Interpreting the advantages and disadvantages of NFT on Ethereum and Solana from the perspective of contracts

This article is based on the views of Brett Harrison, the president of FTX US, on personal social media platforms. Rhythm BlockBeats organizes and translates it as follows:

Ethereum NFT is a token generated by a smart contract created for a specific NFT collection, while Solana NFT is an ordinary SPL Token with a fixed supply. The following are my thoughts on the advantages and disadvantages of these two NFTs after writing them for FTX.

Ethereum NFT

Usually, the Ethereum NFT collection is created by deploying new smart contracts, which currently must comply with ERC-721 or ERC-1155 standards. In this way, the market can easily identify NFT transfers in log events using only the smart contract address. For example, all transfer events in the Bored Ape Yacht Club collection come from a contract with the address 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D. The use of a separate smart contract for each collection can also bring another benefit, that is, the creator of the collection can directly write the additional logic of the NFT interaction into the smart contract code. For example, the Crypto Kitties contract has functions related to distribution and breeding.

But this method also has disadvantages.

First of all, all operations and events on the smart contract depend on the ABI (Application Binary Interface) of the contract, and there is no guarantee that each collection will fully adopt the ERC-721 or ERC-1155 interface. Take CryptoKitties again as an example. It was born earlier than ERC-721, and its transmission log event signature is slightly different from the actual ERC-721 transmission. Therefore, trying to use ERC-721 ABI for analysis will not work. Ability to use CryptoKitties specific ABI.

Secondly, every operation that changes the original state of the NFT is a function call of its smart contract, which requires payment of ETH gas. This includes setting up approvals for accounts other than the owner to transfer NFTs on behalf of the owner. If you only have one ETH wallet, but want to pay transfer fees on behalf of all users, it may be troublesome. If there is no ETH in the owner’s wallet, the wallet cannot be approved for transfer.

Finally, nothing prevents the creator of ERC-1155 NFT from casting more copies in the future, changing the maximum supply from 1 to greater than 1, so you must assume that such a token may be just one of multiple tokens in a homogeneous collection. one.

Solana NFT

The NFTs on Solana are just ordinary SPL Tokens (Solana Program Library Token), whose supply set is fixed equal to 1, and usually some metadata is attached. This makes the NFT on Solana very easy to deploy and transfer, no need to write or deploy smart contracts, and no need to call different transfer functions based on NFT like Ethereum.

Due to Solana’s low transaction fees, transferring NFTs between wallets is very cheap. It is this feature that makes it a commonplace to issue airdrop NFTs to collection collectors on Solana in the future, and there is no need to pay expensive gas fees. By using multiple signatures, wallet addresses other than the Token owner can also pay transaction fees, and all operations can be completed in a single transaction. This is very convenient for FTX. We hope to pay Solana NFT’s transfer and withdrawal fees for all users.

The main disadvantage of Solana’s contract NFT is that it is difficult to tie all the NFTs in the collection together. Normally, the only effective way to find out all the NFTs cast in a collection is to directly ask the creator for the casting list. I think some cutting-edge on-chain NFT collection concepts can help Solana’s NFT collection creators and NFT market programmers. This can be done through a smart contract like Ethereum, but this is a little overkill. On the contrary, Solana program developer b.sol came up with a better idea: use a token to represent the entire collection, and use the token to mint the related NFT. Then follow the hash tree stored by root and the collection Token, you can find all the NFTs minted using the collection. After that, the market can automatically create a complete list of minting based on the minting address of the collection Token.

We are still in the early stages of NFT creation. I am particularly excited to see the continuous growth of NFTs on Solana in terms of volume and transaction volume. I also look forward to seeing the development of related protocols and tools that will enable all of the NFTs in this ecosystem Participants can have a faster and more convenient experience. 

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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