Private NFT

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Private NFT is an exclusive digital asset that offers ownership and verification of a specific item or content on a private blockchain network.

NFT is a digital analogue of a document certifying your right to some object or digital content. The demand for digital goods appeared long before the arrival of NFT. Many gamers bought skins in games for non-symbolic numbers. Of course, in those days they did not buy NFT, but the skin's program code, but this hardly changes the essence.

Even more money is spinning where it comes to art and collectibles. Here you can recall the most expensive NFT:

  • Everydays: The First 5000 Days worth almost $ 70 million
  • T206 Honus Wagner baseball card for $ 3.25 million
  • The Merge, which brought its author $ 91.8 million.
Hint: Do you paint paintings, collect stamps, or create game characters? All your creativity can be sold digitally using NFT. Today there are several marketplaces, such as OpenSea, Raible or where you can put your digital content on display and put the exhibit up for auction or sell for a fixed price.

Since NFT has not yet solved the problem of copies, and many use cases involve the transfer of private content, there was not enough technical implementation of private NFTs on the market. After all, if I sell a painting, then I can show it in the window and whoever likes it will buy it. But what if the content viewing itself is the value? In this case, it should be available only to the buyer.

How to create a private NFT

The Decimal blockchain has predicted a lot of trends, including for NFT implementations. Being the simplest and most understandable blockchain and token constructor, where any user without any special skills can issue his public NFT in a few minutes — DecimalChain has expanded the functionality of NFT and now you can create private tokens by simply checking the appropriate box when creating NFT.

Private NFTs are only available to the current owner in the console. At the same time, no NFT/SFT content will be available for preview in the Browser. While the public (regular) NFT/SFT in full quality and size is available for viewing/listening only to the current owner in the console, and the rest of the users in the "Browser" have access to the cover and demo segment — a piece of the original file cut in quality and duration.

This is not the only technical solution that increases NFT usage scenarios that DecimalChain has implemented.

DecimalChain uses consensus Delegated-proof-of-stake, in which any network token can be delegated to special nodes — validators. By delegating, the user generates or “mines” for his stake the basic token of the DEL network, which is traded on international exchanges.

Any token created on the DecimalChain blockchain is provided with a DEL reserve, which makes it liquid. Even NFTs created on DecimalChain are valuable not only for the digital content embedded in them, but also for the reserve. This means that while the painting turns into an artifact or is waiting for an increase in demand for the works of its author, the buyer, collector or investor, can delegate the NFT and receive rewards for the reserve embedded in it. Such a technical solution expands the scope of non-interchangeable tokens and the motivation to create and buy them. At the time of writing, such an opportunity to create private and backup NFTs is only available on the DecimalChain blockchain, this makes the basic blockchain token - DEL even more popular and in demand on the market.

See also