Using the technology of Stacks for Non-fungible Tokens
What is a Non-fungible Token?
They’re relatively new types of digital assets that are designed to represent ownership of something scarce. Non-fungible Token (NFT) is a thing that you can’t replace, for example, Ethereum is a fungible Crypto-token you trade with another coin but in NFT you can’t because it is non-fungible and it represents ownership.
What do NFTs add to CryptoCurrency?
With NFT now you can have special things, for example, let’s think about a painting when it comes to paintings copyright always been trouble but NFT solves this, with NFT’s there will be no copying because they’re relatively new types of digital assets that are designed to represent ownership of something scarce.
Short History of NFT’s
It all started in May 2014, Dash writes, when he was paired up with the digital artist Kevin McCoy. “This was around the peak of Tumblr culture when a raucous, wildly inspiring community of millions of artists and fans was sharing images and videos completely devoid of attribution, compensation, or context,” Dash writes. A solution to that problem became the seed of their idea. “By the wee hours of the night, McCoy and I had hacked together a first version of a blockchain-backed means of asserting ownership over an original digital work. Exhausted and a little loopy, we gave our creation an ironic name: monetized graphics.”
Neither Dash nor McCoy patented the idea, though McCoy spent a few subsequent years evangelizing it. But they both envisioned their creation as a way to give artists more control over their work; that was always the thesis. Dash’s writing is lucid and clear on the implications of the technology and NFTs as we currently know them. He’s also sharp on blockchain technology’s promises and limitations. Dash and McCoy’s “proto-NFTs” — as Dash refers to them later in the piece — are fascinating because they’re explicitly geared toward artists and are not necessarily so concerned with profits, unlike the NFT market we’ve got now.
Why Stacks are important for the NFT’s?
If you don’t know, Ethereum has the majority of the NFT coins. A lot of NFT coins use Ethereum’s blockchain. With the technology of BOOM, now NFT users can use STX Blockchain technology to buy NFT’s. In this case, Stacks is important because it can be an alternative to NFT’s and There is no other platform that makes NFTs secured on Bitcoin.
What is the relationship between Bitcoin Stacks and NFT?
As you know Stacks is a technology that uses Bitcoin’s network and technology. Because of PoX (Proof of Transfer), it is linked to Bitcoin. Stacks coin allows NFT to use its ecosystem with that we can use the technology of Proof-of-Transfer to transfer NFT’s to Bitcoin.
So, what are the new things Stacks adds to NFT?
From 1.0 to 2.0 biggest upgrade was Clarity, meaning smart contract functionality but what is clarity anyways?
What is Clarity?
Clarity smart contracts on Stacks 2.0 are what make it possible to developers for facilitating Stacks transfers and give users the ability to manage their wallets, manage their NFTs, and eventually create NFTs from within Boom. With that, we can transfer NFT to Bitcoin by using the technology of Clarity. (If you want more information about the technology of Clarity and Stacks coin you can read my first article.)
So what exactly is Boom?
Boom is a web wallet for Stacks to handle the NFTs, but it’s made out by the technology of Stacks and ecosystem. By running it as an app, developers have the benefit of not having to handle user’s private keys. Instead, everything is done via transaction signing.
What can users do with Boom?
Why do you need to use Boom? Because Boom is important when it comes to handling NFT’s. On top of storing and transacting STX users will be able to launch applications from within the wallet and participate in stacking (as long as its minimum price). When it will be published, users will immediately be able to store and trade NFTs using Boom.
The history of Boom.
When there was no Boom there was Webby. The team of Webby first thought to provide a listing of community applications that had a nicer user experience than what was available at the time and they wanted to be mobile-friendly and more easily accessible in general. With that version of the product, the Webby team’s end goal was to add direct keychain authentication and simple wallet functionality. But then they see the potential of the Webby was more than that, Webby potential could also handle NFT’s. In those times there was a 1.0 project so all they could add was just application listing. But when the 2.0. testnet has been available, they add wallet functionality and experiment with NFTs. When all this has happened developer’s new focus for Webby transfer him to be rebranded to Boom.
What are the new things that we can expect from Boom in the future?
We can look forward to new functionality, like transacting STX, and just an improved user experience overall. The experience for doing things like launching apps is going to be greatly enhanced once developers add keychain authentication and look out for new NFT functionality, which is coming soon. The ultimate vision is for Boom to become a community platform centered around NFTs. The developers say that they will be working hard on building out community functionality like sharing, trading, selling, and NFT creation.
