NFTs (Non-Fungible Tokens)
NFTs refer to Non-Fungible Tokens which are cryptographic assets on the Blockchain with unique identification as with unique identification tokens and metadata that distinguishes them. These tokens can not be replicated on the blockchain and can be used to represent real-world items like digital artwork or real estate. "Tokenizing" these real-world tangible assets makes buying, selling, and trading them more efficient while reducing the probability of fraud. NFTs can also function to represent individuals' identities, property rights, and more.
Propellyr provides this NFT data in an exhaustively compiled and varied forms combined with off-chain and on-chain
processing which can be easily accessed by the users by simply writint queries
- MarketPlace
- Creator
- NFT transactions can be executed through different NFT marketplaces like OpenSea, LooksRare, Rarible, etc.
- A sample message of such a transaction looks something like this: For a NFT transaction we do a lookup of the “to” address in the **smart_contracts_lookup** collection.
- If the address matches a marketplace address(asset_type = “NFT Marketplace”), then we need to do another lookup of contract address at each log level and look for potential match for a Creator address and functionSignature combination. If a match is found we will extract the token ID as per the logic mentioned below for all possible tokens. In all marketplace transaction also populate the attributes “exchangeName” and “exchangeAddress” from the lookup table.
- NFT transactions can be executed directly through the NFT Creator platform. In a single transaction there could be multiple transfer of tokens which can take place.
- A sample message of such a transaction looks something like this: For a NFT transaction we do a lookup of the “to” address in the smart_contracts_lookup collection.
- If the address matches a marketplace address(asset_type = “NFT Marketplace”), then we need to do another lookup of contract address at each log level and look for potential match for a Creator address and functionSignature combination. If a match is found we will extract the token ID as per the logic mentioned below for all possible tokens. In all marketplace transaction also populate the attributes “exchangeName” and “exchangeAddress” from the lookup table.
- The path of the TokenID information in this message is logs[].decoded.decodedValues.id. In this transaction there are multiple tokenIDs that got transacted in a single transaction. On extraction of the tokenId from the different path the below
IPFS Data
IPFS refers to the Interplanetory file System protocol which specifies a distibuted storage system of offchain data. In reference to NFTs all the metadata for
the individual tokens of all collections can be accessed on the IPFS website that can be accessed by anyone
How IPFS works
- When a file is added to IPFS, the file is split into smaller pieces, cryptographically hashed, and given a unique fingerprint called a Content Identifier (CID). This CID serves as a permanent record of what files currently exist.
- When other nodes search for a file, they ask peer nodes that store the content referenced by the file's CID. When the file is viewed or downloaded, a copy is cached and this becomes available to the provider of the content until the cache is cleared.
- Nodes can pin content to keep it (and make it available) forever, or discard content that hasn't been used in a while to save space. In other words, each node on the network only stores the content of interest and index information that helps you figure out which node stores what.
- When a new version of a file is added to IPFS, it gets a new CID because its cryptographic hash is different. This means that files stored on IPFS are resistant to tampering and censorship. Modifying a file does not overwrite the original, allowing you to reuse common parts of files to minimize storage costs.