What is xNFT? A look at Coral’s new NFT standard


Originally Posted over here.
by: Az

Summary

NFTs surprised the world when their popularity jumped in 2021. Although they have been around for much longer than that, the whole world has suddenly been exposed to NFTs. That includes the mainstream scene, with A-list celebrities taking this new fad like crazy. But it didn’t take long for many to get started […]

the post

NFTs surprised the world when their popularity jumped in 2021. Although they have been around for much longer than that, the whole world has suddenly been exposed to NFTs. That includes the mainstream scene, with A-list celebrities taking this new fad like crazy.

But it didn’t take long for many to start seeing them as expensive JPEGs […] They, in turn, were subjected to severe criticism.

But those who understand the technology behind NFT can also understand all the possibilities that this new technology standard brings with it.

And now, the developers have taken it one step further, with xNFTs.

So what is xNFT?

On their website, Coral states that xNFT is an executable application standard, which allows developers to package and publish their applications as xNFT in a decentralized marketplace.

But what does this mean? Let’s take a closer look […]

The x in xNFT stands for executable file. xNFTs are built with Backpack, a next-generation crypto wallet created by Coral, using their own CoralOS. CoralOS is described as the “xNFT Operating System”.

For those unfamiliar with Coral and their contribution to the Web3 space yet, they are the team behind Anchor – one of the developer’s toolkits for building apps on Solana – and the Anchor Register. After their massive success in the Solana ecosystem with these, Backpack – and later xNFTs – is next on their list.

Coral created a backpack with a single purpose, to host the xNFT standard. Backpack and the xNFT standard turns a crypto wallet into an open, programmable platform that anyone can build upon. From dApps and apps to cryptocurrencies and even legacy NFTs, it’s all in the xNFT user’s backpack wallet. It allows them to view every protocol, on every blockchain in a single user interface.

Check out this Austin Federa Backpack explainer video to get a better look at it and get a feel for what it does.

As mentioned in the video presentation, xNFTs can be created, bought, sold and traded just as any other NFTs can. All in all, they provide a completely new way to create in Web3.

supporters

The Coral team and their project currently have the support of major players in the Web3 space, including:

Solana

FTX

Serum

jump

worm

beth

Multicoin Capital

global kansas

Anagrams

Where and how can I try it?

You can not. not yet. But big things are going on. As can be seen on their website, there are several xNFT implementations on the way from heavyweight Web3, including:

mango

FTX

anchor

DeGods

beth

magic of eden

Raindrops

Psy . Options

worm

Serum

Aurory

Davy Land

conclusion

The NFT standard that’s been used to create all of today’s best-selling technical NFTs, is one thing. But the xNFT standard brings with it a whole new world of hitherto unimaginable possibilities.

With xNFTs and Backpack, developers can dive into new depths of the Web3 world.

To learn more about the Backpack, and how you can contribute if you’re a builder, check out their website here.

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