Building a Better Home for Text-Based NFTs on Social Media

The Challenge:

Today's ERC721 relies on external URLs for NFT metadata, necessitating backend queries that introduce latency and compromise user experience. This is especially disruptive in social media environments where immediacy and seamless interaction are paramount.

Moseiki’s EIP to the Rescue:

• On-chain Metadata Storage: This EIP eliminates off-chain dependencies by embedding NFT metadata directly within smart contracts, stored efficiently in bytes format. No more waiting for external resources - your text-based NFTs are readily accessible within the network itself.
  
• Streamlined NFT Creation: The mintWithBytes function empowers direct submission of text-based metadata in bytes format, simplifying the minting process and minimizing friction for creators.
  
• Maintaining Compatibility: Backwards compatibility is a core principle. Existing ERC721 applications will integrate seamlessly with this extension, preserving the value of established infrastructure.

Technical Deep Dive:

• NFTMinter Contract: The heart of the proposal, an ERC721-compliant smart contract facilitating NFT creation, metadata storage, and royalty management.
  
• Bytes-based Metadata: Textual content is efficiently stored in bytes, minimizing gas costs and maximizing on-chain accessibility.
  
• tokenURI Function: Bridges the gap between on-chain bytes and external applications by converting and returning the stored metadata in a human-readable string format.
  
• Royalty Management: An integrated system ensures creators receive their fair share of revenue each time their text-based NFTs are transferred or utilized.

Impact and Implications:

• Enhanced User Experience: Eliminating URL lookups translates to faster loading times and smoother interactions, fostering a more engaging social media experience for both creators and consumers.
  
• Cost Optimization: On-chain metadata storage reduces reliance on external infrastructure, potentially lowering gas fees and overall transaction costs.
  
• New Possibilities for Creators: By simplifying NFT creation and streamlining metadata management, our EIP empowers developers to build innovative social media tools and platforms specifically designed for text-based NFT ecosystems.

The Future of Text-Based NFTs:

Our EIP represents a strategic step toward a future where text-based content thrives in the web3 landscape. By optimizing the underlying infrastructure, we lay the groundwork for a diverse and vibrant ecosystem where content creators and social media platforms can unlock the full potential of NFTs. This is just the beginning, and the future of text-based NFTs on social media looks brighter than ever, byte by byte.

Join the discussion and contribute to the development of our EIP by visiting the link below

https://ethereum-magicians.org/t/extending-erc-721-standard-for-text-based-nft-use-in-social-media/17685