xNFTs are revolutionizing the blockchain space by combining the unique properties of traditional NFTs with the power of embedded code that allows native web3 applications to run in a single wallet. This breakthrough innovation is transforming the NFT landscape, opening up exciting opportunities for developers, creators, and users alike.
In this article we explore the worldxNFTdelving into how they work, the critical role of the Backpack wallet, their applications, and the future of this new technology.
What is xNFT?
xNFTs (executed NFTs) are an innovative addition to the world of blockchain tokens, particularly on the Solana network. While similar to regular NFTs, xNFTs also have unique chain identifiers, making them ideal for marking different items on and off-chain.
What sets xNFTs apart is their use of executable programming scripts as files that represent NFTs. This integration of both the asset and its code allows xNFT to work within a dedicated wallet, representing an exciting evolution in the NFT space.
How do xNFTs work?
xNFTs extend the capabilities of traditional NFTs, including internal functions and features. These advanced NFTs contain an asset and include embedded code that allows native applications and web3 protocols to run in a single wallet.
Based onCoralOSBackpack xNFT uses protocol-agnostic frameworks, making it easier to develop dApps for the cross-chain NFT ecosystem.
WHAT IS A BACKPACK?
Backpack isa unique wallet, which securely manages private keys and connects to applications independently of assets and protocols. This means that the technology is compatible with several communication protocols or can function independently without relying on specific protocols. In Backpack, each element is an xNFT, and they are essentially a core for deploying, hosting, and running various Web3 applications in one place.
Its versatile user interface allows users to interact with various cryptoassets, perform tasks such as NFT bidding, access analytics, play games and connect blockchains on a single platform.
As an open, programmable system designed for Web3, the goal is for Backpack to offer developer frameworks and APIs. This enables users to create xNFT applications for any protocol on any blockchain without permission.
What are the benefits of xNFT?
Coral focused its initial xNFT experiment on developing an advanced wallet. They viewed existing Web3 wallets as a gatekeeper, leaning more toward Web2 than Web3. Their goal is to create a more inclusive solution.
Instead of relying on integration lobbying, Coral envisioned a wallet that supports all cryptoassets and allows users to natively manage a variety of DeFi tools in a single interface. Backpack’s ultimate goal is to overcome the limitations of traditional wallets and become an xNFT operating system.
Types of xNFTs
Currently, some exciting projects are using xNFT technology. For example, Backpack is the hub for Solana’s shopping platforms such as Solanart. In this xNFT, you can explore collections with real-time minimum prices, buy and sell NFTs, and conveniently access your digital assets on your profile.
Another example is Releap.Releapis a music NFT platform designed for emerging and established artists looking to publish music and connect with fans through the web3 space. With Backpack, you can now enjoy your NFT music from Releap anytime, anywhere because it’s easily accessible on mobile devices.
Mad Lads is a breakthrough example of how xNFTs can work and the huge potential for their success.
WHAT IS MAD LADS?
Mad Lads was introduced as a cultural counterpart to Backpack technology to attract non-crypto nats, create demand and demonstrate the potential of NFTs as decentralized applications.
On April 21, Mad Lads’ launch broke all previous 24-hour volume records on Solana , peaking at 8.2 million US dollars – almost three times more than the corresponding 24-hour volume of the Bored Ape Yacht Club ($3 million).
Highlighting the capabilities of xNFT, each collectible itemMad Ladsserves as an interactive ticket into the Mad Lads story, providing access to whatever benefits and features the creators choose to offer their community.
Traditionally, NFT enthusiasts have used various platforms related to their NFTs, such as chat applications and verification software. However, with xNFT, users can access all the features they need without leaving Backpack. You will need to download a wallet to mint Mad Lads xNFT.
The future of xNFT
xNFTs are currently limited to the Solana network and the Backpack wallet. However, if xNFTs expand to other leading networks, this innovative crypto-asset could gain significant popularity.
Backpack is currently available as a public beta for mobile and web. While xNFTs are allowed through ongoing security checks, the long-term goal is to open up the platform to the community, allowing anyone to build on it.
Coral aims to make the Backpack widely compatible with multiple chains. Perhaps the community will contribute to adding more protocols in the future, including Bitcoin and Ordinals.
xNFTs are paving the way for a new era in the blockchain space by combining traditional NFTs with embedded code and native web3 applications. This ground-breaking technology has the potential to change the NFT landscape, providing endless opportunities for developers, creators and users.
The wallet-backpack and its various applications demonstrate the enormous potential of this innovative concept. As xNFTs continue to expand and evolve, the future of digital assets is set to reach new heights, empowering the community and driving the growth of the decentralized ecosystem.