Sui NFTs are on a different level. They have various advantages over NFTs on other chains. That includes popular NFT chains like Ethereum and Solana. Few people are aware of this, so it’s time to reveal the inner workings of Sui NFTs. In the SUI NFT ecosystem, there are also projects that take full advantage of these features.
So, let’s dive straight in to Sui NFTs and other updates by Sui.
Sui NFTs
The properties of Sui NFTs are different compared to NFTs on other chains. For example, Sui NFTs are more flexible, composable, and tradable. On other chains, like EVM chains or Solana, they map between your address and a token ID. The token ID is the individual number of the NFT. This is nothing more than a ledger balance within the NFT contract.
However, the Sui NFTs are more. For instance, they can be the image, or you can modify or merge them. Remember the SuiFrens collection? You could merge two SuiFrens NFTs and receive a new one. So, how do Sui NFTs do this? Well, a couple of unique features on Sui allow for this. So, let’s take a look at these. The picture below shows a SuiFren.
Source: Sui blog
Sui Objects
It starts with Sui objects. Sui has an object-centric nature. This streamlines asset ownership management. In general, blockchains separate asset ownership tracking from their corresponding account. They do this with smart contracts, and NFTs on other chains live inside these smart contracts. These smart contracts create and manage the NFTs. The smart contracts don’t offer a lot of information about the NFTs. Instead, they point to off-chain storage.
So, you, as the owner, don’t have much control over these assets. For example, you can’t lend, store, or use them in other contracts. As a result, other chains handle transactions in successive order. Validators must make sure that transactions don’t conflict with each other. For each new block, they must update the whole state of the chain. This can cause bottlenecks, it increases latency, and lowers the chains’ throughput. Furthermore, smart contracts create objects, however, they don’t store them.
In contrast, Sui represents everything on its chain as an object. Each object also specifically specifies its owner. So, in contrast to other chains, there’s no need for a smart contract that monitors ownership. Objects have clear attributes. These include ownership. Developers can also update the objects’ values. Sui owners of objects, you and me, can directly control and access objects. Devs can choose between on-chain or off-chain storage. For instance, larger files are better stored off-chain.
Introducing ephemeral shared objects on Sui, providing builders the option to create shared objects that delete themselves, earning storage rebates and allowing complex use cases.
Learn more in our latest blog: https://t.co/XjAUODKpQ0
— Sui (@SuiNetwork) February 23, 2024
Two Types of Objects
Sui NFTs are also dynamic, compared to their static counterparts on other chains. That’s because developers can add extra features (called ‘fields’) to objects. So, Sui NFTs can change over time, or have other features. There are also two types of objects.
Owned objects — These have one specific owner. For example, a token balance or NFTs.
Shared objects — This doesn’t have a specific owner. It can have various owners. For instance, liquidity pools or an NFT minting contract.
Sui Kiosks
The Sui Kiosk is for storing, trading, and protecting your assets. It gives you security and control. The Kiosk feature is like an escrow service. It’s like a mediator or custodian for transactions of assets on the Sui chain. It secures assets during a transaction. Before it executes a transaction, it must meet specific conditions.
For example, your Sui wallet stores specific NFTs in the wallet’s Kiosk. For example, you can find Prime Machin NFTs or SuiFrens there. Now, you can set specific permissions as a seller. For example, the price of your NFT. So, the price for an object in your Kiosk is 100 $SUI. A buyer can only receive this asset if they pay the full asking price. The picture below shows the Kiosk in my Sui Wallet.
Another sample is for creators. They can add royalties to their NFTs. Once these royalties are set, nobody can change them anymore, except the creator. For example, an NFT marketplace can’t change the royalties, as has happened on other chains. So, creators can set a transfer policy. We, as users, must comply with this policy. However, we, as owners, can set other rules, like the price. But we must stay within the boundaries of this transfer policy set by the creator.
This allows traders to add a variety of behaviors. For instance,
Multiple royalty policies.
Minimum or maximum trading thresholds.
Exclusive marketplace sales.
Time-bound trading windows.
Security in Sui Kiosk
One of the Kiosk‘s main features is security. It reduces two important risk factors, unauthorized access and potential exploits. For example, Kiosk protects against wallet drain attacks or other unauthorized transfers. Remember the similarity to an escrow service? Bad actors who don’t meet the Kiosk criteria don’t have access to your assets.
In a different article, we already pointed out the importance of the Sui Name Service. Its subdomains can play an essential part in naming Sui NFTs. The Prime Machin NFT collection uses all possible features that Sui NFTs offer.
Curious about Sui Kiosk? With customizable transfer policies and robust security, the Sui primitive empowers creators and users alike when trading assets on Sui. Learn more in our latest blog: pic.twitter.com/IaMUcF79Ls
— Sui (@SuiNetwork) February 22, 2024
Conclusion
Sui NFTs are more diverse compared to NFTs on other chains. This is because of the unique way Sui uses objects on its chain. Another important feature is the Sui Kiosk. This allows for all the ‘rules’ you can add to Sui assets. In this article, we explain both of these features. We also point out one NFT collection that makes use of all the features that Sui NFTs offer, Prime Machin. With thanks to Brian, CTO at Studio Mirai. Home of, among others, Prime Machin.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Sui.
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This articles is written by : Fady Askharoun Samy Askharoun
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