The world of NFTs have captured the collective imagination of crypto enthusiasts across the globe, creating a new way to trade digital items, including arts, music, videos, unique collections, and much more.
Within just 12 months, the MXC Foundation has successfully launched an intricate global web, providing a unique decentralized platform to support the world’s largest free LPWAN data network.
Now, after successfully establishing comprehensive coverage across Europe, the USA, Australia, and many other parts of the globe, MXC’s next milestone in the universe of cryptocurrency and blockchain is to integrate the NFT world into the MXProtocol.
The world of NFTs have captured the collective imagination of crypto enthusiasts across the globe, creating a new way to trade digital items, including arts, music, videos, unique collections, and much more. This innovation has introduced a robust marketplace for digital creators and their unique works. In the last three years, the NFT market has grown over 700%, and by the first half of 2021, NFTs are worth an estimated 2.5 billion.
Since late June 2021, the MXC Foundation has collaborated with corporations and farmers across China, integrating their unique items on the blockchain to ensure validity and fair trade for everyone. Moreover, there have been many other deals signed recently, delineating how these corporations will use MXProtocol to ensure the fair trade of their unique collections on the blockchain. In addition to all these partnerships, MXC will preview its first unique look at Functional NFTs, or F-NFTs, in Q4 of this year along with other big releases, including Bitcoin mining. Before we start, let’s dive into what NFTs are and why the MXC Foundation aims to mint them as a new marketplace to empower everyone to be a part of the digital marketplace.
What are NFTs?
To understand NFTs, one should know the essential, fundamental difference between fungible and non-fungible assets. ‘Fungible’ is a term used to describe a quality of an asset, which can be exchanged with another asset of the same type, due to identical values that can be substituted for each other. On the other hand, the term ‘non-fungible’ represents assets that might be similar but hold completely different values; thus, they can’t be substituted or exchanged for each other. Therefore, non-fungible tokens, or NFTs, represent a marketplace on blockchain technology for these assets to be traded without losing the verification and public proof of ownership. Crypto tokens that run on top of cryptocurrencies, such as specialized utility and security tokens, have become a popular digital asset class. In recent times, this marketplace has turned out to be incredibly successful and highly lucrative with many new digital asset classes, thanks to the introduction of Bitcoin, which laid the foundation of the core technology, proving to be the game-changer.
Bitcoin being the first open-source cryptocurrency based on distributed ledger technology laid the ground for other cryptos to evolve, and it wasn’t long before other cryptocurrencies emerged. Ether, which was created in 2013 by Vitalik Buterin, not only traded as a digital currency but also aids in the execution of software instructions called smart contracts, thus using the decentralized nature of blockchain for applications. Ether was formed on the blockchain called Ethereum, and participating devices on the network are collectively known as Ethereum Virtual Machines (EVM).
Smart contracts on the Ethereum blockchain that can be executed under specific conditions use Ether as an incentive to pay for any work on the network. This very chain is also used for supporting non-fungible tokens, as tokens use the existing smart contract-powered blockchains. In simple terms, tokens are means of exchange to give value to a transaction.
Supporting an NFT
The emergence of NFTs is a breakthrough for digital content creators, allowing them to buy, sell, and prove ownership of the digital asset classes. For each unique version of digital content or asset, a unique crypto-token, in fact, a non-fungible token is issued, encompasses authenticity data, which is then stored on a blockchain as a cryptographically secure immutable transaction. Nonetheless, with many NFTs, you may not receive physical ownership of an item, but simply a version that is digitally signed by the creator. However, the token can be traded from peer to peer as equivalent to the transfer of authenticity from person to person, and the NFT itself confidently captures the details of the new owner going forward.
NFTs are typically managed on the fast-growing and newly established 3rd party ecosystems. One of the many standards for supporting the fungible token is the commonly used “ERC-20”, the same standard on which the MXC utility token is minted.
How to trade NFTs
Trading NFTs on the marketplace is a simple four-step process. First, you need to have a cryptocurrency wallet that supports the blockchain on which NFTs are minted. The wallet serves as a repository for your public and private keys and a way to sign transactions. The public and private keys are required to participate on a blockchain.
Once this first step is done, the next step is to deposit the crypto, which you need to purchase NFTs, along with the associated transaction fees. Then one must select a platform to buy and sell NFTs. Popular platforms that support a variety of NFTs include: OpenSea, Rarible, and SuperRare. The last step is buying or selling an NFT, which can be done through bidding in an auction or direct purchasing. In each instance, the wallet is used to record the transaction. If the trade is successful, the token will be signed by your private key and recorded on the blockchain, thus creating a secure record, proving you as the owner of a particular digital asset.
MXC’s NFT in action
One innovative project involving a practical use-case of NFTs on our MXProtocol was rolled out in Yangcheng Lake, located in Jiangsu Province and famous for its Chinese mitten crabs, a regional delicacy. The project was a massive success and was the first Smart Agriculture Eco Initiative, a novel program to empower smart agricultural applications with IoT technology.
The project used the LPWAN network created by our mining community and implemented the edge AI tech to provide end-to-end support to small and medium-sized agricultural enterprises to increase production, promote precision, and serve as a catalyst for the intelligent and scientific development of smart agriculture. It provides not only intelligent hydrological monitoring support to monitor the environment and make fine breeding adjustments in real-time, but also lays out the structure for integrating the unique farming of crabs on the blockchain through the use of NFTs. In this manner, NFTs will let anyone know where the crab is bred and the nutritional facts about its lifestyle. These NFTs are expected to be released on the Data Highways NFT market.
In addition, the MXC Foundation has recently partnered with the producers of the finest single malt Scottish whisky to allow a limited edition collection of these luxury gold whiskies to be on the blockchain through the premier non-fungible token marketplace. This will be a pivotal moment for MXC as well as in the world of NFTs. As of the time of purchase of these limited edition NFTs, one can become the owner of the real-world physical product represented by the respective NFTs, with the NFT serving as a digital receipt that verifies the buyers’ ownership and authenticity of the selected unique, exceptional whisky collection. The first series of these NFTs will be minted soon and available to everyone on a first-come, first-served basis. More to follow on this in the coming weeks.
The MXC Foundation has stepped into the last quarter of 2021 with the aim to deliver ground-breaking new releases, including the low-power Bitcoin mining opening to everyone on the PoP protocol. Excitement in the MXC community is high, with thousands of new supporters joining the global Data Republic each day. With all of these key releases, one of the primary focuses will be to lay out the plan for minting the much-awaited upcoming F-NFTs and creating a unique marketplace for trading them. This is the exciting new world of F-NFTs!
As the name implies, these F-NFTs will have certain functionalities incorporated with each respective NFT, accessible through the DataDash app. These F-NFTs will be available in four ranks of Bronze, Silver, Gold and Diamond, with the exponential factor of five, accumulated total of 5,555 only. The functionalities can range from increasing mining boost or setting up the miner health to a certain percentage, to reducing or waiving the withdrawal fees on the DataDash app and even equipping your NFT with an M2Pro, letting you either sell or redeem it. One of the exclusive benefits attached to this new handful collection of NFTs will be an ability to boost individual miner network contributions. Moreover, it can work together with staking or the acquisition of hardware such as an M2 Pro Miner, with the opportunity to have multiple resources attached to it. In addition, it can provide you early access to other upcoming features, including Beta Tests, guaranteed selections, and much more.