A vanilla NFT standard is proposed. In this standard, a non-fungible token stands as atomic existence and can be understood as an ERC721 token having data fields and functions related to URI removed. This standard encourages layers of abstraction built on top of NFTs. Ideal for representing concepts like right, a form of abstract ownership. Such right, especially on-chain right, can then be made liquid because of this tokenization.
An example of applying this token to represent the right of making a function call to a contract is given here.
An on-chain subscription business model is also made possibe by adopting this token to represent quarterly or yearly membership (time-dependent right). An example can be fees per transaction for off-chain data via an oracle can be replaced by a long-term membership fee. Then as long as the caller has a valid CIP-82 NFT, the consumption of data feeds is free (plus gas fees). NFTs can be transferred, so is the right of consuming data feeds. This definitely has great advantages over the current pay-as-you-go business model.
Another great illustration of this concept can be found in this tweet that Andre Cronje sold the naming rights to his Twitter account to FTX.
A vanilla NFT standard is proposed. In this standard, a non-fungible token stands as atomic existence and can be understood as an ERC721 token having data fields and functions related to
URIremoved. This standard encourages layers of abstraction built on top of NFTs. Ideal for representing concepts like right, a form of abstract ownership. Such right, especially on-chain right, can then be made liquid because of this tokenization.An example of applying this token to represent the right of making a function call to a contract is given here.
An on-chain subscription business model is also made possibe by adopting this token to represent quarterly or yearly membership (time-dependent right). An example can be fees per transaction for off-chain data via an oracle can be replaced by a long-term membership fee. Then as long as the caller has a valid CIP-82 NFT, the consumption of data feeds is free (plus gas fees). NFTs can be transferred, so is the right of consuming data feeds. This definitely has great advantages over the current pay-as-you-go business model.
Another great illustration of this concept can be found in this tweet that Andre Cronje sold the naming rights to his Twitter account to FTX.