Team Member(s): there are three of us, but only one person will represent us on this forum
Project Goal: Goal - to give people a different, more expanded NFT format that expands the boundaries.
Project Info:
The NFT format, familiar and common for most marketplaces, involves storing images and metadata outside the blockchain. Historically, this was due to the high cost of gas in the Ethereum network.
However, the fact that the piece of art itself is stored off the blockchain frustrates many artists and collectors. Some collectors would like their NFT to not be available for viewing by anyone other than themselves or close people to whom they would like to show this piece of art.
On the TRON blockchain, we will create such a tool that will allow:
create NFT, wich metadata and picture (music) will store directly on the blockchain;
view and sell such a True NFTs;
optionally allow NFT to be encrypted with the owners public key, so that only the owner with his private key can view it;
The storing of additional NFT data outside the blockchain is indeed one of its biggest problems.
However, pictures are usually quite a bit of data to store, and even though TRON is cheaper than Ethereum, it will still need more resources from the TVM.
Therefore, projects might consider using a decentralized storage system such as BTFS. I am not well-invested in NFTs, but I think this option is already being used a lot.
Indeed, such a system still requires a connection to the blockchain, and every connection could break.
Have you projected the expected network costs (fees) and compared that to the cost of traditional NFTs? It would be interesting to know if this is worth it or not.
I like this idea, but have some notices about it:
This should have the option to lock and unlock for the current holder, and when transferring a locked NFT, it should automatically remove the lock.
Another way is to remove the lock upon transferring and re-encrypt it with the receiver’s public key. However, this will probably leak the data…
It would also be an idea to create a NFT that is encrypted at all times to prevent data leaking. However, as mentioned in the previous bullet point, something has to be developed for the data to remain encrypted, while at the same time also could be decrypted by the new owner upon transferring.