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the owner must prove in possession of the corresponding private key and send the assets to another address(es) with a correct digital signature. This simple op- eration is usually performed using a cryptocurrency wallet and is represented as sending a transaction to involve smart contracts in the ERC-777 [90] standard. Data Encoding. Encoding is the process of converting data from one form to another. Normally, many files are often encoded into either efficient, compressed formats for saving disk space or into an uncompressed format for high quali- ty/resolution. In the mainstream blockchain systems such as Bitcoin [98] and Ethereum [119], they employ hex values to encode transaction elements such as the function names, parameters and return values. This implies that the raw NFT data must follow these rules. If one claims s/he owns the NFT-based in- tellectual property, s/he essentially owns the original piece of hex values signed by the creator. Others can freely copy the raw data, but they cannot claim ownership of the property. Based on that, we can observe that the NFT-related activities (e.g. buy/sell/trade/auction) have to be processed under these four phases, similar to the basic processing procedure of smart contracts. 3 Protocols, Standards and Properties This section presents two basic models of NFT schemes, with emphasis on their protocols, token standards and key properties. 3.1 Protocols The establishment of NFT requires an underlying distributed ledger for records, together with exchangeable transactions for trading in the peer-to-peer network. This report primarily treats the distributed ledger as a special type of database to store NFT data. In particular, we assume that the ledger has basic secu- rity consistency, completeness, and availability characteristics. Based on that, we identify two design patterns for the NFT paradigm. The former protocol is established from top to bottom with a very simple yet classical path: building NFTs from the initiator, and then sell them to the buyer. In contrast, the later route (e.g. Loot [34], detailed analysis in Appendix D) reverses this path: setting a NFT template, and every user can create their unique ontop NFTs. We sep- arately provide detailed protocols of these two design patterns as below. To be noted, for both of them, they still follow a very similar workflow when executed on blockchain systems (cf. Fig.1), meaning that different designs will not change the underlying operating mechanism. Top to Bottom. For the first design (e.g., CryptoPunks [20]), an NFT protocol consists of another two roles: NFT owner and NFT buyer. - NFT Digitize. An NFT owner checks that the file, title, description are completely accurate. Then, s/he digitizes the raw data into a proper format. 5PDF Image | NFTs Non-Fungible Tokens Focus
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