CallistoNFT advanced standard

Intro

This article describes a new Non-Fungible Token standard developed by @Dexaran , the author of existing ERC223 standard.
The token standard is suitable for EthereumVM-compatible platforms.

Welcome the new NFT standard

NFTs are the new buzzword in crypto industry during the last years. However the concept of NFTs is not new at all. Our current NFTs were introduced in 2017 as Ethereum Improvement Proposal #721 (which defined the currently existing standard — ERC721).

CallistoNFT vs ERC721

  • Monetization for NFT creators, not third party marketplaces — NFT developers / creators can now earn % fee on these built-in trades instead of the marketplaces that traditionally did this.
  • Communication model for smart-contracts “events” are a very standard practice in programming and the key feature for programm-to-programm communication models. However ERC721 lacks this feature. New standard addresses this to open up wider automatisation opportunities.
  • Standardized properties — NFTs typically represent some unique objects and store their properties (for example bitmap for a picture or website link). This unique properties are implementaiton-specific in ERC721. CallistoNFT makes a step towards standardizing this features.

1. Built-in “Trades”

The main property of NFTs is their uniqueness. As the result each NFT is trackable and a user may want to find an NFT on-chain.

2. Monetization for NFT creators

Since the NFTs are now tradeable through the token contract itself we also allow developers to collect fees as exchanges are doing it. This simplifies monetization — if a developer creates a successful NFT then he doesn’t need to worry about how to get paid from it. Once it is getting adopted, used and traded the developer receives lifetime revenue from it.

3. Communication model for smart-contracts

A lot has been said about the critical problems of ERC20 standard https://dexaran820.medium.com/erc20-token-standard-critical-problems-3c10fd48657b

4. Standardized properties

Most NFTs keep unique properties of what they represent in addition to their unique ID. These can be “stats” of a card for card game NFT, link to an external website or any other data.

P. S. “The Better Financial World”

A lot has been said about Ethereum, Callisto and ERC721 standard in this article. The main goal of this “ERC20 vs ERC223” and “CallistoNFT vs ERC721” activity is to construct the better financial infrastructure for ourselves. What we are doing now can define what our human civilization will rely on in 20–30 years. Therefore the goal is more important than it may look like in a first glance.