What is an xNFT? A look at the new NFT standard by Coral
NFTs took the world by surprise when they climbed in popularity in 2021. Even though they had been around for far longer than that, the whole world was suddenly exposed to NFTs. That includes the mainstream scene, with triple-A celebrities taking to this new fad like crazy.
But it didn’t take long until many started seeing them as overpriced JPEGs …and in turn, they were highly criticised.
But those who understand the tech behind an NFT can also understand all the possibilities this new technological standard brings with it.
And now, developers have gone one step further, with xNFTs.
So what is an xNFT?
On their website, Coral mentions that xNFT is an executable app standard, that allows developers to package and publish their app as an xNFT on a decentralised marketplace.
But what does that mean? Let’s take a closer look …
The letter x in xNFT stands for executable. xNFTs are built using Backpack, a next-generation crypto wallet created by Coral, utilising their very own CoralOS. CoralOS is described as “The xNFT operating system”.
For those who are unfamiliar with Coral and their contribution to the Web3 space so far, they are the team behind Anchor – one of the go-to developer toolkits for building applications on Solana – and the Anchor Program Registry. After their huge success in the Solana ecosystem with those, Backpack – and subsequently xNFTs – is next on their list.
Coral created Backpack for one sole purpose, to host the xNFT standard. Backpack, and the xNFT standard, turn a crypto wallet into an open, programmable platform that anyone can build on. From dApps and apps, to cryptocurrency, and even legacy NFTs, everything in a user’s Backpack wallet becomes an xNFT. And it allows them to view every protocol, on every blockchain in a single user interface.
Check out this video demonstration of Backpack from Austin Federa to get a better look at it, and feel for what it does.
As mentioned in the video demonstration, xNFTs can be created, bought, sold, and traded as any other NFTs can. And all in all, they offer an entirely new way to build in Web3.
Backers
Coral’s team and their venture currently have support from major players in the Web3 space, including:
- Solana
- FTX
- Serum
- Jump
- Wormhole
- Pyth
- Multicoin Capital
- KS Global
- Anagram
Where and how can I try it out?
You can’t. Not just yet. But big things are underway. As can be seen on their website, there are many xNFT apps on the way from Web3 heavyweights, including:
- Mango
- FTX
- Anchor
- DeGods
- Pyth
- Magic Eden
- Raindrops
- PsyOptions
- Wormhole
- Serum
- Aurory
- DeFi Land
Conclusion
The NFT standard that was used for the creation of all the popular bestselling art NFTs today, is one thing. But the xNFT standard brings with it a whole new world of possibilities not imaginable until now.
With xNFTs and Backpack, developers can dive into new depths of the Web3 world.
To learn more about Backpack, and how you can contribute if you are a builder, check out their website here.
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