An NFT Hallmark (NFTH) is a crypto-token with issued Owner Benefits that can be sold and traded.
A non-fungible token (NFT) is a unique digital identifier that is recorded on a type of digital ledger called a blockchain, and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible.
Visit the OpenSea marketplace to learn more about buying, selling or gifting an NFT (including NFTH).
NFTs typically contain static references to digital files such as artworks, photos, videos, and audio, but an NFT can also be associated by a fixed reference to a particular physical asset. It may confer licensing rights to use the asset for a specified purpose. However, once “minted” (created) the associated metadata (fixed information stored with the NFT) cannot easily be changed. It is possible for a creator to change it after it has been minted and even sold, but it is complicated, requires coding skills and comes with disadvantages. It is therefore not recommended.
However, a creator (or even new owner) of an NFT might want to frequently update, or add Benefits to the Owner, or subsequent Owners, of their NFT e.g. if the NFT gives VIP access to an event (e.g. a sporting event, concert or festival), if it allows the Owner to collect specially allocated merchandise at an event, additional venue access (e.g. backstage pass or party access) or even preview/pre-release options to buy tickets before public release.
An NFT Hallmark (NFTH) is minted for that very purpose. An NFTH is an NFT that has been minted and then smelted with a fixed reference (the Hallmark) that is registered in the NFT Assay Office database (the Registry) to record andmanage benefits issued to it. The NFT has a link and QR code in its metadata on the blockchain that points to that entry in the NFT Assay Office registry.
The smelting process is the assignment of a unique Hallmark to the NFT which is done via the NFT Assay Office Portal. The NFT metadata can be updated with the reference but the Hallmark reference itself is issued and is held in the assay office registry.
Contact us if you want to know more about smelting an NFT to the portal to obtain a Hallmark
An Issuer can then assign Benefits to the Owner of an NFTH via the NFT Assay Office Portal. Those Benefits can be updated easily at any time. Anyone can view the benefits associated with an NFTH via the Portal. The Owner can also consume those Benefits by accessing the Registry and providing details of the Crypto Wallet where the NFTH is held to verify ownership. The Issuer can also easily check if someone is entitled to those Benefits as an Owner through the Portal e.g. if verification of Ownership is needed at an Event.
The further benefit of the NFTH approach is that a number of different Issuers can issue benefits onto an NFTH if is is an “Open” NFTH, even if they do not own it – they just need to add the NFTH ID to their Issuer account via the portal. An Owner can reject the Issuer if they chose to.
A “Limited” NFTH can be managed by the Owner i.e. they can remove previous Issuers, and become a new Issuer themselves … but first have to verify Ownership to register as an Issuer. This is typically the token type used as “favour-tokens” within communities.
A “Locked” NFTH is locked to the very first primary Issuer. No other Issuers can be associated with that NFTH.
The first Owner of a “Virgin” (blank) NFTH determines the NFTH type going forward.
Contact us if you want to know more about opening an Owner or Issuer account on the portal.
An Owner can also create an account on the NFT Assay Office Portal where the Crypto Wallet details can be stored so that verification of ownership can happen quickly and easily whenever a Benefit is consumed without necessarily having to show the Wallet each time. Ownership is not stored in the Registry – it is verified each time through the NFT blockchain so that the Benefits move with the Ownership of the NFTH.
An NFTH is created with a Stamp (i.e. an AI generated image or a Limited Edition stamp such as an image or artwork provided by a primary Issuer). Stamps are uniquely generated pieces of AI Art and are therefore also Collectible.
Check out the blogs or NFTH Directory for Collectible lists of NFTH’s and recent Collection “drops”.