AllianceBlock’s Nexera Protocol is a revolutionary protocol for Non-Fungible Tokens (NFTs) and shareable metadata. Peaq has recently announced its integration with the protocol. Upon completion, Peaq will join the ranks of Eth Virtual Machine-compatible networks as the primary layer-1 blockchain in the Kusama and Polkadot ecosystem to implement the MetaNFT (mNFT) standard. This integration will make it possible to do some really cool things, like verifying people and machines in a way that puts privacy first.
Nexera MetaNFT Protocol: Unlocking the Potential of Digital Asset Programmability and Scalability
The Nexera MetaNFT protocol is based on the Ethereum non-fungible token standard (ERC-721). NFTs, which can be viewed as personal information for any type of digital asset, gain an enormous amount of programmability as a result. Developers can change tokens by adding or removing attributes and constraints without affecting their ability to be used only once. Because of its modular design, MetaNFTs may accommodate a wide variety of storage solutions for token metadata. It will provide non-transferable features, paving the way for “soulbound” token use cases.
For applications utilizing mNFTs, the mNFT smart contracts also provide a scalable settlement layer, allowing for simple interchange with other protocols. Once the connection is finished, developers in the Peaq community will be able to use mNFTs to power a wide range of applications.
Each mNFT might stand in for a human or machine, and its attributes would be updated in real-time using either on- or off-chain data. Its attachment to or removal from smart contracts would be controlled by user input. Since machines may manage other machines, this opens the door for mNFTs to be utilized in solutions that enable the construction of hierarchical ownership structures, as well as in markets where machines can be owned or rented jointly by numerous users.
mNFTs: A New Era in Privacy-First KYC for Decentralized Finance
mNFTs can be used as a privacy-first Know-Your-Customer (KYC) tool for both human users and machines. This makes it possible to create self-sovereign identification and self-custody solutions in which information about the user or machine is kept safe with zero-knowledge. In turn, this paves the way for reputation-based applications and use cases. Nexera’s layer-2 protocol development in ink!, the smart contract language of the Polkadot ecosystem, is a key aspect of the integration with Peaq.
Because of its support for both EVM and ink!, Peaq will be the first layer-1 network in the Polkadot area to implement the MetaNFT protocol in ink!, allowing the network to guide in a new and more flexible NFT standard for the industry as a whole. This integration is a significant step toward creating a more efficient and secure future for decentralized finance and the digital asset industry.
