Solana is making waves with the introduction of xNFTs (Executable NFTs), a new standard developed by the Coral team. This article delves into what xNFTs are, their potential to change the utility and perception of NFTs, and their relationship with Backpack and the Solana Mobile Stack (SMS).
Table of Contents
What are xNFTs?
What sets xNFTs apart is their capability to act not just as collectibles but as interactive programs.
“Imagine playing a game, streaming music, or engaging with a DeFi protocol, all within your NFT,”Coral spokesperson
In technical terms, xNFTs are a novel token standard capable of representing ownership rights over executable, tokenized code. xNFTs are not just digital assets, they are decentralized applications (dApps).
Users can access their assets without depending on third-party software, making xNFTs an innovative addition to Solana’s network.
Executable vs normal NFTs
Traditional NFTs, while unique, require interaction with external platforms for certain functionalities. For example, staking a DeGods NFT involves connecting your wallet to a third-party website. xNFTs eliminate this step, allowing direct asset usage within the application itself. This difference is facilitated by a service named Backpack.
Backpack is akin to an operating system for xNFTs on-chain. It’s a Solana wallet and application management platform, enabling access to dapps. Imagine a smartphone accessing apps through an app store; Backpack does the same for xNFTs.
Backpack’s interface showcases balances, xNFT applications, and executable NFTs like in-wallet crypto price trackers. It’s an all-in-one solution for managing diverse crypto assets.
The Solana Mobile Stack (SMS) is equally important. SMS is an open-source SDK for building native Android web3 applications. It ensures that Backpack and xNFTs are seamlessly available on mobile devices.
Diverse applications for the Solana ecosystem
The applications of xNFTs are as diverse as dapps on the blockchain. They range from in-wallet trading platforms like Mango Markets to web3 social media channels such as the Degeniverse by Degenerate Ape Academy. These applications are built directly into the Backpack wallet.
Behind these innovations is the Coral Community, led by Armani Ferrante and Tristan Yver. They’re responsible for Anchor, a popular framework for Solana development, and now focus on building xNFTs, Backpack, and CoralOS. Supported by prominent crypto organizations, Coral recently raised $20 million for the launch of Backpack.
xNFTs and Backpack are poised to provide a more user-centered product experience in the web3 ecosystem. The advent of the Solana Mobile Stack only enhances their potential, promising a new era of in-wallet, mobile-friendly web3 applications on Solana’s blockchain. Though not yet publicly available, the future looks bright for xNFTs and their impact on the blockchain ecosystem.