Non-fungible tokens (NFTs) are unique, non-interchangeable assets minted on-chain. NFTs are creating interesting use cases in the realms of digital art, collectibles, ticketing, gaming, digital ownership and much more. The digital art industry alone stands to reach $315M in 2020.
Each NFT has its own unique attributes which are trackable and immutable. NFT artists can sell their pieces directly to collectors, and the authenticity and number of pieces minted can be verified by anyone at anytime. Settings can also allow for royalty collection in future resale events.
NFT game avatars, user parameters, and in-game items can move seamlessly between games. Proof-of-ownership is easy to verify, and this is valuable for ownership records, domain names and other assets. Just as with other fungible assets (cryptocurrency), token owners can completely control and manage their own assets without relying on a 3rd party. 👉 More on NFTs.
High gas prices on Ethereum can make it cost prohibitive to mint and trade NFTs on the mainnet. According to developer Austin Griffith "Based on the current gas prices (08/28/2020), it costs between $15.00 and $50.00 to mint a single piece of NFT artwork on Ethereum and $3.00 or more to send it to another account."
xDai Stable Chain solves this issue with minting, trading and storing NFTs. Once value is established and/or access on Ethereum is required, unique assets, along with all associated metadata, can be transferred to Ethereum with the TokenBridge. This system provides a fast and inexpensive way to create and manage NFTs across the blockchain ecosystem.
Nifty.Ink by Austin Griffith and Adam Fuller highlights the NFT mint and transfer use-case. Anyone can create an NFT (even without a digital wallet) on xDai. The artist can set the number to mint and the sale price, and an NFT is created with no fees for the user (gas is paid through meta transactions).
If an artist wants to transfer their artwork to Ethereum, a user can send to another user on xDai, set a price for the artwork for sale, or "Upgrade" and pay the gas fees in xDai to have the artwork listed on OpenSea
More on Nifty.Ink, including a video tutorial on the basics, is available on our Project and DApps page.