- xNFT means executable NFT and is the recent hype in the NFT ecosystem.
- They are meant to increase the scope of functionality of an NFT.
NFC stands for executable NFTs that go beyond the capabilities of what regular NFTs can do. They are NFTs that can run executable programs inside them, thereby increasing the owner’s interaction with the NFT and extending beyond its utility of being just a collectible among a basket of digital assets.
What are gifts and how can they bring about a significant change
NFC, which stands for executable NFTs or executable Non-Fungible Tokens, is the new kind of NFT developed by Solana. They are unique tokens that have the ability to perform multiple tasks by running programmed codes inside them. Traditional NFTs have no function other than just existing as a collectible that an owner can trade and stake to earn rewards. An xNFT on the other hand, works more like an app that can also be listed and traded on platforms, hence, an asset.
units are exclusively available on the Solana network. They are developed by Coral, a blockchain development company, and can be found in Solana’s native NFT collection called MadLads. Solana has an industry developers framework developed to build xNFTs — React xNFT. Developers use React xNFT to create Web3 applications and protocols using Sandbox – a software development tool.
Coders embed the NFT with an executable programming script that allows them to perform an indicated set of tasks, thereby enabling them to operate as Web3 applications native to that NFT. When someone purchases an xNFT, they get a digital asset which is an NFT with a code representing ownership rights over its execution.
With the ability to run a built-in code, xNFTs let you play games, interact with other NFTs, access audio, video and display to listen to music or play videos, etc. They can even access DeFi protocols to execute their DeFi asset functionalities. They can also update themselves based on external events and data.
Another attractive feature of xNFT is that the users don’t have to connect their wallet to a third party to access their xNFT’s functionality. They can simply do so on their xNFT itself. But xNFT must be stored on a Backpack Solana wallet, an xNFT developed on the Solana blockchain network. Backpack Solana is currently the only xNFT wallet. But in a real sense, it’s way more than just a wallet. According to Coral, you can think of Backpack Solana as the “xNFT operating system”.
As per the Backpack creator Armani Ferrante’s tweet about the potential utility of the wallet — “It’s an open, programmable system built for Web3. And like any other application operating system, has a set of developer frameworks and APIs associated with it, allowing anyone to build their own xNFT apps for any protocol on any blockchain — without permission.”
The Solana Backpack Wallet is a very safe and secure open-source platform where a user can operate their xNFT or simply take an NFT and create their own token protocol and run the code without needing to access third-party platforms. Not only that, users can also use it as a regular NFT wallet where they can store their NFTs.
The backpack’s functionalities can be extended greatly. It can be used for the user’s DeFi account management, natively viewing exchange listings, staking NFTs, viewing analytics data, and viewing and staking various other crypto assets as well — all within a single interface. It also allows users to execute various tasks that operate on multi-chains and cross-chains which is basically bridging into different blockchains.
The line of difference between a regular NFT and an xNFT is drawn at the fact that a regular NFT is a static blockchain token while an xNFT is a dynamic multi-chain token. NFC can be seen as the next generation of NFTs with significant potential to function as an open programmable system designed for Web 3.0.