Once the tokenization craze picks up, we foresee a problem where everyone will use their custom definitions and properties for the items while creating the tokens. We will have inconsistencies and no common framework to compare tokens of same type from different token issuers. It will be difficult if we want to do valuation across chains or across country for transactions on these NFTs. To fill this gap we propose for a standardization of the NFT symbols and their schema.
What it does
Our project demonstrates how one can go about tokenizing anything one can imagine. We provide an easy way to classify the item to tokenize and use standardized schema which will make creation of NFT tokens a seamless experience to the admins and users.
How we built it
The hedera HTS docs and startup code was very helpful in ramping up. Current Demo code built using React.
Challenges we ran into
The current HTS offering is good for Fungible tokens, but some additional fields need to be natively supported for NFT. For NFT tokens, we have to do a workaround for storing the unique attributes of NFT items in a file. We suggest atleast one more field say "reflink" so that the attributes which can be uniquely specified can be used, and the symbol field be used for what its meant for.
Accomplishments that we're proud of
The proposition of an Universally accepted 'Asset Classification ID' and 'Schema' for each one of them. More info on the proposed standard and schema is given in the presentation file attached to the project.
What we learned
The HTS SDK is very different than the conventional way of creating Tokens in other blockchain frameworks like ETH. Though it does not provide the programmability like in solidity, it gives a good base with native support.
What's next for "Hedera21 Example Project"
There are lots of ecosystem entities like token registrars, storage providers, validator, etc., that can be thought of while building an app and putting a process in place for NFT. We have identified some some of these which can be worked on by integrating them in future.