[Playlist] NFT proposal

Lucas Gonze lucas at gonze.com
Fri Jan 7 17:22:42 UTC 2022


I proposed systemic improvements to NFTs (
https://gist.github.com/lucasgonze/bd8fea4228b6de16766f0e1286ec7045)

Low-hanging fruit for NFTs as a whole is fixing the issues Jonty pointed
out in his epic March 17, 2021, tweet thread (
https://twitter.com/jonty/status/1372163423446917122). These issues are not
new features or use cases but are blockers for new features. Fixing these
issues will increase trust in NFTs and help grow sales.

Quote:

The NFT token you bought either points to a URL on the internet or an IPFS
hash. In most circumstances, it references an IPFS gateway on the internet
run by the startup you bought the NFT from. Oh, and that URL is not the
media. That URL is a JSON metadata file

Principles:

   - NFTs should be durable
      - Their lifetime must not be limited to the company managing the sale
      - They must not change after purchase, because then the changer can
      invalidate the contract. Portions that are dynamic must be cleanly marked
      and communicated. The terms of the sale must restrict the seller from
      modifying any other facet.
   - NFTs should be complete
      - A JSON file is not sufficient except as a pointer. It is not the
      object owned.
      - The media must be referenced in the object transacted
      - The purchaser must have the asset hashes in hand after the sale.
   - IPFS transience should be accounted for
      - There should be a trust ensuring that the IPFS hosting continues
      past the lifetime of the seller. (Privately owned graveyards have this
      property!) For example, metadata might be in a blockchain shared and
      supported by all vendors. There might be a non-profit charted
with ensuring
      the continued availability of metadata and assets.
      - Metadata necessary to resolve the item must be cacheable, with
      well-known semantics. There must be an "infinite" cache timeout
for facets
      of the item necessary to bootstrap to the point of viability.
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