Busan NFT Conference, Proving Personalized IPFS Content Management and NFT Token Issuance
NFT BUSAN ‘2021:Busan, the NFT Port of Asia’, held from 4th of November to 6th of November, 2021, is an event hosted by Busan Metropolitan City. As this event is hosted by local governments of the country, it is known as an event that shows national interest in blockchain and NFT. This conference is Korea’s first B2B and B2C integration event, which is an event to raise public awareness for mid-sized companies, and start-ups that are conducting NFT-related businesses, conferences, NFT writers, physical exhibitions, 1:1 meetups, and experience zones.
An official from Busan City said, “It was planned with the Busan Blockchain Industry Association, which was launched last month to specialize in the blockchain industry, and it is korea’s largest blockchain industry event in the NFT (non-fungible token) field held for the first time this year. About 50 related companies will participate in the event and it will be a meaningful event to share the latest technologies and trends in the industry.” In addition, the Mayor of Busan Park Hyung-joon said, “This event will be an opportunity to experience the latest technologies and trends in the industry and solidify the role of Busan as a leading blockchain city through the participation of a large number of related companies.” In addition, he said, “I hope that it will become an opportunity for the popularization of blockchain technology and the nurturing of related industries, and we hope to receive a lot of interest from related industries.”
CenterPrime, a company participating in NFT BUSAN, presented the development direction and technology of the NFT market under the theme of ‘Proving Personalized IPFS content management and NFT token issuance’.
The full text of the presentation is as follows:
“Good day. I am Hendrik Park from CenterPrime.
Today I am here to talk about the direction of the NFT industries.
Starting with the difference between FT and NFT, I would like to point about the direction in which the marketplaces’ technologies and where the NFT industry should aim and develop.
Currently, most of the tokens traded on the exchange are in the form of FT (Fungible tokens).In the case of FT, each token has the same intrinsic value.Therefore, the total final value of FT tokens is determined by the sum of the quantities.For instance, 5 Bitcoins are worth 5 times more than 1 Bitcoin.
However, NFT is different from the coin or token forms we know in the past.Since NFTs have different characteristics for each token, there is no difference in value by the amount of tokens.
However, NFTs are evaluated according to the value of the content to which they are connected to. The value of the NFT associated with the content increases depending on the value of content such as the process of creating an NFT, creator, environment, potential, et cetra.
Therefore, it is important to prove and store the ownership of the content, and it is connected to the smart contract to prove the ownership of the account, thereby determining the actual ownership of the NFT.
Current reality is that most NFT marketplaces are only focusing on the commission incomes generated by trading NFTs. In addition, artists and creators can create NFTs through smart contracts provided by the NFT marketplace for their art works. Once NFTs are created, they can be stored by artists and creators. In this case, who owns the actual contents? It’s the NFT Marketplace.
As I mentioned earlier, ownership is proven through archiving and attesting content. The NFT Marketplace has a smart contract that can prove this ownership. In other words, most of the current NFT marketplaces are focusing on fees from transactions, rather than providing actual smart contracts that artists and creators can own individually.
I would like to state three categories in order to improve the problems mentioned earlier and to set the direction for the development of the industry, regarding NFT technology.
First, is the NFT marketplace interlocked with personalized NFTs?
OpenSea, the global №1 NFT trading platform, is a platform that allows private NFT issuance and sales. However, in the case of other existing trading platforms, the issuance and sale of NFTs is possible only within the relevant platform.In order to solve the problems that can hinder the growth of the NFT industry described above, it is necessary to trade NFTs issued through individual smart contracts on the NFT trading platform.
In addition, individual smart contracts must be connected to IPFS to contain contents.
Like OpenSea, The Aniverse NFT Marketplace, jointly developed by CenterPrime and Aniverse, allows individuals to register and sell NFTs through their own smart contracts.
Also it’s possible to import smart contracts from other NFT trading platforms.
All of these processes can be checked through a single smart contract NFT work jointly uploaded to OpenSea and Aniverse NFT.
Second is the importance of personalised IPFS settings.
Linking personal contents to metadata in the NFT, and uploading that contents to IPFS.
IPFS is a system that can verify, prove, and locate an individual’s content based on CID information.
Like a wallet that can be searched and transacted through each unique address, the CID associated with IPFS provides strong evidence of the original content, even for smart contracts created by individuals.
However, so far, there are many barriers for individuals to directly create smart contracts that are connected with IPFS.
VIW, a domestic project that can solve this problem, provides a simple user interface that allows individuals to directly create smart contracts connected to IPFS.
The third is the verified content NFT.
Let me tell you one situation.
What if you have NFTs based on the same content that are traded within one marketplace or across multiple marketplaces, and those NFTs have different prices?
In this case, the reliability of the content and copyright issues will break out.
In addition, this affects the creation desires of artists and creators negatively, which will hinder growth of the NFT industry in the long term.
To solve these problems and develop a healthy NFT market, verified NFTs and verified contents are required.
The original content should be uploaded and stored in IPFS, and the NFT issued by IPFS connected smart contract must be combined with the validator NFT to be commercialized.
Currently, CenterPrime is researching a derivative NFT technology that comes out when a specific NFT meets a verification NFT among the functions of the ERC1155 smart contract.
Which means derived NFTs are traded on the marketplace.
Since it is an NFT that has been verified for copyright and reliability, P2P and individual-to-individual transactions are also possible without going through the marketplace.
It is expected that this will be a system that reflects the free trade intention of buyers and sellers, buyers and artists, which is the principle of the free market economy.
We are striving to become a leader in the development of cross-chain bridges that support network selection, issuance of FT and NFT, support accessibility and sharing of blockchain networks for users, developers, companies, and institutions.
Through this event, CenterPrime is being evaluated for suggesting solutions to the obstacles of development for the NFT industry and technologies.
In addition, it was expected that the cross-chain bridge technology which builds a free and reliable ecosystem that CenterPrime has been developing will become one of the major technologies in the NFT industry market.
CenterPrime will provide a reliable and free blockchain environment for free ecosystem participants such as between individuals and individuals, between companies and companies, companies between institutions.
In addition, it will provide individual IPFS and smart contracts that can support the reliability of FT and NFT.
ANIVERSE is a ‘content theme park platform’ that combines real IP business and blockchain technology to lower the high entry barrier of current IP business. The ANIVERSE Foundation has started its own IP contents business with Larva’s exclusive partnership.With 150global IP business partners in 25 countries and potential customers in 196 countries, ANIVERSE wants to build a global service platform that allows corporations and individuals to conduct their global IP business safely and without restrictions.ANIVERSE NFT is one of the global platform services that achieve the goal of ANIVERSE.We are aiming to grow as a trading platform for revitalizing content within Aniverse and content that contributes to the growth of the industry, and will provide an easy user interface for the NFT trading environment.
The CenterPrime project uses a hyperledger private chain to share an open banking API to apps, connecting centralized finance to decentralized finance. Also making smart pairing data for loan, remittance, exchange, payment, and exchange rate information possible to be included in fintech oracle networks.