“The new way for creators”. How does the co-founder of Boom Wallet see the future of NFTs?
“We see NFTs as a new way for creators to engage with their audiences. The possibilities are endless, and thats why they’ll be around for a long time,” said Dan Trevino. In this interview co-founder of Boom Wallet explains how does the minting process happen and gives a little sneak peek of upcoming Boomboxes.
1. What is the difference between NFT on Bitcoin blockchain and Ethereum?
At a fundamental level, NFTs are NFTs. Whether they’re minted on Ethereum, or Flow, or Bitcoin. We believe that Bitcoin being a fundamental global store of value gives more long term meaning to NFTs.
2. What does Stacks has to do with it? Does Stacks 2.0 help?
Stacks 2.0 is a game changer. Stacks 2.0 allows NFTs on Bitcoin to happen in a more expressive way, with more expressive data than using just Bitcoin script.
3. How technically does the minting process happens by using Boom Wallet?
Clarity makes non-fungible tokens a first-class citizen in the language. We published a smart contract that maintains some standard data on-chain, the Boom app calls the smart contract to save that data, and uses the existing nft functions in clarity to create the transaction to mint the nft. Today the data written on-chain includes a hash of the image being uploaded, the location of the image, the name of the NFT, the creator, etc. In the near future, we’ll be expanding to additional file types and related data.
4. What are the restrictions?
As we build out support infrastructure, we’re currently limiting file size to 500k, and a maximum of 10 items in a series. Our current NFT contract supports up to 50 items in a series, so expect the UI to support larger series soon.
5. Would that be possible to mint audio file as NFT in the future?
Yes! Coming soon!
6. Do you see NFT as the long-term trend?
Absolutely. But we see them as more than vehicles for people to share limited edition images. We see them as a new way for creators to engage with their audiences. The possibilities are endless, and thats why they’ll be around for a long time.
7. Would you share any details about upcoming Boomboxes?
Boomboxes are limited edition NFTs on top of the Stacks Proof of Transfer (PoX) protocol. Buy de-coupling the reward from the locking of stacks, you enable a whole range of new functionality. You can trade/sell your Boombox and your stacking reward along with it. And, since we’re layering on PoX, your STX investment never leaves your wallet.
It creates an easy-to-use futures market for Stacks rewards. For example, if you lock 1000 STX in a Boombox, your reward might be 50 STX for 1 cycle. Is that limited edition NFT worth 50 STX? 65? 100? Will your reward really be 9 STX? or 70 STX? Should you also factor in the cost of your non-liquid 1000 STX in your selling price too? ¯\_(ツ)_/¯
If you are ready for change — learn how to become a STX Holder. There is a community called Freehold that can help you. Visit https://joinfreehold.com/ and check what you are missing.
==Marek
