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Fig. 1: Workflow of NFT Systems - NFT Store. An NFT owner stores the raw data into an external database outside the blockchain. Note that, s/he is also allowed to store the raw data inside a blockchain, despite this operation is gas-consuming. - NFT Sign. The NFT owner signs a transaction, including the hash of NFT data, and then sends the transaction to a smart contract. - NFT Mint&Trade. After the smart contract receives the transaction with the NFT data, the minting and trading process begins. The main mecha- nism behind NFTs is the logic of the Token Standards that can be found in Section 3.2. - NFT Confirm. Once the transaction is confirmed, the minting process completes. By this approach, NFTs will forever link to a unique blockchain address as their persistence evidence. Bottom to Top. For this design (e.g., Loot [34]), the protocol consists of two roles: NFT creator and NFT buyer. In most cases, a buyer can also act as a creator because an NFT product is created based on random seeds when a buyer bids for it. This extends the functions in terms of user customization. Here, we use the superscript ∗ to highlight differences compared with the previous one. - Template Create∗. The project founder initiates a template via the smart contract to set up several basic rules, such as different features (character style, weapons, or accessories) in the game. - NFT Randomize∗. Once a buyer bids for an NFT, s/he can customize the NFT product with a set of additional features on top of basic lines. These additional features are randomly selected from a database that was predefined at the initial state. - NFT Mint&Trade. The minting and trading process starts once the cor- responding smart contract is triggered. 6PDF Image | NFTs Non-Fungible Tokens Focus
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NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
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