bigNFT Standard

bigNFT is a standard protocol developed to bring on the blockchain network different types of assets, such as real estate, collections, commodities, etc., and to provide transaction capabilities for portions of each asset. In other words, bigNFT provides a convention consisting of a list of methods implemented in smart contracts to represent the logic of the legal requirements that must be satisfied to digitize and transact different asset types.

Currently, we have many widely used token standards such as ERC-20, ERC-721, ERC-1155, etc. However, no standard can be applied directly and easily to create tokens representing many existing asset types. For example, real estate is a tremendous value property with many unique requirements, such as the need to reliably and transparently store a large amount of data on the sale, repair, and rental of apartments, etc., and requirements of data sharing to relevant people. In addition, to trade tokens related to such assets, owners need to comply with the provisions of securities laws such as ownership verification, user account authentication, tax-paying, etc.

The digitization and transaction of assets are separated into two steps.

• At the first step, the user needs to provide information, including asset type (real estate, merchandise, collection, etc.), asset profile, and related documents such as company announcement, property description, escrow, etc. These data will be recorded (both on-chain and off-chain), and an ERC721-compliant NFT will be created to represent that asset on the blockchain network. NFT's metadata is linked to the data that the owner provided.

• In the next step, another smart contract is used to tokenize the asset represented by the NFT created in the first step. Tokens that follow the bigNFT standard need to meet the requirements of each asset type. This tokenization allows the initial asset to be owned by a large number of users and promotes buying and selling activities in a manner consistent with securities laws.