The Internet Computer Protocol (ICP) is a protocol that allows computers on the internet to communicate with each other over an encrypted, peer-to-peer network. It was first announced at the end of 2017 as part of a project by Brian Behlendorf and Edward Castronova called Hyperledger Burrow which uses ICPs for file storage. This new use case marks how 3D NFTs could transform P2P transactions in different industries
“NFTs” are “Non-Fungible Tokens,” a new type of digital asset that can be traded on the blockchain. They’ve been around for quite some time, but they’re now making their way to the Internet Computer (ICP) network. What are NFTs? Read more in detail here: what are nft tokens.
NFT Studio, a 3D and interactive NFT platform running on the Internet Computer Protocol and a former grant recipient, has been launched by the DFINITY Foundation, a major contributor to the Internet Computer, a blockchain that runs at web speed and provides an infinitely scalable platform for smart contracts.
NFT Studio enables producers to create regular and interactive 3D NFTs that can be exchanged, purchased, and sold with little transaction costs. The innovation gives NFT art additional dimensions, as well as greater commercial applications in marketing and gaming.
In a statement, Lukas Merville, Founder and Team Lead at NFT Studio, noted that “creators who deal with strong programs like Blender and Cinema 4D frequently feel they are hampered because platforms like Ethereum or Solana cannot manage the scale of the files they work with.”
“3D NFTs seemed like science fiction — well beyond the existing level of blockchain technology,” he said. However, owing to the Internet Computer, we have made them feasible on-chain.”
The NFT mark is made by the Internet Computer.
NFT Studio presently includes two tools for creating 3D NFTs and minting them right away: a 3D voxel engine and a pixel engine. Artists utilize the NFT Studio Voxel Tool to build 3D voxel models. These voxel models may be used for a variety of things, including photographs for social media and 3D models for video games.
In the year 2021, NFTs have taken the globe by storm. According to DappRadar, NFT sales increased to $10.7 billion in the third quarter of this year, up more than 800% over the previous quarter.
However, 3D varieties have yet to gain traction, owing to the fact that most networks are unable to manage the requisite file sizes. Ethereum’s storage capacity is orders of magnitude more than the Internet Computer’s.
On Ethereum, one GB of smart contract data costs approximately USD 373 million, however on the Internet Computer, the same amount costs just USD 0.467 per month.
As a result, NFT information, such as photos and graphics, must be stored ‘off-chain,’ either in a centralized website cache or on a separate, decentralized storage system like IPFS.
IPFS, on the other hand, still has concerns with impermanence. It is possible that the data will be lost forever if no one hosts it. Not only does this contradict the decentralized asset principle, but it also implies that hundreds, if not millions, of NFTs might be cut off from the information that gives them value, jeopardizing the blockchain’s core virtue of immutability.
The Internet Computer Protocol is used by NFT Studio to bypass these constraints. The network may give a direct user experience via web browsers and smartphones by acting as a full Web3 technological stack.
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