Introduction
The Compressed NFT Standard proposal, identified as TEP-0, aims to introduce a novel approach to the creation and management of Non-Fungible Token (NFT) collections on the blockchain. Authored by Maxim Gromov, Narek Abovyan, Ivan Nedzvetsky, and Daniil Sedov, this draft standard proposes a mechanism for the efficient, cost-effective mass creation of NFT items. Dated 28th July 2023, the standard seeks to extend the existing NFT Standard by leveraging data compression techniques, specifically through the use of Merkle trees, to significantly reduce the costs associated with the creation of large volumes of NFTs. This document outlines the key components, motivations, and technical specifications of the proposed standard.
Summary
| Detail | Description |
|---|---|
| TEP | 0 |
| Title | Compressed NFT Standard |
| Status | Draft |
| Type | Contract Interface |
| Authors | Maxim Gromov, Narek Abovyan, Ivan Nedzvetsky, Daniil Sedov |
| Created | 28.07.2023 |
| Replaces | - |
| Replaced by | - |
Motivation
The need for a cost-effective method to create large volumes of NFTs is driven by the desire for expansive community engagement and large-scale advertising campaigns. Traditional NFT creation methods, which often incur linearly scaling costs with the number of NFTs minted, pose significant barriers to these objectives. The proposed standard addresses this challenge by introducing a method that allows for the mass creation of NFT items at a substantially lower cost.
Guide and Specification
The core of the proposed solution lies in the utilization of Merkle trees. This approach enables the representation of an entire collection of NFT items with a single hash, drastically reducing storage and transaction costs. Each NFT item, represented as a leaf in the Merkle tree, can be claimed by providing a proof of its existence within the tree, thus eliminating the need for individual storage of each item on the blockchain.
Key Components
- Item Data: Includes metadata specifying the owner and individual content of each NFT item, along with a unique index.
- Contract: Outlines the mandatory implementation of get-methods and internal messages within the NFT Collection smart contract to support the claiming process and interaction with the augmenting API.
- Augmenting API Version 1: Provides a detailed description of API endpoints that facilitate the retrieval of item information, including the necessary proof for claiming NFTs.
Comparison with Existing Solutions
| Feature | Compressed NFT Standard | Traditional NFT Standards |
|---|---|---|
| Cost Efficiency | High efficiency through batch creation | Lower efficiency, costs scale with item numbers |
| Data Storage | Single hash for entire collection | Individual storage per item |
| Creation Process | Items are “virtually” created and claimed later | Items minted upon creation |
| Technical Implementation | Utilizes Merkle trees for data compression | Typically relies on straightforward minting |
| User Involvement in Minting | End-users bear the minting costs upon claiming | Creator incurs all minting costs upfront |
Drawbacks and Future Possibilities
While the Compressed NFT Standard introduces significant cost savings and efficiency improvements, it also centralizes the augmenting API and requires items to be claimed before they are represented on-chain. Future developments could explore the potential for reducing costs further through the use of TVM-native merkle proof cells, despite current limitations in wallet support for special/exotic Cells.
Conclusion
The Compressed NFT Standard proposes a transformative approach to the creation and management of NFT collections, offering a scalable, cost-effective solution for mass NFT production. By addressing the limitations of existing standards, this draft sets the stage for broader adoption and innovative applications of NFT technology in community building and marketing campaigns.