Non Fungible Tokens (NFTs) are a type of digital ownership certificate that live on the blockchain. They are non-fungible by nature and are able to certify and secure the uniqueness and identity of an asset by permanently linking ownership of that digital asset to the underlying creator, holder and that asset’s unique characteristics and any associated files/data.
Bringing native NFT use cases to digital fashion enables a huge leap for the industry in terms of beginning to address and solve the current challenges faced around digital ownership, open source innovation and multi-platform distribution across virtual environments.
What are the DIGITALAX NFTs?
DIGITALAX has both ERC-721 and ERC-1155 NFT tokens used on the platform.
The ERC-721 tokens are the “Parent NFTs”, and the ERC-1155 are the “Child NFTs”. The ERC-721 is the master token and can have different ERC-1155 Child NFTs attached to it (Similar to the ERC-998 standard). These Child NFTs give the Parent NFT more tangible, transparent value and stability. There is a wider innovation here for application across DeFi use cases and using NFTs as collateral.
Game Interoperability
The DIGITALAX NFTs were uniquely considered to take into account the platform’s bigger vision: Positioning as the digital fashion NFT house for all gaming, VR and metaverses in the Crypto ecosystem.
All of the DIGITALAX digital fashion garment and accessory ERC-721 NFTs are backed by the underlying 3D model in the FBX file type stored in IPFS.
The FBX file is one of the most popular and widely used 3D data interchange formats between 3D editors and game engines. It is the industry gold standard. FBX supports animation, native scene hierarchy and is fast and efficient, utilising a binary format.
Through storing the original FBX file, not only are buyers guaranteed true and robust ownership of the full NFT asset, but also, the potential for wider cross-game interoperability and preservation is huge— these models can then be taken and imported into the game engines themselves, and then be fit to the ‘look and feel’ of the different gaming and VR graphic environments. A buyer can now be granted future game interoperability and usage.
Further, when successful bidders acquire the associated garment NFT they are also receiving a full digital IP Assignment Transfer that allows the buyers complete rights and ownership of the digital fashion garment. The Open Digital Fashion License attached with these designs verify that the buyer has a license to the copyright. This is a big innovation when it comes to IP transfer and rights. Today, one of the biggest challenges for game developers when purchasing virtual goods through an online marketplace or storefront comes down to the legal side, where there is an immense amount of licensing, copyright involvement — developers often need huge legal teams and it can take even 6 months to acquire one asset for use. Our license ensures a scalable standard for maximum and seamless digital distribution interoperability. Further, our Digital Fashion Supply Chain also gives more innovation around this issue through granular insight and being able to attach different licensing subset rights to each of the individual materials themselves.
A Completely New Way of Using NFTs: Taking Inspiration from ERC-998
ERC-721 3D digital fashion garments are listed on the DIGITALAX platform for auction — these are termed as the ‘Parent NFTs’. Every Parent NFT is made up of a different combination set of materials, textures and patterns — the ‘Child NFTs’. The libraries of logged digital materials, patterns and textures are issued under ERC-1155 tokens, meaning that their entire journey, from creation, production and distribution, is traced.
All Child NFTs are logged and ordered into the DIGITALAX digital material, pattern, texture libraries — where each Child NFT is classified into three groups, either;
- Asset backed. The Child NFTs are backed by either crypto or real world assets i.e. Bitcoin, DGX gold, Ethereum etc.
- Oracle Price Feeds. The Child NFTs track the live price of the different material assets i.e. cotton. These price feeds are transparently provided by on-chain Oracles and different stable assets can be locked up against the Child NFT with a maintenance margin range maintained around the price feed’s spot.
- Pattern and Material Decoration Bonding Curves. The Child NFTs prices are determined by price bonding curves that are driven by supply and demand, taking into account a Child NFTs rarity and historical usage.
This categorisation also feeds into the DIGITALAX DOF Sheet: The first transparent pricing framework and standard for digital-only fashion.
This Parent-Child NFT relationship also brings about more composability, where the ERC-721 master token can even be burned down to unlock and unwrap the value of the individually attached ERC-1155 tokens.
The Parent-Child NFT wrapper also allows for designers to be able to fractionalise ownership around unique patterns, materials, textures and then open source this for the wider digital fashion community to leverage. The original designer’s IP can be authenticated and then effectively traced across the entire digital fashion supply chain journey down to a material, pattern and dye level. These NFTs can be programmable, tradable, interoperable and composable. This is a major leap in digital materials and design ownership, digital supply chain management, process automation, efficacy management. Eventually, this supply chain will be founded on entire open sourced libraries of digital materials, patterns and textures that are IP and licensing protective for designers, in terms of enforcing fractional garment ownership and facilitating new models and applications of programmable digital scarcity.
What can I do with the DIGITALAX NFTs?
DIGITALAX NFTs give different rights, usage applications, depending on the type of NFT that is held by a buyer.
Parent Garment NFTs (NFTs you buy at Auction)
- Can be staked in the DIGITALAX platform for earning $MONA token rewards.
- Can be used as collateral with the Synthetic VIR Contract— pegging Child NFTs backed by real world and crypto assets to the ERC-721 Parent NFT, creating the first stable and liquid NFT wrapper. This Stable NFT wrapper can then be taken to other money markets like NFTfi, AAVE and used as collateral.
- Burned down to unlock the Child NFT components and their associated value i.e. Bitcoin backed Child NFT.
Child NFTs
- The Child NFTs are combined, mixed, matched and then linked with the master ERC-721 Parent NFTs. Every Parent NFT has associated ERC-1155 Child NFTs.
- Additional Child NFTs can be added and topped up into the associated Parent NFT for adding more tangible and liquid value i.e. can add more DAI or Bitcoin into the Child Parent NFT wrapper, attaching more value for use as collateral on money markets.
Genesis MONA NFTs
- Genesis MONA NFTs are only available for purchase during The Genesis Period. They are the platform’s main governance token and giving voting rights on monetary policies, security policies and R&D.
- Genesis MONA NFTs can be staked to earn $MONA rewards. The more ETH contributed during the Genesis Period the higher the $MONA staking rewards.
- Holders are eligible to receive revenue from the platform’s sales. This revenue redistribution amount will be different across Genesis MONA NFT holders, being dependent on the amount of ETH contributed for the Genesis MONA NFT during the Genesis Period.
- All Genesis MONA NFT and $MONA holders are able to enjoy DIGITALAX Rewards including subsidised gas fees on auctions, discounted auctions, custom designs and more to come…
We see a future where NFTs are used across the global AAA gaming and VR ecosystem. They are the most scalable and robust distribution channel for our digital goods. In order to foster these marketplaces into full maturity, DIGITALAX is dedicated to setting native digital economy industry standards and promoting trust for these markets in completely new ways.
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- Github: https://github.com/DIGITALAX/
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Reach out!
If you are interested or inspired by our vision and mission, we would love to hear your feedback, thoughts, comments.
We are always looking for great people to join our team. We are currently hiring across solidity developers, full stack developers, community managers. Contact direct on emma.jane@digitalax.xyz
