Non-fungible tokens, or NFTs, have become a very intriguing vehicle to collect digital art or gain utility in the Metaverse. Unfortunately, many projects offer none of that functionality and aren't flexible enough to warrant any other approach. NFT Canvas changes that narrative by bringing composable NFTs to the Solana blockchain.
Bringing More Purpose To NFTs
One thing many people tend to overlook is how the majority of non-fungible tokens have no utility or flexibility. Instead, users buy online-stored metadata that is fixed and may not attribute to anything. Users looking to break up that metadata or upgrade their purchase are out of luck, as it would not be possible to do so. Or that is how it used to be until NFT Canvas came around.
Customization of NFTs through rearranging components is an appealing development. It increases the appeal and potential utility of non-fungible tokens on the Solana blockchain. NFT creators can determine various parameters to enable component customization. More importantly, this concept can prove viable for the ever-popular "profile picture collections" and more utility-driven and tradeable assets.
The approach by NFT Canvas, developed by the Plutonians team, will make it easier for users to acquire the NFT "look" they are after. Many profile picture collections feature specific traits one might not desire, but they cannot be swapped out on-chain. Instead, users have to buy another NFT from the collection, which isn't always ideal. The same train of thought applies to tokens offering membership access, in-game items, etc. Upgradeability is the next frontier for non-fungible tokens, and NFT Canvas provides that much-needed functionality.
Combining NFTs Without Compromising Blockchain Immutability
One may be inclined to think changing an NFT would require altering the blockchain history. After all, users would acquire assets they did not originally own, yet they somehow end up with what they want. With NFT Canvas, there is no need to compromise the immutability of the Solana blockchain. Instead, it involves combining several NFTs into a new non-fungible token. The newly created NFT is the result of the combined NFTs, but can always be broken down into its original parts.
Through NFT Canvas, a composed NFTs - a combination of various non-fungible tokens - consists of Component NFTs. These Component non-fungible tokens enable a higher degree of flexibility, as they can be sued in any configuration one desires. Additionally, there are Canvas Models; structures that dictate which Component NFTs can be added to a Canvas instance. Consider it a frame to fit all the puzzle pieces into.
One obvious question is how NFT Canvas will affect the "breeding" aspect of so many collections. For instance, users can use X amount of NFTs from a collection to combine them into a "better" and "rarer" non-fungible tokens. The new creation may be part of the original collection or a brand new collection, enabling creators to introduce more scarcity and potential value. NFT Canvas shares some traits with that aspect, although it seems to offer much broader flexibility.
Unlike the traditional "breeding" approach, NFT Canvas lets users deconstruct their new NFT into its "older parts" again. That means there is less "gambling on the value" compared to traditional NFT breeding, as newly minted assets may not reach the expected value or utility.
Tapping Into Various Use Cases
Although most people will see merit in NFT Canvas for profile picture collections, the technology is more versatile. In fact, the technology will be embraced by Plutonians, a VR space RPG video game. Plutonians will feature NFT spaceships used for travel and completing missions. Players can customize and upgrade their ship's in-game abilities, unlike any other project in blockchain gaming today. Component NFTs will become a core element of the Plutonians gaming ecosystem, which will serve as a good test for online multiplayer games.
Another venture incorporating NFT Canvas is CoinBoi, paving the way for new capabilities within avatar projects. However, the technology can go uch further and change the narrative surrounding memberships, ticketing, finance, etc. Composable NFTs and the ability to deconstruct them again can introduce many new use cases and revenue streams, as the sky is the proverbial limit.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice