6. https://nft.job4u.io
Seller
• List their NFTs
• Offers them in fixed
price sales or auctions
OpenSea
(NFT Marketplace)
Wallet
Creator
Artist
• Upload image,
define meta-data
• Mint a new NFT
NFTs
① NFT Minting
Market Operator
• Operate the marketplace
• Settles sales
• Platform Fees for every sale (2.5% - 5%)
Buyer
• Looking for new NFTs
• Buy with crypto/fiat
• Pay for royalties/licensing
Wallet
② Buy NFT
Cryptocurrency
Exchange
Cryptocurrency
transfer
③ Deposit cryptocurrency
③ NFT Ownership Transfer
7. https://nft.job4u.io
Wallets
Custodial Wallets Non-Custodial Wallets
No account recovery
Private key gone, tokens gone
Tokens owned by the user
Email/PW sign-up/ login (No wallet)
Account recovery
Tokens manged by them
Security risk for all assets on the platform
Metamask Portis
8. https://nft.job4u.io
Simply programs stored on a Blockchain that run when predetermined conditions are met
Smart Contract
pragma solidity ^0.8.0;
contract SimpleHouse {
uint storedHouse;
function set(uint x) {
storedHouse = x;
}
function get() constant returns (uint) {
return storedHouse;
}
}
Real Estate Contract
Registration
& Contract
Visit
& Contract
Real Estate Brokers & Courts
Borrower Home Owner
Reality
Smart Contract
Borrower Home Owner
P2P Network
Blockchain
=
9. https://nft.job4u.io
Non-Fungible Tokens
ERC-721
Smart Contract Impl.
157
158
0x722….042c
0x932….043e
token_id owner
159 0x212….013e
ERC-721 defines:
• Standard Interface for a NFT collection
Properties:
• Collection Name
• Collection Symbol
Functions:
• Get owner of tokens
• Get balance of an address
• Transfers of ownership
• Approvals (e.g. for exchanges)
• Links tokenId to the URI
…
…
…
…
10. https://nft.job4u.io
Non-Fungible Token
token_id: 157
User with Wallet
owns
0x7222fB737B4480A80d71452bBa5C9C799300424b
ERC-721 / ERC-1155 NFT
Smart Contract
stored on public Ethereum
157
Hashmask-157.jpeg
IPFS/S3
stored in a data store (IPFS / S3)
Meta-Data
links
11. https://nft.job4u.io
Backend
Block1
EVM
(Ethereum Virtual Machine)
Data
(Transaction List)
Developer
Smart Contract
pragma solidity ^0.8.0;
contract SimpleHouse {
uint storedHouse;
function set(uint x) {
storedHouse = x;
}
}
Block2
Smart
Contract
Block3
Data
(Transaction List)
Node
Node
Node
Node
Data
Distributed
Network
JSON RPC/HTTP
Borrower
Frontend
Mobile / Web App.
(javascript/HTML)
Web3.js
TheGraph.com
Wallet
(eg. Metamask)
I want to rent this
house for months
Smart
Contract
12. https://nft.job4u.io
User with Wallet
0x7222fB737B4480A80d714
52bBa5C9C799300424b
DATA STORAGE
BLOCKCHAIN
owns Digital Asset
links
16 YEARS
001.mp4
NFT
Media Data
Meta-Data
links
(Ethereum) (IPFS / Amazon S3)
16 YEARS
TokenID 157
Owner 0x722..…
s3://yyy..
Metadata_URI
NFT
Smart Contract
(ERC-721 / ERC-1155)
NFT
Token
157
NFT
Meta-Data
Name : AWS
s3://xxx….
File_URI
13. https://nft.job4u.io
By mid 2021, projects can reduce the environmental impact
by ”off-loading” transactions to layer 2 solutions
Scaling Ethereum: Two Approaches to Fix Things
ETH 2.0 Enlarge blockspace (Layer 1):
Modify the base protocol
L2 Approaches Fit more tx into existing blockspace (Layer 2): Move
stuff off-chain
Layer 1 Layer 2
15 tx/sec
100s tx/sec
to
1000 tx/sec
14. https://nft.job4u.io
Years of research by the community
Launch of phase 0 in 2020
Full scale launch expected in 2022
Goals:
• Scalability & Security
• Sustainability “Will cut the energy demand by 99%”
15. https://nft.job4u.io
Ethereum mainnet is too
expensive for day to day low
value transactions
Optimism/Arbitrum are still
in development
Polygon provides the right
balance between security
and cost
Security high
low
Tx
Cost
100$
0.1$
Ethereum
β
16. https://nft.job4u.io
BaaS Comparison
Name IBM AWS Kaleido Luniverse Klaytn
Network Hyperledger Fabric
Hyperledger Fabric
Ethereum (MainNet)
Ethereum (TestNet)
Hyperledger Fabric
Hyperledger Besu
Quarum, R3
Ethereum (MainNet)
Ethereum (TestNet)
Ethereum (Private)
Hyperledger Fabric
Hyperledger Besu
Bitcoin, Quarum
Ethereum (MainNet)
Ethereum (TestNet)
Ethereum (Private)
Luniverse
RPC Node
on Cloud Infra
O (1)
IBM
O (1)
AWS
O (3)
AWS, Azure, On-prem
O (5)
AWS, Azure, GCP,
NCP, On-prem
Smart Contract
IDE
Visual Studio Code IDE X
Remix
Truffle Suite
Remix
Atom
Truffle Suite
SaaS Service Food Trust
X
NFT, DID, Bridge,
Sidechain
Ethereum Development Stacks
17. https://nft.job4u.io
Challenge: Querying Smart Contracts for historic data is not a good idea
Option1: Run an Ethereum node in archive
mode ( 8TB)
Option2: Listen to events like mint and
transfers, and track the balances off-chain
• Needs to be robust (do not miss an event!)
• Needs to handle chain reorgs
Option3: Use “TheGraph” Project
• It tracks all the events & builds up index
• Provides graphQL API interfaces
• Powers all the popular crypto projects
18. https://nft.job4u.io
Amazon CloudFront
Amazon CloudFront
Amazon CloudFront
Amazon Cognito
Amazon
API Gateway
Amazon S3
Web Apps
Amazon S3
Web Apps
Amazon S3
NFT Assets
AWS Lambda
Create NFT
AWS Lambda
Transaction Signer
AWS KMS
Ethereum Private
Key(Admin)
Amazon DynamoDB AWS Fargate
AWS Lambda
Proxy
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Creator Frontend
NFT Asset API NFT Storage
NFT API Blockchain Event Synchronizer
Amazon Managed Blockchain
Transaction Manager & Admin Wallet
Ethereum
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Buyer Frontend
Buyer user
interface
NFT API
Blockchain
event
synchronizer
Ethereum
contracts
and wallets
Amazon
Managed
Blockchain
Transaction manager
and admin wallet
NFT
storage
Creator user
interface
NFT
assets
19. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon CloudFront
Amazon Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT Assets
AWS Lambda
Create NFT
AWS Lambda
Transaction Signer
AWS KMS
Ethereum Private
Key(Admin)
Amazon DynamoDB AWS Fargate
AWS Lambda
Proxy
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Creator user interface
NFT Asset API NFT Storage
NFT API Blockchain Event Synchronizer
Amazon Managed Blockchain
Transaction Manager & Admin Wallet
Ethereum
Buyer user interface
NFT API
Blockchain
event
synchronizer
Ethereum Contracts
and Wallets
Amazon
Managed
Blockchain
NFT
storage
NFT
assets
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
NFT API
NFT
storage
NFT
assets
Blockchain
event
synchronizer
Ethereum
contracts
and wallets
Amazon
Managed
Blockchain
Transaction manager
and admin wallet
20. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT Assets
AWS Lambda
Create NFT
AWS Lambda
Transaction Signer
AWS KMS
Ethereum Private
Key(Admin)
Amazon DynamoDB AWS Fargate
AWS Lambda
Proxy
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Creator user interface
NFT assets NFT Storage
NFT API Blockchain Event Synchronizer
Amazon Managed Blockchain
Transaction Manager & Admin Wallet
Ethereum
Buyer user interface
Blockchain Event
Synchronizer
Ethereum Contracts
and Wallets
Amazon Managed Blockchain
Transaction Manager
and Admin Wallet
NFT Storage
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
NFT
storage
Blockchain
event
synchronizer
Ethereum
contracts
and wallets
Amazon
Managed
Blockchain
Transaction manager
and admin wallet
21. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT assets
AWS Lambda
create NFT
AWS Lambda
Transaction Signer
AWS KMS
Ethereum Private
Key(Admin)
Amazon DynamoDB AWS Fargate
AWS Lambda
Proxy
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Blockchain Event Synchronizer
Amazon Managed Blockchain
Transaction Manager & Admin Wallet
Ethereum
Blockchain Event
Synchronizer
Ethereum Contracts
and Wallets
Amazon Managed Blockchain
Transaction Manager
and Admin Wallet
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Blockchain
event
synchronizer
Ethereum
contracts
and wallets
Amazon
Managed
Blockchain
Transaction manager
and admin wallet
Creator user interface
NFT assets
NFT API
Buyer user interface
NFT storage
22. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT assets
AWS Lambda
create NFT
AWS Lambda
Transaction Signer
AWS KMS
Ethereum Private
Key(Admin)
Amazon
DynamoDB
AWS Fargate
AWS Lambda
Proxy
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Blockchain event synchronizer
Amazon Managed Blockchain
Transaction Manager & Admin Wallet
Ethereum
Ethereum Contracts
and Wallets
Amazon Managed Blockchain
Transaction Manager
and Admin Wallet
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Creator user interface
NFT assets
NFT API
Buyer user interface
NFT storage
Ethereum
contracts
and wallets
Amazon
Managed
Blockchain
Transaction manager
and admin wallet
23. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT assets
AWS Lambda
create NFT
AWS Lambda
Transaction Signer
AWS KMS
Ethereum Private
Key(Admin)
Amazon
DynamoDB
AWS Fargate
AWS Lambda
proxy
Amazon Managed
Blockchain
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Amazon Managed Blockchain
Transaction Manager & Admin Wallet
Ethereum
Ethereum Contracts
and Wallets
Transaction Manager
and Admin Wallet
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Blockchain event synchronizer
Creator user interface
NFT assets
NFT API
Buyer user interface
NFT storage
Transaction manager
and admin wallet
Ethereum
contracts
and wallets
24. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT assets
AWS Lambda
create NFT
AWS Lambda
transaction signer
AWS KMS Ethereum private
key (admin)
Amazon
DynamoDB
AWS Fargate
AWS Lambda
proxy
Smart Contract
Owner Wallet
Marketplace
Smart Contract
ERC-721
Smart Contract
Company
Wallet
Royalty Fee
Recipients Wallet
Transaction manager
and admin wallet
Ethereum
Ethereum Contracts
and Wallets
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Amazon Managed Blockchain
Blockchain event synchronizer
Creator user interface
NFT assets
NFT API
Buyer user interface
NFT storage
Ethereum
contracts
and wallets
Amazon Managed
Blockchain
25. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT assets
AWS Lambda
create NFT
Amazon
DynamoDB
AWS Fargate
AWS Lambda
proxy
Smart contract
owner wallet
Other smart
contracts
(marketplace)
ERC-721
smart contract
Company
wallet
Royalty fee
recipients
wallet
Ethereum
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Transaction manager
and admin wallet
Amazon Managed Blockchain
Blockchain event synchronizer
Creator user interface
NFT assets
NFT API
Buyer user interface
NFT storage
AWS Lambda
transaction signer
AWS KMS Ethereum private
key (admin)
Amazon Managed
Blockchain
26. https://nft.job4u.io
Amazon
CloudFront
Amazon
CloudFront
Amazon
CloudFront
Amazon
Cognito
Amazon
API Gateway
Amazon S3
(web apps)
Amazon S3
(web apps)
Amazon S3
NFT assets
AWS Lambda
create NFT
Amazon
DynamoDB
AWS Fargate
AWS Lambda
proxy
Smart contract
owner wallet
Other smart
contracts
(marketplace)
ERC-721
smart contract
Company
wallet
Royalty fee
recipients
wallet
Ethereum
Create, mint,
and list a new
NFT
Buy an NFT
Personal
wallet
Transaction manager
and admin wallet
Amazon Managed Blockchain
Blockchain event synchronizer
Creator user interface
NFT assets
NFT API
Buyer user interface
NFT storage
AWS Lambda
transaction signer
AWS KMS Ethereum
private key (admin)
Amazon Managed
Blockchain
27. https://nft.job4u.io
Seller
Recruiter/BD/Agent
• List their NFTs
• Offers them in fixed
price sales or auctions
Resume4U
(NFT Marketplace)
Wallet
Creator
Job-Seeker
• Upload Resume - personal & professional,
experiences & achievements …
define meta-data
• Mint a new NFT
NFTs
① NFT Minting
Market Operator
Job4U Call-Center
• Operate the marketplace
• Settles sales
• Platform Fees for every sale (2.0% - 5%)
Buyer
Employer
• Looking for new NFTs
• Buy with crypto/fiat
• Pay for royalties/licensing
Wallet
② Buy NFT
Cryptocurrency
Exchange
cryptocurrency
transfer
③ Deposit cryptocurrency
③ NFT Ownership Transfer
We’ve seen an explosion of NFTs and different types of digital assets.
In sports, NBA TopShots launched a baseball card like product where you can own highlight moments of individual players.
In art work, Cryptopunks launched 10k pieces of art. Beeple sold many of his art pieces for significant amounts, including an all encompassing artwork for $69M.
Triple digits of bidders from the crypto world as well as modern art world
More 22mn people watched the auction live
In music, Kings of Leon sold an NFT only album (6500 copies), along with six golden tickets which give perks like lifetime front row seats to their shows, backstage passes etc.
BLAU sold 33 different NFTs for various experiences like being able to record a song with him.
There are marketplaces like OpenSea where people can resell and buy these
----
Everything what you see - is on Ethereum except “NBA topshot”
What about NFT market trends?
Axie Infinity P2E (Play to Earn) games are the most active.
As for the network, Ethereum ranks first, followed by Ronin and Solana.
In addition to the Axie Infinity game,
Community-friendly NFTs such as bored Ape yacht club and art blocks are active and popular.
2022_NFT Market Report Q1_final.pdf
The process of issuing and trading NFTs in the open market is as follows:
First, the creator creates an NFT and uploads it.
If the Buyer purchases it with cryptocurrency
Cryptocurrency is deposited to the creator, and
The buyer receives a certificate of ownership and stores this in his wallet.
Creator/Artist:
Apply + GetVerified
Create new NFTs (primary market)
Upload image, define meta-data
Unlockable content (e.g. image in high-resolution)
Royalty fee (10%)
Seller:
List NFT
Fixed price sales
Run an auctions (English/VN)
Buyer:
Explore/Search/Filter
Verify chain info
Check provenance of the item
Bid on auctions (can be canceld)
Buy with crypto/fiat
Fees for every sale:
Platform fee (2.5% - 5%)
Artist/Jobseeker:
Apply + GetVerified
Create new NFTs (primary market)
Upload image, define meta-data
Unlockable content (e.g. iamge in high resolution)
Royalty fee (10%)
Seller:
List NFT
Fixed price sales
Run an auctions (English/VN)
Buyer:
Explore/Search/Filter
Verify chain info
Check provenance of the item
Bid on auctions (can be canceld)
Buy with crypto/fiat
Fees for every sale:
Platform fee (2.5% - 5%)
* To use cryptocurrency, you need a different type of wallet than the one you always use.
* Among them, the most familiar one is probably the exchange wallet (Binance, CoinBase).
The exchange wallet does not manage the key by the user
Users can access with their familiar email and password.
Even if you lose your password, there is no need to worry because the exchange will recover it. However, if the exchange is closed or hacked, users cannot do anything.
* In some cases, the user directly manages the key.
You may know 'MetaMask'. Users do not need any personal information, they only need a password to connect to the wallet.
If you lose your password or key, the tokens in your wallet are gone.
This key management is absolutely up to you!.
To rent a house in reality,
Through a real estate agent
You must write a lease agreement.
But in blockchain
With smart contract, “non-face-to-face” and “automatic contract” is possible.
If the contract condition is implemented as programming, it will be executed when this condition is satisfied.
This condition means . . whether a specific parameter comes in, whether the parameter value is greater than a certain value etc.
What is a standard:
Royalties
Which NFT standard makes most sense?
Pros of ERC 721:
Best ecosystem support
Clear provenance of each NFT
Pros of ERC 1155:
More generic: Allows also fungible tokens
Less transactions, more gas-efficient for certain operations
Questions:
Do you need fungible tokens for your use case?
Challenge: What is the best standard if you need fungibility for the shares, but would like to attach a media asset as well.
NFT properties:
Ownership
Transferable
Fraud-proof
Invisible
Provably Scarce
Unique
Problem: which standard
Problem2: security tokens
- A non-fungible token (NFT) is a unit of data on a blockchain, where each NFT can represent a unique digital item, and thus they are not interchangeable. - NFTs can represent digital files such as art, audio, videos, items in video games.- While the digital files themselves are infinitely reproducible, the NFTs representing them are tracked on their underlying blockchains and provide buyers with proof of ownership.
A Fungible Token represents ownership of an on-chain asset
One of the most frequently asked questions by customers is which NFT standard to use.
ERC20 is not NFT standard but FT standard, and there are two NFT standards, ERC-721 and 1155.
In ERC20, balance is important, in ERC-721, owner is important information.
But in the case of game items or if there are many NFT collections, the cost would be huge if you trade them one by one.
ERC-1155 adds Balance so that multiple NFTs can be traded at once.
For example, instead of selling each sword one by one, you can sell 3 or 2 at a time.
The working process of the actual smart contract is as follows.
Data is stored in Blockchain in each node, not in a database.
As Java has JVM, for Ethereum, there is EVM. In order for a smart contract to work, there must be a VM
When a developer develops a smart contract and deploys it to the network,
The Smart Contract code is stored in a block. Smart Contract code is exactly the same as other transaction data.
You can call the Smart Contract stored in the blockchain / using the web application, and the data created in this application is also stored as a new block.
Making NFTs is called 'minting'.
Let's say that S3 “16th anniversary” NFT is issued.
Upload this file to distributed storage IPFS or Amazon S3.
If the file is uploaded successfully, the uploaded location will appear, right?and then store meta-information such as this link and the name of the person / who issued it.
So, until now, we have saved the actual file and metadata to S3. Metadata can be stored in the database.
* The smart contract is distributed in advance on the blockchain.
In the case of Ethereum, smart contract is created and distributed in advance
* When an NFT issuance request comes, this contract creates a token with a unique ID
This token records the location of metadata and the owner' address.
* If you want to check the current ownership of this file, you can check this token.
* If you want to look at the original file, you can see the actual file by following the metadata link and file link.
By mid 2021, projects can reduce the environmental impact by ”off-loading” transactions to layer 2 solutions
Scaling Ethereum: Two Approaches to Fix Things
Enlarge blockspace (Layer 1): Modify the base protocol ETH 2.0
Fit more tx into existing blockspace (Layer 2): Move stuff off-chain L2 Approaches
Source: https://spectrum.ieee.org/computing/networks/ethereum-plans-to-cut-its-absurd-energy-consumption-by-99-percent
Scalability: Sharding, in combination with layer 2 rollups should allow to 100,000 tx / second
In Proof Of Work, miners invest their resources – mainly electricity – to validate transactions and secure the network. This model requires massive amounts of energy to work properly and protect the network from “51% attacks”.
In Proof of Stake, users who want to secure the network, stake their ETH and become validators. Each validator is incentivised to validate transactions by receiving, similarly to miners in proof-of-work, both the block reward and the transaction fees.
To discourage validators from trying to game the system and validate fraudulent transactions, the Proof of Stake system implements a mechanism called “slashing” where validators lose part of their staked ETH if they decide to act dishonestly.
Phase 0: Means staking Eth. Right now we have 3.6mn ETH staked $7bn
Layer2 discussion Polygon
Side-chain that periodically syncs to main net: Plasma & Polygon
🌟 useful for NFT applications
🌟 constant data on-chain per tx (1 merkle root per period) = O(1)
☄️ tx not instant (have to wait for interval to end)
☄️ not general purpose (can’t simulate full EVM)
Based on: 10gwei, ETH price: 2100$
Action
Gas costs
Transaction costs
Mint a new NFT
150k
3.50$
Transfer NFT
80k
2$
Deploy a ERC721 smart contract
3.7mn
85$
TokenDataService (based on theGraph)
NFT Ownership have a limited interval or sales NFT to everyone?
The process of issuing and trading NFTs in the open market is as follows:
First, the creator creates an NFT and uploads it.
If the Buyer purchases it with cryptocurrency
Cryptocurrency is deposited to the creator, and
The buyer receives a certificate of ownership and stores this in his wallet.
For individuals or Job Seekers, they simply need to create a profile and Resume NFT in the marketplace.
Verify Resume: Digital Identity
Marketplace fee: 2.5%