The Application and Implementations of Cryptocurrency in NFT

Hongxi Li, Jiayuan Li

2022

Abstract

Contemporarily, world is shifting from traditional wallets to digital wallets, i.e., software-based pro-grams that could securely store user payment information. Since the launch of the first Bitcoin software in 2009, the cryptocurrency market has expanded rapidly and is increasingly recognized. At the same time, NTF will usher in rapid growth in 2021. Nowadays, there is a strong intersection between crypto-currency market participants and NFT market participants, and the application of cryptocurrencies in NTF has gradually become a research hotspot. The core of modern finance is to realize simple and effi-cient value transfer. Web3 based on blockchain technology is the evolution of digital infrastructure, which improves the efficiency of value transfer and will create greater development space for financial and other services. This article deeply analyzes the core of the NFT algorithm, lists the common applica-tions of Crypto in recent years, and then takes the pet store demo created by imitating the NTF platform as an example, uses the truffle development framework to develop a decentralized dApp project, and creates exclusive and irreplaceable NFTs for pets, then use Web3JS to connect metamask to create a cryptocurrency wallet for transactions. From the perspective of the dog rescue community, explore the current application of cryptocurrency in NTF, analyze the limitations of current applications, and pre-dict the future development trend of cryptocurrency.

Paper Citation

in Harvard Style

Li H. and Li J. (2022). The Application and Implementations of Cryptocurrency in NFT. In Proceedings of the 4th International Conference on Economic Management and Model Engineering - Volume 1: ICEMME; ISBN 978-989-758-636-1, SciTePress, pages 511-516. DOI: 10.5220/0012035800003620

in Bibtex Style

@conference{icemme22,
author={Hongxi Li and Jiayuan Li},
title={The Application and Implementations of Cryptocurrency in NFT},
booktitle={Proceedings of the 4th International Conference on Economic Management and Model Engineering - Volume 1: ICEMME},
year={2022},
pages={511-516},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012035800003620},
isbn={978-989-758-636-1},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 4th International Conference on Economic Management and Model Engineering - Volume 1: ICEMME
TI - The Application and Implementations of Cryptocurrency in NFT
SN - 978-989-758-636-1
AU - Li H.
AU - Li J.
PY - 2022
SP - 511
EP - 516
DO - 10.5220/0012035800003620
PB - SciTePress