The official release of the ERC721R token standards was made on April 11, 2022. This standard provides a trustless refund mechanism for NFT smart contracts. Miners can refund NFTs that were minted at a cost within a certain period of time and receive a refund.
Specific NFTs that utilize the ERC721R standard have a set refund period. This is usually one month. Users will be responsible for casting NFTs during this time. It will be stored in the smart contract. The smart contract will not allow the project party to withdraw funds before the end of the refund period. You have the option to return the NFT during the refund cycle. The project party will then return the NFT and the minting fee. This does not include the gas fees.
Benefits of ERC721R
This entails greater responsibility. Check out the artwork creators have pledged to and how they deal with the community during refund periods.
And purchase at low risk: Buyers can return the NFT and receive a refund if they are not satisfied with the project’s progress.
And the floor price is protected: Collectors are allowed to return their money if they sell at less than mint.
The design of ERC721R is a direct reflection on the NFT field. This problem is very common. The market has been mixed with many shoddy and fraudulent projects due to the rapid rise in popularity of NFTs over the past year. There have been other attempts to solve NFT problems in the past. However, ERC721R is clearly a qualitative breakthrough. Projects with absolute confidence in their future development will only require integration to dispel any users’ doubts.