Mogul Development Update #3
The Mogul development team is hard at work assembling the newest set of features for the Mogul Productions NFT marketplace and ecosystem. Ten major features have come on board. Each one will be reviewed over the course of ten weeks.
The Mogul Marketplace platform supports ERC721 NFTs.
ERC721 tokens represent non-fungible real-world assets which are better suited for film and entertainment projects, especially when it comes to unique one-of-a-kind fan collectibles.
ERC721 tokens represent a collection of non-divisible assets built on Ethereum compatible blockchains. It is more complex than its fungible predecessor ERC20.
One single ERC20 token can be divided between several owners, whereas one ERC721 token can be owned by only one user at a time.
It is also a faster and more robust interface for representing NFT ownership. The smart contracts for each ERC721 NFT on the Mogul marketplace are what make each digital piece special and collectible.
Implementing the power of ERC721 tokens
Participants in film or music projects gather a collection of virtual film and music memorabilia. Each one is represented by an ERC721 NFT token. Think of ownership of a specific draft of a script, conceptual artwork, deleted movie scenes, special interviews with the film crew, footage from movie sets, and alternative endings. Even production credits and film royalties can be tokenized through ERC721 smart contracts.
In the music world, concert tickets, backstage passes, future purchasing rights like a stock or real estate option, maybe a b-side music track on an album from a band can be owned through NFTs.
An ERC721 token simplifies ownership. They are not divisible. A participant either completely owns or does not fully own an asset on an ER721 NFT. For example, it is not feasible to possess “half a song score” for a film. You either own it all or you don’t own it at all.
Technology upgrade
The main reason for introducing the ERC721 standards was to address the critical challenge of transferring multiple assets without increasing the operational costs. Security of complete ownership is another reason.
Conclusion
Token standards are evolving at a fast rate. ERC721 tokens are only the beginning of the advancements in the Mogul digital environment.
It is also about managing NFT drops, crowdfunding, fanbase building and introducing additional cryptocurrencies to the market in a timely manner. All of these applications need a high level of functionality which is why the Mogul production team is at the forefront of advancing digital technology in film and entertainment .
Toward The Future
The Mogul NFT Marketplace is the marketplace where film & entertainment meet blockchain. The development team keeps up and is often ahead of technological advancements within the blockchain community.
Mogul’s community-oriented system is specifically built for the film and entertainment industry, making its partnerships with moviemakers, music makers, content creators, and intellectual property owners winners.
Stay tuned next week when we discuss another of the newest features to the Mogul marketplace.
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