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NFT Day: Celebrating the Journey from Namecoin to ERC-721 to Flow Blockchain.

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WORLD3

Did you know that the first version of a non-fungible token (NFT) was created in May 2014? “Quantum,” stored on the Namecoin blockchain — a fork of Bitcoin — provided a way for users to store data within transactions on the network.

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Quantum — Kevin McCoy

Fast forward to today, and the NFT landscape has significantly evolved. From the early days with “Quantum,” we’ve seen the introduction of new standards that have greatly changed how people choose to invest in digital assets.

NFT Day

Today is NFT Day, marking 6 years since the creation of the Non-Fungible Token (NFT) standard known as ERC-721. This standard introduced the capability to track individual tokens through the required use of a variable labeled ‘tokenID.’ This update enabled the unique identification of tokens, eliminating the fungibility associated with previous standards like ERC-20, which is commonly used for fungible tokens.

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ERC721 Contract example — ‘tokenID’ must exist.

Standards are introduced in a manner similar to how upgrades are made to Bitcoin, through the use of Improvement Proposals known as EIPs. Ethereum Improvement Proposals are suggested changes to the network that come from the community. These proposals undergo a process of review, discussion, and either approval or denial before being included in a network protocol update.

For more information about Token Standards on Ethereum, please visit: https://ethereum.org/en/developers/docs/standards/tokens/

Proposed on the 24th of January 2018, EIP-721 had a straightforward summary that introduced “A standard interface for non-fungible tokens, also known as deeds.” This proposal not only gained significant traction but also first coined the term “NFT.”

Since added to the network, the standard has become exceptionally popular. Data shows that from January 1st, 2020, to July 26, 2023, more than 169,000¹ ERC-721 contracts were created, averaging 132 new contracts per day.

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NFT (ERC-721) smart contracts deployed on ETH mainnet (Dune Analytics, @jacbo25)

The proposal outlined various use cases of ownership tokenization, such as:

  • Tangible assets like real estate and one-of-a-kind artworks
  • Digital collectibles like unique kitten images and trading cards
  • Liabilities like loans and other obligations

While the majority of NFT contracts have been for the creation of image-based collections, such as PFPs to the liking of Board Ape Yacht Club, the use cases have certainly extended beyond just jpgs. Below are some of those uses, each with paired with an example:

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Flow Blockchain Logo

Flow Blockchain

As a part of NFT Day, it’s also important for us to highlight Flow blockchain, created by Dapper Labs, and one of our first blockchains of choice for Matrix World.

Dapper Labs, was founded in February 2018 by Roham Gharegozlou, Dieter Shirley, and Mack Flavelle, and those who may recognize the name, Dieter was also a key contributor to the ERC-721 proposal — Non-Fungible Token Standard.

Flow blockchain is designed to be user-friendly and easily scalable, making it an ideal platform for both developers and consumers. Its unique structure allows it to handle a large number of users without compromising on security or becoming too complex. For developers, Flow offers a simplified coding language (Cadence), and tools that make it easier to create apps and digital assets. For everyday users, it provides a smooth transition from traditional currency to digital assets. Overall, Flow aims to make blockchain technology more accessible and efficient for mainstream adoption.

Through their ease of onboarding and impressive rate of transactions per second, Dapper Labs, the creators of Flow, has also secured significant partnerships with some of those the biggest names in entertainment including, NBA, NFL, UFC, MotoGP, Ticketmaster and Mattel. At the end of 2022, Flow had seen significant growth with 17.5 million accounts created, a 4.9x year-over-year increase. It has also processed 300 million transactions to date, a 3.5x year-over-year increase, and has the highest number of all-time NFT transactions among any blockchain.
Source: Flow Town Hall: 2022 Recap and What’s To Come in 2023

To learn more about Flow Blockchain — https://www.youtube.com/watch?v=j4kD5IZWYvU&t=2s

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FLOW HQ Inside Matrix World

Matrix World

For those who may not be familiar, Matrix World is a multichain metaverse that was initially launched on the Ethereum and Flow blockchains on October 15, 2021.

The development team, Matrix Labs, has been exploring the concept of a multichain metaverse since 2018, making it a unique and core feature of Matrix World. The team has also published a research paper titled “An Interoperable Avatar Framework across Multiple Games and Blockchains,” which was accepted by IEEE INFOCOM, a highly regarded computer science conference. View this paper here — https://www.nebulas.io/docs/1570523436.pdf

The Matrix team is currently working on infrastructure, including software development kits (SDKs) that enable easy integration of other blockchains. This effort aims to extend the value proposition of Matrix World to communities outside of our current blockchains of choice.

From the successful mint in October 2021 to now, we have seen significant changes in Matrix World. This includes a $5.5M funding round, multiple partnerships, additional hiring, updated avatars/artwork, and most recently, the launch of our Pioneer build for landowners.

As we look to the future, Matrix Labs is keenly following the advancements in Web3. With our finger on the pulse, we aim to keep Matrix World at the forefront of innovation.

About Matrix World

Matrix World, inaugurated in 2021 by its parent company Matrix Labs, stands as one of the first multichain metaverses of its kind. Matrix World was conceived with a focus on accessibility, therefore not confining developers and end-users to a single blockchain. Each parcel is powered by its unique computational capabilities and storage resources, giving users complete control over what is constructed and the lifecycle of the objects on their land. In February 2022, Matrix World successfully secured $5.5M from 17 investors during an angel-round funding at a $50M valuation, thereby strengthening the growth and development of the Matrix World project.

To learn more about Matrix World or get in contact, please visit the links below:

Website
Twitter
Telegram chat
Discord

Sources:

[1]: NFT (ERC-721) smart contracts deployed on ETH mainnet (Septemeber 05 2023) https://dune.com/serg/nft-erc-721-smart-contracts-deployed-on-eth-mainnet