Non-fungible Tokens (NFT)

While Fone Network is a transactions-only blockchain, it allows for custom protocols to be incorporated into each transaction in order to provide further functionalities, including NFT transactions, by integrating data, requiring a predetermined NFT protocol (title, optional description, category, price, image URL).

NFT Transaction Formation

NFT transactions allow users to send or receive digital assets with specific metadata, such as images, titles, descriptions, and other unique details. In this blockchain, each NFT transaction contains essential information about the transferred asset, including the sender, recipient, NFT details, and transaction metadata.

Key Components of an NFT Transaction

1. Sender

• The sender is the user's wallet address transferring the NFT. This address identifies the current owner of the asset.

2. Recipient

• The recipient is the user's wallet address, and the recipient will receive the NFT and become the new owner upon transaction confirmation.

3. Amount

• This represents the amount paid by the recipient to acquire the NFT, including a transaction fee (in FONE) paid to execute the NFT transfer.

4. Hash

• The unique hash for the transaction, which is generated by hashing the transaction details (including sender, recipient, amount, NFT Metadata, and timestamp). This ensures transaction integrity and traceability.

5. Timestamp

• The exact time the transaction was created, in milliseconds since the epoch. It is essential for ordering transactions and maintaining their sequence in the blockchain.

6. Message (NFT Metadata)

• The message field holds a JSON-encoded object containing the metadata specific to the NFT. Here’s a breakdown of each field within this message:

• Image: A unique identifier or URL for the image associated with the NFT. This could be a link to the image or an internal reference ID if the image is stored on the network.

• Title: The title of the NFT, which gives a name or theme to the asset.

• Description: A description of the NFT, providing additional context or background for the item.

• Price: The listing price of the NFT in FONE if it is available for purchase or valuation. This is a reference price rather than a transaction amount. If the price is set to 0, the NFT is in a "Not For Sale" state and cannot be purchased on the NFT Marketplace.

• Category Index: A category index to classify the NFT. Different indices represent categories like Art, Collectibles, Gaming, etc on the NFT Marketplace

• Type: Specifies the type of NFT: 0: Custom (manually uploaded or captured images). 1: AI-Generated (created by AI and potentially limited edition).

• Lot Number: Used for limited edition AI-generated NFTs. If the NFT is part of an AI-minted collection, this field will contain a unique lot number. For all other NFTs, it remains empty.

• Owner’s ID: The current owner’s ID is usually the wallet address of the individual or entity that owns the NFT when transacting.

• Approval Status: A boolean value indicating whether the FONE network team has reviewed and approved the NFT. If set to true, the NFT is visible on the network.

7. Status

• "status": The current status of the transaction: 0: Pending. 1: Confirmed. -1: Failed or rejected.

Summary of the NFT Transaction Flow

1. Creation: The NFT is created with specific metadata, including its image, title, description, category, and optional lot number.

2. Transfer: The sender initiates the transfer by specifying the recipient, amount, and NFT details.

3. Validation: The network validates the transaction’s authenticity and checks that it meets requirements.

4. Confirmation: Upon successful validation, the transaction is added to the blockchain, and the NFT ownership is transferred to the recipient.

This structure ensures that each NFT transaction is verifiable, traceable, and includes all essential metadata required to display and value the asset.