xNFTs: What you need to know about Executable Non-Fungible Tokens

Adeniyi Odukoya
NFT theft fell 23% in June as Fraudsters stole $2.27m worth of NFTs
Source: DailyCoin

A new class of tokens is poised to be the next major change in the Solana ecosystem. We’re discussing executable NFTs (xNFTs). When executable code is assigned to an xNFT, it becomes more than just an asset; it becomes an application.

Furthermore, with the next-generation Web3 wallet known as “Backpack,” a user can execute their xNFT within their wallet, removing the need for external programs.

What are xNFTs?

xNFTs are a unique type of non-fungible token capable of merging the use cases of NFTs and applications into one asset. xNFT stands for executable non-fungible tokens, which loosely means it is a distinctive digital asset that can operate code inside it.

NFTs are not a new item in the cryptocurrency ecosystem. It enjoyed a massive boom in 2021, but due to the calamity suffered by the crypto space and the unfurling of AI, it has not received the same traction as it did in 2021. 

xNFTs: What you need to know about Executable Non-Fungible Tokens
NFTs

The unique element of NFTs is their ability to serve as collectibles in art, music, and gaming. However, xNFTs set the bar higher and ahead. They allow users to interact with their NFTs and use them beyond just being mere collectibles on the blockchain.

One of its’ unique features is enabling applications to operate natively inside the NFT. For instance, a xNFT allows users to play games, listen to music, or access a DeFi protocol within one open, programmable system built for Web3. It is a revolutionary type of blockchain token standard on the Solana network.

Also, it can update itself depending on the external data or events available. Thus, they are referred to by enthusiasts as dynamic, innovative, and interactive programs,” an impressive upgrade to static images or videos obtainable in NFTs. Coral, the team developing xNFTs, feels that Solana will greatly benefit from this groundbreaking platform.

Furthermore, since the summer of 2022, this team has been evaluating the frameworks, tools, and platforms that use executable NFTs, and they have a lot to show for it.

Read Also: Tether Gold: A stable and secure way to invest in Gold 

How Do xNFTs work?

React xNFT, a framework for generating executable NFTs on Solana, is used to create executable NFTs. It enables developers to construct native Web3 applications and protocols that operate in a browser sandbox. In other words, executable NFTs may render components locally while communicating safely and securely with external apps.

The sandbox is a secure environment that stops harmful malware from accessing sensitive data or host device resources. The sandbox interacts with the host environment using React xNFT components, which handle all rendering and interaction functionality.

xNFTs: What you need to know about Executable Non-Fungible Tokens

xNFTs are issued as SPL tokens, the Solana equivalent of the Ethereum ERC-20 standard for fungible tokens. SPL tokens are transferable, tradeable, and storable on any wallet or platform that supports them. xNFTs, unlike standard SPL tokens, contain an accompanying program ID that points to their executable code on Solana’s program storage.

When a user opens an xNFT, the host environment obtains the program ID from the blockchain and loads the code from the program store. The code is then executed within the sandbox using the runtime engine of React xNFT. The xNFT’s user interface, rendered via React xNFT components, allows users to interact with it. 

Events or messages can also be used to communicate between xNFTs. For example, when the game starts, one xNFT game can send an event to another xNFT music player to play a soundtrack. Alternatively, an xNFT art gallery can send a message to another xNFT art piece, instructing it to modify its colour or movement based on certain parameters.

Differences between xNFTs and NFTs

Both xNFTs and NFTs can be verifiably one-of-a-kind and scarce digital assets. However, you may argue that xNFTs have more applications than conventional NFTs.

The fundamental distinction is that xNFTs can run code, while NFTs cannot. xNFTs can interface with users, other xNFTs, or external data sources as applications or protocols. To stake an xNFT, for example, you do not need to use a third-party platform. The feature is built right into the asset.

xNFTs: What you need to know about Executable Non-Fungible Tokens
NFTs

Moreover, xNFTs are unique to Solana. Other blockchains do not have them. Finally, xNFTs take advantage of React xNFT, a framework for creating Solana executable NFTs. Ethereum NFTs adhere to the ERC-721 or ERC-1155 specifications.

In a nutshell, the ability to run code natively inside the NFT broadens the range of potential applications for xNFTs.

Read Also: Kenya to impose digital asset tax on crypto, NFTs, online content


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