3 Days Left: Nonfungible Tokens (NFT), the next breakthrough on Omnifeather?

Dear followers, there are just 3 days left before the omnifeather activation on the Feathercoin blockchain.

A few days ago, I explained the various types of token supported by that new layer. Obviously, this is not a definite list as the protocol is still being developed.

The next innovation might be NFT support?

But do you know what it is?

Basically, at the moment omnifeather supports the following tokens.

Do you need a divisible or indivisible token?

  • When you are looking at a user currency you will prefer a divisible token up to the eight decimal places.
  • When you are looking at title deeds or tokenization of physical assets you will prefer an indivisible token whereby the smaller unit is ONE.

Do you need a fixed or managed issuance?

  • Fixed will be use when your token represents something which has a fix supply such as a limited edition of a car, a watch or any other virtual of physical goods.
  • Managed will be use when new number of tokens may change overtime like company shares. A startup may have just 1,000 shares today but as it growth, new shares are emitted in order to onboard new shareholders

The last type of token is “Crowdsale issuance allows for pre-sale of tokens before they are
available on OmniFeather. In a crowdsale issuance the token desired for investment is defined, for example the token FEATHER, the number of properties per token required, deadline for the crowdsale, early bird bonus and the percentage of tokens for the issuer.

However, what is missing is to have non fungible token. A non-fungible token (NFT) is a special type of token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like BITCOIN, and many network or utility tokens that are fungible in nature.

Non-fungible tokens are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms. NFTs are used in several specific applications that require unique digital items like crypto art (rare art), crypto-collectibles and crypto-gaming.

NFT could also be used in the tokenization of physical asset. Imagine that you buy the car number 007 of a 100 limited series. We can create a NFT token describing all the properties of the 007 cars. This token would represent the full value and certificate of ownership of your car. Thanks to the blockchain all transactions history of your car such as mileage, maintenance or repairs could be verified later on.

Therefore, the day you sell your car, all the information about its history is available from the blockchain without any risk of false certificates.

So NFT could be used on both digital and physical assets and opens doors to large number of new use cases.

Would you like to see this feature on Omnifeather?

Personally YES, I like everything linked to the Internet Of Things and NFT is one of the next big things.

Imagine….

Payments, fungible and nun-fungible assets combined all on the same Feathercoin blockchain.

What a powerful tech we gonna provide to the World!

Well, let’s see how it goes and let’s make it together.

Feathercoin Writer.

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