Generic-NFT: A Generic Non-Fungible Token Architecture for Flexible
Value Transfer in Web3
Abstract
Non-Fungible Tokens (NFTs) do hold the promise of providing Web3 with
the opportunity for self-sovereignty of users’ physical assets. However,
existing NFT marketplaces lack a generic design that allows the value of
assets to flow efficiently. In this paper, we propose a generic NFT
architecture for Web3. The architecture supports the rapid development
of the upper application environment and automated value mapping of the
underlying physical asset environment. To connect these two
environments, a generic connecter has been designed to provide flexible
storage for mapping data management, and to support universal
cross-chain transactions. With these features, the values of
heterogeneous physical assets can coexist in a unified Web3 world, and
rich value transfer services can be developed on demand. This paper
discusses the background of the proposed architecture, the open problems
and our initial solution, as well as our design principles and
advantages, and finally validates this novel NFT architecture.