What is NFT?
NFT stands for Non-Fungible Token. NFT helps producers in various sectors by providing a more convenient and reliable approach to verifying digital content with its unique properties. Creators through NFT may prove the existence and ownership of digital creations. They have no limits to images, movies, artwork, and tickets. Additionally, during the circulation of NFT transactions, creators can earn copyright tax.
It has several features, including:
Verifiability:
The metadata and ownership of NFT may confirm publicly. Metadata stores on the chain, according to this principle. If it stores off-chain, the off-chain storage system will decide whether or not it can validate publicly. The public cannot validate the data in centralized storage, and the device owner can update data at their will.
IPFS can use CID to check if data tamper with, but it can’t check the storage status.
Transaction transparency:
NFT’s entire process is open and transparent, from
casting to selling to purchasing. Also, the chain system that the NFT relies on will never disrupt.
It is always possible to sell or buy an issued NFT.
Tamper-proof modification:
Once validated, NFT metadata and complete transaction
records retain indefinitely. Users can add only new information can and cannot update previous information.
Easy to circulate:
Besides the above-mentioned attributes, the information updates in real-time. It removes the information barrier between the typical producer-credit intermediary-purchaser. Data is
transparent and easy to share.
Tradability:
NFT and its derivatives can be traded and swapped at any time. The
critical support for NFT’s value is its storage standard.
Atomicity:
Although NFT transactions can handle in an atomic fashion, they do have significant limitations.
What is Metaverse?
The metaverse is a virtual world that integrates social networking, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrency to allow people to connect digitally.
To improve the user’s experience, AR overlays visual components,
sound, and other sensory input onto real-world situations.
The imaginary reality, on the other hand, is virtual and enriches fictional realities.
As the metaverse expands, it will develop online places for more multidimensional user interactions. Current technology does not allow this. Users in the metaverse will immerse themselves in an environment where the digital and physical worlds collide, rather than only watching digital material.
However, art is only a tiny component of a new economy based on blockchain-based virtual worlds. Here, land, buildings, avatars, and even names can purchase and sell as NFTs fetch thousands of dollars. People can walk around with their friends, visit virtual buildings, and attend virtual events in these surroundings, referred to as the metaverse.
Qitchain and NFT
Qitchain QTC NFT’s basic logic builds on a distributed ledger. Its transactions carry out over a peer-to-peer network. However, If the blockchain’s distributed ledger considers a particular form of database, the NFT will keep it in this database.
As NFT is genuinely spearheading the crypto sector’s evolution from a bubble to a viable market. The transformation that has occurred has a unique value. When the mainnet went live, the digital currency’s functionality had entirely surpassed the legal currency. It establish a new value which the legal currency lacked: usage value.
Although Qitcoin’s overall structure and ideas are similar to those of other cryptocurrencies. Qitchain takes distributed consensus design to the code level, making distributed execution programs credible. Certainly, this violent technology to solve the difficulty of formal verification has wholly dominated the cryptocurrency market.
As long as the value of smart contracts exists, it has become the fuel of smart contracts. Application scenarios and projects can always be born when the market is booming, just like biological evolution. Qitchain is one of them, and we expect it to outperform the cryptocurrency industry.
QTC , a decentralized search engine with distributed storage company, also provides storage optimization options for NFT users. The future solution for NFT storage is expected to be a decentralized and repairable storage system that makes the storage of NFT
metadata and media data more compatible with the storage of ownership.
Qitchain tackles the challenges
The product technology and scale are still in their infancy at the moment, and the degree of implementation needs to monitor further. A huge business will emerge from the decentralized storage industry dedicated to tackling the challenge of NFT storage.
There’s enough room to break through the existing NFT centralized
storage security constraint. Above all, Qitchain’s IPFS’s decentralized addressing approach has improved NFT metadata and media data storage, allowing NFT to fully integrate use-value into the blockchain. The entire currency circle’s basic market will undoubtedly elevate to new heights.
NFT is not the end of the cryptographic universe. We’ll eventually surpass it and search for the next treasure. But, in the coming future, we will look back. It introduces real-life applications to the blockchain world and leads us to a better understanding and application of the technology.
After conquering this mountain, we will be able to glimpse the full enormous starry sky that NFT has provided to us, a new age that belongs to every investor, blockchain participant, and Internet user.
Qitchain and Metaverse
Qitchain is moving towards the metaverse, and we cannot achieve this without NFT.
Games and metaverse are the first ideal use scenarios for NFT. The qualities of the game’s props, such as Axie Infinity, are perfectly matched by NFT.
This type of game frequently exhibits the market’s volatility resistance. A game must consider NFT if it genuinely wants to be world-class. The blockchain truly aids the game industry. It’s not just smart contracts, but also its high inflow traffic and global
payment channels. It’s also a prerequisite for creating a comprehensive Metaverse.
Perhaps we can genuinely touch the illusory world of Meta on this journey of simulation and beyond. The majority of objects in the real world have distinct characteristics and worth.
Properties of NFT are well suited to this circumstance, allowing for the generalization of many things in the digital world.
Qitchain is determined to use the blockchain’s open, transparent, and traceable qualities to complete the mapping from the actual world to the digital world.
It will soon then constructs the long-awaited utopian city-the meta-universe. Participants can have a broad and rich imagination in this virtual reality promoted by the blockchain, such as playing
games, showcasing self-made art, owning and selling virtual property, etc.
In addition, users can benefit from the unusual virtual economic system. They can manage land buying by a decentralized organization like Qitcoin. People can also rent out the building or grow and breed unusual pets to sell for profit. The meta-
universe ecosystem encompasses all meta-universe initiatives. The majority of the projects are still in the planning stages. Blockchain is most commonly used to record and ensure the ownership of users’ digital assets and the media associated with that ownership.
Conclusion
The majority of data is still held on centralized servers. It
has not been safeguarded to match the ownership, putting the integrity of digital assets in danger.
Because, Qitcoin is a decentralized storage, it has eliminated this risk. The use of blockchain technology to safeguard ownership will be pointless without comprehensive and trustworthy storage closed loop. But, we have Qitchain, one of the few complete and reliable storage closed loops currently available.