An operational non-fungible token (NFT) platform

Quiz

What does the NFT platform use as one of its underlying technologies?

List and describe three properties of NFTs.

What are NFT bundles?

How does the Kred rating system work for NFTs?

List three factors that can affect the market value of NFTs.

How do NFTs promote user engagement?

Describe the "bridge" function of the NFT platform.

What is the purpose of an NFT wallet?

Explain the concept of NFT circulation tracks and their significance.

Provide an example of a use case for NFTs other than social networks.

Answer

The NFT platform uses blockchain technology as one of its underlying technologies. Blockchain provides an open, decentralized, and immutable system for NFT data storage and processing.

The three properties of NFTs are:Token Template: Predefines the appearance of the NFT, such as a coin, card, or coupon.

Media: Images, GIFs, videos, or audio associated with the NFT.

Social Actions: Tracks the path of NFTs between users and adds social actions such as comments, likes, and direct messages.

An NFT bundle is a group of NFTs packaged together that share the same address link. Users can subscribe or be invited to claim a bundle.

The Kred rating system is used to assess the influence and outreach actions of individuals and brands associated with NFTs, thereby measuring the social influence of NFTs. This includes the ratings of the NFT itself and its owner.

Three factors that can affect the market value of NFTs are: Social value: the creator of the NFT, the length of the social trail, and the nature of the participants (e.g., influencers and celebrities).

Media value: the name of the NFT and related media, such as custom artwork by well-known artists.

Scarcity: The scarcity of an NFT, determined by its batch number and release number.

NFTs promote user participation by allowing users to comment, like, share, and connect. They can also participate in the NFT market by giving, trading, or selling tokens.

The "bridge" function allows users to transfer NFTs from one blockchain network to another, such as from Stellar to Ethereum. This provides users with greater flexibility and allows them to trade or use their NFTs on different platforms.

The purpose of an NFT wallet is to store and manage users' NFTs. It displays the NFTs that users currently and previously own, and allows them to access detailed information and social activity for each NFT.

The NFT Flow Track records the past owners of the NFT, allowing current owners to see who has owned the token and request to connect with them. This enhances the social capital and value of the NFT because it creates a verifiable history of ownership and social interactions.

In addition to social networks, NFTs can also be used as digital tickets, coupons, loyalty points, and even in supply chain management to track products. Its versatility makes it suitable for a variety of applications.

Key Glossary

Term Definitions NFT An actionable non-fungible token; a unique, non-fungible digital asset that contains social actions, ratings, and royalty distributions Blockchain A decentralized and distributed ledger that records transactions and tracks assets NFT Non-fungible token; a unique digital asset that cannot be exchanged with other tokens Metadata Additional data associated with an NFT, such as its name, description, and media profiles Social Vector A collection of social actions and interactions associated with an NFT Kred Rating A metric that measures a person or brand’s influence and outreach on social media Flow Track A record of past owners of an NFT Bundle A group of NFTs that share the same address link Smart Contract Code stored on a blockchain that automatically executes the terms of an agreement DApp Decentralized application; an application that runs on a blockchain network