ERC-998: Composable Non-Fungible Token
This post provides an overview of my expertise on ERC-998, a powerful standard that introduces new capabilities to NFTs and allows for the creation of game characters with lifelike qualities.
What is the ERC-998?
ERC-998 is a standard that extends the capabilities of the ERC-721 token standard. The ERC-998 standard allows ERC-721 tokens to own other ERC-721 tokens and ERC-20 tokens, creating a more dynamic and versatile token ecosystem. This means that ERC-998 tokens can represent not just a single asset, but a collection of assets with varying values and characteristics.
With ERC-998, developers can create composite tokens that can be used for a wide range of applications, including gaming, collectibles, and asset management.
Key Features 🔑
The implementation of the system can be carried out in either of two ways: top-down or bottom-up.
A top-down composable contract is responsible for storing and keeping track of child tokens for each of its tokens. This makes it easier to access and manage the tokens in the contract.
On the other hand, a bottom-up composable contract stores and keeps track of a parent token for each of its tokens. This method is more suitable for specific use cases.
To implement the system, you can choose from any of the following interfaces:
ERC998ERC721TopDown, which allows for the transfer of ERC721 tokens in a top-down manner.ERC998ERC20TopDown, which allows for the transfer of ERC20 tokens in a top-down manner.ERC998ERC721BottomUp, which allows for the transfer of ERC721 tokens in a bottom-up manner.ERC998ERC20BottomUp, which allows for the transfer of ERC20 tokens in a bottom-up manner.
DApps using it
One of the top projects in this field is the Loot project, which has gained a lot of attention. This project has over 8,000 unique bags of randomized equipment. Additionally, NFTX (Axie Infinity NFT index funds) is another noteworthy project in this area.
Pixel War is also a project worth considering. It is the first strategy role-playing game that utilizes NFTs. You can claim your unique hero and equip them with powerful items. Forge your story through adventure, exploration, and arenas.
Conclusion
In conclusion, ERC-998 is a powerful standard with the potential to reshape the NFT landscape. Its flexibility, versatility, and adoption by notable projects make it an excellent choice for developers seeking to create dynamic and composite tokens. We encourage further exploration of ERC-998 and the opportunities it offers.
Links:
https://eips.ethereum.org/EIPS/eip-998
https://www.nftstandards.wtf/Standards/ERC998+Composable+NFT
https://github.com/mattlockyer/composables-998
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