Learn more on our Notion site.
npm install && npm run prepareThe goal of ERC721R is to add refund functionality to the ERC721 and ERC1155 standards. This repo contains community provided examples you can use in your own NFT smart contract.
This code is still in beta and undergoing reviews. Use at your own risk.
The NFT space needs greater accountability. The space faces too many rugpulls and for the health of the NFT ecosystem as a whole we need better mechanisms to prevent these from happening.
Offering refunds provides greater protection for buyers and more legitimacy for creators.
The Azuki ERC721A provided gas improvements to the original ERC721 standard. ERC721R provides trustless refunds.
When you mint an NFT in an ERC721R collection the funds are held by the smart contract in escrow. The creators are unable to withdraw the funds till the waiting period has been completed. During this waiting period the buyer is able to return their NFT to the smart contract and receive their ETH back.
If the creators decide to rug, buyers will request their funds back before the waiting period has completed only losing gas costs for the transactions.
See the example smart contracts for usage.
For buyers:
For sellers:
A benefit to both:
Another thread on the benefits of refunds can be found in Daniel Tenner's Twitter thread: https://twitter.com/swombat/status/1492484783036936192
There's no one answer to this question, but some things to consider:
A longer refund period means:
What some other projects have done:
We've created a list of high-quality buyers that have committed to purchase from the next 10 NFT projects to implement refunds. If you'd like to be added to the list you can fill in this form.
As long as the project has a mint price of 0.2ETH or less with at least a 14-day trustless refund period, everyone in the list commits to mint. Of course, there's no guarantee minters won't execute a refund.
In the future we may see more complex implementations of ERC721R that include:
Contributions are what make the open source community such an amazing place to learn, inspire, and create. Any contributions you make are greatly appreciated.
If you have a suggestion that would make this better, please fork the repo and create a pull request. You can also simply open an issue with the tag "enhancement".
Don't forget to give the project a star! Thanks again!
git checkout -b feature/AmazingFeature)git commit -m 'Add some AmazingFeature')git push origin feature/AmazingFeature)Distributed under the MIT License. See LICENSE.txt for more information.
Exodia Labs is not liable for any outcomes as a result of using ERC721R. DYOR.