Funded [Kompendium-4] Advanced NFT Specification & Module Development

Grant round: Grant Round 2021-03

Estimated FCT Available: 300,000.00

Votes

Standing Party Approve Abstain Score
Yes No 7.00
Yes No 2.00
Yes No 6.00
Yes No 6.00
Yes No 7.00
No Yes 6.00
Yes No 7.00
Yes No 4.00
Yes No 6.00
Yes No 6.00
Yes No 6.00
Yes No 4.00
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Executive Summary
This is a grant proposal for the design and development of an advanced standard of (non-fungible tokens) NFTs for the factom ecosystem that aligns with the Ethereum ERC1155 NFT standard. This NFT standard would allow for multiclass NFTs on Factom L2. Deliverables for this grant would be
  • 1) a written token specification and
  • 2) the coded implementation of that standard for use atop the Factom network.

The token specification will include the minimal set of required methods, additional required methods, optional methods, and functionality for implementing this specification, along with its data structure. Additionally, the specification will be implemented to allow the creation of these tokens atop Factom.

We have already nearly completed all work described in this proposal and are well postured to deliver this capability within weeks vice months.

Previous Grants

ANO / Committee
Group: Kompendium
FCT address: FA2H1Vwsq6VLcKJEtnpBRTHTXFzSQYJNFkd82ZB4N77bfe7JmWPD
FCT: 6500

Total FCT Requested
6500

Start Date
2021-06-02

Completion Date
2021-09-15

Project Description
The project is to provide a specification and coded implementation of an ERC1155-equivalent advanced NFT standard atop Factom on L2. The Ethereum 1155 NFT standard can be accessed here: https://eips.ethereum.org/EIPS/eip-1155

Highlights:
  • NFTs remains one of the hottest and exciting opportunities in blockchain
  • This more advanced NFT standard is the token standard featured by popular NFTs platforms like OpenSea, Enjin, and Rariable
  • We are nearly complete all the work described in this proposal and expect a rapid fielding of this capability following testing.

Problem Statement
With the explosion of NFT mania and ever-emerging use cases Factom was not optimally positioned to leverage its technology and participate in this wave. With this new NFT standard, Factom will be able to better pursue NFT-related opportunities and attract new business as an affordable and feature-rich alternative blockchain to create and manage NFTs.

Goals and Objectives
We want Factom to be seen as a viable alternative to Ethereum, EOS, or Tezos for creating NFTs. Factom needs the ability to provide the advanced features users and industrial companies seek and need as solutions for their problem sets. This NFT standard is just that and immediately provides a huge advance to Factom’s NFT capability and industry competitiveness.

Success Criteria
  1. Create a well-researched and designed NFT standard that obtains high efficiency and speed. It should set an example for others to emulate.

  2. It should allow for all the features and capabilities of the ERC1155 standard tokens and be compatible/standard compliant.

Timelines and Milestones
This project will be designed and developed over 3.5 months by multiple developers and engineers.

Budget
6500 FCT

Assumed Price Per FCT
$1.3

Competition
None – there is no other capability to create NFTs on Factom in an 1155-like standard.
Factom L2 NFTs that are similar to ERC721 tokens are not a competitor, but instead a valuable and complementing capability to 1155-like NFTs.

Additional Information
Note: We have already created the specification and are nearly complete with its implementation. We are presently preparing for testing, and expect a rapid fielding timeline.
 

Chappie

Factomize Bot
The Forum Q/A process has now started. The community may ask questions until Aug 6, 2021 at 23:59 UTC.

Other important dates:
  • After the question period ends on Aug 6, 2021 at 23:59 UTC, you may continue to answer last minute questions until Aug 7, 2021 at 23:59 UTC
  • Once the answer period ends, voting will start one minute later on Aug 8, 2021 at 00:00 UTC
  • Voting will be closed on Aug 10, 2021 at 23:59 UTC and the final results will immediately become available.
 
Are not most Ethereum NFTs ERC721?
Yes...currently. Many of the older cryptopunks, cryptokitties and others collectables are predominantly ERC721 tokens.
Gaming platforms (enjin), and several popular NFT project sites like Open Sea and Raribles for art and other collectables allow users to create both 721 and 1155 NFT standards. ERC1155 offers several increasingly popular features that has lead to a growing adoption rate of these tokens.

Factom has some great features that make it an attractive platform form NFTs; this grant is to help Factom remain competitive as an attractive platform offering equivalent NFT token standard capabilities as other blockchains.
 

Chappie

Factomize Bot
This is a final warning that the community has just 24 hours from now to ask any last minute questions.

Other important dates:
  • After the question period ends on Aug 6, 2021 at 23:59 UTC, you may continue to answer last minute questions until Aug 7, 2021 at 23:59 UTC
  • Once the answer period ends, voting will start one minute later on Aug 8, 2021 at 00:00 UTC
  • Voting will be closed on Aug 10, 2021 at 23:59 UTC and the results will immediately become available.
 
Great, yes that is what I was getting at.
You seem to get the heart of the matter about NFTs.

NFTs are a REAL opportunity for all ANOs to attract usage for the protocol.

We frequently do outreach to potential customers and hands down NFTs are by far the most asked about and requested blockchain technology by businesses we’ve talked with. It’s not tokens, it’s not defi, it’s always NFTs. Always

Factom is a great platform for NFTs. Customers can make them with far lower cost than other competitor platforms and get all the other advantages factom while at the same time it has the ability to enable factom NFT holders to access etheruem-based platform like open sea by using the etheruem<>factom bridge. All the benefits of factom, all the benefits of etheruem market infrastructure = Factom well positioned to be a competitive NFT platform.

1155 is cheaper and more agile than the original 721 standard, and it enables token classes which are all reasons why more and more NFT projects and entrepreneurs prefer 1155 NFTs over the more limited 721 standard. At a time when polkadot and every other platform is racing to enable and build NFT platforms, Factom needs to remain competitive as a viable NFT platform - that means having the ability to offer customers options, that means having both 721 (FAT1) and 1155 (this grant) stabdard NFTs available on factom.
 
Last edited:

Chappie

Factomize Bot
The Forum Question Period has now ended. Teams will have until Aug 7, 2021 at 23:59 UTC to answer any last-minute questions.

Other important dates:
  • Once the answer period ends, voting will start one minute later on Aug 8, 2021 at 00:00 UTC
  • Voting will be closed on Aug 10, 2021 at 23:59 UTC and the results will immediately become available.
 

Chappie

Factomize Bot
The Answer Period has now ended and Standing Parties may now vote.

Voting will be closed on Aug 10, 2021 at 23:59 UTC and the final results will immediately become available.

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