Lambda256 Makes Korean Digital Asset (NFT) Standard

Lambda256, a blockchain service platform, will start developing a blockchain-based digital asset service with economical and scalable capabilities.

Lambda256 creates a service standard for non-fungible tokens (NFTs), which is one of the main characteristics of blockchain games, and plans to accelerate the commercialization of NFTs while eliminating the commission fees incurred when transactions are made on the blockchain. 

On the 10th, Lambda 256 announced that it will cooperate with the blockchain game project Item Bus to create a domestic standard for NFT services. Item Bus is a blockchain game alliance launched by over 100 domestic game companies led by the Korea Mobile Game Association. The two companies plan to jointly develop the Korean NFT standard 'K-NFT (tentative name)' through this collaboration.

NFT is a tokenization of tangible assets such as game items and copyrights based on blockchain technology, and is based on ERC-721, the token issuance standard of the Ethereum platform.

However, as Ethereum's excessive fees and slow speed are considered as limitations of commercialization of NFTs, many blockchain companies are currently developing individual NFT standards for Ethereum.

Accordingly, Lambda256 and ItemVerse plan to provide solutions that meet the needs of the market, such as metadata storage and management, copyright management, and NFT division functions through K-NFT, which has improved the existing basic NFT. In addition, it plans to design so that it can have scalability that can respond to large-scale traffic by providing free fees incurred during block chain transactions.

K-NFT supports multi-chain development environments including Ethereum by using the bridge function provided by Lambda 256's Service as a Blockchain (BaaS). This allows companies that use the Ethereum-based NFT standard to switch to the new K-NFT without additional hassle.

The two companies plan to allow K-NFT to be applied not only to games, but also to mobile tickets used in performances and various events, and to various limited edition products. In addition, it also revealed that it will seek ways to create new profits through cooperation with domestic metaverse manufacturers.

Despite the effort, K-NFT will be settled successfully?