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An introduction to decentralized NFT catalogs

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Last year, venture capitalists poured over $4.6 billion into infrastructure and related projects. Non-Fungible Token (NFT)). This infrastructure currently requires users.They will come when people realize what they can do Apply these NFTs Not only for speculative purposes, but for designing and building everyday activities. In these cases, no NFT is required. Life needs to be organized. And a decentralized catalog can help you do just that.

An NFT can be thought of as a book owned by someone, and this ownership is recorded on the blockchain. But what’s really missing are the libraries.

Garden as well as flowers

Multiple NFTs that make up a collection form a system. The system is structured by the standards it uses. If you’ve ever visited CryptoKitties, you’ve probably noticed that the “Catalog” organizes kitties and their attributes like a museum.

Catalog of CryptoKitties

However, each item in a collection is meaningless without the collection itself. CryptoKitty cannot be taken out of the original smart contract. You can copy the image or create a partial version, but if the derivative version of CryptoKitty is not linked to the original collection, its value cannot be transferred. This means that the value of each NFT is determined by the collection itself, not by a standalone item within the collection.

Simply put, if you take a step back from each item in almost any NFT collection, the real value isn’t in a single NFT itself, but a complete system of multiple NFTs tied together by a single smart contract. You can see that it is in In doing so, we stop staring at a single flower and find ourselves in a well-designed garden.

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Applying all the standardized approaches and structuring all the data properly will result in a systematic list of items published on the blockchain, a decentralized catalog.

How a decentralized catalog can bring new value

Guinness World Records, Michelin Guide, IUCN Red List, we’ve all heard of it. In a nutshell, they are all very valuable catalogs. Behind each is a governing body that invests its brand and expertise to bring value to every new iteration of the catalog. This approach is sustainable even if the rules for adding new items to the centralized list are not transparent or questionable.

However, the biggest problem these catalogs present is that the barriers to entry for new and valuable listings to enter the market are very high. However, through NFT infrastructure and Web3 thinking, we can democratize the process of building a worthwhile catalog. The difference between a regular list and a distributed catalog is the potential value you can accumulate.

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Owning CryptoPunk makes you a co-owner of the CryptoPunks collection. Yes, CryptoPunk may represent your inner self, but it’s just a JPEG by itself. As we have already discovered, the value is in the collection itself, and that value is created not only by the expertise put into designing the character his generator, but also by the owner of the collection.

By building a collective ownership economy, you can create a future-proof and transparent catalog system. Yet another restaurant listing adds little new to society, but there are many situations where decentralized cataloging makes sense.

library

Let’s imagine the most basic use case of a distributed catalog. You own a collection of books and would like to share these books with someone. However, there is a good chance that the person you lent the book to will not return it. Its the life.

So we start a very simple process of creating a record of each book we share in a decentralized catalog. Only each record is actually an NFT.

The person who receives the book decides to use it to catalog their book and share it with others, who also share it with their friends. Within a few years, your book-sharing club will become an Internet phenomenon, with more and more people adding books to their catalog.

It’s only a matter of time before big publishers get on board. Some publishers may add newly published books and begin distributing them through a catalog system they have created. As we know about NFT compatibility, it is clear that all NFT marketplaces and infrastructures today will be useful tools and interfaces right out of the box. No additional listing websites, centralized bookstores, or payment solutions are required.

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It all started when you added your first book as an NFT to the shared collection of books.

the same approach is used Cointelegraph Historical NFT CollectionThis is a catalog of news from the largest crypto media outlets, with Cointelegraph readers choosing which news to add.

The true future of NFT standards is mediocre, and that’s great. We use many ordinary things every day that were overpriced when they entered the market. But as production and technology evolved, prices fell and they became available to everyone.

The same thing happens with NFTs.The only thing we have to do now is stop stare at the tulip Start designing your garden.

Ivan Sokolov Mintmade is a project focused on building new asset classes that will power the next generation of Web3 businesses.

This article is for general information purposes and is not intended, and should not be construed as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author and do not necessarily reflect or represent the views or opinions of Cointelegraph.

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