Thread by @punk6529

1/ On NFT Rights Delegation

This is a shorter thread, but I want to flag the topic so we start finding solutions because the longer we wait, the worse the problem will get.

We need to be able to segregate and delegate rights associated with NFTs.

Let me explain

2/ We previously discussed best practices in security.

At the high-end, where the 6529 Museum now operates, this means a gnosis multi-sig wallet kept cold (with even the keys broken up, distributed globally, not easily accessible)

https://twitter.com/punk6529/status/1461742366696652809

3/ This is a wonderful setup for security, but a nightmare for composability because it is a huge pain in the rear to get the wallet active and even if you have it active, engaging with new/unknown contracts puts the whole wallet at risk

4/ So the correct model would have to be:
a) spend days getting wallet active
b) move NFT to empty wallet
c) do whatever transaction you want to do
d) move it back later
and even then the NFT in question is at risk

In practice, it is too much trouble

5/ The solution to this is to allow delegation of various rights associated with an NFT.

In other words, you should be able to delegate other addresses for:
a) airdrops
b) for signing
c) for lending
d) for display

6/ In other words, the ideal model is that you have, say, The Tulip, sitting serenely in a cold wallet that you never touch (since I don't plan to sell it) but other addresses can execute functions related to the Tulip

7/ Example 1: Someone wants to make a derivative work like @AvidLines but for Fidenzas.

The delegated address for signing for the Tulip (which is an empty wallet) signs on the Tulip's behalf and no assets are put at risk.

8/ Example 2:

The BAYC want to airdrop a token (I am not saying they do, but if they did).

I would prefer that token to go to an active wallet, not the cold vault where my BAYC are sitting.

9/ Example 3:

Someone wants to make a game for Wicked Craniums

Great, again I want to delegate signing to another wallet to play the game, without having to carry around the underlying NFT on an active wallet.

It even allows you to play with hot wallets since you can reset

10/ Example 4: A display software of some type wants to sign to display your NFT.

Your display address can sign to allow display of the NFT.

11/ This not only restores composability, but it enhances it, bc then you can assign or sell or lease these rights.

e.g. sell the rights to airdrops for the Tulip for x period to y address.

(also means the assignments should have time periods associated with them, optionally)

12/ I think this is an important topic. There is absolutely a zero-sum situation right now between experimentation and fun composability in NFTs and proper security

As NFTs increase in value and more people get better at security, the problem 6529 Museum has today will broaden

13/ What are the solutions?

For new NFTs, it is easier. If we could agree on 3-4-5 standard metadata fields with the assignment addresses, then contracts could respect the values in those fields.

For older ones, I think it is more complex, interested in hearing views