{"id":198315,"date":"2021-09-06T11:00:34","date_gmt":"2021-09-06T10:00:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=198315"},"modified":"2021-09-07T19:57:06","modified_gmt":"2021-09-07T18:57:06","slug":"want-to-bet-on-a-cryptopunks-artblocks-derivative-this-nft-team-makes-it-happen","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/want-to-bet-on-a-cryptopunks-artblocks-derivative-this-nft-team-makes-it-happen\/","title":{"rendered":"Want to bet on a CryptoPunks + ArtBlocks derivative? This NFT team makes it happen"},"content":{"rendered":"

CryptoSlate<\/span><\/i> talked to one of the men behind the scenes about avenues for boosting the commercial and interaction potential of non-fungible tokens (NFTs<\/a>).<\/span><\/p>\n

With radically broadening options of what can be represented as a token on the Ethereum (<\/span>ETH<\/span><\/a>) blockchain, <\/span>NFTs<\/span><\/a>\u00a0keep <\/span>dramatically<\/span><\/a> impacting the crypto <\/span>industry<\/span><\/a>.<\/span><\/p>\n

Building utility<\/h2>\n

As the growing <\/span>awareness<\/span><\/a> and progressive <\/span>adoption<\/span><\/a> push the development of innovative <\/span>solutions<\/span>, the focus shifts to adding utility to NFTs.<\/span><\/p>\n

Victor Zhang, CEO and co-founder of <\/span>AlchemyNFT<\/span><\/a>, revealed details about tools created \u201cto equip NFTs with functions and features that were previously unimaginable.\u201d<\/span><\/p>\n

The project with a mission \u201cto securely make NFTs mutable and changeable by their owners and creators,\u201d has recently raised $6 million from the likes of <\/span>Mark Cuban<\/span><\/a>, the owner of Dallas Mavericks.<\/span><\/p>\n

AlchemyNFT, \u201c\u200b\u200bthe brainchild of <\/span>AlphaWallet<\/span><\/a>,\u201d is an NFT platform that enables users to alter, or \u201cremix\u201d their NFTs, which can when desired, easily be \u201cunwrapped\u201d and returned to their initial state.<\/span><\/p>\n

The magic of remixing\u00a0<\/strong><\/h2>\n

Through the concept of \u201cRemix NFTs,\u201d users can recreate, transform and combine their NFTs into anything they can imagine.\u00a0<\/span><\/p>\n

\u201cThis technology essentially allows users to turn NFTs into usable Apps and Open APIs – they can embed utility, create scarcity, and even metaverse interoperability into existing NFTs,\u201d said Zhang, explaining that <\/span>\u201c<\/span>AlchemyNFT enables derivatives to occur at the smart contract\/blockchain level, while other platforms operate on metadata-level derivatives.\u201d\u00a0<\/span><\/p>\n

Metadata-level derivatives lack real connections with the original tokens and therefore can\u2019t inherit values from them, as they can only link the off-chain information around<\/span> the NFTs.\u00a0<\/span><\/p>\n

\u201cYou could make a Metadata-level CryptoPunk derivative based on CryptoPunk #173 and THE CURRENCY #3661,\u201d Zhang broke it down, using an example.<\/span><\/p>\n

\u201cThe new CryptoPunk derivative cannot inherit values from CryptoPunk #173 and THE CURRENCY #3661. Plus, if you don\u2019t have the IP of CryptoPunk #173 and THE CURRENCY #3661, you may be sued for making such a derivative,\u201d he concluded, underscoring the main downside here is that the blockchain-based relationship between the three objects is missing.\u00a0<\/span><\/p>\n

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However, AlchemyNFT allows derivatives to happen at the token level, pointed out Zhang, adding that \u201cto mint the CryptoPunk derivative, you need to wrap the CryptoPunk #173 and THE CURRENCY #3661 into the new Punk.\u201d<\/span><\/p>\n

\u201cAlchemyNFT\u2019s remixed tokens create new value based on the original NFT – the original NFT\u2019s value, plus any new value created by adding other tokens and creations,\u201d he said, highlighting that in the given example, the new Punk inherits the total value from CryptoPunk #173 and THE CURRENCY #3661, with the remixing value layered on top.\u00a0<\/span><\/p>\n

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Proof of relationship<\/strong><\/h2>\n

The project\u2019s first big product, <\/span>AutographNFT<\/span><\/a>, which allows users to add digital autographs to their NFTs, counts Ethereum co-founder <\/span>Vitalik Buterin<\/span><\/a>, who used his Twitter ID to sign an NFT entitled \u201cThe Alchemist,\u201d as one of its earliest autographs.<\/span><\/p>\n

According to Zhang, \u201ccreators can use AutographNFT to securely sign and authenticate their work, fans can collect autographs from their heroes, influencers can sell autographs as new revenue streams.\u201d<\/span><\/p>\n

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Hey @krainak<\/a>, great fan of your work. I\u2019d like to make an offer for you to autograph my NFT, check the offer at https:\/\/t.co\/fnjLUdvMsG<\/a> #AutographNFT<\/a> #AlchemyNFT<\/a> #NFTs<\/a> #NFT<\/a><\/p>\n

— VictorZhang.eth ?? (@Victor928) August 3, 2021<\/a><\/p><\/blockquote>\n