ERC-3754: A Vanilla Non-Fungible Token Standard

NFTs for representing abstract ownership


Metadata
Status: StagnantStandards Track: ERCCreated: 2021-08-21
Authors
Simon Tian (@simontianx)

Abstract


In this standard, a non-fungible token stands as atomic existence and encourages layers of abstraction built on top of it. Ideal for representing concepts like rights, a form of abstract ownership. Such right can take the form of NFT options, oracle membership, virtual coupons, etc., and can then be made liquid because of this tokenization.

Motivation


Non-fungible tokens are popularized by the ERC-721 NFT standard for representing "ownership over digital or physical assets". Over the course of development, reputable NFT projects are about crypto-assets, digital collectibles, etc. The proposed standard aims to single out a special type of NFTs that are ideal for representing abstract ownership such as rights. Examples include the right of making a function call to a smart contract, an NFT option that gives the owner the right, but not obligation, to purchase an ERC-721 NFT, and the prepaid membership (time-dependent right) of accessing to data feeds provided by oracles without having to pay the required token fees. An on-chain subscription business model can then be made available by this standard. The conceptual clarity of an NFT is hence improved by this standard.

Specification



Rationale


The NFTs defined in the ERC-721 standard are already largely accepted and known as representing ownership of digital assets, and the NFTs by this standard aim to be accepted and known as representing abstract ownership. This is achieved by allowing and encouraging layers of abstract utilities built on top of them. Ownership of such NFTs is equivalent with having the rights to perform functions assigned to such tokens. Transfer of such rights is also made easier because of this tokenization. To further distinguish this standard from ERC-721, data fields and functions related to URI are excluded.

Backwards Compatibility


There is no further backwards compatibility required.

Reference Implementation


https://github.com/simontianx/ERC3754

Security Considerations


The security is enhanced from ERC721, given tokens are minted without having to provide URIs. Errors in dealing with URIs can be avoided.

Copyright


Copyright and related rights waived via CC0.