I don’t know how you got wind of xNFTs, but you came to the right place if your goal is to understand it as early as now.
There is a lot of hype surrounding web3 but not everyone’s optimistic considering the legitimate concerns surrounding the technology. One extremely important aspect that has been mostly ignored is the lack of flexibility and programmability of current non-fungible token (NFT) standards. What do we mean by that?
The NFTs in your wallet have very limited functionalities. You can list them in marketplaces, trade them on platforms, stake them. And what else? Not much. But NFTs should have more capabilities done that.
We are seeing innovative NFT protocols like RMRK on Polkadot/Kusama and Phantasma being built. xNFTs are Solana’s answer, which aims to revolutionize the way NFTs are designed.
What are xNFTs?
xNFT is a promising new protocol standard for NFTs that enables users to access all crypto assets and applications in one interface and make the NFTs executable. X, which stands for ‘executable,’ highlights xNFTs’ innovative way of equipping developers with the ability to create dynamic applications on a crypto wallet, which could be a game-changing web3 technology.
Think of it as a web3 wallet on steroids, having the capability of combining all your wallets and crypto applications in one place. Plus, it has adds a programing layer that allows anyone to build on top of it, unlike traditional NFTs.
The upcoming rollout of its launch partner, Solana Mobile Stack (SMS), a tool that allows developers to create web3 apps that have native mobile support, will play a huge role in this exciting feature.
Armani Ferrante, one of the creators of xNFTs, said in his introduction that “NFTs should have all the capabilities of a program,” a less talked about yet important ability that xNFTs will try to “X-ecute”. xNFTs aims to simplify the process of accessing various decentralized applications (dApps), which remains a cumbersome task considering that there are so many.
xNFT, which runs on CoralOS using protocol-agnostic frameworks, which enables the creation of dApps for the NFT ecosystem that users can seamlessly use on a single platform ーxNFT’s user interface (UI). Its UI can display various crypto assets and lets users execute many tasks conveniently, including staking or viewing their NFTs.
xNFTs reflect the aim of its creators to transform the current static state of NFTs into dynamic digital assets that are feature-rich in order to truly represent the essence of various communities.
What is Backpack?
Backpack is an xNFT operating system that enables web3 users to access all their crypto-based assets, applications, and blockchains in one application, which is also being developed by Coral. It is an asset and protocol-agnostic platform, encompassing blockchain networks beyond Solana.
Backpack also provides interoperability and improved personal property rights to users.
The foundations running beneath the operating system are extended versions of the Anchor Framework, a widely used protocol for efficiently deploying smart contracts on Solana. Backpack’s state-of-the-art capabilities bring added control and customization to users’ experience, enhancing their transaction and interaction with the web3 world.
It also comes with a set of developer frameworks and application programming interfaces (APIs), which means users can seamlessly create their own xNFT applications for any protocols and blockchains.
How Would xNFTs Work?
Imagine accessing one app on your phone, Backpack, that enables you to see all the cryptocurrencies and NFTs you own, the dApps you regularly access, and almost virtually anything crypto-related across all blockchains.
For starters, let’s say I want to view my Aurory NFT’s traits, all I do is tap on it and I see all its info. But what if I want to do more? Say, I want to stake my DeGods NFT. DeGods can easily build a program that supports this feature natively on the app.
The same is true for games, decentralized finance (DeFi) applications, bridges to other blockchains, etc. Speaking of other blockchains, all of them will be supported eventually. This means that you can access your Bored Apes, trade on Uniswap, or even stake an ETH-based token on Backpack.
Who Created xNFTs?
xNFTs were spearheaded by Armani Ferrante and Tristan Yver, both with deep experiences in the blockchain ecosystem. Ferrante is a software engineer and the co-founder of Coral, creator of the Anchor Framework and Anchor Program Registry. Yver, meanwhile, is FTX US’s Head of Strategy.
Apart from xNFT founders’ impressive backgrounds, another notable thing about this project is its host of prominent investors and partners, including Solana, FTX, Wormhole, Serum, Multicoin Capital, and Jump Trading.
The fact that its launch will coincide with other major rollouts on Solana is a sign that other projects see a lot of potential in xNFT’s significant impact on the web3 space.
When Will xNFTs Be Released?
Ferrante announced that both xNFT and Backpack will roll out and be available for download at the end of Summer 2022 (September 23 onwards), along with the release of the Saga phone and SMS.
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