Sweet dreams are made of standards — The evolution of NFT?
Together with LUKSO (web), FANZONE.io (web) and maybe you (?) we are developing the next generic NFT standard after ERC721 & 1155.
This article is quite technical and specific. ;) Is primarily aimed at anyone who is developing, designing, or getting deeper into smart contracts. For everyone else, read this article here.
What happens when you cross the classic NFT token standard ER721 with the - for us groundbreaking - Universal Profiles (on-chain) of ERC725?
Quite simple at first, but then you dream of including the smart contract features you’ve been longing for. Long-awaited functionality can finally be added — and an even more generic NFT standard for all possible use cases is created.
- MetaData key-value store for metadata links to images, videos, and more.
- The real uniqueness of each token id (NFT) with additional ERC725Y data sets.
- Token Ids as bytes32 instead of an integer that enables it for hashes and addresses.
- Upgradeable NFTs for games and apps.
- Kudos to all additional Creators besides the Issuer.
- Clean function names… Goodbye safe_transfer.
- Meta transactions & ready for gas stations (in our implementation).
- Multi call & Batch Transactions (part standard, part our implementation).
Isn’t that crazy?
It’s all about the draft
While FANZONE is all about NFTs and especially digital trading cards for all kinds of fans and their idols, athletes, teams, and topics (which is a very concrete use case) — LUKSO is developing a new blockchain, based on Ethereum 2.0 technology, for the digital economy generically for any use cases.
On one hand, we have in mind that the new standard is nicely generic, but also on the other hand it also fits really well for very typical use cases.
Now we would like to hear your feedback on all details of the new standard draft from all experts and interested people.
https://github.com/lukso-network/LIPs/blob/main/LSPs/LSP-8-IdentifiableDigitalAsset.md
Just post your comments or suggestions in the LUKSO Standardization Discord Channel. What do you think? What do you like? What less? What is still missing?
[Excerpt: Universal Profiles]
We firmly believe in Fabian & LUKSO’s idea of the on-chain universal profiles, explicitly the ERC725 standard.
It enables users to store NFTs not only in an anonymous wallet but in a profile, as is known from every social media platform. Furthermore, apps and decentralized apps can be granted permission by the user to perform certain actions (as known from Apple app permissions) and that private keys can be easily exchanged afterward. Finally, a non-custodian solution that allows arbitrary password recovery methods.
Let’s get into some details
With ERC725Y glasses, the key-value store, there is no limit
ERC725 basically describes a key-value store as a smart contract, on-chain. Thanks to the improved performance of Proof of Stake, ETH 2.0, LUKSO, and later more sharding (and pruning?) this should also fit on the chain.
Besides metadata, links to images, videos, and all sorts of data can also be stored on-chain or linked to decentral file storage like IPFS.
In a world of NoSQL apps, now also dApps become feature-rich.
In this new NFT standard:
- One ERC725Y per NFT smart contract contains metadata common for all token Ids.
- Optionally for each Token Id, which can be upgraded and get its own additional ERC725Y contract.
In addition, permission management can be included in the smart contract to determine who is allowed to change which values within the Universal Profile.
Token Ids can be so much more
Most IDs are just numbers, integer, which is great and easy human readable. If you have number one (1) of 1000 NFTs, that seems pretty dope.
But the token Id can be much more: With bytes32 it can be a string, a hash of another object, or even another smart contract address.
This opens up so many possibilities for all kinds of use cases.
Disruptive convention brakes
Does it still need an immutable name?
While with tokens the name and the symbol for tokens were always set in stone with the constructor, this is no longer the case here.
While it seems strange to say goodbye to the eternity of immutable getName() and getSymbol() — there are certainly use cases for which this makes sense. More to come.
While the standard is open, most implementations will probably continue to fix the name and symbol immutably. That’s ok, too.
More to come: We’ll write more about the other big topics of the identifiable LSP-8 if you’re interested
Tell us if you want to get to know more about the other topics and lose associations to songs of the 80s, 90s, and 00s.
Like meta transactions and multi-call, or what interests you?
Now check out: https://github.com/lukso-network/LIPs/blob/main/LSPs/LSP-8-IdentifiableDigitalAsset.md
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ABOUT FANZONE
FANZONE Media GmbH develops and operates a novel fan experience platform that combines digital trading cards and fantasy sports gameplay on the blockchain. On fanzone.io, users can buy, collect, trade digital trading cards of their favourite sports stars. Porsche’s company builder, Forward31, is the strategic partner of FANZONE.
Founders Dirk Weyel, Claudio Weck and Björn Hesse bring decades of experience in games, sports marketing and blockchain technology to the table. More on www.fanzone.media
For media inquiries to FANZONE, please use Björn Hesse’s contact bjoern@fanzone.media / +49–162–4046257
Fans can follow FANZONE via social media on Facebook, Instagram, Twitter@fanzone_io as well as on LinkedIn, Discord and Telegram.
