As we know today, the NFT market is booming. Some figures.
The total trading volume across 14 NFT marketplaces rose from $85.7 million 2020 to $19.6 billion in 2021. The total market cap of NFTs is about $31.4 billion, making up 1.53% of the current $2.05 trillion total market cap for cryptocurrency.
NFTs grow in different blockchain ecosystems (Ethereum, Polkadot…), in different environments (Marketplace, Metaverse…).
With this multi-expansion, the need for interoperability is obvious.
There are also other challenges to meet including the fixing of their origins, the rights they really embody, the protection of these rights. The Opensea platform has unfortunately been exposed to several controversies recently.
With Real1, we have an approach based on two specific development axes.
The real1 project could be summarized in one statement. We create a market place on the ASTAR (1) network able to issue EVM & WASM (2) compatible tokens and certified tokens about the rights they hold.
It will not only be a market place but also a facility that will allow token holders to exchange their tokens, to switch their token from EVM <> WASM framework, by respecting the rights attached to it.
Through this project, we have the idea to address two specific challenges.
The first is interoperability. We believe that it’s essential for NFTs to be transferable from one environment to another, even if the technological framework is not the same (Ethereum, Polkadot…). This is why we want to build tools able to manage transactions, framework requiring EVM and/or WASM compatibility. This potentially leads to the way of a better interoperability. Our contracts will first be deployed in Solidity (EVM). Then, we will develop the equivalent one in Rust, with Ink! (WASM). We also believe that ASTAR’s technical approach will help us and other to improve bridges between these two development environments.
The second challenge relates rather to the economic and legal value of the tokens we will issue. How to guarantee the economic and legal rights that a token provides. This is a problem that is often debated (recently around opensea) but about which there are still few solutions. An NFT does not provide ownership, a right of exploitation by nature. It must be backed by a specific framework. We have chosen to implement the certification elements proposed by logion network (3) in our tokens. We must then ensure that the link between the NFT, the asset it represents and the certificate will be strong and permanent.
By working on these two challenges, we will develop a factory able to provide tokens of a new type: interoperable, legally and strongly certified. It will be very well fitted to the needs of the market, especially when a bridge between the real and the blockchain world is required. We’ll be able then to feed different parts of the metaverse with our tokens.
The main steps of our project
Create the compatible token model on ASTAR
We need to create smart contracts for the issuance of our tokens with Solidity (EVM) and Ink! (WASM). In this way we will be able to issue tokens for both environments and after to make it exchangeable for more interoperability.
Set up a strong certification process for these tokens
We have to build links between our tokens and the certification process provided by logion network. This link should be preserved even if the token changes form (EVM/WASM) and/or environment. Our model should always preserve the trilogy: creation / NFT / legal certificate.
Bring in unique content to promote our environment
We have to develop partnerships to feed the first market place with quality artistic content. This will show the usefulness of our approach but also enlighten it.
What we have already achieved
Project progress to date – 28/02/2022:
- V1 of the solidity smart contracts is available and being tested
- We are finalizing a test version of our web application for the market place
- The first tests have been run on Shibuya (ASTAR testnet)
- We have our first two partners for quality content on the first market place: NFG (FG) and ARTTS
More information will be announced through our social channels:
(1) See www.astar.network
(2) EVM: Ethereum Virtual MAchine / WASM: Web assembly
(3) See www.logion.network