Newsletter #49
Peeking the future of NFTs
So you’ve claimed your Lazy profile and added your NFTs, the next step is to spread the word. Tweet about your Lazy collection and we just might feature you in a future issue of this newsletter!
This week’s featured collection is TheRealCarlo
TheRealCarlo has collected NFTs on Ethereum and Polygon. Their primary focus is TheCryptoNerdz, SkeletGuy and Smol Aliens Club. Check out their full gallery at lazy.com/therealcarlo
The technology behind NFTs is constantly evolving. So what are some of the technological changes that might be coming? And what new abilities will they bring for NFTs?
This week we’re going to explore recent Ethereum Improvement Proposals (EIP) that give a peek into the new directions NFTs might go.
The EIP process is one of the ways that Ethereum “upgrades” itself—these proposals can become standards that are widely used by developers. Of course, not every EIP will pass the rigorous review.
That’s okay: our goal isn’t to find the next standard, it is to see what fresh ideas are floating around for how the NFTs of tomorrow will be different.
1) EIP-4885: Subscription Token Standard
This proposal would let users subscribe to assets or services owned by an NFT contract. The developer behind the proposal explains the original inspiration was to give musicians and filmmakers control by allowing creators to “set their own custom subscription models and hence, open up new revenue streams that can lead to decentralised distribution and delivery models.” In other words, in this vision, NFTs of the future would be able to grant access to exclusive content and revoke that access once a subscription expired. Learn more about EIP-4885 here.
2) EIP-4907: ERC-721 User And Expires Extension
This proposal would add usage rights to NFTs. Right now, most NFTs can only be used by the owner. The developer behind this proposal imagines a different world for NFTs where the owner and the user might be two different people. Here is how they explain their reasoning: “Some NFTs have certain utilities. In-game NFTs can be used to play, virtual land can be used to build scenes, music NFT can be used to enjoy, etc. But in some cases, the owner and user may not be the same person. People may invest in an NFT with utility, but they may not have time or ability to use it. So separating use right from ownership makes a lot of sense.” Learn more about EIP-4907 here.
3) EIP-4910: Royalty Bearing NFTs
NFT royalties are a hotly debated topic and here is another vision of how they might be implemented. Right now, there is no single standard for how NFTs can signal the royalty payments owed and who should receive them. OpenSea uses their own method while others, such as Mintable and LooksRare, have adopted EIP-2981. However, some developers are not satisfied with EIP-2981 because they want royalties to be enforced, not simply voluntary as EIP-2981 proposes. EIP-4910 is an attempt to address that concern. And while it may not pass review, its existence suggests that new solutions to the NFT royalty problem are on the horizon. Learn more about EIP-4910 here.
NFTs are changing… and it is fascinating to watch!
👉🏼 Want to make an impact on the NFT scene? Here’s your chance: Lazy.com is hiring a web3 front-end developer with React experience. Tens of thousands of collectors use Lazy.com to display their NFTs. Shape what they see. Apply now by sending a sample of your work. 👀
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