Hello. I am investigating to have informations about the relationship between NFT and a native asset. I mean that I would create a private Asset and its own NFTs. The NFTs are a set of elements in the asset itself. They should not exit and they should not fly away. Could you please suggest me the documentation about the working NFTs and user own asset? Thanks.
You might want to start from the native token developer portal and then keep asking in the forum.
A NFT (non-fungible token) can be a native asset on Cardano due to multi-asset ledger. Each token is a separate asset whether fungible or not. The idea of having a “set” of NFT would require a smart contract or token bundling perhaps? The idea of it being “private” or “not flying away” would need some clarification about what you actually mean …
Dear Dino thanks for the reply. I am learning to build a token using Cardano blockchain. I can talk about an example not real that can help me to explain to you a part of my project. The token should have the support both by the smart contracts and NFT. I continue in the following example not real. The NFT can be a personal ticket for a little property certification. For example a chair in a countryside teather. The contract is the capability to assist at the opera at certain conditions: in the summertime the chair subscription could be cheaper. The NFT is the chair code of property. It is natural to sell that property if the owner (that owns the NFT) will not partecipate at the opera show when he moves elsewhere. So the new owner of the chair will sit at the show. I know that the NFT and the token in Cardano are two separate object. And I am searching the way to connect them. Using the above example, the owner of the chair at the opera teathre could be interested to assist to another scene and he could be at the theathre twice in a day. He could be also interested to use more often his NFT (chair property) and pay for its use at other shows. The payments will be done via ADA the ticket property is inside the NFT and the smartcontract will regulate the life of the Opera enthusiast. Please sorry for my bad english.
I reedit this Dino adding some other words: I would have a token named ChairRental and I would have some NFTs that could be sold via ChairRental token. In that case the ChairNFT will not sold by other token, they could be sold and minted only in a private circuit. Thanks.
I think I understand more or less. You effectively want two types of tokens to interact with your platform.
First the NFT which represents ownership of the asset like a box at the opera house, title to a vehicle, the deed to a house, the rights to a musical composition, etc. This could be created by your platform or imported from wallets that use other NFT platforms and marketplaces already available.
Second a potentially large supply of platform specific FT that can be exchanged with ADA on the platform. These tokens can be used to rent out limited access to an NFT asset without transferring ownership. One or more smart contracts may need to cover a variety of use cases. I believe the core use cases would boil down into two things:
TRADING: Users need to be able to send ADA to receive “rental ticket” FT as well as return the FT for equivalent ADA when they desire to “cash out” their share. There could be a small fee incorporated to support the platform while ensuring enough ADA is always maintained to cover the FT in circulation. Alternatively a zero fee platform could delegate accumulated ADA to a stake pool and use rewards alone to cover the operating overhead?
PARTICIPATION: Users need to be able to list their NFT asset for a vesting period to be rented in exchange for FT. The easiest approach would be importing existing NFT from user’s wallet API. Registration and listing should likely be free to encourage more participation in the platform. This could also include generating new NFT for a fee using the platform.
Dear Dino. Thanks for the good interest that you have for this thread. Yes you are quite near to the core of the problem. We are planning to make a kind of tokenization of a service that is really similar to the example. We would like to take advantage from the blockchain technology. We can imagine a ticket shop of a Theather. To take advantages from the blockchain the ticket office could use ADA for payments and NFT maker already online to print property certificates. After that the opera lovers could sell or buy their subscriptions, and this is easy to automate. The ticket office sells tickets to a chair sitting and subscriptions for a box to assist the opera show by ADA wallets. Ok.
When they want to reproject the service and they want to create their own token (in ADA ecosystem) called Opera (i.e. name) with their NFT with their contracts there are a lot of problems. First of all the NFTs generated must be exchanged by the Opera token; they must pay the ADA fees with Opera token; they need to generate NFTs every season and destroy the NFTs of the past seasons, or deactivate the NFT functions for older shows.
The interaction of generated NFTs and the Opera new generated token, is the goal of my questions. I am searching the way to create an ecosystem in Cardano that would be completed with the NFTs management: a complete market made by NFTs smartcontracts and token in a unique ecosystem based on Cardano but not Cardano. What you think about it? Thanks for reading.
It is definitely within the realm of possibility.
Thinking of other subscription based services, streaming content, etc already available your innovation seems to be focused around the transfer of use. Content providers and content subscribers would more or less work the same as all existing platforms.
The interesting part would be the umbrella platform for exchanging subscriptions. Maybe I don’t want to give up my box at the Opera house but if I am not using it why not let someone else enjoy it while recouping my cost? Maybe I am on holiday and have the opportunity to get into a sold out show last minute? A lot of potential in the idea …
I have to question if the overhead and complexity of blockchain really adds any value into this kind of on-demand sub-leasing platform. This could almost certainly be created more easily in a centralized way like AirBnB, Ticketmaster, etc.
How does blockchain add value to the use case? If the answer is not significantly more than “having tokens on blockchain” then it probably is not worth it.
Hi. Thanks for replies. How does the blockchain add values to this case of use? Simple. It is enough to think about taxes. Suppouse to buy the place online, suppouse to rent down for a limited time your place, or suppouse that it could be sold away. At the moment that this NFT works and it changes owners hands it creates taxes that must be payd, so it is important to have a PAYMENT system near the ownership title (NFT) of a place. So we tought to the blockchain technology. But it is a RAW project and I should design it around a blockchain. I tought to Cardano echosystem instead of others.
Hello Dino, hello friends. I have anothe example to export in Cardano echosystemv to: a facepic game.
I make a online game named “PetFace pics”. I create pics with friend’s pet faces. I create an Asset on Cardano blockchain named PFP. I found it and I have some ADA to pay transations fees in the same address that supports its minted PFP. I make an account in Pinata. I upload all the Pets Faces pics and I get their ID. After that I am ready to create NFTs with that faces. I would like to create an exchange in Cardano blockchain that permits to sell and buy faces by PFP payments. It is an example but seriously I am working on it. Is it possible to make it on Cardano blockchain? Obviously that is a business simulation. I minted an asset, I funded addresses and I am usind Daedalus to send payments of my minted asset. I am goind to learn the second point: NFT on testnet and the tird point is to sell and buy my private NFTs by my tokens payment.
This is a beautiful example to study on, please reply, thanks.
This is a completely separate idea which seems to be a variation on the NFT craze.
Frankly, I do not understand the obsession with minting tokens that link to random images. For the life of me I cannot determine how there is any value in any of the existing NFTs intrinsically or otherwise. That said people also have stamp, coin, and card collections that completely baffle me because they have no purpose. Obviously I am simply not the collector type.
If you want to jump on the band wagon though a cursory Google search will yield dozens of NFT marketplaces for Cardano in various states of completion that you can participate in if that is interesting to you.
I close the case study. Cardano cannot works for my project. The limit is around the minting a private assets. Infact there aren’t assets completely created in Cardano yet. It is too early. Solana, Algorand, EOS … Ethereum. That blockchains let us to make assets and WALLETS. I cannot create a tokenization for a client in Cardano. Client could want to have a private wallet and not so that raw visualization that we can provide with daedalus at the moment of writing. So I leave the project made by Cardano blockchain.
All blockchains include a public distributed ledger? That’s kind of the point actually …
A private blockchain would need centralized authentication and authorization to access the network with an encrypted ledger perhaps?
Anyway, good luck with your project!