Place/Date: - October 30th, 2022 at 8:03 pm UTC · 6 min read
The non-fungible token NFT (the full name is Non-Fungible Token, is the only cryptocurrency token used to represent digital assets. NFTs can be bought and sold, just like tangible assets.) The development history is much longer than we think , The first attempt of NFT was in the initial stage of encryption technology. Colored coins from 2012 to 2013 were the first NFTs that existed, which could be as small as a single satoshi, the smallest unit of Bitcoin. Colored coins can be used to represent Multiple assets with multiple use cases.
With the advent of cypherpunks and encrypted cats from 2017 to 2018, the NFT market has flourished. With the continuous iteration of encryption technology, it has become easier to join the NFT ecosystem. At this time, the era of NFT explosion is also ushered in.
That is, during this time period, the encryption technology team led by the Venus Foundation began to study the NFT field in depth, and the Venus project was officially established. Venus uses NFT as the main track for deep cultivation, facing the metaverse, games, digital storage and other fields, and has made innovative changes to the existing digital creation and transaction processes, optimized the existing interaction logic, and reduced development barriers. Improve the efficiency of integrated data and build an integrated and comprehensive NFT ecological platform covering the full entertainment industry in the digital age.
In the future, Venus will, under the promotion of Venus Dao, cooperate with many real industries with real value foundation to create a truly comprehensive NFT platform with rich variety to help global NFT enthusiasts, enterprises and organizations realize their own Dreams and Values.
In this day and age, digital products and commodities are endlessly produced and replicated. Here, the role of the NFT is to serve as a “certificate of ownership” for such digital products to demonstrate their originality. In the case of the “Mona Lisa”, we can take pictures or buy prints, but only one original. In a similar principle, NFTs are digital tokens that can prove the authenticity of non-tangible goods despite their constant copying and replication.
With the surge in popularity of NFTs, the drawbacks of traditional NFTs are becoming increasingly apparent, such as the uncertainty caused by unmanned subsidies after the previous sky-high sale; some NFTs are set up, and it is difficult for users to grasp the real ownership; the use of inefficient or outdated protocols The NFT asset theft problem caused by it frequently occurs, and it is time to need a standard manufacturing and sales framework to regulate the healthy development of the industry. Therefore, Venus has formulated the standards that need to be followed to issue NFTs within the platform to protect the core rights and interests of every user.
Issuing NFTs on the Venus platform needs to follow the following standards:
Users completely own the asset ownership of NFT, and they can operate the NFT they own at will, such as auction, transaction, transfer, collection, etc.
NFT fully follows the ERC-721 issuance standard. All applications that support the Solidit technology framework can call the standardized functions of NFT to realize cross-ecological reuse and multi-functional application of NFT.
Based on years of encryption technology research, NFT not only endows NFT with high value, but also empowers NFT with ecological liquidity, so that NFT has greater liquidity and activates the potential value of NFT.
NFTs are written into the ETH chain by smart contracts, and no one can modify or edit other users’ NFTs unless the NFT holders edit it themselves
NFTs are born with the unique attributes of timestamps and distributed storage space, and cannot be tampered with. Venus presents NFTs in a trusted and digital way of IP, which strengthens the value rights of NFTs and forms a “brand circle” with NFTs as the core. , so that NFT can not only be widely used in music, games and other fields, but also allow users to build their own brand image through NFT.
Venus provides a wide range of access methods and one-stop service facilities for the circulation of NFTs, enabling NFTs to be more widely disseminated and promoted, and invisibly boosting the value of NFTs. Both users and developers can use Venus to provide The NFT infrastructure service facilities reduce the NFT development threshold, operation threshold and access threshold.
Realistic value NFT
Venus will empower traditional real value objects with NFT, and after credibly remodeling these limited trend games, game assets, and artworks in the encrypted digital world, release the potential of these value objects themselves, and provide every A value target provides the corresponding trusted visual digital certificate.
The NFT issued by Venus is a unique digital asset. Compared with alternative assets such as Token, NFT has established a complete NFT value system within a considerable elastic space, which is widely applicable to a variety of application fields.
Music collections based on Venus design can save contracts, copyrights, patents and other information that needs to be stored on the chain in the form of NFTs, which facilitates subsequent updates, circulation and transactions. When someone needs to trade music collections, he only needs to publish the NFT mark information to declare the authenticity of the work and the ownership of the work. While ensuring the legality of transactions, it also prevents forgery and fraud of music copyrights.
For any intellectual property, such as song copyright, movie copyright, picture copyright, painting copyright, music copyright, invention patents, etc., it can be authenticated through NFT. In simple terms, this is the equivalent of putting an unalterable and unique barcode on the back of all items to confirm and identify the copyright of the asset.
NFTs can be used for digital authentication of various documents, such as ID cards, academic certificates, driver’s licenses, real estate certificates, etc. Not only can it be used to verify the authenticity of the certificate, but it can also prevent the certificate from being stolen, tampered with or destroyed.
Due to the uniqueness of financial bill auditing, and a series of wealth bills such as financial bills involve financial transactions and capital transactions that require a high degree of security. Therefore, financial bills can be used in conjunction with NFTs to facilitate traceability while confirming rights.
For tax declaration, enterprises and individuals need to submit a series of certification materials, such as invoices, etc. In order to improve tax collection efficiency, NFT can be used to mark relevant certification materials to ensure authenticity.
For gamers, the importance of virtual assets in gaming continues to grow. NFTs can encode pets, assets, props, equipment, and other items in the game, increasing uniqueness and helping to verify player ownership.
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