Web Monetization Community

Discussion on: Web Monetization + NFT = ... ?

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Casey Herd • Edited on

I recently went back to listen to a podcast about NFTs I heard a few months ago and thought about the idea of cross-chain communication for NFTs. In The Metaverse Podcast, The Innovation of On-Chain NFTs, with Jim McNelis of NFT42 They talk about using various different blockchains that specialise in different aspects of making next generation NFTs. For example they talked about using Chainlink for verifiable randomness and Filecoin for storage of the artwork and a different chain for settlement. I wonder how ILP might/could be used to communicate between chains of a single or series of NFTs. Say if settlement of trading/buying/selling happened on the XRPL and art storage happened on Fliecoin and various other chains were used to give the NFTs different characteristics. How would that work or would it? It was something that came into my head but not having any technical experience Im left feeling pretty dumb. Thoughts? @gjhannam23

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Greg Hannam

Yes 100% always use best in class for each element.

Stuff that is EVM will be easier to connect up which is probably the way those guys are taking it, however for XRPL I don't think this is possible yet. One of the XRPL grants went to someone to develop this functionality so we may see side chains with EVM compatibility in the near future which would be very exciting

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Radhy Author

Reading this I wonder if something similar would emerge from the recent XRPL grant. Does someone know whether there would be open grantees' reports for XRPL grants like we do here in GftW?

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Casey Herd

Maybe I'll find out. I accidentally applied! Ha ha ha ha ha. I was just entering my info and answering the questions to see what they were asking. I clicked "ok" on one of the questions and it said "thank you for your application. We'll get back to you as soon as we've had time to review it." Lets see what they say!

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Radhy Author

Good luck on the application 👍👍👍

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Casey Herd • Edited on

Another really interesting idea is to rent your NFT! NFT Rentals: Why VCs Are Backing a Puzzling New Project

"The Ethereum-based project recently facilitated the lending of Stoner Cats, an NFT collection whose holders have access to a library of video shorts, and Animetas, whose holders rented their tokens to give temporary access to a private Discord event."

As ILP is currency agnostic you could rent your NFT and receive payment in whatever currency you want. I wonder how ILP could facilitate the temporary transaction of the NFT as well. @gjhannam23

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Greg Hannam

Yep agree don't see why ILP couldn't.

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Casey Herd

I wonder how that would work from a technical standpoint and would there be any advantages?

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Greg Hannam

I'll leave @ike to take that one.

From a business viewpoint having the ability to flick between any currency is going to be super useful for a globally connected audience.

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Ike

Hi @casey_herd , I think it might be tricky to transact an NFT via ILP; but renting NFTs and making the rental payments via ILP sounds very interesting.

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Radhy Author • Edited on

Would love to see this happens in XRPL anytime soon!

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Casey Herd

Thanks @ike What is it about ILP that makes it really good for payments but not transferring NFTs? Also what about using different blockchains for different layers of the NFT? Sorry if thats very technical and complicated!