NFTs are non-duplicable digital assets that reflect real-world artefacts such as music, art, digital avatars, photographs, films, or other collector items.
The meteoric rise of crypto has ushered in a new era of possibilities. Non-fungible tokens, or NFTs, are riding the wave of this revolutionary technology. These digital assets, which range from art, music to pixelated photos, are highly sought-after, with some fetching millions of dollars.
NFTs’ unique and non-duplicable nature is driving their popularity. Seeing the rise of NFTs in the blockchain industry and its growing popularity amongst artists and art collectors, Artchive has developed with its own token backed by an NFT marketplace. Having the token backed by an NFT marketplace creates a medium that fortifies value and helps the token defy devaluation.
HOW DID WE GET THERE?
NFTs can help musicians and other digital items fight duplication and piracy of their new
releases. They will find that validating ownership is a more realistic way to achieve this goal.
The empowerment of artists is critical to the digital art market's transformation and Artchive’s
mission is to ensure it.
NFTs remain in their infancy stage right now. The processes of creating, purchasing, selling,
and storing NFTs are anticipated to become increasingly seamless as the NFT industry
develops. More individuals will be able to enter the space as a result of this.
WHAT ABOUT DUPLICATION?
Artists value non-fungible tokens because they ensure the validity and originality of the
blockchain version of their work. This means that the representation of the digital artwork
created using non-fungible tokens is totally resistant to fabrication and countless clones. An
NFT's status as the owner of the artwork will never be called into question.
NFT enables the buyer to own the original item, and they do not mind spending a lot of money
to have ownership. An NFT has built-in authentication, which serves as the buyer's proof of
ownership. The majority of collectors place a higher value on these "digital rights" than the item
itself.
By creating and maintaining true scarcity, Artchive can build real value for Digital Content.
Digital content, particularly on open platforms, is considerably easier to duplicate than physical
content. Between a solid digital copy and the original, there's little difference.
However, Artchive can identify the source of digital content, produce a finite number of clones
from it, and track each replica individually. By referencing the transaction that documented their
formation on the Solana blockchain network, any App can access the creation data and confirm
the finite number of replicas made.
An account or wallet that holds a specific numbered replica will be able to calculate the relative
rarity by learning how many other comparable duplicates were generated.
The platform validates the underlying content by employing a mathematical function known as a
hashing algorithm to create a unique digital fingerprint of its contents. Pairing this digital
fingerprint with a record of a thumbnail image for reverse search identification is a well-known
content registry that improves content integrity further.
STANDARDIZATION
Traditional digital assets, such as event tickets and web addresses, lack a cohesive digital
representation. On the other hand, non-fungible assets, such as digital artwork, can be
represented by NFTs, which can be purchased, sold, traded, burned, or utilized to create digital
collectibles.
In other words, your digital artwork is represented as an NFT, allowing it to be bought and sold
on the market, as well as digitally tracked when resold or collected in the future.
INTEROPERABILITY
The majority of NFTs are compatible. This implies that they can be easily transferred or traded
between multiple DLTs. NFTs can be stored in DLT-agnostic wallet providers and traded on
open exchanges. NFT marketplaces bring together NFT creators (issuers) and purchasers.
TRADABILITY
Blockchain technology underpins the NFTs and they are encoded and sold online, often for
cryptocurrencies.
Artists no longer have to sell their work through galleries or auction houses. Artists will now
have the opportunity to monetize their work while maintaining control across all platforms. The
artist can sell their artwork as an NFT straight to the consumer, allowing them to keep a larger
portion of the profit
Artists can integrate royalties so that they receive a share of sales when their work is sold to a
new owner. This is a desirable feature because most artists do not receive subsequent
proceeds after their first sale.
In many circumstances, the artist keeps copyright ownership of their work, allowing them to
continue producing and selling copies. However, the purchaser of the NFT receives a "token"
that proves their ownership of the "original" work.
The Artchive marketplace is based on this premise. Through collaborations with established and
influential artists and partners, the Artchive ecosystem provides a secured/user-friendly NFT
marketplace, scalable blockchain, and a paired native token [ARTC].
LIQUIDITY
The Artchive coin powers Artchive, a Solana Blockchain-based ecosystem, which is essentially
an NFT-powered fine art and photography-based platform designed on the Solana blockchain.
Solana's All-Art protocol offers continuous liquidity for NFTs by creating a new form of liquidity
pool AMM and improving the current NFT standard, known as NFT-PRO, with increased
functionality and integrated license rights.
The liquidity of a cryptocurrency is defined by how easily it can be bought and sold without
impacting the overall market price.
Through a novel sort of AMM liquidity pool, the All-Art Protocol will enable NFTs to be
permanently traded like any other cryptocurrency with continuous liquidity.
The ARTC provides liquidity and users have the ability to make a passive income on their crypto
by earning a portion of transaction fees and Yield farming rewards for being a Liquidity provider
(LP).
The advantage of using liquidity pools is that it does not require a buyer and a seller to decide to
exchange two assets for a given price. Instead, it leverages a pre-funded source of liquidity.
IMMUTABILITY
When a contract is written in computer code, as opposed to traditional legal language, it is
deemed a smart contract. This programmed contract is set up to execute and carry itself out
automatically under specified conditions.
When a smart contract is on the blockchain, both parties can check its programming before
agreeing to it, and then let it do its thing, confident that it cannot be tampered with or changed. It
lets two parties agree to complex terms without needing to trust each other and without needing
to involve any third parties
The biggest advantage with Artchive is that it is immutable (cannot be changed). This is due to
the cryptographic linkage capabilities of the Solana blockchain. It also has traceability because
the transaction that produces the NFT, as well as all subsequent transactions relating to it, are
all in a connected list and findable by anyone with access to the Solana blockchain.
PROGRAMMABILITY
Over time, an NFT can change and adapt. It can be designed to respond to the owner's
activities or triggers. It can also react to external events such as the weather or the score of a
game. In the end, this gives the owner more reasons to keep it. There are no limits to what
these NFTs can be programmed to perform.
NFTs' programmable nature, albeit being unused at the moment, makes them incredibly
appealing to crypto aficionados because it gives them a glimpse into what these tokens are
capable of.
To elucidate, programmable NFTs can be transferred, stored, used as collateral, or sold on
prominent NFT marketplaces, all while providing a variety of operational benefits like
programmable time locks, value-based unlocks, and vesting schedules, among others.
Programmable NFTs are essentially containers that can be personalized/customized to meet
the demands and requirements of their owners. They can, for instance, be used to create 'trust
accounts' or even fractionalize their fundamental content, simplifying ownership even more.
Additionally, by programming these tokens, their owners can create a variety of unique index
funds that are precise and extremely adaptable in terms of overall functionality and utility.
Simply said, programmable NFTs are designed to act as storage devices for a range of digital
assets, allowing users to fully realize their true potential in both digital and monetary terms.
PROGRAMMABILITY
Understanding the subtleties of each form of NFT and the many blockchain protocols involved
will help users grasp the NFTs and token standards that underpin this phenomenon.
ERC-20 is the standard to which each Ethereum token complies. It defines the way that each
token behaves so that transactions are predictable. Other cryptocurrencies also use the ERC-20
standard, piggybacking on the Ethereum network in the process.
NFTs on Solana are built on open-source standards, and you can keep them in your wallet or
"custody" them. This means that when minting an NFT, you are not bound by any platform and
can construct your NFT using any tool or platform of your choice.
SPL TOKEN
Solana is a censorship-resistant blockchain with extremely fast transaction speeds and minimal
transaction costs, making it ideal for DeFi and other high-speed blockchain applications.
According to Solana, the SPL Token programme is the Solana blockchain's token standard.
SPL Tokens are meant for DeFi applications, similar to ERC20 tokens on the Ethereum network. Wormhole is a cross-chain bridge that enables users to secure ERC20 tokens in an Ethereum smart contract and mint SPL Tokens on the Solana blockchain.
On the Solana blockchain, FOUR is present as SPL wrapped token. The FOUR tokens were
first released on the Ethereum blockchain as ERC-20 tokens. A bundled synthetic equivalent of
the original asset BEP-20 FOUR resides on the Solana blockchain, while the FOUR ERC-20
exists on its native Ethereum blockchain.
The cross-blockchain bridge is required when transmitting ERC-20 FOUR to the Solana
blockchain. The Bridge allows tokens to be bridged between chains in both directions.
The smart contract secures the ERC-20 FOUR supplied from Ethereum, while Solana mints the
appropriate amount of FOUR SPL. When the SPL FOUR needs to be converted back to ERC-
20 FOUR, the smart contract sends an SPL FOUR burn request to the Bridge, and the ERC-20
FOUR are freed from reserve.
The total and circulating token supply will not change as a result of this process. The Solana
Wormhole Bridge allows ERC-20 FOUR to connect to the Solana blockchain's SPL FOUR.
The Wormhole bridge makes use of decentralized cross-chain oracles (i.e. guardians), which
are run by a group of node operators that comprise top Solana validators and other ecosystem
stakeholders with strong ties to Solana and Serum.
