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future opportunities, while Section 6 outlines the open challenges. Finally, Sec- tion 7 concludes this work. Appendix A gives our version updates. Appendix B and Appendix C provide NFT collectible ranking and an overview of existing NFT projects, respectively. Appendix D presents a detailed instance analysis. 2 Technical Components In this part, we show technical components related to the NFT’s activities. These components lay the building foundations of a fully functional NFT scheme. Blockchain. Blockchain was originally proposed by Nakamoto [98], where Bit- coin uses the proof of work (PoW) [87] algorithm to reach an agreement on transaction data in a decentralized network. Blockchain is defined as a dis- tributed and attached-only database that maintains a list of data records linked and protected using cryptographic protocols [86]. Blockchain provides a solu- tion to the long-standing Byzantine problem [92], which has been agreed upon with a large network of untrusted participants. Once the shared data on the blockchain is confirmed in most distributed nodes, it becomes immutable be- cause any changes in the stored data will invalidate all subsequent data. The most prevailing blockchain platform used in NFT schemes is Ethereum [119], providing a secure environment for executing the smart contracts. In addition, several solutions drop their customized chain-engines or blockchain platforms to support their specialized applications, and some of them are Flow [2], EOS [67], Hyperledger [89][70], and Fast Box [28][111]. Smart Contract. Smart contracts were originally introduced by Szabo [107], aiming to accelerate, verify or execute digital negotiation. Ethereum [119] further developed smart contracts in the blockchain system [84][71]. Blockchain-based smart contracts adopt Turing-complete scripting languages to achieve compli- cated functionalities and execute thorough state transition replication over con- sensus algorithms to realize final consistency. Smart contracts enable unfamil- iar parties and decentralized participants to conduct fair exchanges without a trusted third party and further propose a unified method to build applications across a wide range of industries. The applications operating on top of smart contracts are based on state-transition mechanisms. The states that contain the instructions and parameters are shared by all the participants, thus guaranteeing transparency of the execution of these instructions. Also, the positions between states have to stay the same across distributed nodes, which is important to its consistency. Most NFT solutions [20][19][44][51][31][4] rely on smart contract- based blockchain platforms to ensure their order-sensitive executions. Address and Transaction. Blockchain address and transaction are the essen- tial concepts in cryptocurrencies. A blockchain address is a unique identifier for a user to send and receive the assets, which is similar to a bank account when spending the assets in the bank. It consists of a fixed number of alphanumeric characters generated from a pair of public key and private key. To transfer NFTs, 4PDF 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
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
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