Refund NFTs with new token standard: ERC721R

Released in beta, the open-source ERC721R standard lets NFT creators implement refunds into their projects, allowing minters to return their NFT within a set time frame.

Apr 25, 2022
by Dragan
Refund NFTs with new token standard: ERC721R
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A new token standard called ERC721R was set out in the wild in beta form earlier this month, allowing everyone who buys NFTs using this standard to refund their purchase within a certain period of time.

The lead developer behind this idea is Elie Steinbock, the co-founder of Crypto Fighters Alliance and Exodia Analytics, two projects which are already using this anti-rug pull standard. The former is an upcoming play-to-earn game based on 2018’s Crypto Fighters, one of the first NFT games on Ethereum, while the latter is an NFT analytics and portfolio tracker. 

Other projects that have implemented the innovative functionality to their smart contracts include Podium, a Web3 platform for content creators, and Curious Addys’ Trading Club, an educational game about cryptos and NFTs, described by its devs as the “Duolingo for crypto”.

“There’s no reason for a collector to sell below mint during the refund period as they can always request a refund.”

The amount of time buyers have to refund post-mint can vary. For example, Elie’s Exodia Analytics NFT sale gave minters the ability to refund within 14 days, while Curious Addys’ Trading Club gave interested minters a huge 100-day window to receive full refunds if they aren’t satisfied with the development of the project. 

Aside from different refund periods, there are other tweaks that could also be made, such as the % that is refunded back to each purchaser. Gas fees are not taken into account during the refund process, so that will still have to be paid when refunding an NFT - which is still better than selling way below the mint price.

The open-source ERC721R code is available on GitHub.

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