Non Fungible Tokens – Smart NFTs

Non Fungible Tokens – Smart NFTs2021-03-30T09:39:45+00:00

Built with NFTs in mind

A core feature built into the Phantasma blockchain is native support for non fungible tokens (NFTs)

Whereas some blockchains add support for this on top of the existing architecture, Phantasma has been built with this particular asset class in mind. This means that all basic NFT functionality (minting, batch minting, sending, batch sending) can be used without having to program this into each smart contract, making NFT related smart contract programming on Phantasma more developer friendly.

What are NFTs?

An NFT is a unique digital asset which cannot be changed, replaced or counterfeited

Whereas each fungible token (FT) is identical (1 SOUL = 1 SOUL, 1 KCAL = 1 KCAL), each NFT carries within it unique attributes separating it from all other NFTs in existence. Phantasma NFT information is stored on the blockchain in the form of ROM and RAM, where the ROM contains immutable core characteristics that are unchangeable by the NFT owner, whereas the RAM contains information that can be changed by the owner of the token (such as the name of a character in a game).

Why NFTs?

The nature of NFTs makes them perfect for representing individual digital assets as well as enabling the tokenization of physical assets, and they open up a new world of possibilities in areas such as in-game economies

As an example of using NFTs for digital assets, consider Phantasma’s showcase title 22 Racing Series from game studio GOATi. Each and every in-game item available exists as a non fungible token on the Phantasma blockchain. Each NFT contains information about which type of item it is (car, vehicle part, game license, vehicle part pack), its design, time of creation and its production number out of a limited supply. In addition, NFTs can be stored inside NFTs. In the racing game mentioned above players can create new cars out of individual car parts, creating new NFTs representing their uniquely designed cars in the process. Conversely a car can be broken down into dozens of parts that can be reused to build new cars or sold on the open market.

What about the costs?

For game studios and others exploring the vast possibilities utilizing NFTs can bring, the question of costs and potential revenue are crucial

Most developers do not have unlimited budgets, and no one should have to pay exorbitant fees with no guarantee of revenue to match it. That is why Phantasma has ultra low fees for creating NFTs, where the cost is no more than that of a single normal transaction on the chain (less than $0.0001 per NFT created). This makes Phantasma a highly cost effective solution for developers – and in turn, for users.

Mint assets on demand

There is no need to create vast amounts of NFTs in advance, unsure about how many will be sold and risking heavy financial losses

Phantasma NFTs are created (minted) on demand as users buy them, negating any such concerns and ensuring profitability for developers. In addition to normal sales, NFTs can be put up for auction, multiple NFTs can be bundled together and multiple currencies can be accepted at the developer’s discretion.

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I’m a Developer, where do I go now?

Phantasma offers technical support for individual developers and studios alike who are interested in becoming a part of the growing Phantasma ecosystem and unleashing the built-in power of our feature rich blockchain and Phantasma NFTs. Register today to become part of our ecosystem!

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