All non-fungible tokens (NFTs) are not created equal. Some are created with strong tech guaranteeing ownership and longevity. Others are based on fragile and centralised tech that can lead NFTs to vanish. Today we’ll examine the tech behind 5 known NFT projects!
Have you ever wondered what would happen to an NFT if the organisation that created it would disappear? To answer this question, you need to take a look at the tech behind each project.
Disclaimer: This exploration & adventure is not for the faint of heart! :D
If the assets of an NFT — mainly the media and metadata — are stored on the blockchain and/or IPFS, it should be safe from potential tech issues or from malicious intent.
However, if NFTs are stored on a centralised server, then the NFT will probably not outlast the organisation that created it and it’s more vulnerable to malicious intent.
We selected 5 different projects based on their tech strength and their popularity on OpenSea, the largest NFT marketplace. Let’s take a look at some of the best NFTs for collectors to acquire stress-free!
1. Avastar
Nifty Scanner Analysis
🔐 Media & metadata are stored on the blockchain
✅ Smart contract is verified on Etherscan
💡 Both the image and the metadata are stored directly on the blockchain. One of the few projects in the space to do that!
Avastars are unique generative characters who evolve in the metaverse. Every Avastar is composed of 12 layers of high-quality artworks (genes), which include: skin tone, hair colour, eye color, bg color, backdrop, ears, face, nose, mouth, facial features, eyes, and hairstyle. Every layer has a number of different traits, for example there are 78 different hairstyles. Every Avastar is made with a different combination of all these genes.
As you can see from the tech inspection by Nifty Scanner, Avastars is one strong project based on the tech behind their NFTs. The digital collectibles are entirely stored on the blockchain. Therefore, if the project disappears, if their website is attacked and all their servers are down, your Avastar will continue to exist, on its own, with indelible proof that you are the owner of it.
There are currently more than 20K Avatars, and about 2.1K collectors who own them. On average an Avastar costs about 0.58 ETH. For more data, you can visit OpenSea.
2. Art Blocks
Nifty Scanner Analysis
🔐 Media & metadata stored on the blockchain
✅ Smart contract is verified on Etherscan
💡 A really interesting project which uses generative scripts for creating the artwork on the fly in your browser
Like Avastars, Art Blocks NFTs are generative! They are created by a process of using lines of computer code to create virtual designs. Generative art is also known as algorithm art. The project allows collectors to mint tokens without the knowledge of what will be the result: the artwork is created on demande and revealed after being purchased. Both the seeds and the software necessary to generate the designs are located on the Ethereum blockchain, as such, the NFTs are unchangeable. Every iteration is completely unique!
When creating NFTs, Art Blocks is adding both the media and the metadata on the blockchain. By committing to these safe storage practices, not only is the provenance of each NFT entirely indelible, but the longevity of the collectibles is guaranteed.
You can check out their different collections on OpenSea.
3. Hashmasks
Nifty Scanner Analysis
🔐 Media & metadata are stored on IPFS
✅ Smart contract is verified on Etherscan
💡 Hashmasks is a fantastic example of a project team taking great efforts to prove the provenance of their NFTs
Hashmasks were created by a combination of over 70 artists for a total of 16 384 unique digital pieces. Each NFT has different attributes: the masks, the eye colors, the items, etc. Collectors have the opportunity to immortalise themselves on the blockchain: the smart contracts allow the buyer to assign a name to the Hashmask. With this feature, Hashmasks collectors can be a part of the creative process behind the artwork.
The Hashmask project team hashed every image and put that hash on IPFS — an alternative technology to HTTP focused on speed and security. Each and every image to be ever stored as a hashmask can be found here. They also have a Hashmasks Metadata Store Contract. By completing these steps, the project team provides insurance that the Hashmasks will continue to live forever on IPFS.
To learn more about the tech behind Hashmasks, here’s an article On The Permanence of the Hashmasks Artwork.
4. Joyworld Joys
Nifty Scanner Analysis
🔐 Media is stored on IPFS & metadata on the blockchain
✅ Smart contract is verified on Etherscan
💡 An interesting project where the metadata is stored directly on the blockchain
Joys are the beings from Joyworld, every Joy is unique and can only be owned by one collector at a time. According to the project creator, every collector ‘inherits the JOY’s muse magic when it’s in their collection which represents the sacred magical bond between artist and collector’. If we cannot prove the magic behind these NFTs, we can declare with confidence that the project is based on strong tech practices!
While storing all the NFTs assets on the blockchain, like Avastars and Art Blocks, is the best practice to guarantee the ownership and longevity of an NFT, IPFS is the best alternative if the assets are too heavy to be entirely stored on the blockchain.
There are currently 128 Joys, 46 owners, and the average price of one of the NFT is 9.72 ETH.
5. D’EVOLs
Nifty Scanner Analysis
🔐 Media & metadata stored on IPFS
✅ Smart contract is verified on Etherscan
D’EVOLs recently made a fantastic breakthrough into the top 30 projects on OpenSea. The project started as a traditional artform before its creator decided to explore the NFT space and tokenize his artwork. D’EVOLs are inspired by the hip-hop background of their creator, who worked with some of the biggest names in the US rap scene: Snoop Dogg, Future, Gucci Mane, and many more.
The project is based on strong tech foundations, with the media and metadata being both stored on IPFS. The overall confidence score of D’EVOLs on Nifty Scanner is 80%.
There are currently 51 items, 32 owners, and the average price for the NFTs is 0.51 ETH. For more info check out the collection on OpenSea.
Bonus- example of an NFT project with weak tech ⚠️
Merriam Webster — Definition of NFT
Nifty Scanner Analysis
❌ Media is stored on a centralised server
🚫 Smart contract is not verified on Etherscan
⚠️ Confidence Score of 30%
Let’s take a look together at an NFT project that doesn’t follow the best practices in the NFT space. The idea of this Merriam Webster NFT is good in theory, but the technological application isn’t. The irony of this particular NFT is that it clearly states that an NFT certifies ownership and authenticity, while this one, unfortunately, doesn’t.
The media is stored on centralised servers, meaning that ownership is not guaranteed and the smart contract is not verified on Etherscan, so it fails to certify authenticity. This NFT is therefore based on weak technological foundations. The location of this data ultimately makes the difference between a digital artwork lasting for generations and a broken link… with no NFT to be found.
Unfortunately, there is a significant number of NFT projects that do not follow the example set by projects using strong tech. We will hopefully see an increase in safe storage practices, as the awareness of these issues is being raised within the NFT community.
If you want to conduct this type of NFT analysis yourself…
…which we highly recommend if you’re thinking about acquiring an NFT , you can download the free Nifty Scanner browser extension. It can be used on OpenSea and will soon be compatible with other marketplaces.
⚡ Chrome: https://chrome.google.com/webstore/detail/nifty-scanner/eoepooeledpjaoehhokhalpmlmjbedhe
🔥 Firefox: https://addons.mozilla.org/en-US/firefox/addon/nft-scanner/
⭕ Opera: https://addons.opera.com/en-gb/extensions/details/nft-scanner/
🦁 Brave: https://chrome.google.com/webstore/detail/nifty-scanner/eoepooeledpjaoehhokhalpmlmjbedhe
