Background
The discussion on the application of non-fungible tokens (NFT), which started in 2018, has grown to a stage where it forms an important axis of the blockchain ecosystem with the increase in interest in digital assets as the corona pandemic began. NFT has become an essential industry in the blockchain and content market due to enormous interest and investment in the market despite the limitations of technological growth and compatibility that are still incomplete.
NFT follows the ERC-721 standard, a token standard (technical description of the standard will be excluded in this white paper). NFT, a token issued according to the ERC-721 standard, can grant IP to digital assets, but can parallel the more extended ERC-1155 standard.
Although NFT currently has many controversies, it suggests the direction of the expansion of intellectual property rights in the future Internet environment in that it can extend intellectual property rights (IPR) to the Internet world. One of the major reasons why NFTs are attracting attention is their combination with Metaverse, which is evaluated as one of the core industries of the future. Already, companies such as Nike, Second Life, and Sandbox have been investing and researching on various experiments and services using the metaverse, a virtual reality, from a decade ago. However, it exposes the limitations of virtualization services using metaverse. The point is that various economic activities must be carried out in parallel within the metaverse. What makes this possible is the explosion of interest in NFTs because it is proof of solid ownership of digital assets.
As mentioned earlier, NFT is one of the technologies that will be essential in the future industry. However, NFT currently exposes insufficient technical functions and limitations in compatibility. The reason is that most of the current services consist of CPU-based centralized arithmetic processing. When the service is performed in this way, the risk of DDoS or hacking increases because it is an operation processing that applies a timestamp through a token. In fact, since the current NFT transaction or provision method utilizes the InterPlanetary File System (IPFS), content theft incidents occur frequently.
If this phenomenon continues, negative and skeptical views on the NFT technology industry will prevail. This will be a major obstacle to the scalability of the industry. Therefore, we solve the problems that hinder the expansion of the industry through a new processing NFT structure through the token of the blockchain One or more functions are included in the token, and the functions contained in the token are executed in the wallet that received the token. This allows the rapid expansion of the currently simplified NFT ecosystem. Until now, it is possible to perform various functions through processing NFT beyond simple NFT transactions. This further means that it has the potential of an industry that is connected to the real world.
