Abstract
The emergence of cutting-edge technologies such as Blockchain and metaverse has brought tremendous evolution to Non-Fungible Tokens (NFTs) through which digital assets’ ownership can be certified securely and transparently. The concept of NFT originally comes from a token standard of Ethereum, aiming to distinguish tokens from each other. NFTs are Blockchain certificates authenticating ownership of a unique asset. These individual assets typically come in the form of art but also have a variety of additional use cases across gaming, collectibles, and financial applications. Despite being pre-mature, NFTs have garnered remarkable attention from both perspectives of industry and academia with a total market cap of more than $11.3 billion. However, adopting NFTs at a large scale is still a key challenge because representing a new asset requires minting a new NFT. In this work, we introduced NFTMosaic, a novel concept aimed at significantly reducing the number of minted NFTs by allowing a single NFT to represent multiple assets at the same time. Several Diagrams are presented to showcase the system elements and the interactions among them. We illustrate algorithms along with the solution implementation details. Further, we evaluate our approach by conducting cost and security analyses.
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Alsadi, M., Paracha, A., Arshad, J. (2024). NFTMosaic: Piecing Together Assets in a Unified Blockchain Token. In: Cao, C., Chen, H., Zhao, L., Arshad, J., Asyhari, T., Wang, Y. (eds) Knowledge Science, Engineering and Management. KSEM 2024. Lecture Notes in Computer Science(), vol 14887. Springer, Singapore. https://doi.org/10.1007/978-981-97-5501-1_27
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DOI: https://doi.org/10.1007/978-981-97-5501-1_27
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