ERC721 & ERC-1155 for Milkomeda
Problem
Milkomeda allows moving native tokens <-> ERC20 tokens between Cardano and Milkomeda, but does not support ERC721 or ERC1155 (ex: NFTs)
Solution
Build infrastructure required to be able to bring NFTs or ERC1155-compatible assets between Cardano <-> Milkomeda
Total to date
This is the total amount allocated to ERC721 & ERC-1155 for Milkomeda.
About this idea
[IMPACT]
Currently, through Milkomeda, users can bridge ERC20-like assets between Cardano <-> Milkomeda.
Additionally, through bridges like Nomad users can bridge assets between Ethereum <-> Milkomeda. However, we currently don't have a way to bridge ERC721/ERC1155-like assets between Cardano <-> Milkomeda which limits developer adoption for projects that would benefit bridging NFTs or similar assets.
Allowing bridging these types of assets will increase the number of projects that can bring their assets over to Cardano
This project is a technical implementations to help connect Cardano to other blockchains by allowing them to bridge over their ERC721 and ERC1155 assets.
Bridging ERC721 and ERC1155 assets is a known problem in the bridging space because NFTs often have special permissions associated with the individual tokens which may not work as expected when bridged. This is a fundamental limitation (from both a philosophical and technical perspective), but we will do our best to provide a solution that enables as many use-cases as possible
[FEASIBILITY]
- Q1 2022: Release the ERC20 conversion functionality in (not strictly related to this proposal, but related to the timeline)
- Q2 2022: Proof of concept for bridging ERC721/ERC1155 assets
- Q3 2022: Full production release of ERC721/ERC1155 bridging
- $5K - Investigation work into the best way to transfer ERC721/ERC1155 assets between Cardano <-> Milkomeda
- $10K - Technical implementation of the bridging mechanism
- $5K - UI development of a portal for users to bridge their assets
The dcSpark team is one of the core contributors to both Milkomeda and Cardano so we are familiar with how both protocols works. Additionally, we have multiple UI developers who can build the bridging portal for users to bridge their assets
[AUDITABILITY]
The project has 3 milestones as described in the feasibility section and progress will be measured by their implementation according to the timeline
Success looks like many projects released on Milkomeda and Cardano that depend on bridging ERC721/ERC1155 assets across chains along with the success of the assets on marketplaces such as NFT marketplaces in Cardano
New proposal
Monthly report
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Progress report
Progress report
Progress report
Progress report
Progress report
Progress report
Team
dcSpark is one of the core contributors to Milkomeda and also core contributors to Cardano so we are very familiar with how both platforms work. Additionally, we helped design and build the functionality to bridge Cardano assets <-> ERC20 so we have ideas on how to extend it.
