Non-fungible tokens (NFTs) build logically on Geeq’s secure validation of transactions with application payloads and metadata. The issuer fixes the characteristics and terms of the NFT. An NFT is minted by sending an application layer transaction. When the mint transaction is validated, a permanent record is created in the application layer. No smart contracts are required.
Geeq NFTs are controlled by coin accounts, so transactions that involve existing NFTs interact only with the validation blockchain. The minting coin account is controlled by the introduction of a coin account subgroup called “proxy account”.