To propose an extension of smart contract interfaces for asset-backed, fractionalized projects using the EIP-1155 standard such that total acquisition will become possible. This proposal focuses on physical asset, where total acquisition should be able to happen.
Fractionalized, asset backed NFTs face difficulty when someone wants to acquire the whole asset. For example, if someone wants to bring home a fractionalized asset, he needs to buy all NFT pieces so he will become the 100% owner. However he could not do so as it is publicly visible that someone is trying to perform a total acquisition in an open environment like Ethereum. Sellers will take advantage to set unreasonable high prices which hinders the acquisition. Or in other cases, NFTs are owned by wallets with lost keys, such that the ownership will never be a complete one. We need a way to enable potential total acquisition.
The key words “MUST”, “MUST NOT”, “REQUIRED”, “SHALL”, “SHALL NOT”, “SHOULD”, “SHOULD NOT”, “RECOMMENDED”, “MAY”, and “OPTIONAL” in this document are to be interpreted as described in RFC 2119.
EIP-1155 compliant contracts MAY implement this EIP for adding functionalities to support total acquisition.
Native ETH is supported by via Wrapped Ether EIP-20. After forcedSale is set, the remaining NFTs metadata should be updated to reflect the NFTs are at most valued at the previously set TWAP price.
The major security risks considered include
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