NULS Supports NFT Assets

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NFT assets can be used in many scenarios. Whether it’s virtual assets or more physical assets to anchor on the chain in the future, NFT is one of the essential asset types.

At this year’s 3rd Anniversary Ecological Cloud Summit, NULS released an updated roadmap and announced that it would provide essential support for NFT-related projects.

To better support NFT projects’ development, NULS light wallet (including web wallet and the PC client) currently supports NFT asset management.

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What is a Non-Fungible Token (NFT)?

Non-fungible tokens (NFT) have gradually become one of the primary asset forms in the current encrypted asset market. Each token or batch of NFT assets is unique, irreplaceable, and indivisible. Just like the domain names, phone numbers, game characters, and props we use on the Internet.

Features of Non-Fungible Tokens (NFT)

Standardized: NFT has standardized functions, such as ownership, transfer, etc. All non-fungible tokens have these functions. Any developer can use this feature to build their own NFT.

Universal: NFT is universal, and any application that wants to use NFT can use it. Based on the publicly accessible attributes of the blockchain, everyone can read and deploy NFT’s smart contracts.

Liquidity: The liquidity market related to encrypted assets is considerable. People can easily exchange them for cash or other encrypted assets according to their needs. NFT has high liquidity.

Invariance: Blockchains are known for their invariance. NFTs are implemented through smart contracts. This makes the NFT immutable. That is, the user may not change NFT into another NFT. The ownership of NFTs is permanently recorded on the blockchain and stays so unless the user decides to transfer it to another user.

Programmable: NFT is implemented through smart contracts, and NFT tokens can be enhanced and can contain other complex functions.

The NULS NRC721

Like ERC721, NULS’ NRC721 was created to represent non-fungible digital assets. NRC721 is a non-fungible digital asset standard on the NULS blockchain. Users create it by filling in a form on the NULS POCM platform.

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NFT examples:

  • Games: NFTs are used for role and prop management. They can be reused in different game systems. NFT assets can be circulated and traded. One of the earliest application of NFTs was Ethereum’s CryptoKitties.
  • Collectibles: NFTs can realize the management of physical and virtual collectibles, including circulation, transaction, and traceability. They can be used in virtual scenes and on-chain assets. They can also be applied to the on-chain circulation management of physical assets such as stamp products and artwork.
  • Electronic certificates: NFT can be used to create unique on-chain certificates and certificates issued to individuals. These implement the rights’ management of on-chain identities by setting different permissions for different individuals and certificates. Normally, NFT-based certificates are not transferable. These certificates are stored in the blockchain and cannot be altered.

The use scenario of NFT assets is broad. The GoblinSwap project based on the NULS main chain is using an NFT asset trading platform. This will support a variety of diversified NFT asset trading.

We look forward to presenting more innovative NFT applications. We hope that the community will imagine and create the future of NFTs with us.

The best way to get involved with NULS is to join in!

For more information about NULS, visit nuls.io and join the conversation on Telegram or Reddit. Make sure to follow NULS on Twitter for the latest news and updates. You can also follow us on other socials such as Facebook, Steemit and GitHub.

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