Enterprises can digitize high value products through blockchain technology, and provide consumers with a series of blockchain-enabled derivative services, including the transfer of ownership of goods such as auctions and gifts. At this point, you need to use NFT.
NFT are non-fungible tokens provided by VeChain ToolChain®️ platform for end users to manage non-fungible assets. Each physical product will be associated with an NFT. Enterprises can deploy NFT contracts to associate commodities with NFT and use the webpage application or APIs for NFT management. When using the NFT products and services provided by the platform, TCC is the only payment.
NFT products include: NFT smart contract management, Private key management, NFT release and management and NFT transfer.
NFT smart contract management: the NFT smart contracts fit VIP181 Standard. The end users can select and set the NFT smart contracts with no quantity limit.
Private key management: NFT is a blockchain asset which allows for both self-management and escrow services.
* Self-managing mode, refers to the self-management of private keys through the open source wallet SDK.
* Key escrow is the turnkey solution provided by VeChain ToolChain®️. The enterprises can create new users on the webpage or through API to help the user provide private key escrow services.
NFT release and management: The release of an NFT is based on its VID (the unique TokenID of an NFT). Enterprise users can purchase VIDs via the ToolChain website or through the API to release the NFT. The release of NFT requires the address to trigger the NFT smart contract and the address to receive it. There are 2 types of NFT management available on the platform:
Self-managed wallets: Enterprise users can download Android/iOS SDK wallets to manage their own wallets for NFT.
- The enterprise develops in-house app or dApp to help their end users to manage the NFT.
- Use ToolChain Pro App to manage the NFT (coming soon)
Key escrow services provided by the enterprise:
The enterprise can develop in-house solutions for key escrow services.
VeChain provides HSM-based (Hardware Security Module) key escrow turnkey solution to boast a secure storage capability to prevent information leaks.
Enterprise users can provide key escrow through the API on VeChain ToolChain®️
NFT transfer :
There are three methods of NFT transfer (illustrated with OwnerA, OwnerB and OwnerC)
OwnerA handle the provenance of NFT directly to OwnerB
2、Authorize to transfer
- Authorize a single transfer: Owner A authorizes a 3rd party (Owner C) to transfer the NFT to Owner B
Step 1: OwnerA authorizes a third-party (or Owner C) to transfer a NFT.
Step 2: The third-party (Owner C) moves the NFT to OwnerB.
- Authorize to transfer all NFTs: Owner A authorizes his/her account to a 3rd party (Owner C), who can then transfer all the NFTs from Owner A to Owner B
Step 1: Owner A authorizes his account a third-party (Owner C) to transfer all NFTs.
Step 2: The third-party (Owner C) moves all the NFTs from Owner A to OwnerB.
3、Request for transfer
Step 1: OwnerB requests the transfer of an NFT.
Step 2: The owner of the NFT’s VID (OwnerA) decides whether to accept or reject the request and authorize the transfer.