Dear BORA community.
We have explained the definition of NFT with examples of ERC-721 in a previous article ‘BORA’s NFT story PART 1’. BORA team has worked hard to solve existing problems with current NFT and further maximize NFT utilization through BORA platform.
As a start, we have created and provided the NFT model called ‘Auction for Coloring Book.’ In this article, we will go through the Auction for Coloring Book and explain details of BORA’s NFT model.
Auction for Coloring Book is a test application where a user transforms their drawing into an NFT to sell and purchase through an auction system. The ‘Coloring Book’ is now available to everyone on the BORA platform’s test net, BORA Lagoon.
To use the ‘Coloring Book,’ you must go through a simple registration process at BORA Lagoon and access ‘BORA Test Ground’ menu at the top.
From ‘BORA Test Ground,’ you can exchange test BORA token with test BORA Shell with the exchange rate of 1 token to 1,000 Shells. Currently, we are giving out 10 test BORA tokens to all registered accounts.
(Keep in mind that test BORA token is only for the testing purposes that it has no relations to the actual BORA tokens on the exchanges. DO NOT transfer BORA Token and Shell from the Main-net wallet to the test-net wallet.)
Exchanged BORA Shells are used on the contents provided by BORA Lagoon. Since the ‘Coloring Book’ is also a test model for NFT on BORA Lagoon, you need BORA Shell to play. Here is how you can receive test BORA tokens and exchange them with test BORA Shells.
Once you create an account at BORA Lagoon and access ‘BORA Test Ground’ menu, click on (1) ‘Send me Test BORA token,’ and now you have (2) 10 test BORA token in your Lagoon wallet. Now, click on the ‘Exchange’ button on the toolbar to go into the token exchange.
Since you are trying to exchange BORA token with BORA Shell, you must select ‘BORA TOKEN MAIN’ for ‘From’ and select ‘BORA SHELL MAIN’ for ‘To.’ On the ‘Amount’ type in the amount of token you want to exchange. Right now the exchange rate of test BORA token and test BORA Shell is one token to 1,000 Shells, and there is no transaction fee.
Click ‘Confirm,’ and the exchange is complete.
Status of your BORA Shell in the test-net wallet is available in ‘BORA Shell’ menu on the left toolbar. It shows the total amount of Shell you can use and also displays the list of applications that you can enjoy using test BORA Shell.
(If you can’t see the application list, you can check it by playing game and recconectiong.)
To play ‘Coloring Book,’ let’s distribute some test BORA Shells to the ‘Coloring Book’ wallet by clicking on the ‘distribution’ button.
Enter the amount of Shells you want to use on the ‘Coloring Book.’ In this case, I will send 500 Shells to my ‘Coloring Book’ wallet. Click ‘Confirm’ to complete the transaction. Now, let’s start drawing and see how BORA implemented the NFT system. Click on the thumbnail image on the application list to move to the ‘Coloring book’ site.
Click ‘Game start’ on the top right corner to launch the game.
Once you start playing, the list of adorable sketches appears for you to choose. Select a sketch and using the color pencil on the bottom, you can color to make your painting. This whole process of coloring is a part of making an NFT. When you are finished coloring click on the camera button on the top right, and your painting becomes the NFT itself and stored on BORA Blockchain.
As we explained, BORA uses private side-chain within the BORA’s dual blockchain structure that it does not affect Ethereum main network solving the scalability and performance issues of current NFT based on ERC-721.
You can check the list of stored paintings from ‘Possession list (Testnet only)’ on the bottom right corner of the website. Let’s make a price on your precious painting. It gives value to your behavior in the digital environment.
Select a painting, add value by pricing it and you can register it on the Auction for a bid using BORA Shell.
Like all the other auctions, participants must pay a certain amount of fee to register their products. However, since BORA’s NFT is registered within the BORA chain, the cost of the fee is much lower compared to the usual ERC-721 token sales commission. The more popular the painting, the higher value is recognized for your time and effort, the bidding price will be higher. A direct auction and trading between users acknowledge that the ownership of the product they created truly belongs to the creator and they can exercise their ownership freely with anyone.
Once the painting is sold, the creator will receive BORA Shell corresponding to the value of the NFT, the painting. BORA Shell can easily be exchanged to BORA token for cashing out the purpose or can also be used in various services provided on BORA platform. BORA platform will consist of several different types of services in various fields including game, music, education, healthcare, location information and real-estate, the utilization of BORA Shell will be maximized.
Nevertheless, BORA will endeavor to provide more value to users’ digital assets through services within the BORA platform because people have a lot more digital assets than they are aware including playlists of your favorite music, healthcare data, etc.
In this NFT Part 2 article, we talked about BORA’s NFT model and its direction through the ‘Coloring Book’ application. Based on this system BORA is working on various contents using NFT and would like to ask our community to help create a name for BORA’s NFT. BORA team will be hosting a naming event for BORA NFT, and we will keep you posted regarding this event through an upcoming ‘NFT Story part 3’.
Sincerely,
BORA team
Website: https://bora.boraecosystem.com/
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