renVM supporting NFT assets

Was wondering if there has been previous discussions about different possibilities for renVM to support NFT assets since no fees can be taken from the tokens themselves. Immediate things that come to mind:

  • One option would be to pay fees in REN token which would also create further use cases for the token other than bonding nodes. Some interesting discussions here about inflationary model for REN token, which would require a token migration which is not an easy feat but still worth considering imo if there are many good arguments for a token migration. Increase Darknode sign ups

  • To have a more stable fee one could also have payment of fees in DAI, I saw few comments on telegram such as the screenshot below but not sure if any extensive discussions have taken place.

Downsides I can think of with NFT’s is that it will be very difficult to balance the value between shards as one NFT can be worth millions (!!) and since its not divisible it cannot be spread out between many shards.

Another thing, the TVL could skyrocket if there are many high value NFT’s in renVM’s custody.

Also, this makes the possibility to activate continous fees very difficult if that would be something to consider in future.

I am surely missing many points, would love to hear the community’s thoughts on this as i suspect this has been discussed previously. NFT’s can be quite expensive as well and if fees are taken as a % of that value it could be a very good additional revenue stream.

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Yeah there have been discussions about this before and RenVM could support NFTs, it’s still the same kind of private keys that manage these assets in the end. Fees could be taken in some kind of stablecoin.

As you say it’s a bit tricky how to price the assets and divide them up in different shards, but some estimate of their worth should be possible, otherwise how would attackers estimate the NFTs worth?

It’s going to take a while until we have host-chain to host-chain support though, so we can’t bridge NFTs to another host-chain at the moment.

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oh I thought host chain <> host chain wasn’t that far away, is that because smart contract support is not until later? Would love to understand the technichal challenges on that part better, let me know if I can read more about that in any of the documentation please

We don’t have much technical documentation available on host-chain to host-chain at the moment, but it will show up eventually =)

We don’t have a precis estimate for when it will be live, perhaps sometime Q3/Q4. The reason it is that far off is because we are prioritizing decentralization and the Greycore right now, which strategically is more important.

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Check out what the team over at NFTX is doing by indexing NFTs and issuing tradable ERC20s. Eventually could set up some sort of price oracle to value the NFTs transacting through the VM. https://docs.nftx.org/ NFTX — enabling NFT Index Funds

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