Cocos-BCX Reed:NFT can reconstruct underlying protocols such as lending and derivatives in DeFi

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On December 5th, Cocos-BCX participated in the 3rd World Blockchain Conference sponsored by Babbitt and supported by Wuhan Municipal Government, Jianghan District Government and Wuhan Economic and Information Bureau.

Cocos-BCX technology contributor Reed shared the topic “The next wave? The boundaries and imagination of NFT” on the “Embrace Blockchain 3.0” sub-forum.

The following is the record of Reed’s shared content:

Cocos-BCX has been committed to promoting the development of blockchain games,and it is also an indispensable push for NFT.

Cocos-BCX is not just proposing,but also an important maintainer of the BCX-NHAS-1808 (COCOS-1808) non-homogeneous digital asset standard.Based on this contract,Cocos-BCX provided ChinaJoyPlus with 1.2 million NFT tickets this summer.

At the same time, after we saw the popularity of DeFi this year, the sound of NFT in the game direction is getting weaker by now,but it is still very refreshing in the direction of combining with DeFi.

We can see coins such as MEME, whose logo is a pineapple, was ridiculed that airdropped a whole villa; DeGo did an NFT scratch card activity, which brought the community a number of users in units of 10,000, of which “Satoshi Nakamoto” has worth of 300,000 rmb; recently there is another “Alpaca” project, which is similar to Crypto Kitties, which even has the mechanism of NFT mining…

So this year, we can see that when DeFi and NFT are combined, the gameplay becomes various, and the imagination space is opened wide beyond.

For NFT itself, we can find that NFT used to be more popular in the “scarcity” direction such as games and encryption art.However, Cocos-BCX also attaches importance to the description of NFT in terms of “structuralness”, helping NFT to be used for describing something structurally.

For example, we can rely on NFT to reconstruct the underlying protocols such as lending and derivatives in DeFi. For example, the LP in CroSwap in the Cocos-BCX ecosystem can be synthesized and decomposed, so that LP assets will be more descriptive and scalability,based on this, DeFi and NFT will also have more imaginations and gameplays, which is a direction worth exploring.

As mentioned earlier, Cocos-BCX is not just proposing,but also an important maintainer of BCH-NHAS-1808 (COCOS-1808) non-homogeneous digital assets.Cocos-BCX is willing to pay the cost to build this type of infrastructure because the protocol is a basic and important work.

For example, on Ethereum, if there is no ERC-20 protocol, there will be a lot of extra work for wallets and exchanges to complete.When the ERC-721 protocol appears, everyone can do various NFT development around ERC-721, and the entire ecosystem with better development can be obtained.The effect of this basic agreement is similar to “the same text in the book, the same track in the car.”

With the development of the industry, the development of various protocols may not match, so different protocols are needed to adapt to the scene. For example, one of the features of BCH-NHAS-1808 (COCOS-1808) is NFT ownership separated from the right to use.

For example, if we own a house and a car, we can use the house and the car by ourselves, or we can rent it to others, and others will have the right to use the house and the car for a period of time.

When the right to use is separated from the ownership, businesses like “lease” can develop better.

Therefore, we believe that the underlying protocol plays a very important role in promoting ecological development, and Cocos-BCX will continue to help the development and improvement of protocols such as BCX-NHAS-1808 (COCOS-1808).

According to our assume, the future development space of NFT is unimaginable.As the value of NFT depends on the value of virtual assets, but for virtual assets ,there are so many unlimited types of it,such as games and art that we have seen.

As we all know,the concept of NFT is very big.It is not a specific technology, nor a certain project.It is a logic at the data and technical level, an abstract logic for an object in the digital world.NFT may be a different kind of packaging box with various external interfaces, which can be your virtual assets or anything you can imagine.

As it is still the early stage of NFT development, everyone is trying to explore the boundaries of NFT. Nowadays, NFT is like a layer of packaging in the encryption art, packaging the paintings; on the game side, the packaging has also changed as the protocol is upgraded, and there are more channels to go to somewhere else.

Therefore, the border of NFT is very large, and it is worthwhile for us to do more exploring.

Next-Gen Digital Game Economy. Game engine, IDE and blockchain for decentralized game development. Website: cocosbcx.io

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