This page explains how HEXA NFT works. For an overview of HEXA NFT, see What is HEXA NFT.
HEXA NFTs are non-fungible tokens compliant with ERC721
HEXA NFTs are NFTs recorded on an Ethereum-based blockchain in compliance with ERC721. HEXA NFTs are issued by a contract that HEXA designed and created itself, and because it complies with ERC721, the individual tokens within the HEXA NFT contract (each tied to a token ID) are non-fungible, meaning each one is distinct. ERC721 is a smart contract standard on the Ethereum blockchain. It has a long history among non-fungible token (NFT) standards (introduced in 2017) and an extensive track record, so it can be considered a highly reliable standard. The HEXA NFT contract complies with this ERC721 standard.
The HEXA NFT contract and what is recorded on the blockchain
For HEXA NFTs, metadata is recorded on the blockchain in addition to the token name (HEXA NFT) and symbol (HEXA). From the metadata you can find the post's URL, the post's content and image, the HEXA NFT page, the HEXA NFT card, information for preventing impersonation, and more. So even if the post is deleted in the future, or the account is deleted for some reason and the post's URL can no longer be accessed on the web, the post's content and image can still be checked from the metadata on the blockchain. The HEXA NFT contract is here.
The role of HEXA NFT pages based on HEXA NFTs
Each HEXA NFT token is assigned a token ID such as #0, #1 or #2, and each token is completely distinct. However, a malicious third party could copy the HEXA NFT contract and the content of individual tokens and issue duplicates (NFT spoofing). Normally, genuine tokens can be identified when the issuer or the person who requested issuance shares the genuine token address and contract address, but this requires a certain understanding of NFTs and blockchain.
So that fans can buy NFTs with peace of mind, HEXA NFT issues a HEXA NFT page for each token. The page clearly and visually displays the contract address and token address of the NFT issued by the account-verified creator, making it easy to identify the genuine one. By presenting the information recorded on the blockchain in an easy-to-understand way, this page lets you immediately identify which contract, which token, and therefore which NFT is genuine, and is designed to lead you to the genuine NFT in MetaMask.
What the HEXA NFT card means
In light of its effectiveness and user convenience, this feature was discontinued at the end of March 2023.
When an NFT is bought or sold through a wallet such as MetaMask, the image displayed is not the image of the work or post but the HEXA NFT card. The HEXA NFT card shows a QR code for the HEXA NFT page tied to the individual token, along with the HEXA NFT ID. This means that even if a malicious third party creates a complete copy of a HEXA NFT, from the contract to the token, you can immediately identify it as a fake or impersonation by checking the HEXA NFT page via the QR code and ID on the HEXA NFT card. And even if the image of the work or post is used as the image as is, the issuer has notified fans at the time of sale that it was issued on HEXA NFT, so fans can quickly notice that it is a fake. Issuers can also remove this anti-impersonation HEXA NFT card mask. Therefore, not every NFT has the anti-impersonation card mask applied; it is up to the issuer.
Diagram of HEXA NFT from issuance to secondary market
The diagram below illustrates how HEXA NFT, as described above, works from issuance through to the secondary market (buying and selling on marketplaces).
1) An influencer asks HEXA to issue an NFT.
2) On receiving the request, HEXA verifies the influencer's social media account to confirm their identity.
3) HEXA then issues an ERC721-compliant HEXA NFT on the HEXA NFT contract that HEXA designed itself. Because the issued token is non-fungible, it is tied to an individual token ID and is completely distinct from other tokens. We'll call the NFT issued here HEXA NFT #0.
4) At the same time as HEXA NFT #0 is issued, a page for HEXA NFT #0 is also published on the web. The HEXA NFT #0 page holds the blockchain addresses of the HEXA NFT contract and the issued HEXA NFT #0, and provides an interface for viewing the HEXA NFT contract and the HEXA NFT #0 token. It also reads the current holder information from the blockchain and displays it clearly.
5) Once a HEXA NFT has been issued and has reached a holder through an auction or other means, it can be traded freely through wallets such as MetaMask.
6) Once buying and selling begins on marketplaces, a malicious third party could completely copy the HEXA NFT contract and token and sell fakes. In that case, because the HEXA NFT #0 token displays the HEXA NFT card on marketplaces, the HEXA NFT #0 page can be checked from there.
In light of its effectiveness and user convenience, the HEXA NFT card feature was discontinued by the end of March 2023.
7) When the HEXA NFT #0 page is checked, you can identify the correct HEXA NFT contract and the blockchain address of HEXA NFT #0, and the page also links to the correct token on marketplaces, so you can spot fakes and identify the genuine one.
About metadata freeze
In the initial block of a HEXA NFT, information such as the post's URL, the post's image and the HEXA NFT page is recorded so that it can be read as metadata. In addition, after a certain review period has passed, HEXA NFT plans to put this information on-chain by creating a contract block that links the metadata and source information, such as verification and identification data, to the HEXA NFT as issued, so that the additional information is kept permanently on the blockchain. This is called a metadata freeze. The contract for this technology is to be designed and issued taking into account related technological innovations and resistance to vulnerabilities that may emerge over time. In this way, as time passes after issuance, the additional information is made permanent after being verified over time. For example, on OpenSea, another company's platform, the issuer performs an operation called metadata freeze and pays the cost to carry it out. Until then, the metadata can be modified, just as on HEXA. (Pros and cons of the proof-of-ownership and fully on-chain models, and why we currently use the proof-of-ownership model)
Why is HEXA designed to freeze the additional information only after some time has passed? There is a reason. Problems may come to light after the fact that arise from factors unrelated to HEXA NFT, HEXA or blockchain technology, such as copyright or trademark infringement discovered after issuance, or impersonation issuance on someone's behalf through an account takeover, and this design is meant to address those risks. The risk of problems arising from such factors, which do not stem from blockchain or HEXA technology, is addressed through verification over time. For this reason, the metadata is scheduled to be frozen after a certain review period has passed (a risk period that takes into account copyright and other related laws, to be finalized at the time of the future metadata freeze).