Sorting out NFT protocol standards: What else is there besides ERC721 and ERC1155?

Recently, the word NFT often appears in major websites and articles.

Whether it is the NFT trading platform OpenSea ’s search volume on Google hit a record high, and its sales in August reached 830 million US dollars, or the world-renowned brands such as BMW, LV, Porsche, Hu Yanbin, Su Bingtian, and Pele, all of them have all Released their respective NFT products.

The concept of NFT has become popular.

It is noteworthy that, although many people may lift the NFT, they tend to think of Ethernet Square ERC-721 protocol on, admittedly, appear ERC-721 protocol, creating the appearance of NFT this new track, the current market must Most of the NFT projects, the protocol behind it also adopts ERC-721.

But in fact, in addition to the ERC-721 protocol, there are actually many other NFT protocols in the Ethereum ecosystem. Their emergence, on the one hand, complements the existing shortcomings of the current NFT, and on the other hand, it is also for the entire NFT track. The outbreak brings more possibilities…

ERC-721: The most common Ethereum protocol in NFT

The official interpretation of ERC-721 is “Non-Fungible Tokens”, which is abbreviated as “NFT” in English, which can be translated into non-interchangeable Tokens. Simply put, each Token is unique and cannot be interchanged.

The ERC-721 protocol is also the most common Ethereum protocol in the entire NFT market.

ERC-809: NFT available for rent

The ERC-809 standard is a standard for renting NFTs, which can be understood as the ERC-721 protocol that joins the renting function.

It creates an API to allow users to rent any “leasable” NFT.

It is worth noting that the agreement is exclusive, that is, after one person completes the lease of a certain NFT, then other users can no longer access or use the NFT.

ERC-875: NFT that can be transferred in batches

In the ERC-875 protocol, users are allowed to transfer/transact multiple NFTs in batches during a transaction, and the transfer/transaction fee will be cheaper.

In the traditional NFT transaction process, players often need to place orders through transactions and add a certain amount of gas fees. After that, they need to wait for other players to come and inquire.

If you want to sell multiple NFTs, then the seller can only sell them one by one individually, and add a gas fee for each NFT work.

But in the ERC-875 agreement, users can place orders by encrypting and signing information including prices, transaction expiration dates, and signatures.

This process is completed off-chain, and only when settlement is done will it be broadcast on-chain.

This means that users can make transactions without paying gas fees.

When a buyer is willing to buy, all he needs to do is to accept the order and broadcast the situation with the order details, plus the purchase price to complete the transaction.

ERC-994: Attach physical data to NFT

The ERC-994 standard created a commissioned non-homogeneous token (DNFT). As it stated in the Github description, attaching physical assets to a digital token requires more than just a method of verifying the token. It “also requires legal effect within the scope of material sovereignty.” In other words, it must have A legal framework around the sale and registration of ownership can really make it work.

The ERC-994 standard has established a system by which DNFT can identify different areas and assign them to mark houses or land. In this way, the ownership of the property will be legally tokenized.

ERC-998: The detachable ERC-721

ERC-998 is currently under construction and has not officially become the EIP of Ethereum, but it has already caused quite a stir.

ERC-998 is called Composable NFT (Composable NFT, abbreviated as CNFT). Its design allows any NFT to have other NFTs or FTs. When transferring CNFT, it means transferring the entire hierarchical structure and ownership of CNFT. Simply put, an ERC-998 item can contain multiple ERC-721 and ERC-20 items.

For example, in the blockchain game KittyHats, which is similar to the encrypted cat, the cat’s attribute is ERC-721, and the cat’s clothes are also ERC-721, and the cat wearing the clothes means the combination of two NFTs.

If under the traditional ERC-721 mechanism, players want to trade cats wearing clothes, they need to trade clothes and cats separately.

This phenomenon does not occur in ERC-998.

What ERC-998 does is to create a corresponding new token with ERC-721 cat as the parent token and ERC-721 clothing as the child token. If we want to sell this cat now, first integrate them into a whole. This whole is still indivisible, but it includes the cat’s ownership of the clothes, and then we can trade this whole. This greatly simplifies the handling of item transfers.

CryptoKitties’ derivative game cryptocuddles (when realizing cat battles, first use the data in CryptoKitties to construct an ERC-721 “shadow”, and then add skills to this shadow cat, which is completely independent. ERC-721 kinds of goods .ERC-998 would not be too much trouble, as long as the items to build a ERC-998, so the tokens have both Ethernet cat Token, and the Token have the skills to get.

ERC-1155: NFT more suitable for blockchain games

Since the birth of the ERC-721 agreement, the NFT products cast by the ERC-721 agreement, although their unique characteristics have refreshed the entire industry, but at the same time, they are also accompanied by problems such as poor liquidity and low transaction efficiency, plus early Almost all NFTs are issued based on the Ethereum network, so the high gas fee of Ethereum has naturally become a drawback of NFT products under the ERC-721 agreement.

In view of this, the Enjin team created the ERC-1155 protocol.

ERC-1155 can define multiple items (Token) in a smart contract. ERC-1155 can also be used to combine multiple items (Token) into one item (Token package). Take an example of common game slot inlays. A weapon with two slots and two perfect runes. These are three tokens. When these two runes are embedded in the weapon, it becomes a new one. The weapon, that is, the Token package. This Token package can also greatly reduce the transaction steps, but this has little to do with game design, so I won’t talk about it.

In fact, ERC-1155 combines some of the advantages of ERC-20 and ERC-721. Developers can easily create a large number of items. Each item can be independent like ERC-721 or just like ERC-20. Homogenization.

At present, ERC-1155 is very different from traditional tokens and cannot be destroyed directly. On the contrary, unless the original developers regularly buy back tokens, they are usually still in circulation. ERC-1155 is positioned as a more specific token standard, because any asset can be created and destroyed at any given time on this standard.

The most typical case is in the ERC-1155 protocol, the most typical case is a blockchain game War of Crypto (referred to as WOC) based on a web port.

Among the blockchain games that comply with the ERC-721 protocol, some game items are unique. However, there are also many items with strong repetitiveness, such as: “potions”, “ores”, etc., which are more accurate should be classified as FungibleToken. Providing separate metadata for inherent virtual tokens can reduce the liquidity of game equipment. This can be said to be the core of blockchain game innovation and one of the redundant situations that will occur in blockchain games that want to save data resources. Reason.

In the game, the developer uses the ERC-1155 protocol to pack a batch of cards with the same attributes into a Token package, and sets a minimum price for each card.

When the player obtains these cards through various methods in the game, they can trade freely, and when the player cannot find the trade partner, they can “dissolve” them and replace them with the guaranteed ENJ.

In this way, it will greatly increase the liquidity of various cards.

ERC-1201: An upgraded version of ERC-809

The ERC-1201 agreement is an upgraded version of the ERC-809 agreement. Compared with the ERC-809 agreement, the ERC-1201 agreement further expands the liquidity of NFT leases.

If ERC-809 is to make NFT rentable, in other words, it is to add the ERC-721 agreement with the rental prefix, then the ERC-1201 agreement is to certify the lease of NFT, similar to adding the rental prefix The ERC-1155 protocol.

EIP-1523: NFT Insurance Agreement

Insurance policies are an important type of financial assets, which naturally represent a type of irreplaceable tokens that follow the established EIP-721 standard. We have proposed a standard for uniquely defining the accompanying metadata structure required for insurance policies.

Although an insurance policy can have many possible attributes, first of all, it is usually issued by an entity, which is basically the entity responsible for paying the claim. Second, insurance policies are usually related to specific risks. Some risks are unique, but in some cases, many policies have the same risks (for example, all flight delay policies for the same flight).

Generally speaking, the relationship between policy and risk is a many-to-one relationship, and under special circumstances it is a one-to-one relationship.

Third, most insurance policies require more parameters to characterize risks and other characteristics, such as premiums and maturities.

Fourth, insurance policies have different life cycles. We believe that these four attributes are necessary to describe the strategy. For many applications, these features may even be sufficient. However, any implementation can choose to implement more attributes.

EIP-1948: NFT that can store dynamic data

The ERC-1948 protocol is based on ERC-721, adding a 32-byte data field to the NFT, and allows users to access the read function of the NFT. The owner of the NFT also has the authority to update the data.

Through this setting, the ERC-1948 protocol gives NFT the ability to store dynamic data.

EIP-2981: Ethereum protocol focused on NFT royalties

In the current NFT market, there are already a large number of crypto art creators and NFT trading markets such as Opensea.

The trade of NFT works in the industry is also in full swing.

However, it is worth noting that although the current NFT market is hot, there is no recognized method that can bring royalties to the original author from the sale of NFT’s works.

In view of this, James Morgan, the founder of the blockchain project KnownOrign, wrote the ERC-2981 protocol together with other Ethereum developers in 2017.

In short, EIP-2981 allows digital assets to provide simple, standardized and GAS efficient solutions to any third party, and understand the expected contract royalties to be paid. Essentially, the EIP-2981 protocol focuses on simplicity and aims to help the NFT spread more widely.

In the EIP-2981 agreement, developers provide a variety of royalty collection methods for current NFT transactions. For example, fixed royalties: 12.5% ​​of sales are sent to the original author;

Dynamic royalties: different proportions of royalties are charged with the time of sale or sales.

Tiered royalties: When the selling price is less than $100, no royalties are generated.

In James’ view, the concept of “Money Lego” is circulating everywhere in the DeFi field. After the EIP-2981 protocol is popularized in the future, perhaps the DeFi field will become “Create Lego” (create Lego effect).

The above-mentioned various NFT-related blockchain protocols are divided into categories and each has its own strengths. Some of them have already been implemented, and some are still drafts, and have no actual application in the encryption world.

But it is foreseeable that with the prosperity and maturity of the entire NFT market in the future, these NFT-related agreements may all have their own bright moments in the future, and there will be more and updated agreements. Appeared…

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/sorting-out-nft-protocol-standards-what-else-is-there-besides-erc721-and-erc1155/
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