In regard to
- 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.
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.