GeroWallet Launches Cardano Non-Fungible Token Support
Another milestone achieved! After weeks of development, we are proud to announce that GeroWallet now supports Cardano Non-Fungible Tokens (CNFTs).
Check it out! Download GeroWallet here.
What are Non-Fungible Tokens (NFTs)?
A fungible asset is one that is indistinguishable and interchangeable with other individual assets of the same type. This applies to most cryptocurrency on the blockchain as well as traditional fiat currencies, making them a suitable medium of exchange.
A Non-Fungible Token (NFT), as the name implies, is unique and irreplicable. NFTs were popularized by the ERC-721 standard and subsequently the ERC-1155 standard developed by Ethereum. ERC-721, which was primarily used for gaming tokens, only defines ownership details, interface metadata and security. ERC-1155 improved upon this concept by enabling multiple types of FTs and NFTs to be deployed in a single contract.
Cardano-native Non-Fungible Tokens (CNFTs) are defined by the CIP 25 standard. Unlike Ethereum based NFTs, which allow metadata to be attached to a token via smart contract, CNFT metadata is sent in a transaction to link a token and its metadata. Consequently, every CNFT transaction on Cardano is accompanied by a small amount of ADA.
Currently, the most popular use cases for NFTs are digital collectibles, gaming and more recently metaverse assets. This allows users to collect digital artwork, gaming tokens as well as assets in metaverse projects. Nonetheless, we believe the true potential of NFTs lies in real world applications like proof of asset ownership and identity verification. Both of which are being realized by our partner, PhotoChromic.
Non-Fungible Tokens on GeroWallet
The importance of CNFT support to GeroWallet is twofold: to enable our users to store NFTs on GeroWallet and to integrate the additional functionalities that will be facilitated by our current and future partners.
As we place heavy emphasis on user interface and user experience (UI/UX) in our development process, GeroWallet will also be one of the few Cardano wallets to feature an NFT display interface. This means our users will be able to view their NFTs natively within GeroWallet. A preview of the user interface is shown below:
We have a lot in store for the new year, including collectable GeroWallet NFTs, DEX exchange integrations and hardware wallet support. Want to be the first to know about what we are doing at GeroWallet? Click here to sign up for our newsletter!
Our users are our motivation. We are committed to building a dynamic environment for the advancement of blockchain by designing innovative, user-friendly tools for the DeFi community. Our promise is to continuously strive to provide accessibility to all through an intuitive user experience.