Tezos 2020 - Predictions and Rumors (Part 2 - Non Fungible Tokens)

Above: NFT Standard on Tezos

Non Fungible Tokens (NFTs) are tokens for which the supply is fixed at 1, meaning each token is unique and not capable of being substituted. Many people in the crypto community know of NFTs from cryptokitties, a "game" based on digital cats and associated artwork. NFTs are becoming one of the largest use cases for Ethereum and EVM compatible blockchains from the perspective of user adoption and interaction.

For more information about NFTs, you can read Devin Finzer's excellent blog post at OpenSea.

Of note, Ethereum and EVM blockchains use NFT standards known as ERC721 and ERC1155 for their NFT Smart Contracts.

Above: Stove Labs

Back in August 2019, the Tezos Foundation announced that they would be issuing a grant to Stove Labs to create  the first NFT Standard on Tezos and develop the first collectibles dapp on the Tezos Blockchain, a game called Satoshi's Treasure Hunt.

A few days later, Stove Labs posted a link to the documentation for their (as of yet unnamed - not good for developer awareness) NFT Standard.

Looking at the code, one cannot help but notice that at 57 lines of code it is many times less lines of code than the Ethereum token standards. The contract code is very simple and easy to use. The programming language used is LIGO Lang, a statically typed high-level smart-contract language that compiles down to Michelson and seeks to be easy to use and safe. Indeed, LIGO Lang is much easier to use than Michelson.

The current version of the NFT Standard is not finalized, and there will be additional features including an SDK for wallet integrations.

Above: Satoshi Hunt / Tezos Hunt

While the Satoshi's Treasure Hunt appears to be more of a proof of concept designed for Tezos power users, the development of the NFT standard is very exciting news and we will be looking forward to seeing more dapps building on it in 2020 and beyond.

Above: Thanos demo

Another project which should be mentioned here is Thanos. Thanos is attempting to build a similar software to Metamask, a browser wallet which allows interaction with dapps through websites. Metamask is the primary tool for using most NFT dapps. If Thanos or similar projects are successful it will make adoption of NFT dapps on Tezos much easier - at least among the crypto community.

If Tezos can capture a large segment of the NFT ecosystem, it will be poised for increased growth, adoption, and community involvement.

Full Disclosure: The author is actively working on an NFT project