NFTs in a nutshell
This chapter will explain the foundations of NFTs and give some examples related to Upland.
- NFT basics
- General Examples in Upland
As you already know from the basic course NFT is the abbreviation for non-fungible token. It represents a cryptographic token that describes an unique assets. NFTs are not mutually interchangeable and are used for digital ownership, digital scarcity and multiplatform asset interoperability.
Ok, that was the official explanation from Wikipedia.com so what does that mean?
Let’s focus on the three key points that are connected with NFTs:
- Digital Ownership
- Digital Scarcity
- Cross-Platform Asset Operability
For a better understanding each of the points will be discussed separately during this chapter.
NFTs are technically speaking a token with which a user can verify ownership of a virtual asset. In Upland, every property represents a NFT that is bound to an account on the EOS blockchain. Upland has already implemented a way to see the ownership certificate and the respective transaction on the EOS blockchain. At the moment you can only see this data for your own properties.
To view it click on any of your properties to open the property information window. Afterwards click on the “MORE” button and then on the “TITLE” button. This will show you the ownership certificate of your property. In the bottom part of the certificate you will find a link that is named “VIEW ON BLOCKCHAIN“. If you click on this link it will open your browser and show you the transaction that provides information on the digital ownership of this property. This transaction is publicly available on blockchain explorers such as Bloks.io and can be accessed with the transaction link. This link could be shared with anyone to provide information on the digital ownership.
Since NFTs describe something unique it means that the asset is limited in availability.
In the gaming sector an example for digital scarcity is the minting number for virtual assets that are sold on Atomic Hub. The minting number refers to the timeline of a NFT. A minting number of 1 states that this is the very first created NFT, a minting number 2 represents the second NFT. As a rule of thumb the lower the minting number the higher the value of a NFT, e.g. the first mint is more valuable than the second. In the example of the Blockchain Heroes Supermiles NFT that was given out to winners of a challenge in Upland you will notice that the minting number is limited to 25. Therefore, only 25 of this NFT are available in total which reflects a digital scarcity.
Apart from the Supermiles card there are no officail Upland NFTs on Atomic Hub which makes it even more rare. However, the Upland community is very creative and some users have created quite a lot of Upland related NFTs that are available on Atomic Hub. One example is Upland Fan Art (UFA) which is a group of various artists that create NFTs that cover all kinds of topics (e.g. player cards, events).
Cross-Platform Asset Operability
Multiplatform asset interoperability implicates that NFTs might be exchanged and respectively used across different blockchains. The previously mentioned NFTs from Atomic Hub are located on the WAX blockchain. Since Upland is based on the EOS blockchain a connection between both blockchains is needed for NFT interoperability.
In June 2020 the Upland team has tested a very first mechanism to show how NFTs could be implemented into the game. It was a challenge where players needed to send as many CryptoKitties as possible to Angel Island, an island located in the north (above Alcatraz). CryptoKitties is a blockchain game that has been found in 2017 and is based on the Ethereum (ETH) blockchain. Players were able to send their CryptoKitties to an ETH address which has automatically put them on Angel Island in Upland by utilizing a smart contract. You can check out Angel Island and click on a Kitty to see its name, ID and owner.
To find out more about Upland’s future plans to integrate NFTs please take a look at the next chapter of the NFT Masterminds course.
In case there are unknown terms in this article, please take a look at the glossary, which will be updated regularly. If you have any questions, feel free to message me on Discord.