Why ERC721 sucks and we need a new standard

The ERC721 is not perfect and there is a tons of room for improvement.

The ecosystem needs a better NFT standard, there are tons of money in the simple ERC721 standard. I did research on almost all known NFT related standards, had conversations with a couple of devs that either worked on one of those standards or are very familiar with the ERC721 and other NFT related standards. This article is about NFT standards that are live, related draft standards, proposal for the new standards and contains handy links regarding the NFT standards. My knowledge graph and research about the NFT standards is live. Please reach out if you would like to contribute to this standard.

ERC721 Non Fungible Token Standard

The standard itself has functions of ERC20 alike token standard which makes it easier for existing wallets to display simple information about the token. These functions let the smart contract that fits this standard act like a common cryptocurrency such as Bitcoin or Ethereum by defining functions that let users perform actions such as sending tokens to others and checking balances of accounts.

ERC20-like functions simplified:

  • Transfer token between accounts
  • Get (display) current balance of an account
  • Get specific token
  • Total supply of the token available on the network
  • Approve amount of token from an account can be moved by 3rd party account

To learn more about these standard check out my research notes as I don't want to keep this article long but rather informative

ERC720 Metadata extension Standard

This standard is adding feature for smart contract to send, receive, check for total supply, check if the amount is available to transfer. This will gives us knowledge of the total supply of coins in circulation, wallet balance of a particular token and the ability to transfer a token.

ERC1155 Multi token Standard

The difference between ERC721 and ERC1155

The ERC1155 is extending the features of ERC721 and adding multi token features like storing data of multiple items, atomic swaps — trading multiple items, multi transfers and unification.

Proposed Standards

There are many other standards that are out there seeking the community support. Such as ERC1633 Re-Fungible Token, ERC998 Non Fungible Token Standard, ERC888 MultiDimensional Token Standard.

EIP2981 Royalty Standard

This standard includes publicly viewable royalty, which unifies the royalties so they are set and provides a function that returns the amount to creators address. Improving batching and minting functions which makes minting NFT cheaper by introducing new method of minting new NFTs.

EIP2477 Token Metadata Integrity

Proposal for the new standard

My idea for this standard is to be very similar to plug and play kinda solutions, containing a lot of diverse elements that many of the proposed standards (EIPs) has and add some functionalities to it. I'm open regarding this new standard and would love to hear the community — developers, builders, NFT platforms to give ideas on how together we can improve this standard.

The key elements of a new standard that I came up with:

  • Include on-chain hash function so the user (buyer) of the NFT can download the artwork file
  • Increase security of the standard — super important feature
  • License of how the artwork can be replicated, republished and resell
  • Add Multi chain support so this standard can be used on another chains outside of Ethereum which will make it easier for builders to use the standard itself
  • Define support for 3D standards

Those are just my ideas that I came up with that can improve this standard. I'm open to hear other people’s ideas and how to implement them. My Twitter DMs are open and I would love to hear your feedback!

Why I decided to improve the NFT Standard

I’m thrilled to lead this initiative as together we can create super NFT standard 🦾.

Links

📑 NFT Standards Wiki

📩 Contact me via Twitter

This initiative is supported by the Ethereum Magicians as we would love to support Ethereum Ecosystem ✨

Ethereum Sunshine 🌞 Can do magic @EthMagicians ✨