Can XEM/XYM blockchains accommodate NFT's?

Can XEM/XYM blockchains accommodate NFT’s?

Yes

Interesting, their seems to be a growing market for Digital art collecting which uses NFT’s.
This market is presently dominated by the ETH blockchain!

Has their been any discussion on this subject here before?

Hello,

I can recommend to have a look at NIP13 which comes with an open source library to allow issuing custom mosaics governed by operators ;

This takes all the multisig hurdles / accounts restrictions / mosaic metadata + restrictions / partitioning - from you! The library published is symbol-token-standards and can be reused quite easily in the same fashion as for Securities ; you’d probably just adapt which contracts are executable for your type of tokens.

This library is basically a potential solution in how to define higher level management processes around mosaics and their operators - aimed of course at making it less technical to the owner of said tokens; fits well for assets classes like collectibles / NFTs, collateralized assets, etc.

Also, feel free to have a read of: Making blockchain real: Swapable Automated Liquidity Pools as this introduces a second iteration of the above library, meant to be used for the creation of automated pools based on Symbol (XYM).

1 Like

Both yes and no.
The point is that NFT most often refers to things that are executed on the Erc-721 protocol on the Ethereum blockchain.
On NEM (and apparently on Symbol too) there is no exact analog of this division compared to the ERC-20 and ERC-721 protocol.
But it is possible to issue a namespace under which there will be a mosaic with 1 single token, for example… And implement it that way.
My point is that in a very large number of cases, NFT is a completely unnecessary tool. For example, when transferring ownership of a physical art object, in my opinion, LuxTag handles it best. Papyrus implements the association principle of transferring unique rights through a normal address-to-address transaction. If something can be solved sparingly, solve it sparingly.
The software our guys created does this efficiently as well as NFT.

But if we’re talking, for example, only about digital art (or things like land registries, anything that requires increased personalization), which itself doesn’t exist as a physical medium, then there is room for NFT. By the way, LuxTag now is considering a collaboration with an NFT PRESENTATION DISPLAY manufacturer, to develop a trace solution for the transfer of ownership of digital art. Yes, perhaps we will apply our already well-tested solutions there just by connecting the blockchain Symbol and its mosaics.

Can anyone create a HowTo to create an NFT?
That would be a wonderful thing!