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0xmons v2 Cthulhu: On-chain Encoding

I’m excited that 0xmons can now be encoded directly on the Ethereum blockchain. Sort of. This post will explain the thinking behind why I’m so excited by this update, the technical details that make it work, and how to encode your 0xmons yourself.

Why On-chain?

First, let’s talk art and NFTs. One criticism of the default ERC-721 standard is that it doesn’t define a standard for on-chain metadata. Instead, we get a token URI that points to a JSON that lives somewhere. “Somewhere” is often a server, which can be problematic if it goes down. Not only that, but it seems to go against the ethos of digital art being traded on an immutable ledger. If ownership is tracked in this secure, public way, but the actual art itself is sequestered away on AWS somewhere, then what are you actually trading?

A common stopgap used in projects nowadays is to host either the metadata or the image (or both) directly on IPFS.
This can be ideal because IPFS is cheap and decentralized, and it provides immutability guarantees for the data–if the content changes, so do the hash. Providing distributed access to the underlying metadata, I think is a sensible solution. However, I think for purists, the argument for full-on-chain availability rests on removing any other external dependence. If the asset is being tracked on Ethereum, then we also want the asset itself (if it bills itself as a digital asset) to also be on Ethereum in some way. No additional references to other layers or protocols.

This reduces external dependencies, which means increased reliability and increased decentralization. It increases the sense of ownership and durability, which means a stronger narrative around your digital collectible.

Because of this, I think on-chain storage of metadata has a strong case for being a large value add to NFTs which can go the extra mile to implement this. On-chain data storage means that your asset literally lives on Ethereum, and people trading it can rely on the same immutability guarantees that they use to ensure their ownership of the asset itself.

Two standout NFT projects which have gone the extra mile to provide such guarantees to their users are Avatars and TinyBoxes. Both projects, however, take a generative approach. Avatars uses layering of SVGs and TinyBoxes to create the SVG in the transaction itself. Generative approaches are more amenable to on-chain storage because they can be precomputed in some way beforehand. Avatars has the different SVG strings stored on the contract to compose, and Art blocks stores the code itself for the art generation.