Opensea’s Support of EIP-4906 Signals A New Era for NFTs
On March 12, the EIP-4906 proposed by the NFT leasing platform Double Protocol is now supported by Opensea. It is reported that the standard adds metadata event
On March 12, the EIP-4906 proposed by the NFT leasing platform Double Protocol is now supported by Opensea. It is reported that the standard adds metadata events to ERC-721, allowing third parties to update their dynamic NFT metadata in a timely manner.
EIP-4906 proposed by Double Protocol is supported by Opensea
Analysis based on this information:
Non-fungible tokens (NFTs) have been the talk of the town, with sales of digital assets skyrocketing to an all-time high in 2021. According to NonFungible.com, a website that tracks NFT stats, the total value of NFT transactions increased by more than 2,000% in Q1 2021 compared to the same period last year.
As the demand for NFTs continues to grow, the need for efficient infrastructure becomes more pressing. This is where the Ethereum Improvement Proposal (EIP)-4906 comes in. EIP-4906 is a standard proposed by the NFT leasing platform Double Protocol, and it has been gaining traction in the NFT community.
The standard aims to address an important issue faced by NFTs that have dynamic metadata. Dynamic metadata refers to data that changes over time, such as the current ownership of a particular NFT or its current status in a game. Currently, NFTs with dynamic metadata often require users to navigate to external websites to view updated information, which is inconvenient for both buyers and sellers.
EIP-4906 proposes adding metadata events to ERC-721, a widely used standard for NFTs on the Ethereum network. This will allow third-party services like marketplaces, wallets, and block explorers to receive real-time updates on the metadata associated with each NFT. With this standard, NFTs with dynamic metadata will become more user-friendly and accessible.
Opensea, one of the largest NFT marketplaces, announced support for EIP-4906 on March 12. This is a significant move that signals the adoption of the standard by major players in the NFT industry. Opensea’s support means that the platform will be able to provide buyers and sellers with real-time updates on the metadata of NFTs listed on its marketplace.
Overall, the adoption of EIP-4906 by Opensea and other players in the NFT industry represents a new era for NFTs that will usher in more efficient and user-friendly infrastructure. With the ability to update NFT metadata in real-time, NFTs with dynamic metadata are now more accessible to a wider audience. As more platforms adopt this standard, we can expect to see even more exciting developments in the world of NFTs.
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