Generic-NFT: A Generic Non-Fungible Token Architecture for Flexible Value Transfer in Web3

Abstract

<p> Non-Fungible Tokens (NFTs) do hold the promise of providing Web3 with the opportunity for self-sovereignty of users’ physical assets. In this paper, we propose a generic NFT architecture for Web3. The architecture supports the rapid development of the upper application environment and automated value mapping of the underlying physical asset environment. To connect these two environments, a generic connecter has been designed to provide flexible storage for mapping data management, and to support universal cross-chain transactions. With these features, the values of heterogeneous physical assets can coexist in a unified Web3 world, and rich value transfer services can be developed on demand. This paper discusses the background of the proposed architecture, the open problems and our initial solution, as well as our design principles and advantages, and finally validates this novel NFT architecture. </p>