Private NFTs: new scenarios for the use of blockchain technologies
An NFT is a digital analog of a document certifying your right to an object or digital content. The demand for digital goods arose long before NFTs were introduced. Many gamers bought skins in games for non-symbolic amounts of money. Of course, at that time, they were not buying NFTs, but the program code of the skin, but this hardly changes the essence.
Even more money is involved when it comes to art and collectibles. Here we can mention the most expensive NFTs: Everydays: The First 5000 Days worth almost $70 million, a T206 Honus Wagner baseball card for $3.25 million, and The Merge, which brought its author $91.8 million.
Do you paint paintings, collect stamps, or create game characters? All of your creativity can be sold digitally using NFTs. Today, there are several marketplaces, such as OpenSea or Rarible where you can put your digital content on display and auction it or sell it for a fixed price.
Since NFT has not yet solved the problem of copies, and many use cases involve the transfer of private content, the market lacked the technical implementation of private NFTs. After all, if I'm selling a painting, I can show it in a shop window and anyone who likes it will buy it. But what if viewing the content itself is a value? In this case, it should be available only to the buyer.
The DecimalChain blockchain has anticipated many trends, in particular for NFT implementations. Being the simplest and most intuitive blockchain and token builder where any user without any special skills can issue their public NFT in a few minutes, DecimalChain has expanded the NFT functionality and now you can create private tokens by simply holding down the corresponding slider.
Private NFTs are only available to the current console owner. In this case, no NFT/SFT content will be available for viewing in the browser. While a public (regular) NFT/SFT in full quality and size is available for viewing/listening only to the current owner in the console, the rest of the users in the "Observer" can see the cover and the demo segment - a piece of the original file cut down in quality and duration.
This is not the only technical solution that increases the use cases for NFT that Decimal Chain has implemented.
DecimalChain uses the Delegated-proof-of-stake consensus, in which any network token can be delegated to special nodes - validators. Through delegation, the user generates or "mines" the basic DEL network token for his or her stake, which is traded on international exchanges.
Any token created on the DecimalChain blockchain is backed by the DEL reserve, which makes it liquid. Even NFTs created on the DecimalChain are valuable both for the digital content they contain and for their reserve. This means that while a painting is turning into an artifact or waiting for the demand for its author's work to increase, a buyer, collector, or investor can delegate an NFT and receive revars on the reserve embedded in it. Such a technical solution expands the scope of non-fungible tokens and the motivation to create and buy them. At the time of writing, such an opportunity to create private and reserve NFTs is available only on the DecimalChain blockchain, which makes the basic blockchain token DEL even more popular and in demand in the market.