Huawei Cloud Solution as Code relaunched the solution “Building a Digital Asset Platform Based on MetaTown”, which is supported by Huawei Cloud Digital Asset Chain with the underlying blockchain technology, realizing the full lifecycle management of casting, issuance, circulation, and confirmation of rights of digital assets. At the same time, a one-click deployment solution and a rapid experience version with open source code are introduced to help SMEs quickly build their own digital asset platform.

I. NFT Market Prospect

At present, in China, NFT is the first large-scale landing in digital collections and digital marketing scenarios, etc. 2021 is known as the first year of “digital collections”, which created a total transaction volume of more than 8.16 million and a total transaction value of more than 6.5 billion U.S. dollars. As of May 2022, there were more than 450 domestic digital collectibles platforms, and the top 50 platforms sold 5 million copies of collectibles, with sales reaching $200 million. Forecast 2023 annual digital collections domestic cloud market space reached 300 million dollars.

II. NFT Scenario Pain Points Requirements

1. Uniqueness

NFT needs to utilize blockchain technology to give it uniqueness and non-tamperability. At the same time, it also needs to utilize the digital asset chain platform to realize digital asset authentication, credible preservation and safe transaction. In the domestic NFT mostly use the alliance chain, whether the piggyback blockchain is independently developed, whether the consensus mechanism and verification node have the authority and credibility has become the evaluation index of China’s digital asset trading platform.

2. Real Name Authentication

Blockchain information service providers shall, in accordance with the provisions of the Network Security Law of the People’s Republic of China, authenticate the real identity information of the users of blockchain information services based on the organization code, identity document number or mobile phone number. If the user does not authenticate the real identity information, the blockchain information service provider shall not provide the relevant services to the user.

3. High Concurrency and Elasticity Business Scenarios

In the digital asset spike scenario, due to the influx of a large number of players and high concurrency of business, there are often cases of application inaccessibility, inability to pay and other crashes. In addition, most cases of digital assets are on sale for a limited time, there will be obvious surge phenomenon, how to get through the business peak without wasting resources has become an urgent need for customers.

4. Image and Multimedia Storage

Digital assets are rich in variety and are mainly in the form of digital pictures, 3D models, videos, etc., which require a large amount of storage space for mass distribution and need to support accelerated access.

III. Based on the MetaTown Digital Asset Platform

This solution is based on the Huawei Cloud open source project MetaTown, which can help you quickly build your own digital asset management platform on Huawei Cloud. MetaTown is a digital asset management platform that utilizes the Huawei Cloud Digital The MetaTown is a digital asset management platform built using the underlying blockchain technology provided by Huawei Cloud Digital Asset Chain DAC, which can realize the full lifecycle management of casting, issuing, circulating, and confirming the rights of digital assets.

The platform can realize the whole life cycle management of digital assets, such as casting, issuing, circulation, and rights confirmation.

Building a digital asset platform based on MetaTown

Capability One: Digital Asset Chain DAC

Adopting NFT technology, Digital Asset Chain (DAC) is Huawei Cloud’s self-developed digital asset chain platform, which is based on Huawei Cloud’s blockchain engine, and through technological innovations such as timestamps and smart contracts, it can realize confirmed rights, trustworthy preservation, and safe transactions of digital assets. It supports the copyright protection of original digital products in various forms, and obtains digital copyright unique identifiers assigned by the China Copyright Protection Center. The process of copyright transaction flow is clearly traceable and credible. At the same time, it provides the ability of infringement monitoring, evidence fixing and copyright appraisal to quickly resolve copyright disputes.

Capability II: Human Identification

The ID verification service IVS uses ID card information and face pictures to compare with authoritative databases, thus realizing identity verification. The service can help customers quickly verify the identity of blockchain information service users and meet the requirements of laws and regulations.

Capability III: Distributed Caching

By integrating Redis, a distributed caching service, we support putting the data of collections into the cache to speed up the client’s access speed and improve the purchasing experience.

Capability 4: Digital Asset Storage

Digital asset chain provides rich asset storage management interface, supporting one-click storage of rich media such as pictures, videos, audios, 3D models, texts, etc., which is safe, highly reliable, and rich in types. nft data is stored to object storage service OBS, and directly downloaded from OBS, providing single-barrel EB-level storage capacity to meet the demands of nft data storage, with ultra-high performance, supporting 10 million TPS. 2.4Gb/s single-stream upload speed.

Based on this, MetaTown digital asset platform has three major advantages:

(1) Ultra-high performance. Huawei Cloud Digital Asset Chain DAC supports 50,000 times/second concurrent on-chain digital asset creation, and supports 10 billion digital asset issuance flow.

(2) Supports one-click deployment. Users can deploy various cloud service resources based on official sample templates with one click to quickly build the MetaTown digital asset platform.

(3) Open source and customization. The solution is open source and can be used for commercial purposes for free, and can be customized on the basis of the source code to meet the complexity and variety of NFT business scenarios.

Fourth, MetaTown program application scenarios

Based on MetaTown, the digital asset platform solution covers multiple industries and meets the needs of various digital asset scenarios:

Scenario 1: Cultural and tourism industry

Digital collection refers to the use of blockchain technology, corresponding to the unique digital credentials generated by a specific work, artwork, on the basis of the protection of its digital copyright, to achieve real and credible digital issuance, purchase, collection and use. The cultural relics collections and artworks are given additional value to the digital collections through physical digital mapping, metadata uploading and other technical means for consumers to collect, which greatly improves the liquidity of the artworks.

Scenario 2: Digital marketing

Brand retail NFT digital marketing, obtaining private domain traffic, directly forming sales conversion, and accumulating customer data are the main goals of brand digital marketing. Digital collection as a brand concept carrier, brand value and digital goods combination, that is, “brand value + digital bandwagon”. Not only carries the brand content, but also can be combined with physical products. Digital collectibles are also the medium of brand communication, through the rights and benefits, badges, tickets, gift boxes and other forms of display, linking the user interaction scene.

Scene 3: Games

Digital assetization of game props, assets or IP peripherals, digital assets can be circulated and realized, thus expanding user volume and increasing user stickiness. Game IP incubation, game scene innovation is currently a huge challenge for game manufacturers, especially under the limitations of the game version number, which reduces manufacturers’ opportunities for trial and error, and requires a higher level of game production. Predicting users’ favorites in advance through digital asset issuance and circulation, etc. helps innovation decision-making. Translated with (free version)