In a market growing and evolving as quickly as the NFT space there are plenty of areas for participants to look to differentiate – Coinllectibles has focused on increased transparency in ownership title on the underlying asset in developing the “gold standard of NFT”- the Fusion NFT.
In a market growing and evolving as quickly as the NFT space there are plenty of areas for participants to look to differentiate – Coinllectibles has focused on increased transparency in ownership title on the underlying asset in developing the “gold standard of NFT”- the Fusion NFT. In a business model where we want to work with many other participants, the Fusion NFT is agnostic to which blockchain we use and market place we partner with. An area we were struggling with was the quantity of information that we have on the Fusion NFT was more than could be accommodated on NFT market place platforms limiting who we could work with or requiring us to compromise on content which we wanted to avoid. I am quite proud of our technology team under Chai Kok Young that was able to effectively solve this.
The Fusion NFT includes a lot of information and technology with a large amount addressing provenance areas. That includes the certificate of ownership, a sale and purchase agreement, a transfer deed that transfers rights of ownership to the holder of the NFT, bailment terms addressing rights of possession and an Independent third-party appraisal report. There is some other cool technology on it as well which goes to how the piece is viewed and enjoyed.
Typically, an NFT has only the name of the item, a description and a uniform resource identifier or URI which usually points to a digital image, 3D-model or video clip. The actual image / 3D-model / video is then stored in some webserver or more commonly on the InterPlanetary File system or IPFS (as it is immutable – content cannot be changed). As there is only one URI link, it limits how much information can be carried on the NFT.
In bringing the Fusion NFT to market we had set out to look at ways to store more information for our Fusion NFT, we extended the metadata store of the NFT. Instead of having only 3 fields in the metadata – Name, Description and URI, we included the metadata content to include a Certificate of Ownership field and multiple URI links to the different legal documents a 3D model, high resolution images and even an AI model of the physical item. The entire increased metadata content is then minted onto the blockchain.
This method enabled us to store all these contents describing the Fusion NFT onto the blockchain. However, it also increased the minting cost (more content) but a bigger issue for us was that not all the different NFT marketplaces could support this. Most of the NFT marketplaces only support the 3 basic fields of name, description and a single URI link.
This makes it hard to work with different NFT marketplace as we need to establish a separate minting process to include all the additional content into the NFT.
Enter Fusion NFT 2.0, where we only include 3 fields as catered for by all the common NFT marketplaces: Name, description and a single URI link to an image file.
However, we added in the image file that shows the physical asset 2 QR Codes.
If you scan the first QR Code, it points to a URL of a webpage on our webserver that documents the details of the NFT, including a detailed description, all the associated legal documentation pertaining to this item, high resolution image and also a 3D-Model of the item.
In order to record the information for posterity and also to maintain an immutable copy of all these information, we archived this webpage that stored the NFT details, onto a “Permanent Web” offered by Arweave blockchain. The second QR code points to this archived webpage on Permaweb.
In summary, the Coinllectibles Fusion NFT 2.0 can easily mint on all the common NFT marketplaces and platforms, satisfying the 3 fields: name, description and one URI link. Secondly, the detailed contents of the NFT can easily be referenced using the QR Code on the image and thirdly, we maintain an archived page of the NFT content on a Permaweb so that the content is immutable and recorded for posterity. Great efforts to the technology team and we look forward to deploying the Fusion NFT seamlessly with market places and without any compromise to the amount of information carried.
Upward and Onwards,