NIP proposal - Executable NFTs - Smart Layer brings Smart Tokens ( Executable Tokens and NFTs )

Author’s information
Bob Jiang - Developer Evangelist from Smart Token Labs.
Telegram: @bobjiang
Twitter: @SmartLayer

Simple Summary
Executable NFTs - Smart Layer brings Smart Tokens ( Executable Tokens and NFTs ) to gaming and loyalty with ERC-5169 and TokenScript.

With this proposal, you can get:

  • Executable Tokens enable assets to become experiences
  • Executable Tokens carry advanced functionality becoming mini dApps
  • Executable Tokens as integration point between Web2 and Web3

The problems of all the existing web3 applications are still application-based, not token-centric designs. It leads to 1) user data is still locked in DApp which stores in a centric server; 2) hard integration for the existing DApp (only way is with APIs).

So in this NIP (Executable tokens - NFTs), we (smart token labs team) solve this problem with ERC-5169 and TokenScript technologies.

TL;DR; the token functionalities are binding with NFTs, aka. Token itself is a mini DApp.

This method allows the users to access token functionalities from the token itself and store the user data locally.

Specification (non-mandatory)
According to the motivation above, our solution includes the following components:

  • A blockchain providing the on-chain services related with ownership
  • Smart Layer Network providing part of back-end services (off-chain)
  • ERC-5169 servicing the front-end of the token assets
  • TokenScript is also the front-end technology framework

More details, please refer to the smart token paper - Release Smart Token Paper · SmartTokenLabs/papers · GitHub

Open-source commitment
Yes, I commit to open-sourcing the NIP and grant permission for developers within the Mint blockchain ecosystem to build protocols and applications based on this NIP.