The emergence of non-fungible tokens (NFTs) facilitates digital ownership of an asset. Smart contracts help verify transactions using open-source processes for quicker ownership transfers of NFTs from one wallet to another. This process is proposed and executed using the ERC721 token standard.
Cloud Services At Peak
At present, almost everyone has mobile phones in their pocket. Cloud services help users store their data. Unlike limited storage facilities in mobile local storage, a cloud system gives them unlimited data storage and access options. But the question is, what do cloud services have to do with NFTs?
Individual cloud storage providers can leverage open-source technologies along with blockchain technology. This will help to create NFT services that allow users to mint and handle their digital data efficiently.
With blockchain infrastructure and cloud services combined, we can get an interface with ultimate-level data management and cloud storage capabilities.
It will be even more advantageous if you develop your own marketplace utilizing the top-tier services from an Nft Marketplace Development Company.
NFT Marketplace Development Services
Working Model
An end-user can upload digital media and manage it in their personal cloud with a mobile app. Then, they can choose either one or multiple files to mint as NFT to prove ownership.
The personal cloud will submit the uploaded files to the NFT service. Afterward, the service will mint one or a batch of data files as NFTs.
The service will need the ERC721 standard wallet on the user’s device. Then, the wallet address and proof of ownership should be maintained in the user’s personal cloud account as their particulars.
Smart contracts mint each data file as NFT and submit the transaction using the preferred blockchain’s support. The NFT service will use the file location and wallet address for this process.
After transaction completion, the NFT service will get acknowledged via smart contracts. This response will notify the service provider to link the asset to the cloud account along with the metadata.
Metadata will include information like wallet address, transaction ID, token ID, name of the asset, URL, and the name of blockchain where the smart contract execution took place.
Inter-Planetary File System (IPFS)
IPFS is a popular peer-to-peer hypermedia protocol. It is similar to cloud services and is used to record digital files with a permanent location URL. However, it overpowers personal cloud systems by storing NFT assets in a universal and immutable storage system. So, if the user alters or erases any data, the contract will get automatically disabled.
What To Do After Minting NFT?
After minting an NFT, you must list it on an NFT marketplace for sale. There any many popular marketplaces available where users can do listing. Some of them are Rarible, Opensea, and Mintable.
Somehow, selling the NFT should not be the ultimate goal. You might quickly lose authority over your digital files due to social media platforms and tagging technologies. When an NFT is shared across any social media site without the creator’s consent, the platform can automatically recognize the file as an NFT and send a prior notification through the web application for the respective owner.
Thus, NFT can be used as a distributed digital rights control system.
End thoughts
Cloud providers can transfer digital files efficiently with robust Nft Token Development Services. Making this installation into your business will become an advantage and help boost the enterprise’s growth for the future.