xNFTs are revolutionizing the blockchain space by combining the unique properties of traditional NFTs with the power of embedded code, enabling native web3 applications to operate within a single wallet. This breakthrough innovation is transforming the NFT landscape, unlocking exciting possibilities for developers, creators, and users alike.
In this article, we explore the world of xNFTs, delving into how they work, the crucial role of the Backpack wallet, their applications, and the future of this new technology.
What are xNFTs?
xNFTs (Executed NFTs) represent an innovative addition to the world of blockchain tokens, specifically on the Solana network. Bearing a resemblance to conventional NFTs, xNFTs also possess unique chain IDs, making them ideal for signifying distinct on-chain and off-chain items.
What sets xNFTs apart is their utilization of executable programming scripts as the files that represent the NFT. This integration of both the asset and its code permits xNFTs to operate within a specialized wallet, presenting an exciting evolution within the realm of NFTs.
How do xNFTs work?
xNFTs enhance the capabilities of traditional NFTs by incorporating internal features and functionalities. These advanced NFTs contain an asset and include embedded code, enabling native web3 applications and protocols to operate within a single wallet.
Powered by CoralOS‘s Backpack, xNFTs utilize protocol-agnostic frameworks, facilitating the development of dApps for a cross-chain NFT ecosystem.
What is Backpack?
Backpack is a unique wallet that securely manages private keys and connects to apps while being asset and protocol agnostic. This means the technology is compatible with multiple communication protocols, or can function independently without being reliant on specific protocols. In Backpack, every item is an xNFT and they are essentially the core for deploying, locating, and running various Web3 applications in one place.
Its versatile user interface allows users to interact with various crypto assets, perform tasks such as staking NFTs, accessing analytics, playing games, and bridging between blockchains on one platform.
The aim, as an open, programmable system designed for Web3, is for Backpack to offer developer frameworks and APIs. This empowers users to create xNFT apps for any protocol on any blockchain without needing permission.
What are the benefits of xNFTs?
Coral focused its initial xNFT experiment on developing an improved wallet. They viewed existing Web3 wallets as gatekeepers that leaned more towards Web2 than Web3. Their goal is to create a more inclusive solution.
Instead of relying on lobbying for integrations, Coral envisioned a wallet that supports all crypto assets and allows users to natively manage diverse DeFi tools within a single interface. Backpack’s ultimate goal is to transcend the limitations of traditional wallets and become an xNFT operating system.
Types of xNFTs
Currently, some exciting projects are using xNFT technology. For example, Backpack serves as a hub for Solana marketplaces like Solanart. Within this xNFT, you can explore collections featuring real-time floor prices, buy and sell NFTs, and conveniently access your digital assets under your profile.
Another example is Releap. Releap is a music NFT platform designed for emerging and established artists seeking to publish music and connect with fans through the web3 space. With Backpack, you can now enjoy your music NFTs from Releap anytime and anywhere, as it’s easily accessible on mobile devices.
Mad Lads is the breakthrough example of how xNFTs can work and the massive potential for their success.
What are Mad Lads?
Mad Lads were introduced as a cultural counterpart to Backpack’s technology, aiming to onboard non-crypto natives, generate demand, and demonstrate the potential of NFTs as decentralized apps.
On April 21, the Mad Lads launch broke all previous 24-hour volume records on Solana, reaching a peak of $8.2 million – nearly triple the corresponding 24-hour volume of Bored Ape Yacht Club ($3 million).
Highlighting the capabilities of xNFTs, each Mad Lads collectible serves as an interactive ticket into the Mad Lads narrative, providing access to any benefits and features creators choose to offer their community.
Traditionally, NFT enthusiasts used various platforms associated with their NFTs, such as chat programs and verification software. However, with xNFTs, users can access all necessary features without leaving Backpack. You’ll need to download the wallet to mint Mad Lads xNFTs.
The future of xNFTs
At present, xNFTs are confined to the Solana network and Backpack wallet. However, if xNFTs expand to other leading chains, this innovative crypto asset could gain significant traction.
Backpack is currently available as a public beta for mobile and web. While xNFTs are permissioned due to ongoing security audits, the long-term objective is to open up the platform for the community, enabling anyone to build on it.
Coral aims to make Backpack broadly multi-chain compatible. The future may see community developers contributing to adding more protocols, including Bitcoin and Ordinals.
xNFTs are paving the way for a new era in the blockchain space by fusing traditional NFTs with embedded code and native web3 applications. This groundbreaking technology has the potential to reshape the NFT landscape, providing endless opportunities for developers, creators, and users.
Backpack wallet and its various applications demonstrate the immense potential of this innovative concept. As xNFTs continue to expand and evolve, the future of digital assets is set to reach new heights, empowering the community and fueling the growth of the decentralized ecosystem.
xNFTs work by incorporating both an asset and its code, enabling native web3 applications and protocols to operate within a single wallet. They are powered by CoralOS (Backpack), a protocol-agnostic framework that facilitates the development of dApps for a cross-chain NFT ecosystem. Users can interact with various crypto assets, perform tasks, access analytics, play games, and bridge blockchains on one platform.
Currently, xNFTs are limited to the Solana network and Backpack wallet. However, if they expand to other leading chains, xNFTs could gain significant traction. The long-term goal is to open up the platform for the community, allowing anyone to build on it and make Backpack multi-chain compatible. This expansion could lead to more community developers contributing to the addition of new protocols, furthering the growth of the decentralized ecosystem.
xNFTs offer several benefits, such as providing a more inclusive wallet solution that supports all crypto assets, allowing users to natively manage diverse DeFi tools within a single interface, and transcending the limitations of traditional wallets. They enable the creation of decentralized apps (dApps) that can interact with different assets and protocols, promoting a more seamless and user-friendly experience.
Some examples of projects using xNFT technology include:
- Solanart: A hub for Solana marketplaces within Backpack, where users can explore collections, buy and sell NFTs, and access digital assets.
- Releap: An NFT platform for artists to publish music and connect with fans through the web3 space, with Backpack providing easy access to music NFTs on mobile devices.
- Mad Lads: A project that demonstrates the potential of xNFTs, where each collectible serves as an interactive ticket into the Mad Lads narrative and provides access to various benefits.
xNFTs, or Executed NFTs, are an innovative type of blockchain token on the Solana network. They combine the unique properties of traditional NFTs with embedded executable programming scripts, allowing native web3 applications to operate within a single wallet. This integration transforms the NFT landscape, opening up new possibilities for developers, creators, and users.
Backpack is a unique wallet that securely manages private keys and connects to apps while being asset and protocol agnostic. In Backpack, every item is an xNFT, providing a comprehensive platform for all your assets, including tokens and JPEGs. It offers developer frameworks and APIs, empowering anyone to create xNFT apps for any protocol on any blockchain without needing permission.