What is xNFT, the Usecase of xNFT, How it differ from NFT?

Introduction

In recent times, the crypto markets have suffered a lot. There have been instances where the interest rates have decreased, and markets have experienced uncertainties. But now, slowly, the NFT markets are trying to gain momentum, becoming a top choice of investors to invest. 

Although there has been less liquidity for the crypto assets, in Q1 2022, The NFTs worth USD 8 Billion were traded. So, it can be concluded that even though markets were in a lousy situation, the NFTs looked quite promising. Also, there are few Blockchains like Solana, where many Artists and Creators are deploying their NFT contracts. 

The developers have launched a new concept of xNFTs.xNFT means executable NFTs. Think of xNFTs as a unified platform to access all NFTs and perform activities. This blog will cover every aspect of xNFT and provide helpful information.

What is xNFT?

xNFT is an innovative transactional NFT protocol that offers a variety of features such as trading mechanisms (auction and fixed price) and a lottery trading mechanism. With the xNFT protocol, users can experience the entire process of NFT development and assist the different creators and parties who want to deep dive into the NFT ecosystem.

xNFT Protocol acts like an Operating System of NFT, where artists can publish their NFT work without needing to develop Smart Contracts. This motivates creators to focus more on creating the artwork and delegating the complete development process to the xNFT platform. 

Some unique features like Private Mystery Box allow the creators to build a mystery box using a native xNFT Smart contract. Further, the creators can set up the values like lottery prices and different parameters. 

 Conventional Trading features xNFT offers.

  • Fixed Price Trading
    NFT sellers can use one of the common ways of selling the NFTs through Fixed Income. The xNFT smart contract will create a pending token and designate the NFT Quantity and the token type. Once the buyer pays the token fee, the transaction is completed, and NFT is transferred.
  • Auction
    The auction is the second most popular trading mechanism used for NFTs. There are three kinds of auctions that xNFT supports—Dutch Auction, English Auction, and Sealed Action. 
  • Blind Box Transaction Mechanism
    The blind box transaction mechanism is the unique way of doing transactions on the xNFT protocol. Before any transaction, the seller sends different NFTs to the smart contracts and sets the draw price. Here, the buyer cannot predict the NFT it will get since the selection of NFT depends upon concepts like probability and randomness.

Two different kinds of blind boxes are—

  • Public Blind Box
    It is a Blind box that is open to all the sellers. If all the required conditions are satisfied, the smart contract will enable the draw feature to get the NFT. Else, it will be disabled. Further, an Oracle calculates the optimum price of the NFT that will be drawn and feeds that price. Once the transaction is completed, the smart contract will transfer the deal and do profit or loss calculations to distribute revenue to the sellers.
  • Private Blind Box
    The private blind box is seller-specific and accessible to only one seller. It works like how the Public Blind Box works. But the unique feature is that, for all the NFTs, the probability of selection is equal.

Is it compatible with different chains?

xNFT offers support for different ecosystems and provides an entirely different outlook on blockchain applications and their use cases through NFTs. At the moment, it supports some L1 chains like BSC, Polygon, Heco, and Ethereum, and L2 solutions like Arbitron.

The architecture of xNFT is designed in such a way that it can be easily integrated with EVM compatible chain without much effort and offer all the features.

xNFT protocols can be used for different use cases, such as those given below.

Suppose you are an artist and want to represent the ownership of your artwork. Then you can mint NFTs using xNFT, which will be used to certify that they are original and owned by you. The asset can be either artwork, music, or video.

Selling NFTs can sometimes be quite challenging because of low liquidity and insufficient selling mechanisms. With the help of the xNFT Protocol, you can use their different transaction mechanisms to trade your NFTs through auctions or fixed prices.

If you are an NFT trader or collector, you can use the xNFT protocol to manage your NFTs as it gives you access to various features like staking, adding them to your wallet, and much more. Think of the xNFT protocol like an AppStore, just like how you can access all the apps in one place. Similarly, you can get all the NFTs on the xNFT protocol.

Listing your NFTs on different platforms can sometimes be challenging and a long process on various NFT marketplaces. With the help of the xNFT Protocol, you can just supply the NFTs to the xNFT Protocol Smart Contract.

How does it differ from NFT?

NFTs are the non-fungible tokens representing ownership of any digital asset, such as real estate, music, or artwork. xNFT is the platform where you can list and trade your NFTs. It is analogous to the NFT marketplace but offers numerous features and is deployed on the chain. 

Summary

xNFT is an innovative transactional NFT protocol that offers a variety of features such as trading mechanisms (auction and fixed price) and a lottery trading mechanism. xNFT protocol was launched one year back, and since then, it has become quite a popular project among the Creators.

Also, some big players like Huobi Venture Capital, Fundamental Labs, and other well-known investors have put their bets on this protocol. If you are a digital artist or a creator, you can use this to digitize your artwork or a piece of music without any knowledge of coding or technical understanding.

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