Why Atomic NFT is a Superior Standard
By Ty Kroh-@ty_kroh
Have you considered the foundation of your NFT? In a famous parable, a wise person built their house on rock while a foolish person built on sand. When the storm came, the house built on rock remained standing while the one built on sand was washed away. When it comes to minting an NFT, which person do you want to be? The decision comes down to which standard you adopt.
Until now, the standards for minting and purchasing NFTs have been loose at best. We should be paying attention to several aspects when gauging the quality of our NFT building materials.
What blockchain is it minted on?
This is an important consideration because not all blockchains are created equal. Minting your NFT on a new or unestablished blockchain may put your NFT at risk. Why? Two reasons. First, most new blockchains do not provide the option to bridge or transfer your NFT to another blockchain. Second, there is no guarantee that the blockchain used will be around 5 or 10 years from now. Logically then, when minting an NFT, we want to choose a blockchain built with the future in mind. But that doesn’t mean you have to mint your NFT on Ethereum.
Koii has developed the Atomic NFT standard to improve NFTs in a few different ways:
Whatever your medium of expression, be it visual, audible, or written, let us explain how an Atomic NFT works and how it can give you greater flexibility when deciding which platform to choose for your next creative masterpiece.
What is an Atomic NFT?
When you mint an Atomic NFT, the NFT, media file and smart contract are fused together and stored immutably on the Arweave decentralized storage blockchain (or blockweave). At that moment, your new NFT becomes one with the storage medium containing both the media and smart contract. This creates a unique, universally identifiable digital asset.
This is important because the very reason that we buy an NFT is to prove that we own a specific asset, not just the record of an asset. Most NFTs are simply a blockchain ledger indicating ownership of a media file. A generic NFT will reference the location of the media file, but the asset itself is not usually stored on the blockchain. Do you see the potential for danger here? If the centralized server storing your asset shuts down, you are left with an NFT that merely points to a media file that no longer exists. Whereas an Atomic NFT combines smart contracts and media assets together into a single payload, storing it on a decentralized network to ensure it won’t be lost.
Choosing Arweave as the base layer for Atomic NFTs futureproofs your NFT by making it both immutable and decentralized. There is no need to pay for hosting fees or file upkeep because it’s baked into the initial cost of minting an Atomic NFT. What is the cost? Currently, the cost to mint a 15MB high-resolution image costs less than a quarter at about $ 0.12 USD. So what about the cost to our planet? Minting an NFT on Koii is 99% more energy-efficient than minting on Ethereum, with less than 0.001% of the carbon footprint.
What else can an Atomic NFT do?
Water the plants and make your breakfast! Well, theoretically anyway. An Atomic NFT can quite literally do whatever it is programmed to do. Remember, the smart contract and media file are one and stored permanently together. This makes it possible for NFTs to be more dynamic and interactive.
One of the most exciting ways we are implementing this is through something called Proofs of Real Traffic or PoRT for short. PoRT is a novel method that registers traffic and attention reliably and consistently and then rewards end-users and content creators directly. This consensus mechanism changes the game for the owner of an NFT in two ways:
- The attention the NFT generates provides monetary Koii rewards to the NFT owner
- Ownership of the NFT and media is maintained across blockchain and internet platforms
The combination of PoRTs and the Atomic NFT standard creates something that is almost like the evolution of the QR code. You can copy a QR code multiple times, posting it on social media or sending it in an email, but the QR code always sends you to the site it’s linked to. Similarly, an Atomic NFT can also be linked back to its point of origin regardless of whether the media is copied or where it ends up on the internet. All that is required is for the host site or app to include a small piece of code enabling Koii’s PoRT to link the views received back to the origin NFT, providing the owner or creator with the generated attention rewards in KOII.
Save the Best for Last
Atomic NFTs can also help you to get a better night’s sleep. How? For one, you can rest easier knowing that your NFT and media files are safe and secure. Additionally, Atomic NFTs take away the stress and uncertainty that comes with not knowing where to mint your NFT. For creators, deciding where to mint an NFT is an important decision. Choosing the wrong blockchain is like choosing the wrong artistic medium that could lead to the loss and decay of your works. With Atomic NFTs you have the option to bridge your NFT over to another blockchain whenever you want, knowing that it remains safely linked to its Arweave point of origin.
A Superior NFT Standard
Let’s quickly review some of the advantages that come from minting an Atomic NFT:
- Completely decentralized
- Media and smart contract are combined and stored permanently
- NFT becomes a unique, universally identifiable digital asset
- Ownership of the NFT and media is maintained across the internet
- 1/1000 the cost of minting an NFT on Ethereum
- Proofs of Real Traffic provide attention rewards via Koii
- NFTs can be bridged to any blockchain network
Sometimes it feels like we are becoming the victims of standard and verification overload. At Koii, the last thing we want is for creators to feel overwhelmed or to inhibit their creative process. That’s why we have worked hard to build the network with creators in mind. By making Atomic NFTs the NFT standard, we hope to resolve all of the issues that keep collectors and creators up at night. You can mint it once, and rest assured it’s stored forever safely.
Stay up-to-date with our Atomic NFT standard over at atomicnft.com.
If you want some hands-on experience minting an Atomic NFT, the best way to get started is with the Finnie wallet browser extension. To get set up, follow the link and tutorial at https://koii.network/getFinnie.
Once you have Finnie installed, try minting your first Atomic NFT on rock instead of sand over at koi.rocks.