Yesterday we released our very first non-fungible token. It has a unique name: PTY1.
NFTs make the internet ownable. However, we think the space is broken.
NFTs are disappearing left and right because they’re stored on transient or entirely centralized data storage such as IPFS or AWS.Before you buy an NFT: make sure it’s stored on a Permanent data storage protocol, otherwise it could disappear. Currently, the only Permanent data storage protocol in production is: Arweave.
You can think of NFTs as an anchor to its data. Often, the anchor is stored on the blockchain, whereas the data is on centralized servers (or IPFS, at best). Why? Because most platforms, such as Ethereum, are not meant to store data. Every byte is expensive. As such, most NFTs are not stored on Ethereum. They are just linked in the metadata section of the token.
If the server is turned off, the anchor points nowhere. Your NFT is lost.
We solved this problem.
Our NFTs are permanently stored on Arweave. But not only. They are atomic.
What is an atomic NFT?
Together with the Arweave and Verto teams, we designed an upgraded type of NFT where the data and the token are entangled forever. Both are pointing at each other.
Let’s dive into how we did it. The current state of our contract is public and accessible on Viewblock. Notice how PTY1 is patiently waiting to be assigned to its first owner:
The owners’ array will store the address of the sole owner of the NFT when the auction ends.
There is more to see: the artist, Sahalé, is registered as the sole royalties’ owner (his address is “KtE75KT1TC95yEcM2ZPPGR5FtaN5sTWr2wQ0Tk34Vqk”)
And, the most elegant part, the token identifier (“XyJm1OERe__Q-YcwTQrCeYsI14_ylASey6eYdPg-HYg”), corresponds to the address of the transaction that minted the track. t’s not metadata; it’s the token identifier itself.
Following the transaction address, we indeed land on the transaction that minted the track. It has some interesting tags:
The first tag links back to the contract. The second one contains the input function that minted the NFT itself. It also includes the address of the artist and the number of editions (1).
The Thumbnail tag links to the cover of the track: O0Yp5_FcC9KRIwupV5tu84QVkSJ-ufWOD0DrvIgVJo4
Other tags hold title, the author name, a unique hash of the content, the scarcity and the number of editions of this particular NFT.
Everything is tied together. The track, the contract, the author and the cover. Forever.
If you own this NFT, no-one can take it from you. Not us, not anyone else. If Pianity disappears, the NFT still lives. Forever.