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Recently, after appearing on the famous American comedy show "Saturday Night Live", NFT (non-homogeneous token) out of the loop is a certainty. This is great news in helping creators earn income! Driven by the NFT boom, blockchain technology will also be widely implemented.
However, the "NFT" concept also had serious problems which it luckily could solve. Let's take a look at the following example: a fan favorite of science fiction - UFOs.
-https: //www.theguardian.com/us-news/2021/mar/22/us-government-ufo-report-sightings-
Like the "unexplainable" UFO oddities, NFTs also have an "unexplained" homogenization mystery . For example, are TAPE tokens issued by the RAC "NFT"? Is Unisocks "NFT"? "NFTs" were issued in limited numbers, but they all appeared interchangeable. Is this a contradiction? Are ERC1155 tokens "NFT" worth?
This article will address these questions and then provide gentle answers, hoping to resolve the doubts of NFT fans (myself included) and open up new paths of exploration.
"Homogenization" in "non-homogenization"
Grammy Award winner and acclaimed musician RAC is one of the explorers in the NFT field. In early 2020, he issued $ TAPE tape tokens, totaling 100 tokens. One TAPE token can be exchanged for a physical recording of RAC's "BOY" album. Currently, the transaction price for the TAPE token is 4200 US dollars, which has become the most expensive cassette tape ever.
You want to say that it is an "NFT" token, right? However, one TAPE token can replace another TAPE token, and each TAPE token is interchangeable. This fits precisely with the definition of homogenization (not "non-homogeneity"). In addition, the TAPE token adopts the ERC20 token homogenization standard (note that this is not "non-homogeneity"). You can even split TAPE tokens for trading. So are TAPE tokens really "NFT"? 🤔
-Rakban physical album "BOY" from RAC-
Then take a look at the $ SOCKS token of Unisocks limited edition socks. There are a total of 500 $ SOCKS tokens. Each $ SOCKS token can be exchanged for a physical pair of socks. The current trading price of the $ SOCKS token is 86,000 USD, the highest in history is 164,000 USD. A pair of socks sells for Tesla! Mike Demarais claims to be the $ SOCKS Socks Party.
My take on Unisocks is this: in the 19th and early 20th centuries, the Faberge egg sculpture was once a rare piece of art loved by the Russian royal family, with only 69 in the world. Given the fanatical pursuit of memes in the cryptocurrency world, Unisocks can be called a rare piece of art loved by the cryptocurrency community in the 21st century. In other words, Unisocks is a statue of Faberge's egg in the cryptocurrency world.
You want to say that it is an "NFT" token, right? However, SOCKS tokens also use the ERC 20 homogenization token standard (not the non-homogeneous token standard). 🤔
Let's take another look at the "NFT Limited Edition". Take, for example, the beautiful slam dunk moment of NBA star Damian Lillard NFT. There are 6 versions of this NFT, and each version may have a unique serial number, but the serial number doesn't really matter, and doesn't even appear on the graphical user interface. Each of these NFTs is interchangeable with the other, and is interchangeable. Hey, this also belongs to homogeneity.
Think again about the ERC1155 token standard. If you only create one token, it is not homogeneous because there is only one. However, if you create a second token, it will be homogenized immediately.
Looking for a solution
So, what are TAPE tokens and SOCKS NFT tokens? [0] How should we view the "NFT Limited Edition" and ERC1155? There seems to be a contradiction in this.
I have a way, inspired by the previous "blockchain" concept. From 2014 to 2015, with the emergence of the "blockchain" concept, many people started debating what kind of system could be defined as "blockchain". The Church of God Bitcoin says that "only Bitcoin is the blockchain". Others have provided broad definitions, such as "a chain consisting of multiple blocks (N block stores the hash value of an N-1 block)" or "a replicable database that no one has control over (using BFT), PoW or PoS and consensus protocol) ”[1].
This controversy did not reach the end, but disappeared because "blockchain" was considered a field. The blockchain definition is formed! Without a strong push, it just took shape.
Now, "blockchain" has two meanings:
1. From a technical perspective , blockchain is a database-like tool consisting of a series of blocks, which can be replicated.
2. Field or sports where technology is applied .
The acknowledgment of (2) has calmed people's debate, has great empowering significance, and has given birth to many new ideas about (1). "AI" is the same. In the past, there has been heated debate among tech enthusiasts (myself included) about the definition of "AI". But along with the development and growth of the AI field, AI also has two meanings [2]: one refers to a technical definition (controversial!) And the other refers to a field definition .
Gentle solution
"Blockchain" and "AI" have both a technical definition and a domain definition. "NFT" can do the same! Apart from a technical definition, "NFT" can also refer to a sub-field of the blockchain. After research, we found that the NFT represents two sub-fields: one refers to the creative section; others refer to non-homogeneous portions. We combine these three definitions:
-Definition of three NFTs-
Let's break down these three definitions.
Definition of NFT 1: The technical standard used to create unique tokens
The only token standard is used only to create non-exchangeable tokens. ERC721 is the most widely known example. This definition is not limited to the token standard on Ethereum, but also applies to the token standard on Bitcoin or any other blockchain. Please note that I purposely did not use the term "non-homogenization" as it would create confusion. ERC1155 also fulfills this definition, at least for the unique ERC1155 token.
Definition of NFT 2: The creative subfield of the blockchain
This field includes all digital art, physical art, photographs, music, etc. On the blockchain. In general, all creative products with intellectual property (IP) are included in this field. This means that the NFT can adopt the "Unique Token" standard, but does not need to. NFTs can adopt the ERC20 token standard, or any other token standard. Next, answer a few core questions:
- The $ TAPE (music) token meets the definition.
- $ SOCKS (Entity Art) meets the definition.
- "NFT Limited Edition" fits that definition.
- The non-unique ERC1155 token also fulfills that definition.
NFT definition three: the only standard sub-field of the token of the blockchain
The third definition includes non-creative blockchain applications that use the ERC721 token standard, such as real estate and financial supply chains (such as Centrifuge). This definition can also include creative applications adopting the ERC721 token standard, which partially overlaps with (2), which is fine! As shown below:
- Relationship between the three definitions of "NFT" -