Define The Standard for NFT Redeemables
At OpenSea, we believe in the continuing extensibility of NFT functionality and hope to continue to innovate with the community. There have been many new developments since ERC-721 was introduced in 2018, like ERC-1155 which introduced the notion of semi-fungible tokens. Today, we’re pleased to share ERC-7498 as a new standard for NFT redeemables.
Creators frequently utilize NFTs to enable redemptions of digital and physical goods. However, without a globally accepted standard, it is difficult to discover and interact with NFT redeemables in the same way that the ERC-721 and ERC-1155 standards let applications perform with predictable patterns of interaction. Users often don’t know if a redemption is available for their item or if a redemption has been completed which can lead to missed opportunities for redemptions and buyer confusion on purchases.
At OpenSea we believe that redeemables are, and will continue to develop to be, an important part of utility growth from NFTs. As part of this, we intend to work with the wider Ethereum community to create standards for NFT redeemables that expand beyond our website’s borders.
Burn-to-redeem is relatively straightforward (send the NFT to a burn address and process the redemption) and common “standards” exist today. However, redeemables may not always require the NFT to be burned when a redemption occurs. To solve this problem we are introducing ERC-7496 Dynamic Traits as the backbone of our redeemables standard. While token metadata is typically stored offchain, onchain traits allow for redemption contracts to get and set traits and marketplace contracts to adequately protect orders that are listed with certain redemptions available at the time of order creation.
Building on top of ERC-7496 Dynamic Traits, we also created ERC-7498 NFT Redeemables, SIP-14 Redeemable Contract Offerer, and SIP-15: Interface for Dynamic Traits Enforcement.
- ERC-7498: NFT Redeemables is a specification for the independent redeemables standard that can be added to token contracts. It includes mechanisms for discovery, onchain and offchain redeemables, and trait redemptions,
- SIP-14: Redeemable Contract Offerer is a Seaport Contract Offerer where creators can register redeemable campaigns and process redemptions for any tokens, existing and new. SIP-14 also has a built-in Dynamic Traits registry to allow trait redemptions for existing tokens.
- SIP-15: Interface for Dynamic Traits Enforcement is a Seaport interface for specifying and enforcing values of ERC-7496 Dynamic Traits at the time of onchain order fulfillment, to protect buyers and sellers in marketplace transactions.
To start, we require that redeemable campaigns are only displayed on OpenSea when created by token owners for their own collections, but we look to eventually expand to let all creators create campaigns for any collection.
We are introducing these standards as drafts to encourage the NFT community to review and give feedback for improvements. We hope this foundational work opens the doors to a whole new world of redeemable NFT use cases and allows for innovation through these standards. For discussion and comments, please see the discussions-to links in the headers of the respective documents. You may also join our Seaport discord where we created a channel #redeemables-working-group.
We also created our own proof of concept NFT on OpenSea so you can go through the experience yourself. Head over to this page to mint your NFT (it’s free) which can then be redeemed for a new surprise NFT. Head over item page where you will see that a redemption is available for the NFT. Complete your redemption and see what you get!
Please use this form to get in touch with OpenSea if you have any questions or concerns. We thank you for your support and feedback and look forward to building together!