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publicly verifiable, making it exceedingly straightforward to prove ownership history.12 The NFT market is not exclusive to Ethereum, other blockchain networks (Neo, Tron, etc.) can support NFTs.13 NFT Standards14 Given that the Ethereum blockchain is distributed and not controlled by one central authority, developers within the Ethereum community can introduce, revise, comment, and accept various standards through an Ethereum Improvement Proposal (EIP). Once the community accepts an EIP, an Ethereum Request for Comments (ERCs) becomes a technical document Ethereum developers can use. ERCs ultimately define a set of rules required to implement tokens for the Ethereum ecosystem and contain information about protocol specifications. ERC721 (Ethereum Request for Comments 721) is a commonly used NFT standard that describes how to create NFTs on the Ethereum blockchain and was the first standard for representing non- fungible digital assets. CryptoKitties, a type of NFT that is described at greater length later in the paper, is one of the most popular use cases for ERC721.15 ERC721 identifies a “[...] minimum interface a smart contract must implement to allow unique tokens to be managed, owned, and traded.”16 ERC721 further offers functionality to transfer and track NFTs.17 Numerous projects currently use ERC721 throughout the Ethereum ecosystem. Another NFT standard, ERC1155, provides the ability for developers to create, sell, or trade multiple tokens in a single contract.18 By employing the ERC1155 standard, a contract may contain any combination of fungible tokens, non-fungible tokens, or other token configurations (i.e., semi- fungible tokens).19 The primary motivation behind the creation of this standard is that previously, ERC721 solely allowed the deployment of separate contracts per token type.20 Today, ERC1155 enables developers to have more flexibility and transfer multiple kinds of tokens at once.21 WHY COLLECT NFTS? Proponents of the NFT market advocate that placing digital assets on the blockchain allows artists and other content creators to verify the authenticity of digital artworks and other types of digital 12 “Non-Fungible Tokens (NFTs),” Ethereum, April 26, 2021. 13 Elena Martinique, “8 NFT Marketplaces To Be Familiar with Right Now,” Widewalls, March 29, 2021. 14 “ERC Token Standards,” EthHub (Ethereum, 2021). 15 Devin Finzer, “The Non-Fungible Token Bible: Everything You Need to Know about NFTs.” OpenSea blog. OpenSea, January 11, 2021. 16 Dieter Shirley, “ERC-721,” ERC-721 (Axiom Zen and Dapper Labs, 2017). 17 “The Ultimate List of ERC Standards You Need to Know,” 101 Blockchains, February 24, 2021. 18 Ibid. 19 Witek Radomski et al., “EIP-1155: ERC-1155 Multi Token Standard,” Ethereum Improvement Proposals, June 17, 2018. 20 Ibid. 21 Ibid. 21RM009 • LSO RESEARCH AND EVALUATION DIVISION • 200 W. 24th Street • Cheyenne, Wyoming 82002 TELEPHONE 307-777-7881 • EMAIL lso@wyoleg.gov • WEBSITE www.wyoleg.gov May 2021 • PAGE 3 OF 9PDF Image | NON-FUNGIBLE TOKENS (NFTS) background
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