Why devs should care about NFTs - Anette Rolikova aka @AnettRolikova @ETHDubaiConf

Transcript

hi guys uh welcome thank you so much for staying so late at this conference and thank you so much for coming to my talk um i'm going to very quickly talk about erc since i have only five minutes um just to like quickly i'm sure that everyone knows what nfts are so i'm not going to talk about that uh but basically all nfts are running on ethereum on erc 721 or 1155 standards and today i'm going to mention what are those standards so uh quickly what erc erc is stands for ethereum request for commands and its own chain application layer aap aip is ethereum improvement proposal

which is a standard of how things are being improved on chain and it's sort of like unification of standards and solidity functions on ethereum the chain itself if you want to learn more about the ercs i've wrote like eip faqs and there are erc's as well mentioned this is the article you can find it on my medium so quickly what's erc20 efc20 is a token standard which is the most popular standard on ethereum chain and it's the standard which most uh tokens are running on the ethereum chain and it's also kick off the ico craze in 2017 back in the days if you remember that um

so the erc 721 is the main ethereum's nft standard and it's the most popular one there is also so much things to talk about this standard but just to be very quickly this is the smart contract token standard which are being used for nfts uh and it was introduced in late 2017 so we all know that it's very old and it's pretty unusable as a standard itself uh because it's very simple and there are many issues with it which are causing that so many platforms are building their own custom solutions on the top of the 721 itself and that's what is breaking the nfts uh these days

and that's why nfts are not really compatible between uh platforms and marketplaces um because they're so like the smart contract itself values so variables so much um there are like basically 721 functions and since i don't have much time i have to be very quick so there is another nft standard which is super popular and it's 1155. uh this standard um introduced us it's sort of like uh erc20 and 721 uh together or like it's like very like something in between and this standard mainly introduced the atomic swaps uh multi-transfer and unification which

means um that the main difference between 725 and 1155 uh is that the seven the 1155 yeah you can store like many nfts in one contract 721 only one nft in one contract that's like the main difference and then also in 1155 every nft is defined by token id and this allows us that we can even swap the nfts between uh within each other um in the one contract so if you want to learn more about the standards i wrote a huge wiki about all ft related standards just make sure to

check it out it's a huge documentation of all nft related ercs there are many groups blogs and we also have a working group on telegram as well and then there are many issues with nfts as well which we run into with 721 so these are the basic ones and i have to be very quick so just quickly uh the main issue with 721 is the metadata and the metadata are basically the token uh the nft attributes which are the traits which if you have like mainly pfp you can see the attributes as like background or like the face or hair color or t-shirt color or anything like that uh and metadata in

721 are defined by token uri which points to storage url like ipfs or reeling and it's like a json data blob which is not even unchained and that's like the main issue and also in 721 the metadata is optional also there is another standard which introduced only schemas which defines like nothing and it's not even helpful and the standard is not even being used um and there are more about like what we need with the nft metadata but since i actually am like over the time anyway so uh music nfts there are many problems coming from the music nft itself industry but there is also working group

that is trying to create new music nfc standards there are some proposals for new music nfc standards which i actually wrote article about and these are just screenshots from my article and since i'm over time make sure to check out the wiki where you can find more information and articles and this is my twitter so if you want to have more questions feel free to reach out to me i have the same handle on telegram as well so that's it thank you so much you