business@nmkr.io
Unlocking the Future
NMKR Studio Integrates CIP-68
Zürich
November 27, 2023
Unlocking the future
In a groundbreaking move, NMKR Studio has introduced support for the Cardano Improvement Proposal 68 (CIP-68) metadata standard, ushering in a new era of flexibility and innovation in the realm of tokenized assets on the Cardano blockchain.
CIP-68 stands for the Cardano Improvement Proposal 68, and it signifies a metadata standard designed for assets on the Cardano blockchain. Unlike its predecessor, CIP-0025, CIP-68 extends its reach beyond NFTs, encompassing any asset class. The core idea is to enhance the handling of asset metadata by introducing two key components: a reference NFT and a user token.
The user token represents the actual asset in a user's wallet, while the reference NFT serves as a pointer to the metadata of the user token. CIP-68 introduces labels to classify tokens based on their purpose, offering a standardized way to handle asset metadata and providing the much-needed flexibility for developers to create diverse tokenized assets and applications.
NMKR Studio's integration of CIP-68 brings a host of benefits to creators and developers within the Cardano ecosystem. Here are some of the key advantages:
CIP-68 enables the creation of tokens with programmable metadata. This means that the metadata associated with a token can be updated and modified without the need to mint new tokens. This flexibility allows for the evolution and adaptation of tokens over time.
With CIP-68, token metadata can be easily changed and updated. This is particularly useful for non-fungible tokens (NFTs) where the associated metadata, such as artwork or additional information, may need to be modified or enhanced.
The CIP-68 metadata standard is designed to be contract-friendly, aligning with the structure of other Cardano Improvement Proposals (CIPs) and following a low-level representation of metadata. This facilitates seamless integration with smart contracts and other applications on the Cardano blockchain.
While CIP-68 was initially developed for NFTs, its application extends to any asset class on the Cardano blockchain. This means that the benefits of programmable metadata and easy updates extend beyond NFTs and can be utilized for various types of tokens.
The CIP-68 metadata standard, coupled with other design choices in Cardano, provides distinct advantages for Cardano native tokens compared to tokens on other blockchain platforms. These advantages include improved programmability, metadata flexibility, and seamless integration with smart contracts.
To leverage the power of CIP-68 in NMKR Studio, creators can follow these simple steps:
1. When creating a new project in NMKR Studio, select CIP-68 instead of CIP-25 on the first tab of the project creation.
2. For a specific user token, there must exist exactly one reference NFT. This token can be received in your own self-custody wallet, or for a more streamlined setup, NMKR Studio allows you to create a managed wallet in the same process to receive the reference NFT.
3. Stay tuned for a simple Smart Contract from NMKR, which will soon be provided to further expand the capabilities of CIP-68 in NMKR Studio.
4. Once CIP-68 is selected, the metadata template will automatically adjust from CIP-25 to CIP-68. It's essential not to make any changes to the metadata template for a smooth experience.
In conclusion, the integration of CIP-68 in NMKR Studio marks a significant milestone in the evolution of Cardano's capabilities. This enhancement empowers creators and developers to push the boundaries of tokenized assets, offering unparalleled flexibility, programmability, and ease of integration. As the Cardano ecosystem continues to thrive, NMKR Studio stands at the forefront, unlocking new possibilities for the future of decentralized applications and tokenized assets.
