This EIP proposes a standard for creating economically sustainable NFT governance for collections built on collaborative models based on ERC-721. It introduces dynamic minting fees, role-based access control, and a donation-based engagement model to enhance creator-community interactions. These mechanisms aim to balance scarcity, incentivize meaningful participation, and ensure sustainable growth for both creators and contributors.
The model defines “economically sustainable” as tokens whose minting value, creator subscription fees, and token quantity within each progressive discount cycle can only be adjusted once every 30 days from the last update by an ADMIN user. These mechanisms prevent excessive administrative modifications that could disrupt market stability, ensuring consistent price discovery and maintaining participant confidence. By aligning incentives and fostering predictability, the model creates a robust framework for engagement and value creation.
You define the updateTerms function as only being callable by admin users. I’d argue that it is unnecessary to define functions only callable by admins because the admin of a contract will know how to interact with the contract specifically. Other standards, like ERC-20 and ERC-721 intentionally don’t define mint and burn functions because they are unique to each contract. Updating a contract’s terms seems like a similar kind of action.
Same kind of reasoning for mint, burn, pause, etc.
This EIP addresses a specific and different use of collaborative NFTs, where multiple creators can interact and contribute to a collection. This model introduces collaborative governance, with dynamic rules regarding minting fees, participation, and contract updates.
This distinction is essential because, in collaborative projects, it is crucial to ensure the stability and integrity of the system. Functions such as updateTerms, mint, burn, and pause need to be tightly controlled to avoid arbitrary changes and ensure that the participation of all involved is conducted transparently and fairly.