Mapping out recent NFT Standards

This article is co-authored by Tim Daub who’s been active community member of NFT Standards Working Group and active Ethereum Magicians member.

The NFT Standards are expanding by lightning speed. With 2021’s bull cycle also taking many NFT project evaluations to new highs, today, new standards are being proposed almost daily on the Ethereum Magicians forum. The NFT Standards WTF wiki and working group considerably contributed to the acceleration of progress - With just a little over a year of history, it’s now grown three times in size!

To continue accelerating the ecosystem interoperability and to spawn more differentiated use cases, by writing this article, we set out to reduce the community’s information asymmetry and overhead with research. Our aim is to help everyone get on the same page. The latest EIP and ERC standards are placed in this article in no particular order. Standards has been extracted from the Ethereum Magicians forum.

EIP-4973 - Account-bound Tokens

Ethereum Magicians post

Description: Account-bound tokens are partially EIP-721-compatible "Soul bound" tokens that users can only issue through signed consent of another account. The standard implements EIP-712 to allow leaving tokens "unequipped" or off-chain. For more resources check out wiki page

EIP-5173: Non-fungible Future Rewards Token Standard

Ethereum Magicians post
Description: This EIP incentivizes people to stay active within the community by receiving future rewards. It allows for creating equitable token structures for tradeable tokens, which benefit the community and not the team members. It's less concerned with the supply price itself but distributing the value across the community.

Minimalistic on-chain cross-game NFT attributes

Description: EIP for tracking minimal set of data on-chain to allow games evolve in fully decentralised direction.

EIP-5185: NFT Updatable Metadata Extension

Description: This standard extension is compatible with NFTs bridged between Ethereum and L2 networks and allows efficient caching solutions.This EIP watches where the metadata updates are taking place.

EIP-4906: EIP-721 Metadata update extension

Description: Adds MetadataUpdate event which will make it easy for third-party platforms to timely update the metadata of many NFTs and keep track of metadata itself.

EIP-4885: Subscription Token Standard

Description: Enhance the notion of subscriptions as thing of value for NFTs and multi token which can be exchanged for ERC-20 tokens.

EIP-1972 ERC-721 Lending Oracle

Description: This EIP supports interface for a lending oracle to be implemented on chain for blockchain games. Currently, blockchain games utilize ERC721 tokens to represent a hero in the game or other in-game assets. In order to implement possibility for lending, the ERC721 contract has to be amended (which is not so convenient). The current specification allows the game devs to deploy a lending “oracle” contract on chain which keeps record of completed lending agreements without changing the core ERC721 contract of the game asset NFTs.

Idea: Standard digital receipts using ERC-721

Description: Standard digital receipts using ERC-721 "NFT as a receipt will provide a traceable and private link between the funds leaving the customers account and the digital receipt which may include important information such as serial numbers and delivery tracking etc. This means that the customer can automate their record keeping with systems and understand exactly what has been purchased without a human having to provide copies of the receipts. MetaMask for example could show this full receipt when you click into an item in your transaction history."- author.

More NFT Standards

On Ethereum Magicians forum are many more recent NFT Standards. Here is a list to a few more:

Have an idea? Want to improve the Ethereum Ecosystem?

Share it on Ethereum Magicians forum, engage with other community posts, create tests for your standard proposals!

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