The full name of NFT is non-homogeneous token, which is used to represent "unique" assets. The opposite is FT, a homogeneous token, each unit has the same value and is interchangeable, such as gold, bitcoin, etc. NFT can be subdivided into many types, such as avatars, games, cards, texts, artworks, certificates, etc. For example, avatars represent CryptoPunk, and games represent CryptoKitty.

From the obscurity when it was born, NFT has been recognized by the market now, and its gameplay is also emerging in an endless stream. Every NFT collector is constantly looking for the next NFT hotspot, and new users also want to seek new opportunities in the NFT field. This article introduces a new type of NFT, the NFT based on the PoW mechanism. The three currently known PoW-based NFTs are listed for readers' reference to judge whether it will be the next NFT hotspot and opportunity.

MoonCatRescue

NFT collectors should have heard of MoonCatRescue, referred to as Moon Cat. Most people think that it is just a veteran NFT second only to CryptoPunk in the early days, but it is actually the earliest PoW-based NFT based on Ethereum, the first Moon Cat NFT was born on August 10, 2017. Mooncat was developed by two creators who are collectively known as Ponderware.

MoonCatRescue is a pixel cat automatically generated by the program. Initially there were over 4 billion possible Mooncat variants, but only 25,600 could be added to a smart contract, all of which are currently in circulation. If you want to get a Moon Cat, you only need to connect the Ethereum wallet to the website, use the CPU machine to calculate and search for the Moon Cat, and you will be able to find the Moon Cat in a few seconds to a few minutes without consuming too much computing power , is just a simple "generating algorithm".

After finding the moon cat, the system will prompt whether to rescue it or stay on the moon. If you choose to save it, you become its new owner and give it a home on the blockchain. You can choose to put your Luna Cat away or give it to someone else. You can also choose to name your Luna Cat if you wish. Moon cats can only be named once, and once you choose one, it will be permanent even if it is adopted by someone else.

The scarcity of moon cats is mainly reflected in the fact that 64 of them are pure black or white, which are the creation moon cats. Additionally, Moon Cats whose value is closer to number #0, the first Moon Cat ever to be minted, are widely considered to be the most valuable.

Hacash Diamond 

Hacash Diamond is referred to as HACD Diamond or Hash Diamond for short. It does not run on the Ethereum chain, but has its own chain called Hacash. The project started from a white paper of unknown origin. There is no founder or project party. Fully community and market driven. The first Hacash Diamond was born on May 16, 2019. It is the first non-Ethereum PoW-based NFT and the first text-based NFT. The text of the first HACD diamond is"NHMYYM" 。

Each Hacash Diamond consists of 6 random letters and a special diamond shape. Hacash Diamond has a total of 9 different shapes and 16 different colors, with a total of 16,777,216 pieces, and a maximum of 58 pieces can be produced every day. Theoretically, it takes 800 years to dig out, but the difficulty of digging Hacash Diamond will gradually increase over time. , and will not decrease. This means that mining HACD diamonds will become increasingly difficult, and after a certain point of time, its mining difficulty will exceed that of Bitcoin. It is estimated that only about 100,000 HACD diamonds will be in circulation by 2025.

Hacash Diamond requires miners to use CPU machines to mine. In theory, like Bitcoin, as the difficulty increases and the consensus increases, ASIC mining machines can be developed for mining. But after digging out, another PoW token HAC on the Hacash chain is required to bid, and the person with the highest bid can get the Hacash Diamond. When the market demand for Hacash Diamond decreases, its mining can be stopped.

The scarcity of Hacash Diamond mainly reflects the natural 8 special shaped diamonds, as well as colors and letters. In addition, the scarcity is completely generated by the market to combine these Hacash Diamonds of different letters, colors and shapes.

PoW NFT

Another PoW-based NFT with a very similar name is called PoW NFT. It is based on the Ethereum chain, and the first PoW NFT was born on March 12, 2021, with a team behind it.

POW NFT simulates the laws of electrons in the atomic nucleus structure, and the theoretical total amount is unlimited, but after more than 40,000, it will be difficult to reproduce. And presented based on the hash value created by the mining process. The more atoms there are, the more difficult it will be to mine, with the market driving the quantity.

With each new cycle, the difficulty will increase by 3 times, which means that the average output time will also increase by 3 times. Since there is no upper limit on the number of atoms, the system sets a difficulty bomb in the 14th cycle (start number #16384). After that, every time one is dug out, the difficulty is close to infinite, which is equivalent to the upper limit of atomic NFT is 16384. The mining cost increases by 2 times every cycle, and the casting cost of each mining coin is currently 0.18ETH.

According to different personal computer configurations, the average output time of NFT is also different. According to the simulation results, it takes 1 minute for a laptop to dig the 258th NFT, and 1 hour for the 2048th NFT on average. When the number rises to 8192, the average It takes 6 hours.

Summarize

Summarize

PoW NFTs can also be called "minable NFTs", which brings a new way to the NFT market. We know that because PoW consumes energy, this gives these NFTs a casting cost, and the visualization of HACD has developed a new thing like "computing power generation art" similar to "algorithm generation art". But the development of this category has just begun, like Mooncat’s PoW is just a superficial formalization; HACD’s PoW is very similar to Bitcoin, but not on the Ethereum chain. The mining algorithm and output mechanism of PoW NFT are not so reasonable.

This track is relatively unfamiliar to many NFT players, and we expect more people to pay attention to PoW NFT. In the FT market, Bitcoin, as a representative of the PoW mechanism type, has always occupied the first place in the market value, and there are already cases of these projects. After all, PoW is currently the most mature consensus mechanism, and we will wait and see for PoW-based NFTs.