The NFT Buzz
Crypto and NFT News

NFT Canvas Gives You More Control Over Your Non-Fungible Tokens


Every NFT owner will have thought – at least once – why they didn’t get the non-fungible token with their preferred traits. Making the “RNG” aspect of minting NFTs less random would be beneficial, even if it may affect secondary sales negatively. That solution has finally arrived for Solana-based assets with the help of NFT Canvas.

Begone Unwanted NFT Traits

Regardless of which NFT one buys, there is always some degree of digital art associated with it. That art can be an image, a video, music, or other data. It may not have the traits we want, and there is often no way of doing anything about it. Although some collections provide Breeding solutions to turn less favorable non-fungible tokens into a more appealing solution, one cannot ignore the potential trade-offs.

When “breeding” NFTs, you are effectively destroying the value of those tokens in search of a new token that may or may not have any value. It is a common approach by creators to make collections much more scarce as the overall supply of “initial” NFTs decreases strongly. In most cases, one needs two, three, or four non-fungible tokens to “breed”, which seems rather steep.

Even so, not all users want to merge their NFTs by destroying value. It is often easier to offload first-generation non-fungible tokens on secondary markets, assuming the collection somewhat established itself. Bred NFTs often represent a spin-off collection, which traditionally struggles to gain momentum, let alone retain value. Taking an unnecessary risk with no chance of undoing the “merger” is partly why breeding has been a fringe use case for most collections.

Those who opt not to breed their assets are often forced to buy the NFT with the traits they want from the secondary market. However, there is no guarantee the investment is an extra NFT that will yield any value or profit. Instead, one becomes an even bigger bag holder if the collection is mainly illiquid on the trading volume front. Although this creates value for those who flip NFTs or want to profit from such assets, it is not an ideal experience for those entering the market. 

NFT Canvas Introduces Modularity And Flexibility

Addressing the above mentioned problems is essential for the NFT industry to move forward. However, convincing mainstream users to blindly mint NFTs they may not like or want will not drive broader adoption. Instead, there need to be ways to make NFTs more flexible and modular. For those who seek specific traits – either for looks or utility – NFT Canvas has the answer.

Developed by the Plutonians team, NFT Canvas makes Solana assets composable. Projects leveraging this technology provide more flexibility to investors and supporters without disrupting the blockchain-based balance of power. There are no blockchain rollbacks or reversals involved. Instead, users can combine and decombine their non-fungible tokens to their heart’s content through on-chain activities.

If the result is not what one would like, the newly created non-fungible token can be split into its previous parts again. It enables many potential combinations for investors and enthusiasts. This is possible through the Component NFTs, which can be arranged in any configuration. In addition, the Canvas Model serves as a structure to confirm which Component NFT types can be added to a Canvas instance.

Initial Adoption And Utility

The concept introduced by NFT Canvas can prove viable across different industry verticals. The technology, developed by the Plutonians team, will feature in the Solana-based blockchain game. Players can customize and personalize their NFT spaceships. It is the first online multiplayer game integrating Component NFTs as a core element. Moreover, this integration will further distinguish Plutonians from less flexible play-to-earn titles. Potential use cases for NFT Avatar are far and wide, including avatar projects, memberships, ticketing, finance, content creation, trading, etc. There is no limit as to what one can do by letting NFT holders combine their assets into a more suitable and preferred non-fungible token. Even though the industry has been successful to date, it still lacks dynamic and composability. All of that will change with NFT Canvas and future developments granting users more control over their assets.

Original Source

Leave A Reply

Your email address will not be published.