We’re delighted to announce RFTs (Re-fungible Tokens) will be available on Unique Wallet and UniqueScan.
This integration allows users to store, send, or receive RFTs directly from their Unique Wallet. Users will also have the option to view their RFT balance and transaction history courtesy of UniqueScan.
What is a Re-fungible Token (RFT)?
RFTs, also known as "re-fungible tokens,” are an asset with a unique ability to offer fractional or shared ownership.
For context, a fractional NFT is a type of NFT divisible into smaller, tradable units. Built on top of the ERC20 standard, which is used for fungible tokens, it also utilizes the properties of ERC721 (used for non-fungible tokens). This property allows multiple people to own a portion of an NFT, which can then be bought and sold on a secondary market, providing a way for more people to invest in valuable digital assets. Similarly functioning as re-fungible tokens, Unique Network has a slightly different process of ownership and tokenization. However, users can still share ownership of a specific token by minting and partially transferring it to multiple owners.
A real-world use case of fractional NFTs in gaming is when a player wants to invest in a valuable and rare in-game item but cannot purchase it outright. Fractionalization allows the individual to buy a fraction of the NFT, becoming a partial owner. For instance, a group of gamers can pool their money to obtain a rare in-game item, such as a skin or sword, as a fractional NFT. Each person will keep a share of the NFT and benefit from any appreciation in its value.
Any player who wanted to sell their portion of the NFT could do so on an NFT marketplace.
By using re-fungible tokens, it is possible to not only share the ownership of a particular token but also partially transfer it to other owners, thus making the game more engaging.
The following screenshots portray how the NFTs are displayed on the UniqueScan and UniqueWallet interfaces.
RFT from UniqueScan
RFT from UniqueWallet
(Notice how each platform interface shows holders' details and the number of tokens each holder owns as a percentage.)
Advantages of using RFTs
RFTs offer many advantages over traditional assets. These advantages will play a massive role in user acceptance and adoption. As NFTs continue to surge, RFTs popularity will grow in tandem, especially as more people are awakened to their capabilities.
Since each token is the same as any other one, RFTs are highly marketable. They can be bought and sold on exchanges, making them valuable assets for trading.
We can divide re-fungible tokens into smaller units, making them more flexible and easier to use in various situations.
The blockchain technology used to create RFT provides high security, making them less vulnerable to fraud and theft.
RFTs can be programmed to execute specific actions automatically, making them useful for multiple applications, including smart contracts, voting systems, and more.
Embracing a future of NFTs
Shared ownership facilitated by RFTs can democratize ownership and investment models, providing greater accessibility, liquidity, and transparency for investors. As the use and adoption of NFTs continue to grow, we may see more applications of this technology, making it an exciting and promising trend.
For example, ARTBLX Inc., an art blockchain platform, an art platform, is working towards facilitating a protocol for collective ownership of physical, digital, and conceptual artworks. The fungible tokens created from this process will have a value attached to the non-fungible tokens they represent. This will be useful for price discovery of the underlying asset, liquidity for shared owners, and as a new class of asset that can be used as collateral for loans or other financial instruments like stablecoins.
So, whether you're an avid cryptocurrency trader or just starting with digital assets, check out the RFTs integration on Unique Wallet and Unique Scan today!
You can also learn more about RFTs here: https://docs.unique.network/concepts/types/rft.html
Build on Unique
Are you a builder or developer looking for the most advanced NFT infrastructure? From SDKs, RFTs, and Customizable NFTs, we can help you create powerful and dynamic NFT solutions. Whether you're looking to build new dApps or integrate existing ones, we have the tools and expertise to help you succeed.
Get in touch with us for more support.