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The French Federation of Professions of Blockchain (FFPB) & AFNOR normalisation published the FFPB – White Paper NFT on January 20, 2023. The paper’s objective is to provide an overview of the NFT (non-fungible token) technology.
In details, the paper presented:
(i) a simplified definition of NFT concept, (ii) the role description of Smart Contract, storage device, and metadata regarding the NFTs, (iii) Architecture for generating an NFT, (iv) an analysis of the market and existing use cases applying the NFTs, (v) an overview of technical norms and standards in the EU, (vi) legal interest of standardisation, then (vii) general conclusion, and finally (viii) frequently asked questions.
Particularly, there are currently three categories of technical norms and standards in the EU:
- First, the EU technical standards for the NFTs in the EU are (1.1) the ERCs for Ethereum, except to ERC20, applying to the fungible token, (1.2) Financial Application 2 for Tezos, and (1.3) Algorand Standard Asset Parameters 03 and 69 for Algorand. Particularly, on Ethereum:
- ERC721 – NFT standard allows to conduct the norm of fondamental functionalities, creation, destruction, track and transfer of the NFTs;
- ERC-1155 – Multi Token Standard allow the users to manage FTs and NFTs and propose the functionality of semi-fungible tokens;
- ERC-2309 – ERC-721 – Consecutive Transfer Extension Standard offering more scalability of the specification ERC-721 by enabling the generation and transfer of 2^256 NFTs in one single transaction;
- ERC-2981 – NFT Royalty Standard allows a certain percentage of resale price, incorrect reference to as a copyright royalty to be paid to the creator and NFTs rights holder each transaction of sale and resale of NFT on online markets;
- ERC-3525: Semi-Fungible Token – Standard for semi-fungible tokens with the data model in 3 branches: <ID, SLOT, VALUE>;
- ERC-4906: NFT Metadata Update Extension of EIP-721 – Standard of creating MetadataUpdate event allows platforms to easily update the metadata of the NFTs and be notified;
- ERC-4907: Rental NFT, an extension of ERC-721 offers an additional role (user) that can be granted to addresses – portfolios, smart contracts, and a time when the role is automatically revoked (expires).
- Secondly, the next category refers to the standards called “EIP” or “BIP”, known as “Ethereum Improvement Proposal” or “Bitcoin Improvement Proposal”.
- Finally, at the international level, the organisations could apply the norms of ISO, IETF, for example, ISO/TC 307, ISO/IEC JTC 1/SC 29 or ISCC International Content Code.
In France:
In addition, in France, you may also observe certain organisations of regional or national normalisations such as CEN, CENELEC in the EU and AFNORs in France respectively. Furthermore, the paper proposed the integration of Open Source and Fair Reasonable and Non-Discriminatory (FRAND) licences associated with the NFT Licence.