In August, the Mint Blockchain team proposed a new NFT asset protocol standard—ERC-7765, aiming to connect digital assets with real-world assets and privileges.
The Rise of Real World Assets in NFTs
NFTs have been primarily known for their use in digital art and virtual worlds. However, more projects are exploring NFTs linked to real-world assets like physical products, property, and financial instruments. These real-world assets provide holders with specific rights and privileges. ERC-7765 aims to address the challenge of executing these privileges both onchain and offchain.
What Is ERC-7765?
ERC-7765 is a proposed standard specifically for NFTs that represent real-world assets with privileges. Built on ERC-721, it extends the standard to allow NFT holders to exercise associated privileges like redeeming real-world products using the onchain representation of those privileges.
Key Features of ERC-7765
ERC-7765 inherits ERC-721's transfer logic, ensuring compatibility with existing platforms. The main innovation is the exercisePrivilege function, enabling NFT holders to exercise privileges like redeeming products. The standard includes functions to check privilege status, a method for binding privileges to NFTs, and metadata for each privilege, enhancing transparency and usability.
ERC-7765, proposed by the Mint Blockchain team, significantly expands NFT applications, bridging digital assets and the real world, thereby offering new possibilities for blockchain technology.
