This is the summary document, which describes the vision & mission of this project and technologies, protocols and methods we are building, such as SVG compression, on-chain asset strore, crowd-Minting, asset providers and Draw2Earn app. Importance of being Fully On-chain While decentralization is one of the fundamental values of Web3, most NFTs (including bluechip NFTs such as BAYC and Azuki) are not fully on-chain, storing metadata and images on either HTTP server or IPFS. Those NFTs will become inaccessible once the NFT providers cease to exist or simply stop supporting them. It means those NFTs are not yours, and they are under the control of NFT providers, just like many Web2 services. They are more like Web 2.5 NFTs. On the other hand, fully on-chain NFTs such as Nouns are guaranteed to "exist" a hundred years from now, as long as the blockchain exists.
12/13/2022A major flaw of ERC721 While NFT is playing a very important role to bring more people into the Web3 ecosystem and even create new income opportunities for artists, the protocol itself, ERC721, is still very immature and has a few fundamental issues. Royalties are not enforceable. Many NFTs are stolen. It is not decentralized. Because royalties are not part of ERC721, it is up to the marketplaces, such as OpenSea, to pay royalties. As the result, many royalty-free were born, and the "Race to the Bottom" has started.
12/12/2022or
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