Asset digitization is becoming the mainstream, ADAMoracle boosts the dynamic mapping of NFT and reality.
The continuing popularity of NFTs is something that most people did not expect In 2021. Some artists, celebrities and even corporate organizations have begun to show their NFTs, which seems to make NFTs more popular and completely different from other crypto market applications that are called “an icy beauty” and “minority”.
With its unique value attributes, NFT provides a more reliable and convenient way to confirm rights for many creators. For example, literary works, game equipment, original music, etc. in the real world can all be published on the chain. Anchoring through NFT, the ownership of users’ digital assets has been clearly confirmed.
In short, just like in traditional games, players need to consume various props and equipment during the game. These game assets are controlled by the game company, and the players have the right to use these game assets, rather than the ownership when they keep the account.
If the account is lost and cannot be retrieved, or the game is closed and no service is provided, the assets purchased by the player in the game will disappear immediately. But the emergence of NFT allows game assets to belong to players. The ownership of game characters or equipment are all determined by NFT. Apart from the game, NFTs can still be traded in the market and exist in the form of digital assets.
As a large number of NFTs are minted and transactions spread out in the market, issues such as how to store and process NFT data have become increasingly prominent.
NFT data needs decentralized storage to avoid risks
NFTs are usually created by quoting metadata, which includes various content details represented by the token, such as the name and description of the NFT, and the color, shape, sound, etc. quoted from the original NFT asset itself. Generally speaking, NFT metadata often uses the off-chain storage scheme because of the limited space on the chain.
In short, although the token exists on the blockchain after users own NFT, the large-capacity and cumbersome data files such as pictures and videos related to it adopt an off-chain centralized storage method due to the congestion on the chain and the high cost.
There is no doubt that a decentralized NFT token uses a centralized storage solution is on the contrary of the basic logic of the encryption industry. What’ more, this off-chain storage method is extremely risky, so NFT loss events occur from time to time.
Just in this year, a musician called 3LAU sold an NFT music album on the NiftyGateway. It was indexed and placed on a centralized server through HTTP URL. When the centralized server cleared up the data, the NFT disappeared, however. Although a copy of this $11 million album can be found on NiftyGateway, 3LAU has lost this NFT asset.
Therefore, the industry has targeted NFT’s data storage solutions toward decentralized way, which makes NFT metadata storage more compatible with ownership storage.
People concerned to Filecoin, the well-known decentralized storage project, once proposed to use Finecoin to fix the NFT data to the IPFS protocol for content hash storage to ensure that the file content can be obtained and used anytime and anywhere.
It is reported that Filecoin has established a storage partnership with the NFT public chain Flow in October this year. Filecoin’s decentralized storage solution is based on that Flow applications can use simple methods to protect NFT media assets and metadata. Distinguished from the unstable behavior of traditional centralized storage service providers, Filecoin’s storage persistence combined with the provider’s redundant storage and accessibility options form a flexible system that can ensure the safety of users’ NFTs.
Decentralized storage systems like Filecoin are expected to become mainstream solutions for NFT storage in the future. However, the current product technology and scale are still in their infancy. With the development of NFTs, it remains to be seen whether there are more perfect storage solutions.
The oracle allows the dynamic linkage between NFT and real assets
Apart from the storage problem, we can still find some other development bottlenecks faced by NFT. It can be seen from some of the hottest NFT projects that most of the existing NFT assets are virtual in the game, and the number of mapped assets in the real world is quite scarce.
The properties and values of most objects in the real world are different, and the characteristics of NFT can perfectly adapt to this situation to realize the tokenization of different objects in the digital world, and endow tangible or intangible assets in various fields digital value.
In the process of NFT mapping real assets, when the trigger condition of the smart contract is off-chain information, a trustworthy interaction channel must be established. And real-world data is needed to put into the blockchain through an oracle to complete the data interaction between blockchain and real-world
In order to avoid the awkward situation like NFT metadata being placed in centralized storage, NFT calls for real asset data to adopt a more secure and reliable decentralized oracle solution.
As a decentralized oracle, ADAMoracle ensures the safety of data flow and use to the greatest extent. To this end, ADAMoracle created a pioneering core mechanism in the industry. That is, using a wide-area node network to feed prices. Generally speaking, the instability of data sources and price-feeding nodes is a prominent risk of the oracle during the smart contract price feeding process, and the wide-area node mechanism just solves this problem.
ADAMoracle not only has distributed data sources and a large number of diversified server nodes, but also adds a data aggregation function in the data feeding service process, which greatly increases the cost of oracle network attacks, and effectively eliminates abnormal data at the same time. Under the premise of ensuring the security and accuracy of the transmitted data, it can meet the larger data needs, and can import real asset data such as real estate, land, artwork, and certificates quickly and easily.
The value of NFT assets is not static. Usually, referring to the real-world information of the item is involved.
Taking the art NFT circulated around the world as an example, you can use the ADAMoracle to connect to trusted APIs off the chain to aggregate multiple data sources to obtain the historical price, price trend information. Accompanied by actual information data such as the holding status of artworks, transaction details, off-chain bidding details, and industry attention, it provides reliable valuations for NFT assets on the chain.
In addition to the NFT cast on the chain of real estate, there are some dynamic NFTs that can be cast based on real events.
Dynamic NFT can be updated according to changes in the real world dynamically. For example, the dynamic NFT released by NBA player Ramello Ball is closely related to his performance data in the NBA. Based on ADAMoracle to establish a dynamic link to the data and integrate dynamic data input and off-chain calculations, the actual game situation could be interacted on the chain. Whenever there is a change in various data in his NBA game, the NFT associated with the corresponding data will be updated in real time.
The digitalization of assets is an inevitable development trend. As an important link between the current blockchain and valuable physical objects that can be directly connected and perceived, using the form of NFT to issue assets on the chain can achieve more convenient circulation of assets.
Infrastructure tools such as Filecoin and ADAMoracle can better assist in data storage, circulation, and use in the blockchain world. The tools also offer users and NFT projects reliable data sources that are accessible, scalable, and readable, to build a bridge for the integration of real-world assets and encryption and digitization.
The transaction value of NFT is shown to us. Furthermore, more new forms will be evolved in the future, which breeds more NFT applications, and the application value will enable the NFT industry to go further.