The tokenization and NFT boom saw an increase in blockchain projects trying to implement a new paradigm of utility in the crypto ecosystem where virtually everything found its way into the blockchain space.
In principle, if you understand the concept of NFTs and the benefits of creating them then you will realize that NFTs can become anything in the hands of their creators.
What is an NFT?
An NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose.
Such NFTs can be traded and sold on digital markets such as Opensea, and our own Klever NFT marketplace.
This cryptographic transaction process (from the blockchain) ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership.
How does an NFT link to the blockchain?
NFTs are quite different from cryptocurrencies, even though they can be traded using cryptocurrencies.
These non-fungible tokens each have a digital signature that makes it impossible for the NFTs to be exchanged for or equal to one another (hence, non-fungible).
A typical example for comparing NFTs is issuing a Bored Ape Yacht NFT for a cool cat NFT – it is obvious that they are not equal, although they are both NFTs.
This basically means that the NFTs are distinct thereby making them non-fungible in nature.
This also gives it an attribute, which can be deployed on the blockchain because of the distinct characteristics of immutability, tamper-proof and unique identity.
Consequently, making the NFTs possible to be minted on the blockchain and its properties inscribed on the decentralized ledger which can be accessed globally from any part of the world.
What is the genesis blockchain for NFTs?
The Ethereum developers were mostly involved in creating the foundation for NFTs to thrive and subsequently evolve using the ERC-721 standard.
The ERC-721 defines the minimum interface, including ownership details, security, and metadata that would be required for the exchange and distribution of gaming tokens.
However, there is the ERC-1155 standard which takes the concept even further by reducing the transaction and storage costs required for the NFTs and batching multiple types of non-fungible tokens into a single contract.
This concept was further explored by other blockchain developers who forked the Ethereum blockchain in order to create their own compatible yet similar blockchain, thereby creating more opportunities for more NFTs to be created and deployed using other types of tokens other than the ERC tokens.
What is the Klever Blockchain (KleverChain)?
KleverChain provides a safer, faster, and smarter cryptocurrency experience by providing permissioned blockchain governed by the community to all users globally, allowing them to participate in and thrive within the decentralized economy.
Despite its perceived intrinsic value, blockchain networks are only as valuable as the products and opportunities they provide for their users.
As a result, Klever has developed the KleverChain so that users across the globe can access a range of indispensable services and products, in a simple, direct, and profitable way.
Why create and deploy tokens and NFTs on KleverChain?
Klever’s blockchain lets users create native tokens without having to deal with complicated smart contracts. The native form of each token in KleverChain is, in fact, the Klever digital assets (KDA) itself.
With this system, you will be able to create tokens with a use case in Klever Wallet in simple steps.
However, you will be able to create your NFTs, or tokens (KDA) in the same way you can when created and deployed on other blockchains for the following purpose (which include but are not limited to):
DeFi projects, Stablecoins, Stock derivatives, Notary documents, Game assets, Inventory management, Supply chain, Staking, Rewards, Logistic records, Loyalty programs, Collectibles, NFT, Gift cards, Stored value, Ownership.
There are many other features that would help the KDA’s stand out among conventional NFTs and tokens that would definitely make KleverChain a breeze.
These include the following features:
- Change owner
- Assign or remove roles of other addresses
All KDA additionally come with built-in royalty features, with all parameters being able to be set by the creator themselves, specific for that creator’s use case.
Creativity is indeed a possibility with Klever as there is no blockchain that has implemented the integration of royalties for both fungible tokens and NFTs as a standard feature directly on-chain.
This can be attributed to the team of Klever developers who look beyond the present opportunities to make room for future and potential opportunities of which the built-in royalty feature is now a reality.
It is fair to say that Klever will never rest on their present successes but continue to develop products that would eventually lead to global financial freedom in no distant future.