Vision for Phase 3
Since the start of Ternoa we’ve set out to build an NFT-centric ecosystem that thrives on innovating advanced NFTs. One of our main focuses is to give developers, creators, artists, and entrepreneurs the power to harness Ternoa’s NFT technology. As of today, lot of projects have launched on Ternoa, from art, gaming, and Web3 applications — and this is only the beginning. We are on a quest to continue advancing our blockchain ecosystem, allowing developers to seamlessly launch their projects on Ternoa and access our advanced NFT technology.
We are thrilled to announce the launch of Phase 3, which will begin to close the gap between NFTs and real-world utility. In August, we announced the release of Phase 2 on with the launch of Basic NFTs, Collections, Marketplace, Ternoa Token Bridge, and updates on our SDK and Indexer. Today, we are operating the launch of our Phase 3 with four key features jam-packed with potential use case innovation. Let’s deep dive into what Ternoa has been working hard on the past 3 months.
NFT English Auctions
Our first feature to launch in Phase 3 are NFT English Auctions. Auctions can be an exciting way to sell an NFT and have it reach the highest selling potential. An auction is a type of sale where the NFT seller sets a minimum price and a time period. Buyers can place bids on the amount they are willing to pay for the NFT as long as they are above the minimum price. At the end of the time period, the NFT is sold to the highest bidder.
How does it work?
- NFT owner inputs their NFT ID and creates an auction.
- Input the duration for the auction.
- Select the starting price i.e., the lowest possible bid the first bidder may place.
- Option to include the “Buy it Now” function.
- This is an optional feature where users can select to buy the NFT right away for a set price.
- The NFT is now being Auctioned, and users can bid on the NFT.
This feature will allow users to create exciting hype around their NFT, which helps them sell their NFT at a higher price point. Our goal with this feature is to continue to add value to NFT holders and give buyers increased opportunities to access NFTs.
Rental NFTs
Our second feature in Phase 3 is Rental NFTs which will drastically expand NFT utility. NFT Renting allows individuals to rent NFTs they would like to access for a limited time. A user can rent an NFT and gain access to exclusive content or experiences. At the same time, an NFT owner can rent their NFT to share its utility and earn passive income seamlessly. We believe Rental NFTs have endless possibilities, from leveraging gaming assets, renting prime digital land, gaining access to exclusive music, subscription to various services etc.
An NFT rental involves an owner of an NFT and a person who wants to borrow the NFT for a limited amount of time. The NFT owner/renter develops a contract with the guidelines on price, time period, and cancellation policy. At Ternoa, we support 2 main rental agreements with countless flexible combinations:
- Fixed: Borrower requests NFT and the rental contract is for a fixed amount of time and set price.
- Subscription: Borrower will pay the NFT owner a recurring payment to rent the NFT for an extended period of time.
How does it work?
- NFT owners select “Rent” extrinsics.
- The next step is to build the contract agreement by inputting NFT ID, type of contract, acceptance process, revocation process, rent fee, and cancellation process.
- Once the contract is finalized, users can make an offer to rent an NFT and accept subscription terms. Owners can accept or retract offers and revoke or update rental contracts at any time.
- Ternoa rental NFTs were designed to give renters complete control over the usage of their NFTs. When a borrower requests to rent an NFT and accepts the guidelines, the NFT will be in a rented state to the rentee. After the allocated rental time, the rental period will end. During renting, a renter can update the terms or revoke rental permissions.
- With Rental NFTs the owner still possess their NFT and the renter can use it’s utility, but can’t transfer it or burn it.
The possibilities are truly limitless with Rental NFTs. This feature will be a win-win situation for NFT owners, borrowers, and artists and will continue to expand over time and reach countless industries.
SoulBound Tokens
Our final feature for Phase 3 are SoulBound Tokens (SBTs). SoulBound Tokens (SBTs), which are a particular type of NFT, but they differ in one major way: they are designed to be transferred only once.
SBTs represent credentials that are permanently tied to a user’s wallet address. For example, a person might have SBTs representing educational credentials, employment history, proof of achievement, or hashes of their writings or works of art. As of now, SBTs cannot be traded for value, but must be earned or achieved and cannot be transferred or sold.
SoulBounds are set to disrupt the NFT economy by reducing online manipulation and allowing users to build their reputation with their certified credentials. For example, SoulBound NFTs are a natural way for artists to stake their reputation in their works. When issuing a tradable NFT, an artist could issue the NFT from their Wallet. The more SBTs the artist carries, the easier it would be for buyers to identify the artists unique NFTs, and thereby confirming the NFT’s legitimacy.
SoulBounds could come to represent individuals and reflect their unique traits and solidarities as they acquire SBTs that reflect their affiliations, memberships, and credentials. Such individuation helps users build reputations, establish provenance, access uncollateralized lending markets, and protect reputation and identity.
UPDATE : You can now access to those”Phase 3" features on the Ternoa Alphanet (testnet) : https://polkadot.js.org/apps/#/extrinsics
A Sneak Peek At What’s Next
- Phase 4: TEE Enclave, Secret NFT, Capsule NFT, Transmission Protocols.
- TEE Enclave the process of securing keys for Sercret and Capsule NFTs.
