NFTMagic offers art makers a perfect platform to store their digital art pieces.
But why is it different from all the other NFT platforms out there?
One of the main reasons is the use of Ardor and the Proof Of Stake protocol that allows the blockchain to run also on Raspberry Pi’s, and currently the network is running on more than 1000 nodes worldwide.
The difference between Proof Of Stake and Proof Of Work, which is used by Bitcoin or Ethereum, is not only the enormous difference in energy consumption, but also the fact that the network is truly decentralized. Proof Of Work networks usually rely on very few mining pools making those networks pretty centralized.
The other reason is that the Ardor Assets are immutable unique ID that will represent the NFT. It can be issued in 1 or more pieces. The Asset Exchange Decentralized exchange also offers a real decentralized place where to sell and trade your NFTs.
How does it work
When uploading a file through the Upload form the following steps are performed:
1 – The file is uploaded to IPFS and the corresponding CID is generated. The CID is a unique hash of the file that identifies the file. The CID will be always the same if the same file is uploaded on another IPFS node. Same file = same CID. More information here.
2 – The Ardor Asset is created and the description will contain the CID and some of the more critical meta-data. As the description of the Asset cannot be changed this creates a unbreakable bond between the Asset and the file.
3 – The additional meta-data is stored as Asset Properties. As Asset Properties can be modified or even deleted, the only information stored in this way is the descriptions of the NFT and Collection and the categories. These elements are not critical for the logic NFTMagic applies to Collection, Series, etc.
The description of the Asset will contain the following data separated by tabs “|”:
NFTMagic Identifier: NFTMagic will display only NFTs with this field set to”N4TM”
NFT Name (max 40 characters): The name of the NFT
NFT Collection ID (max 1’000’000 converted to base32): identifies the position of the NFT in a collection. Only filled if the NFT is part of a collection (optional)
NFT Collection Size (max 1’000’000 converted to base32): Identifies the size of the collection to which the NFT Belongs. Only filled if the NFT is part of a collection
NFT Collection Name (max 40 characters): The name of the NFT Collection
NFT Series ID: If the amount of copies of the NFT is more than 1 and the flag for multiple singletons is flagged (future feature) during the creation then this field will be populated with the ID of the singleton series.
IPFS CID: The IPFS CID
This is an example of a simple NFT:
N4TM|The one and only|||||QmREk8eJgPYFiXacvN4fTC9QtHQ4oc512UZ5xp8SdroV2S
This is an example of a NFT belonging to a Collection:
This is an example of a NFT with multiple Singletons:
The additional meta-data stored in the Asset Properties is:
NFT Description (max 320 characters): Split in 2 Account Properties called “description1” and “description2”.
Collection Description (max 320 characters): Split in 2 Account Properties called “collectionDescription1” and “collectionDescription2”.
Categories: 8 comma separated categories pre-defined in the upload form.