Free TON

Contest proposal: NFT marketplace

Copy of a content for discussion here.

Suggested actions

  • To extend submission period for 2 weeks - until May 30, 2021
  • To change the terms of the contest to allow alternative (to current TIP-3 specs) NFT token architecture.

Motivation

The Marketplace at question shall foresee fully automated NFT token transactions, in this sense no compromises are acceptable. Current TIP-3 token architecture doesn’t allow such automation.

To resolve the issue, token storage system needs to be substantially redeveloped, particularly using DeNS technology. Such development requires 2-3 weeks.

This initiative is aimed to create conditions for development of a sustainable, commercially viable solution, with respective testing and debugging. NFT architecture is to be introduced once and for good, we have to ensure that the presented solutions are sound and workable and in line with their expected usage. It is unacceptable to repeat the situation when the submissions don’t meet the contest requirements, like it happened in the DeNS contest.

Main remarks on the current TIP-3 NFT token standard

Basically, there are two main issues.

1. There is no need for user’s NFT wallet

TIP-3 foresees a special NFT wallet, which stores token IDs only. On the other hand, non-fungible tokens shall contain quite a lot of various information related to underlying assets. Therefore, there is a need for an object to contain all the necessary data.

Dedicated smart contract for each token looks as the most straightforward solution. Such contracts might be stored using DeNS architecture. It means that a ‘centralized’ NFT wallet becomes redundant.

2. TIP-3 NFT wallet doesn’t imply external controls

Even if the TIP-3 NFT wallet had a sense to be introduced, it couldn’t be used without complicated off-chain solutions. The problem arises from inability to get tokens reserved, to ensure proper trade execution. Wallet’s owner can, at any time, ‘disapprove’ the sale of the token and withdraw from the deal without delivery of the token, even if it was duly paid for.

What will happen if TIP-3 won’t be improved

There will be lots of inconsistent dapps, using various off-chain execution controlling tools. There will be no opportunity for due integration with other NFT standards as well.

Besides the extension of contest submission period, newly developed TIP-3 NFT standards shall be adopted.

(copied from a separate thread). Thank you for your analysis. There is a practical reason to finish such contest before AIBC UAE starting 25th of May, thus participants will be able to presents results at this event.
I personally don’t see any problem with you making your own implementation of NFT a la TIP-3/DeNS. Broxus team did it for wrapped BTC, ETH and stablecoins

Taking into the account AIBC timing 9 day extension seems reasonable

Please clarify what creation of NFTs (1 of 1) means? What is (1 of 1)?

Finally, let’s put for a vote an extension until 24th of May.

General description

Due to received feedback, it’s proposed to extend contests submission period by 7 days for Contest proposal: NFT marketplace

New dates

  • Submissions: 17.03.2021 - 24.05.2021 23:59 UTC
  • Voting: 15 days

Procedural Remarks

All the requirements, criteria, rewards etc are not a subject of this proposal.

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In principle, the idea and idea are not bad, but there are moments that still need to be studied, but as I understand the reward is pretty high

Support NFTs marketplace in Free TON ecosystem because NFTs are the next big revolution in crypto industry due to their uniqueness nature.

Now we can create a NFT of any tweet and auctioned off it to bidders.

Recently twitter ceo Jack Dorsey auctioned off his first-ever tweet for a bid of $3M

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