IOTA will introduce support for tokenized assets through a new framework based on colored coins. IOTA moves towards tokenization IOTA is taking steps towards NFT and other tokenized assets. The new feature, known as the Digital Assets Framework, hopes to allow developers to issue new tokens. The team's announcement of the update includes a specific reference to NFT. The new framework will allow tokens to be issued through an innovation known as colored coins. This is a method of embedding data in coins on a UTXO-based blockchain. Colored coins were first introduced for Bitcoin many years ago to issue actual assets on the blockchain. For IOTA, this feature was enabled by the UTXO model initiated in the Chrysalis Phase 2 Update. The project team said: With IOTA Digital Assets, we are laying the foundation for asset exchange between networks with IOTA acting as a bridge currency without fees. IOTA also shared the update on Twitter, citing it as the "biggest update in IOTA history." NFT on IOTA The project team claims that using the Digital Assets Framework to issue assets via colored coins would also create a bridge with other cryptocurrencies. In addition, colored coins on IOTA would advance the ability to create non-convertible tokens (NFTs) on the network. In one GitHub post, IOTA wrote: Color is a globally unique property of a minted token, so if there is only one token ever minted with that particular color, it becomes an NFT. The team will be implementing the framework during the Chrysalis migration in March, the most extensive upgrade in the project's history. The move towards tokenized assets like NFT was no doubt inspired by one of the leading cryptocurrency projects, Ethereum. Tags IOTA NFT
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