To introduce a new standard for nonfungible tokens (NFTs), Callisto Enterprise partnered with one of the largest art galleries in the Czech Republic and one of the country’s best-known artists, Patrik Hábl, to host an event in which art was created, locked onto the blockchain, and then destroyed.
The event was held just outside Prague at Artefin, a showcase for contemporary art. Amid a collection of ultra-rare Ferrari, Bizzarrini, Maserati and other automobiles, onlookers watched Hábl spread black, blue and gold paint across a canvas. Then, using a technique he’s known for, Hábl created an abstract landscape by sweeping a piece of wood across the globs of paint.
A photographer nearby captured the finished art, which will become Hábl’s first NFT.
The artist then spilled black paint across his work. A day later, he set fire to the piece, destroying it. The aim was to symbolize Hábl’s belief in NFT technology and his desire to immortalize his art in digital form on the blockchain.
Hábl’s NFT will help launch CallistoNFT, a new standard of security and convenience in the fast-emerging world of NFTs.
The original NFT standard dates back to 2017 and ERC-721. Though NFTs have been around for several years, and despite their widespread popularity, they have certain flaws and lack important features. To address these, Dexaran, the security engineer and smart contract developer who founded the Ethereum Commonwealth and Callisto Network, has created the CallistoNFT standard.
The advantages of the CallistoNFT over the existing ERC-721 standard include:
- Built-in trades: Buyers and sellers of NFTs no longer need to meet in a centralized marketplace, where costs are involved and where nefarious impostors can hack into the systems. Instead, buyers and sellers of NFTs can express their desire or buy or sell directly in the token contract. In practical terms, this means that a buyer could find an NFT on-chain and offer a sum of money to the owner, even if that NFT isn’t listed on a marketplace. If the owner accepts the offer, the contract is executed immediately.
- Monetization for NFT creators: Developers and creators earn the fee for the NFTs they create, rather than losing some of that money to the marketplace. The fee is built directly into the NFT contract. Moreover, the contract is a layered solution, meaning it’s possible to remove the fee, or make the fee fixed or flexible as an NFT is sold and resold over time.
- Communication model for smart contracts: The existing ERC-721 standard for NFTs doesn’t include any communication model. It effectively operates silently. When a buyer sends a transaction, the seller’s wallet receives a message: “Hey, I, the buyer, have just done X.” Silently, the seller’s balance updates, but it doesn’t notify anyone. If the receiving address is not intended for storing tokens, this address can neither reject nor return the mistaken transaction. CallistoNFT fixes this.
- Standardized properties: As we know, NFTs are unique, one-of-a-kind blockchain assets. However, the format in which their data is stored is not defined by ERC-721. The functions that retrieve this data from individual NFT contracts are not defined either. These factors combined make it more difficult to build general-purpose software (wallets or blockchain explorers) that can easily gather a standardized collection of data for varied use. CallistoNFT aims to standardize this function inside the contract.
What’s clear is that NFTs are set to become relevant to everyday life very shortly, and not just for collectors of art and other NFT utility tokens. Rather, they will serve as everything from movie tickets to driver’s licenses, from passports to airplane tickets to key cards that provide access to locked websites and even physical structures.
By improving and strengthening the standard that powers an NFT, Callisto Network aims to ensure that the future is safer, more secure, easier to navigate and more convenient.
About Callisto Network
Callisto Network is an Ethereum-based blockchain with its own coin, CLO. Our main objective is to improve the security of the blockchain ecosystem. Since 2018, we have contributed to improving Ethereum, Ethereum Classic and EOS and have conducted over 350 smart contract audits, making us the leader of the crypto-security industry.