I hope you’re all doing awesome! Today, I want to kick off a discussion about something that could take our favorite blockchain to the next level: Semi Fungible Tokens (SFTs). Yup, it’s time to talk about whether KleverChain should get on board with this exciting token standard.
What are SFTs?
First off, let’s quickly break down what SFTs are all about. You know about NFTs, right? Non-Fungible Tokens, the digital collectibles that have taken the world by storm. Well, SFTs are like their cool, slightly more flexible cousins.
SFTs are a type of token that combines the properties of both fungible and non-fungible tokens. Like fungible tokens, SFTs can be divided and traded like traditional cryptocurrencies. However, like non-fungible tokens, each SFT has unique properties that distinguish it from others.
Advantages of SFTs:
Partial Fungibility: Unlike NFTs, SFTs allow for partial interchangeability. This means you can have tokens with varying values within the same collection.
Fractional Ownership: Ever wanted to own just a piece of a rare digital asset? SFTs make that possible, allowing for shared ownership of unique items.
Enhanced Utility: They can represent memberships, access rights, and other dynamic use cases beyond just collectibles.
Examples of Use Cases:
Gaming Items: Imagine trading in-game items that have different stats and values, all within the same game ecosystem.
Membership Tokens: Tokens that grant access to exclusive content, events, or services.
Limited Edition Goods: Artists could create limited editions of their digital works with varying levels of rarity.
Now, let’s talk about how adding SFT support could give KleverChain a turbo boost:
KleverChain Boost:
Diverse Ecosystem: By supporting SFTs, we open the door to a whole new range of applications and users. More options mean more people jumping on board!
Innovative Projects: Developers love new tools to play with. SFTs could inspire a wave of creative projects, from games to membership platforms to unique art showcases.
Community Engagement: It’s all about you guys! Supporting SFTs could deepen the connection with our community, giving you more ways to engage and participate.
Attract New Users: SFTs could attract new users to KleverChain who are interested in using it to represent and trade assets.
Increase transaction volume: SFTs could increase transaction volume on KleverChain as users buy, sell, and trade SFTs.
Now, Over to You:
So, what do you think, fellow KleverChain enthusiasts? Should we dive into the world of SFTs? Do you see cool possibilities or potential pitfalls? Any ideas on how we could implement this feature in a way that truly rocks?
Let’s open up the floor for suggestions, brainstorming, and wild dreams! Together, we can shape the future of KleverChain.
This is brutal and will mark a before and after, especially for tokenizing RWA. Imagine that a home in the center of Madrid that is an SFT and this SFT is tokenized, you buy a part of those tokens and receive part of the rent as a reward.
Imagine that the SFT is made up of a managed basket of tokens (what is an investment fund today) and you buy tokens of that SFT and benefit from the revaluation of that basket of tokens…
And so on thousands of things.
Phew, very good. It is the future. If done well to the moon for sure.
To learn how this works I recommend reading about ERC-7621 BTS “Basket Token Standard”
That’s some badass innovation
In my opinion, people like that GameFi thing, where they get to use tokens like the SFT to enhance their gaming experience.
It’s something worth considering, having clearly stating the used cases.
This sounds like the erc404 standard which is in a testing phase/ in development.
To be prepared for further needs and requirements to develop things in a more flexible way, this sounds like a topic which should be implemented sooner than later which would make KleverChain more attractive fore sure.
To be competitive its a “must” in my eyes, especially as Game Development on KleverChain is one of the topics we already have on-going.
Maybe one of the next goals after KVM and Smart Contracts are fully rolled out.
Actually this is a great idea if implemented will definitely add value to kleverchain, and I hope this time around we will be happy if kleverchain got massive adoption and improve token price.
Sound like a nice adding to evolving Klever Ecosystem. However, I would love to see it implemented when you have users for this SFT’s already lined up, and not implement and wait and see. So, at forehand research the market, see who and where is the interest, and so that after implementation you can advertise with new users.
Hey @Duka, I’ve just tried the SFT on Testnet.
Are these already safe for production?
I have a few problems with sending via Kleverscan.
Are the marketplaces already able to handle them?
Hey @Andreas_Hennersdorf yep, SFT is available on testnet for testing purposes. We’re counting on y’all to test it. We intend to release with the KVM version.
Could you share with us the problems that you are facing?
Hey @Duka , I know it’s been a while
We’re currently testing the SFTs again, and I have a few questions and notes.
Quick recap for understanding:
If I understand correctly, the SFTs should allow us to assign different metadata and quantities for each ID within a collection, in our case TST-3RQC.
For example:
TST-3RQC/1
Total quantity: 10,000
TST-3RQC/2
Total quantity: 15,000
I’ve tried this out, but unfortunately, I’ve encountered a few issues.
On one hand, the corresponding IDs are not displayed on Kleverscan (Testnet).
See here: https://testnet.kleverscan.org/asset/TST-3RQC/1
I added the metadata via the URI, just as in the Mainnet, but it’s not being displayed.
Additionally, there seem to be issues with sending SFTs (at least in Kleverscan).
No IDs are returned in the dropdown field.
When you click “Custom Value,” it switches back to KLV as the asset, and selecting the SFT again is not possible since it’s not listed in the “Select an asset/collection” dropdown.
ah and another question about the minting process via kleverscan, will there be a possibility to mint more for a special ID?
At the moment I only see the option to mine a new ID with the total number for this ID.
I’ve opened a ticket for the Kleverscan team regarding SFT minting. You’ll now be able to select the specific SFT you wish to mint (e.g., TST-3RQC/1) and specify the amount to mint exclusively for that ID. If you have an SDK setup, you only need to update the asset in the contract to the desired SFT asset (e.g., TST-3RQC/1)
Thanks @Yuri for the quick feedback.
is this already possible in kleverscan(testnet) now?
Can’t find anything there!
Would be nice if you could also have a look at the problem with the metadata and the sending of specific ids on Kleverscan.
I’m 100% with you on incorporating SFTs into KleverChain
it’s a no-brainer, especially with the gaming potential you mentioned. Gaming is massive in the blockchain space, and SFTs could bring a whole new layer of flexibility and innovation.
Imagine a Klever-powered gaming ecosystem where players can trade in-game items, skins, or weapons with varying stats, all tokenized as SFTs.
I would say let’s get in and make KleverChain the go-to chain for SFTs
@Andreas_Hennersdorf You can now select the ID for tokens classified as SFTs. Note: The maximum amount can only be configured when creating a New collection.
sure , SFTs would be great , look at Masterworks their business model is helping individuals own a piece of art and it has been profitable, am sure if you told any crypto enthusuast that he would own a piece of a bored yatch nft he wouldn’t say no.
And meanwhile if this comes to fruition , Klever would be the pioneers in RWA category
from my end.
