Exploring NFTs with Persistence: A case for AssetMantle
A few years ago I happened to stumble upon an event that was of serious interest to me. It was the Proof of Origin event. This event was hosted by Mogul Productions and was one special event for crypto and blockchain enthusiasts as well as newbies. In this event, renowned Marvel and DC comic artist, Rob Prior and other special guests which included movie producer Cindy Cowan and veteran actor James Pratt were in attendance. What was the aim? To discuss the sudden rise of NFTs and the increasing popularity in the entertainment industry. In this event Prior burnt an original art that had already been used to create an NFT, on live TV. 27th May was the date. The focus was on NFT. Everywhere you turn to, you see NFTs and almost all discussions are about these unique gems but what are they and why are they gaining so much attention??
NFT
NFT is short for non-fungible token. It is actually a way of representing a unique asset as a blockchain-based asset . Anything from photos to audio, videos and virtually any digital file can be represented by an NFT. You can basically call it a unit of data on blockchain that you can use to certify any of the aforementioned assets as distinct and unique. With its advent, content creators are getting much more power for their creations. Another special feature of NFTs is that access to the unique copies of these assets is available for everyone on the blockchain to see. Like cryptocurrencies you can trade NFTs (buying and selling) on digital markets usually referred to as NFT marketplaces. By saying that they can be traded, we imply that they therefore, function like normal cryptocurrencies you know but there is a difference. They are non-fungible as their name implies. To explain this, let’s look at XPRT. One XPRT token is equivalent to any other XPRT token in value but that can’t be said about an NFT that may represent a different asset therefore have a different value from another NFT. Just like with other assets built on blockchain, NFTs are created when records of a cryptographic hash are strung by blockchains unto previous records (as is with mining) thus elongating the chain of identifiable data blocks or creating a new chain. This ensures that each data file is authentic and has a signature with which you can track ownership of the NFT. NFTs can be used for a variety of purposes and in a plethora of things. First for digital art. This was one of the first uses of NFT and as stated earlier, was put into effect in the Proof of Origin event where Rob Prior burned a real painting after it had been converted to a digital form (NFT). NFT’s have also been used to represent collectibles like cards but as usual, in digital format. For gamers, they would be used to NFTs as they have been used to represent in-game assets like digital land etc. NFTs are gaining attention in the music and entertainment industry also and have been used to generate revenue even in the Covid-19 pandemic. Films are also not left out. In fashion, firms like Nike are also pushing the narrative. The sports industry is not left out.
The Persistence Role
With this, Persistence is trying to put itself in the frame for the NFT boom that we are witnessing at the moment. Persistence is committed to providing next-gen products with a technological stack and basic infrastructure with which the realms of traditional finance and DeFi can be bridged. In the NFT space, they are not going to stay unnoticed as they seek to create a very good NFT marketplace, AssetMantle. AssetMantle is going to be the intergalactic universe of NFTs. It would enable the definition, issuance, ownership and transfer of NFTs. Let’s get ready as you see probably, the first interoperable NFT marketplace ever. Let’s get ready to push the NFT narrative for Persistence’s plethora of users and the NFT space at large.
PERSISTENCE
Website: https://www.persistence.one/
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Twitter: https://twitter.com/PersistenceOne
Official Blog: https://medium.com/persistence-blog
