marketplace, the smart contract links the original NFT to a certificate of compliance on the blockchain.
Smart contracts are programs on a blockchain that can automatically execute functions when someone fulfils the predetermined conditions.
Each QUASA NFT smart contract is unique:
contains metadata and hashes of issued certificates and events;
tied to NFT and can be read from marketplaces or metaverses...