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Completely no threshold to use NFT

Following on from our partnership announcement with NFT protocol IAMM, Flow, one of our community members, decided to take a deeper dive into what makes Nervos a good platform for NFTs.

Below is the comprehensive write-up from Flow that we think makes some good points. Enjoy!

“The chart below shows the Google trends for Bitcoin and NFT from Jan 2021 to April 2021, NFT interest was very low before Feb 1 and started to explode in March, NFT clearly becoming popular among more people.

On the one hand, it may be because NFT is new enough for people outside the crypto space, and the concepts of ”unique” and ” “scarcity and collection” is very interesting.

On the other hand, there are some iconic events. On March 11 the artwork “Everyday: The First 5000 Days ”by surreal artist Beeple sold for $69.53 million at Christie’s; Celebrities such as Elon Musk, the CEO of Twitter, and mainstream media such as the New York Times and CCTV are paying attention to this field.

Although NFTs are getting popular and more people are starting to know about it, we have to recognize the reality that only a small percentage of people can really participate in NFT, and the threshold of using and understanding NFT is still too high, and most of it is still an insider’s game.

Whatever it is OpenSea or Rarible, when it comes to the login process, the user still has to log in using an Ethereum wallet, and that means that the user needs to understand what the public and private keys and mnemonic word are, and that part alone will keep a lot of people away. Likewise, the recipient needs an Ethereum wallet and needs to be familiar with these concepts.

For example, if an artist sends an NFT and he wants to transfer it to his supporters that may have never tried blockchain before, in this case, it is very complicated to educate them to create a wallet and understand how the process works, which is not conducive to interaction between the artist and his supporters, and it is also difficult to create a network effect.

In addition, the vast majority of NFTs are currently focused on digital art and games, which are simply incomprehensible to the average person, hard for them to get involved in.

Even if outsiders initially understand what NFT is, limited by the threshold of NFT use and the limitations of the scope of NFT creation, it is difficult for new users to come in if nothing is improved, NFT is likely to become a game that entertains themselves.

So, is there an optimized way to make NFT acceptable and easy to use for the general public and truly go mainstream?

Throughout, I think Nervos is the best platform for NFT creation and circulation, for the following reasons, which will be fully analyzed in this article.

2. Send and receive NFT with no fees

3. NFT can be circulated between different blockchains

Remember the interoperability 2.0 proposed by Nervos?

With the compatibility of the Internet infrastructure, users can enter the crypto space without threshold and perception, and creating wallets directly through biological information such as Face ID and Fingerprints ID, without the concept of complex mnemonic, which is convenient and simple. Applied to the NFT space, the user experience is as follows.

The user logs into a platform that uses Nervos Interoperability 2.0 components (e.g. PW-Core), creating and logging into a wallet using biological information such as Face ID and Fingerprint ID, and can send and receive NFTs. For example, he can use the wallet to connect to the NFT trading platform and purchase the NFT on it.

Compare the process of using Internet shopping applications, the user can use WeChat, Alipay, etc., to create a corresponding account within the application, and then through this account to buy goods, when the end of the purchase needs to pay, he can jump to the Alipay, WeChat page to pay for the goods.

You will find that there is no difference between the two parts, the user experience is the same, as long as the user can use the Internet, he can play NFT on CKB smoothly.

In addition to the high barrier for users to enter into the NFT world, there is currently a relatively large problem: when transferring an NFT, you usually have to pay a high fee which is denominated in ETH.

For a user who has never known NFTs, understanding what the wallet and the mnemonic word are all about is a hassle in itself. It’s even harder for him to transfer the NFT to someone else and pay a high fee in ETH, because it means he has to buy enough ETH, which in turn adds a lot of barriers to using NFT.

The whole process is very counterintuitive and puts up a lot of barriers for users, but Nervos has come up with a very elegant solution to this.

NFT created on Nervos CKB are self-packaged, which means that the circulation of NFT on CKB does not require the user to pay an additional CKB fee. Even if Alice doesn’t have any other digital currency in her account and she receives an NFT created on CKB, she can still transfer the NFT to user Bob.

This is possible thanks to Nervos’ unique Cell programming model, which is currently only available on Nervos.

The sUDT Coffee Token released by the Lay2 team last year is a good example of this feature. sUDT actually requires only 142 CKBs to create, but there are 143 CKB in the Coffee Token, and the cost of a single transfer on CKB is 0.00000X CKB, This means that 1 CKB can handle tens of thousands of transfer transactions, which may be enough for a lifetime.

Through these two powerful features above, the threshold for users outside the crypto space to play NFT has been reduced to the lowest, no annoying blockchain jargon, no abstract understanding, no complicated operation process, everything is smooth and simple.

In addition, there is another valuable advantage of creating NFT on CKB, that is, it can fully release the liquidity of NFT and allow it to circulate between different blockchain

NFT actually needs to be liquid, and it shouldn’t be trapped in one platform, otherwise, it’s not much different from the various special props in computer games. As with money, the more platforms NFT can circulate, the greater its value will be, and liquidity is a very important characteristic of the asset.

But the current solution, not to mention NFT, is that even ordinary assets across chains are a cumbersome and trivial matter, requiring two wallets to complete the cross-chain operation (like the Rainbow Bridge recently launched on Near).

Nervos’ Interoperability 2.0 allows users to avoid the hassle of switching between wallets and operating different assets on different blockchains.

And specifically in the NFT field, users create a wallet through biological information such as Face ID and Fingerprint ID, and he can make the NFT on CKB circulate between different blockchains through just one wallet, and the NFT liquidity will be fully released, which will bring great value to the assets.

As a practical example, through a wallet, users can make NFT on Ethereum to be collateralized on CKB and participate in DeFi project on CKB, and if users want to transfer NFT to more platforms such as EOS and Tron, they just need to sign and transfer it, there are no more complicated operations.

At present, the blockchain project Flow, which mainly focuses on the NFT field, does not support EVM compatibility, and developers can only use Cadence to write apps, a resource-oriented programming language launched by the official team, which raises the threshold for Ethereum developers to enter the Flow ecosystem. The NFT trading platform VIV3 based on Flow, although it can be logged in by email, essentially it only binds the email and Flow account, and the logic behind it is still centralized, and the NFT created on the platform cannot be circulated on multiple blockchains through only one wallet.

So I think it would be more appropriate to make NFT on CKB than Flow. How valuable would a platform that can fully release NFT liquidity and make it easy for users to operate be?

The user threshold has been reduced to the lowest, now all that needs to do is to attract users outside the crypto space to become interested in NFT and participate in it. Speaking of this, the first NFT field that fits best in CKB has already emerged — the fans economy.

Unlike the niche market of digital art and its solitary appreciation, the power of fans united would make non-fans jaw-dropping.

The 2019 data incident for Jay Chou. The incident started when a netizen questioned Jay’s poor Weibo data and why tickets were still hard to buy, which later caused group mockery as well as Jay’s fans to fight back, ultimately allowing Jay’s Weibo super talk influence value to surge from almost negligible to 110 million in less than a week, significantly ahead of Cai Xu Kun by more than 40 million, with a total of 2.529 million posts and 42.33 billion reads in Weibo statistics.

If Jay Chou is going to release an exclusive NFT of his classic album on CKB with his signature, and a total of 10,000 copies being released, how many fans will participate in it?

The scale of participation could be hundreds of thousands, or even millions, which is not at all in the same order of magnitude compared to the tens of thousands of users in the current NFT space, and CKB does not require users to do any complicated operations.

In 2020, VeChain cooperated with the superstar Chengyu Hua to provide a product traceability solution for Chengyu Hua’s own trendy brand, and the product will be built with a blockchain NFC encrypted chip with data written in the specific production process, which will permanently bind the user’s name with the identity proof so that all purchasers have “one-to-one” ownership of the product. After that, the electronic ID card will be uploaded to VeChain, unlocking the exclusive rights of users that cannot be copied.

The “uniqueness” of the product is actually very similar to the concept of NFT, because of Chengyu Hua’s personal influence, fans were very active in participating, and the 20,000 products distributed were sold out immediately. The number of reads of relative articles by VeChain reached 180,000+, the number of retweets was 2500+, and the number of comments was 1300 plus+.

The effect of creating NFT on CKB is much better than that achieved on VeChain, because the product of VeChain is essentially just put simple data on the blockchain and then can be queried, which is something any blockchain project can do, while the NFT created on CKB is the real asset belonging to users, and it is also the “first-class citizen” of the asset, which can get the maximum protection in terms of asset security.

On the user experience side, the user could truly enjoy control and ownership of this product. “This is something unique and relative to the idol that really belongs to me”. And there is no threshold for users to participate in NFT, whether it’s logging in the wallet, buying NFT, or transferring NFT, all that gets involved is just the user signing with biological information and not feeling any part of the blockchain.

No complex concepts, no barriers at all, a truly internet-like silky smooth experience, that’s how NFT really gets out of the loop!

If Nervos plans to start from the fans economy, it is actually very advantageous. Nervos private sale in 2018 took a lot of investment from traditional investment institutions, like Sequoia China, Matrix Partners China, CMBI, etc. These institutions have invested in many film and music projects in the Internet industry, and have many stars and resources under them. As all walks of life pay more and more attention to NFT and want to participate in it, Nervos NFT eco-project is very likely to cooperate with these resources.

Many people complained that the CKB economic model was too complicated to understand, but we can understand its considerations better with the NFT application scenario.

As more NFT are created on CKB, more CKBytes are locked and fewer CKBytes are circulated, which has a stabilizing or even raising effect on the CKB price. This brings us back to the key point of our discussion of the CKB economic model — value capture. The higher the value of the top layer, the more value the bottom layer can capture, which constitutes a secure, stable, and sustainable economic system.

To be honest, NFT is not a logically complex technology product, it emphasizes user experience and platform resources (IP), both of which Nervos fits perfectly. Actually, Nervos solves the contradiction between the high enthusiasm of traditional organizations and media for NFT and the too high threshold of participation.

So I think Nervos is really in the right place at the right time to catch the NFT opportunity, and it could be a great weapon for Nervos to attract users from the Internet Internet and really go mainstream.

According to Cipher’s statement at the Coindesk NFT event a few days ago, the first NFT creation platform on CKB developed by his Nervina Labs will soon be online and available to everyone, so the NFT field progress in CKB is also very fast.

With the resources, the ability, the right technical direction, and the fact that no one else can copy it, I’ll see what the future holds for Nervos!

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