Multi-redeemable NFTs

1. Author information
Linktree (E-mail/ Twitter/ Discord/ Whitepaper): REDREAMER_Lab | Twitter, Facebook | Linktree

Intro: At RE:DREAMER Lab, our vision with the Domin Network is to redefine retail’s future. We’ve developed a unique NFT Redemption Protocol that integrates seamlessly with various retail touchpoints, including POS systems, vending machines, IoT devices, e-commerce platforms, and ticketing systems. This integration is crucial, as it requires a scalable infrastructure built on open standards, enabling smooth data exchange between stakeholders.

A key milestone in our project has been the development and Ethereum community’s adoption of ERC6672, a new standard for multi-redeemable NFTs. This standard, officially recognized on May 16, 2023, enable NFT to carry programmable datas.

Our approach leverages blockchain technology to create a secure, transparent, and user-friendly framework. With the RE:DREAMER Redeem Protocol, the Domin Network, and ERC6672, we enable shoppers to upload and control their shopping data on the blockchain. This innovation not only enhances consumer sovereignty over their data but also paves the way for a new era in retail and data management.

2. Brief summary
An extension of ERC-721 which enables an NFT to be redeemed in multiple scenarios for various scenarios, ranging from acquiring physical or digital assets to aggregate consumer data on the blockchain.

3. Summary
This NIP introduces an extension to the ERC-721 standard, laying the groundwork for the creation of multi-redeemable NFTs. This proposed redefines the utility of NFTs, transitioning from a single-use model to a dynamic, multi-use framework. The core functionality of this extension is to enable NFT holders to validate their ownership, thereby authorizing a spectrum of actions ranging from acquiring physical or digital assets to aggregating consumer data directly on the blockchain.
Crucially, this extension allows for an NFT to be redeemed multiple times in varied contexts while maintaining an immutable record of each redemption on the blockchain. This feature not only broadens the scope of NFTs in practical applications but also introduces an approach to tracking and leveraging consumer interactions.

4. Motivation
The motivation behind our proposed NFT standard is to introduce enhanced versatility and flexibility beyond what current standards offer. This innovative approach centers on the concept of multi-redeemable NFTs. Unlike traditional single-use NFTs, our standard enables these tokens to be redeemed multiple times across diverse scenarios, campaigns, or events. This not only opens up new possibilities for commercial applications but also significantly transcends the limitations of one-time redemption.

5. Fundamentals
A prime example of this functionality is the use of NFTs in an open royalty program as a membership card. Imagine an NFT that isn’t just a static token but a dynamic key unlocking varied experiences and rewards. For instance, it could first be redeemed for merchandise at a store. Subsequently, the same NFT could grant access to exclusive items, special rewards, or even a personalized meet-and-greet with a renowned artist. What’s more, each redemption acts as a unique data point, reflecting the consumer behavior of the NFT holder. This data can be invaluable, paving the way for holders to accrue additional rewards or elevate their status in future interactions.

6. Specifications (optional)
See Specifications HERE.

7. Open Source Commitment
I have pledged to make the NIP available as open source, allowing developers within the Mint blockchain ecosystem to freely use this NIP as a foundation for creating their protocols and applications.