before i am minting a bunch of a native token i want tot just mint 1 (as in the first ever) then make an NFT from that one. and after that mint the rest.
So the question is, is it possible to create an NFT from a FT of 1? is multi assets used for that?
@ArjanD Do you want to make make FT or NFT? The process is quite different and they are mutually exclusive. You do not need to make a FT first to then make an NFT or vice versa. The primary difference between the two is the word “fungible” as described here: Fungibility - Wikipedia
For example a piece of gold or a $5 bill is a fungible token. They are equivalent in value to the same amount of like-kind in exchange.
A unique piece of artwork or a deed to a specific property could be examples of non-fungible tokens. For example you could not trade a masterpiece for any other piece of art and consider them the same.
These same economics concepts apply to blockchain tokens. So the first question you need to ask yourself is what kind of token you need for your use cases?
Then read up on how native tokens work in the official Cardano docs: https://docs.cardano.org/native-tokens/learn
@DinoDude thanks for the reply, yeah i think i am making it myself to hard the way i described.
the idea behind it is that i can auction off the first token (FT) minted, but its merely a symbolic feature then an actual token. So probably an NFT image resembling the token would be the best approach i guess
Yeah. The smart contract would create all the tokens at once, so there is no “1st token”. Also, minting a single one would create a different contract address than all of the other tokens.
I would consider auction of the NFT directly using a smart contract to enforce the correctness of all parameters you want such as inputs, logic, metadata, outputs, etc.
You can negotiate the bidding off-chain and when the winner of the auction confirms the transaction the smart contract generates the token securely upon payment of the agreed amount. Alternately, you can generate the token for your “proprietor wallet” first and then some clever code could enforce the auction within the smart contract itself on-chain!
The former is better if you want the item to be generated, secret, or surprise. The latter is better if you want more security regarding the bidding process, reserve logic, and transfer of the token.
Think of some of the use cases from eBay in regards to the sorts of problems an online auction can create such as the winner not signing the transaction, the winner not having sufficient funds, automated bidding by applications, negotiating last moment bids, failure to meet reserve price, etc.
Also lookup vesting tokens for some more ideas perhaps …