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What are Polkadot's NFT protocol standards?
Polkadot has been actively developing its ecology since last year. Up to now, there are more than 500 project parties in the library. Among them, there are projects such as Acala, Bifrost, and ChainX that have been cultivating for many years. They have started to focus on popular fields this year. NFT has its own development layout, and according to incomplete statistics, NFT projects on Polkadot already include Bit.Country, Unique Network, RareLink Network, NFTMart, DNFT Protocol, DEGO Finance, Gamepower, Loserchick, etc. Objectively speaking, NFT on Polkadot is in the stage of pioneering. As a result, the development of NFT protocol standards has also become more intensive. At present, there are roughly the following types.
DNFT - NFT cross-chain protocol
DNFT Protocol is a Substrate-based cross-chain decentralized NFT asset network. It is committed to creating a new generation of NFT protocols while creating a decentralized NFT and game center to provide support for Polkadot and Substrate ecological cross-chain applications. Based on big data and AI algorithms, the standard builds a tag pool for users and NFT assets, making it easier for users to find accurate NFT assets. It specifically mentions that the protocol tends to serve the applications of big data and practical NFT assets. It is worth mentioning that the protocol uses Polkadot's XCMP to achieve shared security between Polkadot ecological projects, and plans to integrate the ERC721 and ERC1155 standards to achieve a more powerful NFT function description.
RMRK - a powerful and flexible NFT standard
RMRK is the standard for developing NFT encrypted collectibles and digital art and non-fungible tokens on Kusama, although it does not yet have smart contract functionality. It uses a method similar to Bitcoin Colored Coin. Just past October 3, Polkadot founder Gavin Wood created his first NFT on the Polkadot ecological NFT trading platform singular.rmrk.app based on this native NFT standard.
It is understood that the RMRK standard endows NFT with unlimited scalability and aims to become a common NFT standard in the Polkadot and Kusama ecosystems. The protocol standard itself does not require parachains and smart contracts. It is even considered by institutional media that it will eventually surpass ERC721 and ERC1155.
Efinity—NFT product developer Enjin leads the development
Enjin, a development team that once developed ERC1155 and is now very popular, mainly aims to establish a new blockchain project specially designed for NFT. According to the official announcement, this is a thoroughly expanded, futuristic, cross-chain NFT high-speed work, which will be built as a branch chain on the Polkadot network. It is expected that the first phase of Efinity will be launched at the end of this year or early 2022. Officials have revealed that any NFT on any chain (such as Ethereum) can be transferred to Efinity at that time. The new Paratoken token standard under development will be compatible with the entire Polkadot and Kusama systems. In general, Efinity built on Polkadot can be fully customized and further enhance the NFT performance of any blockchain, which is completely different from the same sharding properties of Ethereum.
Starry Network - a functional and divisible NFT protocol
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What are the mainstream NFT protocol standards?
We are familiar with the ERC721 standard, which is also the most popular standard protocol in the NFT field. The popular CryptoKitties in 2017 was the first project to adopt ERC721. Through the differences in the encrypted cat genes displayed at that time, we saw the internal and external value of non-homogeneous and scarce NFT products, and the popularity of the market in turn further promoted the improvement of the ERC721 standard. Since the outbreak of NFT this year, the adoption of its issuance Rates have become more popular, and standards like CryptoPunk are representative of such standards.
There is also ERC1155, which was developed by the global game community platform Enjin and became the official general standard of Ethereum in 2019. Well, because it is mainly used for games, it supports homogeneous tokens and non-homogeneous tokens. Qualitative certification standards, so the industry significance is more influential. It can achieve a package transaction of multiple tokens at one time, saving resources on the chain, and it allows a smart contract to have a custom token standard. efficiency. Chain games like The Sandbox are developed based on this standard and have become a benchmark project in chain games. We guess that if the GameFi boom ushers in a new stage, then ERC1155 will also be adopted more synchronously.
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Is the Polkadot NFT standard comparable to popular NFT standards?
It can be said that the momentum of NFT is sweeping across various industries, and currently ERC721 of Ethereum is the most dazzling. About 80% of the works on the market come from the ERC721 standard. After all, the earliest NFT was born from this standard, and has developed over the years. The popularity of ERC721 has been continuously enhanced, and the recognition of the audience has been continuously improved. It is also easier to use ERC721 to circulate in the market. And this does not mean that Polkadot's NFT standard has no chance to overtake. As Dr. Gavin, the founder of Polkadot, said, "There is no chain that can do everything." NFT standards with different focuses.
Like DNFT, by building DataNFT, DataStorageWithTax, DataSwap, DAO governance, and Al-kit, it provides all-round infrastructure services such as NFT generation, storage, transaction, transfer, and protocol governance. It has been constantly supplementing standards according to the direction of future development. . And like Efinity, which is built on Polkadot, it solves the problems of "interoperability, scalability, speed, security, privacy, developability and governance" currently faced by the blockchain in a package. In short, as the newborn NFT standards of latecomers, they have more room for improvement, which requires latecomers to spend more time observing, practicing, creating popular apps one after another, and constantly adapting to more complex and fun NFT scenarios, not just copying and imitating the basic templates for making NFT tokens.
