A Referable NFT Scheme Qin Wang Guangsheng Yu Shange Fuy Shiping Chen Jiangshan Yuy Xiwei Xu CSIRO Data61 Australia

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A Referable NFT Scheme

Qin Wang∗, Guangsheng Yu∗, Shange Fu†, Shiping Chen∗, Jiangshan Yu†, Xiwei Xu∗

∗CSIRO Data61, Australia

†Monash University, Australia

Abstract—Existing NFTs confront restrictions of one-time in-

centive and product isolation. Creators cannot obtain beneﬁts once

having sold their NFT products due to the lack of relationships

across different NFTs, which results in controversial proﬁt

sharing. This paper proposes a referable NFT solution to extend

the incentive sustainability of NFTs. We construct the referable

NFT (rNFT) network to increase exposure and enhance the

referring relationship of inclusive items. We introduce the DAG

topology to generate directed edges between each pair of NFTs

with corresponding weights and labels for advanced usage. We

accordingly implement and propose the scheme under Ethereum

Improvement Proposal (EIP) standards, indexed in EIP-5521.

Further, we provide the mathematical formation to analyze the

utility for each rNFT participant. The discussion gives general

guidance among multi-dimensional parameters. The solution, as a

result, shape the recognition of potential values hidden in isolated

NFTs and raise the interest of communities toward the discovery

of NFT derivatives. To our knowledge, this is the ﬁrst study to

build a referable NFT network, explicitly showing the virtual

connections among NFTs.

Index Terms—Blockchain, NFT, EIP Standard, DAG

I. INTRODUCTION

Non-fungible tokens (NFTs) [1] is built as EIP-721 [2] to

exchange unique digital assets in the Ethereum platform [3].

It digitalizes on-chain assets into tokens, and speciﬁes each

token with a unique identiﬁer tokenID within smart contracts.

This signiﬁcantly encourages and extends the on-chain token

exchange from fungible to non-fungible ones which, not

surprisingly, is now leading a wave of the next generation

of a wide variety of applications covering virtual collectables,

online tickets, digital arts, etc. Besides, NFT can be seamlessly

incorporated with the protocols in decentralized ﬁnance (DeFi)

[4] and the governance in blockchain communities [5]. To

date1, a total of 33,651,380 of NFT sales has led to the

traded volume reaching up to 20 billion USD. The phenomenal

trading activities reﬂect a sharp shift from traditional markets

into the new Web3 world [6].

However, the lack of relationships between an NFT and its

owner in existing NFT standards could result in controversial

proﬁt sharing if the creation of a new NFT refers to previ-

ous NFTs. The trades of NFTs are one-time in transferring

and isolated across different users. An NFT creator cannot

continuously obtain proﬁts for his intellectual property once

sold. The permanent reference relationship between NFTs,

thus, becomes increasingly important. The reference topology

will assist in establishing a sustainable incentive mechanism

1Data captured from https://nonfungible.com/reports [Q1-Q3 2022].

to economically inspire more and more users to devote their

contributions to using, creating, and promoting NFTs. To

ﬁll the gap, we propose EIP-5521 that deﬁnes a referable

NFT token (rNFT) standard. It extends the static NFT into a

virtually extensible NFT network. Users under clear ownership

inheritance do not have to create work completely independent

from others, avoiding reinventing the same wheel. Here, we

summarise contributions as follows:

Protocol Design (Sec.II). Our referable NFT scheme estab-

lishes the reference of ancestors when minting a new NFT

with the reference relationship including both the referring

and referred relationships, thus shaping a Direct Acyclic

Graph (DAG) to represent the reference information. The

scheme can provide reliable, trustworthy, and transparent

historical records that every agreement can refer to in terms

of proﬁt sharing. Meanwhile, users are allowed to query,

trace and analyze their relationship.

Standard Implementation (Sec.II). We implement a very

succinct version and propose it to the Ethereum standard Git

repository, indexed by EIP-5521. Our simpliﬁed proposal

is a smart-contract driven standard used as a system-level

function on blockchains. It builds and retains the backward

reference relationship between old works and new works

and is compatible with existing mainstream standards. At

the time of writing, rNFT has attracted consistent dis-

cussions and attention on forums [7] and by several in-

production projects (e.g., Briq [8]).

Incentive Analysis (Sec.III). We provide a clear and exact

mathematical expression of the utility function of an rNFT

user. rNFT helps to integrate multiple upper-layer incentive

models and also involves multi-dimensional parameters. We

accordingly analyze the payoff function under different pa-

rameters. Chasing an optimal strategy for players is possible

but without certainty.

Further Discussions (Sec.IV). We provide an in-depth discus-

sion of our proposed scheme in terms of its opportunities

and challenges. rNFT can promote a wide range of new

NFT derivatives that requires historical relations but also

confronts many pending aspects for discovery such as multi-

contract or CC0 license development.

An Intuitive Instance. The constructed relationship topology

between each NFT forms a DAG. By adding the referring

indicator, users can mint new NFTs (e.g. C, D, E) by referring

to existing NFTs (e.g. A, B), while referred enables the

referred NFTs (A, B) to be aware that who has quoted it (e.g.

arXiv:2210.10910v2 [cs.CR] 15 Mar 2023

indicator, based on block timestamp, used to show the creation

time of NFTs (A, B, C, D, E).

Extending NFT Derivatives. Similar to traditional ﬁnancial

derivatives that are based on stocks, commodities, or other

underlying assets, NFT derivatives mainly refer to ﬁnancial

instruments that center around the value of an underlying NFT

asset. The key feature of these derivatives is to allow users

to invest in NFTs without actually holding the physical NFT

asset in the forms such as options, futures, swaps, and other

ﬁnancial instruments that are used for the trading or hedging

of the underlying NFT asset’s price. However, this requires a

relatively comprehensive history of records and credits. rNFT

provides a foundation for atop derivative protocols, as siting

to offer more complex investment strategies and risk man-

agement tools by establishing a reliable relationship among

multiple linkable NFTs. The extension of NFT derivatives is

an ongoing process and our solution gives an example for

better connections.

Integration. Our scheme can be further integrated with main-

stream techniques. We list two examples as the enlightenment.

Firstly, the new rNFT can be combined with Graph Neural

Network (GNN) [9] to achieve efﬁcient queries and predictions

of NFT. This is particularly useful for conducting automated

labeling by NFT platforms such as OpenSea [10], or for NFT

viewers to ﬁnd more NFTs of the same kind. Secondly, AI

detection [11] can be imported into the system for plagiarism

detection, path recommendation, and strategy optimization.

Due to the blur edges between the original artwork and

copy-work, ﬁgure classiﬁcation and identiﬁcation in artiﬁcial

intelligence is a fundamental tool for the detection of a rapidly

growing NFT markets.

Backward Compatibility. As in Sec.II, an rNFT implements

the existing ERC-721 interfaces [2] to enable the backwards

compatibility. This allows the proposed rNFT to be seam-

lessly implemented on existing blockchain platforms such

as Ethereum [3] where those existing ERC-721-compatible

NFTs, such as the composable NFT: EIP-998 [12], can be

referred by any subsequent rNFTs.

Related Standards (Tab.I). A series of NFT-related stan-

dards2haves been intensively proposed. We highlight the

ones entering the ﬁnal and last call stages due to their

deterministic probability of being accepted by communities.

(EIP-)3525 proposes the concept of semi-fungible token by

introducing a triple scalar hid, slot, valuei. ID acts the way

as the 721 standards while additionally adding a quantitative

feature value. 1155 proposes a multi-token standard that can

combine either fungible tokens, non-fungible tokens, or other

conﬁgurations (e.g. semi-fungible tokens). 2981 focuses on

the royalty payment transferred between a buyer and a seller

voluntarily. 4907 and 5006 propose rental NFTs by extending

original settings with an additional role of user and a timing

feature of expire. A user can only use an NFT within the

expire duration, rather than transferring it. 2309 implements

2Captured from Ethereum ERCs https://eips.ethereum.org/erc [Dec 2022].

a consecutive transfer extension that enables batch creation,

transfer, and burn methods by contract creators. The users

can quickly and cheaply mint at most 2256 tokens within one

transaction. 4400 extends 721’s customer role of being able to,

for instance, act as an operator or contributor. 5007 introduces

the functions of startTime and endTime set a valid duration

that automatically enables and disables on-chain NFTs. 4906

extends the scope of Metadata that allows tracking changes

by third-party platforms. 5192 proposes the idea of soulbound

that binds an NFT to a single account, achieving special ap-

plications such as non-transferable and socially-priced tokens.

Besides, we also provide more related standards with indirect

impacts on NFTs in Tab.I).

TABLE I: Summary of Token Standards

Standard Platform Feature Application

EIP721 Ethereum Non-Fungible Token Artwork/IP

EIP777 Ethereum Token Approval

EIP1155 Ethereum Adding an attribute for groups Game

EIP3525 Ethereum Additional attribute for semi-fungible Finical Market

EIP2981 Ethereum Retrieving the royalty payment info Royalty Payments

EIP4907 Ethereum Adding a new role and timer Rental Market

EIP5006 Ethereum Adding the new role of user Rental Market

EIP2309 Ethereum Consecutive token identiﬁers Consecutive event

EIP4400 Ethereum Extend the consumer’s functionalities Authorization

EIP5007 Ethereum On-chain time management Lend Market

EIP4906 Ethereum Enable token metadata’s update Upgrade

EIP5192 Ethereum Bound to a single account Soulbound Items

This work Ethereum Referable connections NFT Graph

EIP20 Ethereum Token API / Fungible Token Vote/ICO

EIP223 Ethereum Token Recovery

EIP998 Ethereum Composable Non-Fungible Token Game/Ownership

EIP1238 Ethereum Non-Transferrable Non-Fungible Token Badge

EIP1594 Ethereum Security Token Standard Financial Securities

EIP1400 Ethereum Security Token Standard Securities

EIP1404 Ethereum Simple Restricted Token Standard Securities

EIP1410 Ethereum Partially Fungible Token Standard

EIP1462 Ethereum Base Security Token Securities

BEP20 Binance Fungible Token Vote/Wrap Token

BEP721 Binance Non-Fungible Token IP Products

ARC721 Avalanche Fungible Token Wrap Other Tokens

II. PROTOCOL DESIGN AND IMPLEMENTATION

In this section, we present the rNFT protocol, construction,

and implementation, respectively.

Notations. The notations used in this paper are listed as

follows. tis the timestamp of the block header. TRmeans

a transaction that packs a particular rNFT and Bh,t is a block

at the height of hreleased at time t.Rrepresents the set

of rNFTs, while Ri,t,Θis an rNFT released by user-iat

time twith a set of Θthat contains both the referring and

referred relationship, respectively, i.e., ~

Θand

Θ. Speciﬁcally,

Θrepresents a collection of referring relationships made by

an rNFT Ri,t,Θthat connects several previous rNFTs such

as Ri,t0,Θwhere t0< t, denoted by the blue arrows in the

rNFT-DAG, and

Θfollows the same notation with t0> t, and

is accordingly updated when this gets referred by any future

rNFTs. Note that the rNFT with |Θ|= 0 generally indicates

an (claimed to be) original item. Ai,j,k,... is an agreement

involving user i,j,k, etc. The set of rNFTs Ri,t,Θconstitutes

a growing rNFT-DAG Das depicted at the bottom of Fig. 1.

Here, Dmerely represents a logical relationship graph (or

topology) rather than an actual DAG network. Matched color

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AReferableNFTSchemeQinWang,GuangshengYu,ShangeFuy,ShipingChen,JiangshanYuy,XiweiXuCSIROData61,AustraliayMonashUniversity,AustraliaAbstractExistingNFTsconfrontrestrictionsofone-timein-centiveandproductisolation.CreatorscannotobtainbenetsoncehavingsoldtheirNFTproductsduetothelackofrelationships...

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A Referable NFT Scheme Qin Wang Guangsheng Yu Shange Fuy Shiping Chen Jiangshan Yuy Xiwei Xu CSIRO Data61 Australia

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