Quick recap: what are NFTs?

What makes NFTs on Melon different?

How are Melon NFTs created and stored?

How is the uniqueness of each NFT guaranteed?

Quick recap: what are NFTs?

Non-Fungible Tokens, or NFTs, are digital assets recorded on a permanent public ledger, called blockchain.

Thanks to blockchain technology, the ownership of digital assets (such as images, animations, and music) can be verified indisputably.

The supply of these digital assets can also be limited: for instance, exclusive 1-of-1 or limited editions of 10 copies of the same asset can be created. This means that only a limited number of people can ever truly own the NFT.

Verifiable ownership and scarcity are what makes NFTs so valuable.

When it comes to the Creator Economy, NFTs are a revolutionary innovation. With NFTs, creators can now earn directly from their content over and over again, whilst fans receive benefits and can also earn from trading the NFT.

Curious? Read our full introduction to NFTs here.

What makes NFTs on Melon different?

NFTs are everywhere these days, and the market is constantly flooded with new projects and collections. Many marketplaces allow people to create, buy and sell NFTs.

But we're different. Here's why.

1) Melon was built for social media creators and fans. Other platforms are oversaturated and cover every type of NFT under the sun - from web domains to digital art and trading cards. This makes the discovery process complicated, for both creators and collectors.

2) The simplest user experience possible. Anybody can use Melon following our user-friendly interface and guides.

3) We offer dedicated support for influencers to select and mint their top social content into rare NFTs. There's no hassle involved: the Melon team takes care of the whole process so creators can focus on what they do best, instead of worrying about the details.

4) Melon is the first-ever platform to introduce Viral NFTs. We turn viral social content into super rare, valuable digital collectibles. Thanks to Melon NFTs, viral social content now has value because it can be limited in supply and owned by a limited number of people only. On Melon, viral is the new rare!

5) The Melon platform operates primarily on the Polygon network, a scalable and environmentally-friendly version of Ethereum.

6) Finally, we only work with top talent to ensure the highest quality marketplace for social content there could ever be. This makes it easy to discover the best content from top creators, compared to saturated platforms.

In short, Melon addresses the key challenges faced by the NFT industry today:

  • Incompatibility and fragmentation across platforms.

  • Complicated user experience, poor discoverability for both creators and users, and high barriers to adoption.

  • Lack of utility behind the tokens.

  • High transaction and minting fees.

  • A host of copycat projects flooding the market, with no added value.

On top of this, Melon is non-custodial. This means users get to keep control over their own funds as the company has no access to them.

This differs from other platforms which use fiat currency or custodial wallets, and have access to the users' funds.

A custodial model often leads to issues such as long delays to withdraw money, and is far less secure.

On Melon, no need for a username and password - your own wallet is your key!

How are Melon NFTs created and stored?

Interoperability first

Melon uses the famous ERC-721 standard, which represents the ownership of Non-Fungible Tokens. It's the most widely used technical set of rules that define the uniqueness of digital assets.

This means the NFTs created on Melon are interoperable with other NFT marketplaces, such as OpenSea and Rarible. That's because these platforms also operate the ERC-721 standard. An NFT minted on Melon can be sold on these other platforms, and vice-versa.

Melon brings together all top creator NFTs in one place. This multi-chain interoperability will bring much-needed simplification and consolidation in the NFT space.

Completely secure storage of assets

If you're a creator, you know that centralized social media platforms come and go: some have changed their strategy and censored content, whilst others like Mixer have folded altogether, sending creators' content down the drain.

As an NFT collector, you want to make sure the assets you buy will remain forever. Even if the platform you bought them on was to disappear for one reason or another.

We got you covered.

The various elements of NFTs on Melon are stored in different ways:

  • The tokens minted on Melon are stored directly on the Polygon blockchain, a permanent ledger that cannot be altered meaning the ownership of NFTs cannot be disputed

  • The text metadata that authenticates each unique NFT sits on a secure backend server; and

  • The actual media content (TikTok clip, Instagram post, Twitch stream, YouTube video, etc.) is uploaded to IPFS, the world's most secure, distributed data storage system.

So, on Melon, once you purchase an NFT it is forever yours as authenticated on a permanent record. And the media behind each NFT is uploaded to IPFS (InterPlanetary File System) so it can never be lost.

It's a peer-to-peer network for storing files and data in a permanent way. It works by identifying each asset uniquely and distributing storage across computing devices around the globe.

Each time a piece of content is minted on Melon as an NFT, the original file gets added to IPFS and split into small parts, each with a cryptographic hash. The file gets a unique ID that acts as a digital fingerprint.

This fingerprint is a permanent record of the content at this particular point in time.

Thanks to the cryptographic hash, the file cannot be tampered or censored as it will never be overwritten.

The idea behind IPFS is to preserve the web's history by making permanent records of any asset ever uploaded onto it.

In short, your NFTs are in a safe place.

Whether you're a creator or a collector, the original copy of the content will be stored permanently on the world's most secure, distributed storage system.

How is the uniqueness of each NFT guaranteed?

The data that sits behind each NFT makes it uniquely identifiable; both on Melon and across decentralized web platforms.

Data transparency and unique identification of each NFT

On each NFT's detail page, you will see an "Info" tab at the bottom, which looks like this.

This includes all the key information about the NFT, which users can click on and view at any time:

  • NFT ID, the unique token ID used to identify each asset on the site.

  • Mint Transaction, the cryptographic transaction hash that authenticates the creation of the content as an NFT and timestamps it.

  • Contract Address, which records all activity by the Melon marketplace.

  • Original link, which redirects to the original social content and the platform it was initially uploaded on.

  • NFT metadata, the string of code used to identify each NFT across the decentralized web.

Embed links inside the metadata to prove the origin of each NFT

The metadata is the string of code that uniquely identifies each NFT on Melon and across ERC-721 platforms.

With NFTs created on Melon, the embed link to the original content sits in the metadata itself. This is a unique technical feature that shows where the original content comes from.

In the example above, the original content link is: https://www.tiktok.com/@therealsnowwhite/video/6739594023402540294

By clicking on "View NFT metadata", a separate tab will open, showing the following details.

{ "description": "My first TikTok to reach 1 million views.", "external_url": "https://app.melon.ooo", "image": "ipfs://QmNadG6SSJSMwZb2upTerDiZdQNsFedUU29qZLsCorNLHR", "name": "My first TikTok to reach 1 million", "attributes": [ { "trait_type": "Original creator", "value": "therealsnowwhite" }, { "trait_type": "Type", "value": "TikTok" }, { "trait_type": "Category 1", "value": "Comedy" }, { "trait_type": "Original link", "value": "https://www.tiktok.com/@therealsnowwhite/video/6739594023402540294" } ] }

You can see the embed link is included inside the final line of metadata.

This provides additional, indisputable proof of the content's origin.

Anyone who looks at this NFT's metadata can verify it is indeed the NFT of this particular content, in this case a TikTok video from creator @therealsnowwhite. It can't be a copy of that content since it is pulled directly from the creator's TikTok account.

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