ERC-7578 Physical Asset Redemption

Discussion for ERC-7578 Physical Asset Redemption

The Physical Asset Redemption Standard (the “Standard”) is an extension of ERC-721. The proposed standard implements additional functionality and information pertaining to the NFT’s underlying physical asset by capturing information that enables the holder of physical asset backed NFTs to verify authenticity and redeem the underlying physical assets. The Standard is primarily aimed at providing transparency by disclosing details of involved parties and provides opportunity to define and make easily available relevant legal relationship between NFT holder and the holder of the respective underlying physical asset.