Non-fungible tokens have been bludgeoning the Web3 world primarily occupied by crypto traders. The result? A crypto boom that saw the tremendous growth of NFTs’ stature and exposed them to the broader world. While such an imminent surge of NFTs has done a lot of good for creators and entrepreneurs, there were some hidden steps running overhead that were not exposed correctly to the wider community. Although “on-chain asset creation” might sound like a redundant topic in the Web3 space, it actually isn’t one. The reasons for this will be as we progress through this blog presented by our experts.
The Hidden Overheads: What’s All the Fuss About?
In the normal blockchain realm, storing data on-chain generally costs a ton, and most NFT projects keep most part of their data off-chain. The data that projects actually store on the network will be the hash that links to the NFTs, which will make no sense if any data is altered.
To ensure that data is stored in a decentralized manner, off-chain solutions such as IPFS (Interplanetary File System) and Arweave are used, which act as hidden overheads unexposed to the user community. These work well by taking heavy brunt related to storing data, including image files and NFT metadata.
On-chain Asset Creation: The Significance
While most NFT projects utilized external overheads to take heavy-duty tasks, some have started to go entirely on-chain. This has been mainly possible due to on-chain asset creation that works based on blockchain programming languages such as Solidity (for Ethereum).
The Way to Go for Achieving Asset Creation On-chain
The process to create NFT assets on-chain, at least by theory, is very simple. First, we must utilize Base64 to encode the NFT products’ metadata typically stored in JSON format. Then, we should add instructions for images to be rendered in the SVG format.
In the case of the user end, deriving on-chain NFT assets will be pretty simple, as browsers will render the images instead of getting caches of them (in the case of NFTs using IPFS storage). Encoding here does not result in data compression, ensuring image quality does not degrade while browsers decode and render them per the creator’s intentions.
What Differences will This Cause for Generative Images?
We all know how famous generative image-based NFT collections such as CryptoPunks. These collections commonly utilize smart contracts to create unique pixelated images based on numerous attributes provided by developers. Using on-chain asset creation for such images will be a game-changer as it allows user input on smart contracts while ensuring that the image is secured on-chain, hence preserving the value of Web3.
Also, using user-provided data at the time of minting allows images to be truly unique, with these data making a difference. Such uniqueness then brings the cost factor into play through elevated prices during marketplace auctions.
Why Should You Opt for Blockchain App Factory to Integrate Your Assets On-chain?
Blockchain App Factory has been a world-class firm in Web3 development, and on-chain asset creation has been the latest addition to our ever-growing skill repository. Our experts’ proficiency in blockchain technology helps us integrate NFTs to be stored on-chain, enabling our client ventures to follow the ethos of Web3. Reasons for you to choose us to include the following:
- Proficient Blockchain Developers
- Creative Consultants
- Experienced Teams for End-to-End Web3 Development
- Access to Advanced Technological Stacks
- Anytime Technical and Non-technical Support
- On-time Delivery
- Economic Pricing Policies
Schedule a meeting with our professionals today by filling out the interaction form below to discuss the prospects of adding assets on-chain for your business!