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FungyProof

GRADE the quality of your NFT

NFT Grade
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0 / 10 total pts

ASSET IMMUTABILITY

Immutability determines how and where your assets are stored in relation to your blockchain token. Assets that are not stored using distributed file storage (IPFS) have a risk of going down or disappearing.

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0/3

METADATA

Metadata determines how well the asset is categorized and can house important links to related materials such as image files. Improper Metadata will grade lower.

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0/3

ECO IMPACT

Sustainability determines the percieved amount of electricity used to generate and transfer the NFT.*

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0/2

Marketability

Marketability is currently a factor of whether the NFT was minted using a common token standard such as ERC-721. This ensures cross-compatibility with multiple marketplaces.

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0/2

Currently, FungyProof only supports non-fungible tokens compatible with OpenSea. More to come.

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we launched FungyProof™ to encourage transparency and ownership.

Not every nft lives up to the hype. broken links and servers could make your assets disappear. you may get charged extra fees or not have access to accounts. environmental impacts may clash with your ethos. Because of this, FungyProof's goal is to help you gather information about NFTs and grade them by objective technical factors. That way you can decide what's important to you.

Tell us if you think your token should be graded higher. The more we discuss what's wrong, the closer we get to future-proof nfts.

Faq

HOW DO I FIND MY OPENSEA URL?

Most platforms will have a link to the OpenSea URL in the description page of the NFT. Alternatively, you can search for an NFT using the OpenSea search bar to look for properties such as token name or wallet address.

The URL should be in the format of: https://opensea.io/assets/{contract address}/{token id}

WHY does fungyproof only support opensea urls?

OpenSea is the largest aggregator of NFT types at this point. We use the data they consolidate to pull out attributes of your NFT. If you would like to add a non OpenSea compatible NFT send us an email at: hello@fungyproof.com and we will work to get yours added to FungyProof.

WHY AM I GETTING A LOW Grade?

The short answer is that the technology is still new and being built as we speak (this includes FungyProof). Right now, most NFTs are minted on Ethereum which is a Proof of Work blockchain. Any Proof of Work platform consumes a large amount of energy. Newer blockchains are exploring alternative Proof mechanisms such as Proof of Stake which will drastically cut down on energy consumption, but for the time being, almost all NFTs will score low for Eco Impact. Because of this, it's highly likely no NFTs will score a 10.

WHY are MY NFT assets NOT CONSIDERED IMMUTable?

Blockchains are not meant to store gigantic files–think .MOVs or 4K art images–they must link to assets stored in 3rd party hosting services. FungyProof looks at how your assets are linked to your tokens stored on the blockchain. The ideal hosting service (in our opinion) is one that is distributed. Distributed hosting, such as IPFS, takes advantage of similar properties used by blockchains to keep assets from disappearing altogether or suffering from platform risk. This is why they score higher. There may be reasons to not have your assets be immutable, but storing them on a centralized service like Google Cloud or Amazon Web Service means your art can disappear if those services go down or change terms of service. Some marketplace platforms that allow you to create and sell NFTs own the accounts to these services, which by extension, means they control access and distribution of your assets.

Additionally, the link to the assets may be using an http portal which again creates platform risk by inserting a single point of failure. If it goes down, your NFT assets are no longer viewable/accessible to anyone. And that could be a big bummer!

WHY is metadata important?

Metadata determines how well the asset is categorized and can house important links to other tokens or assets related to the NFT. Metadata not using universal schemas ("formats") for asset classes will score lower because the data attributed to the token will be harder to validate. This plays a major role in what we are calling the Marketability of the token because it can create compatibility issues. In other words, it's kindof like trying to open an Apple Pages file on a Windows machine.

WHy does it say my token isn't marketable?

NFTs are created in a variety of ways. This is important to enable exploration of best practices and allow for new use cases but it also makes compatibility difficult. FungyProof currently grades tokens higher if they were created using the most widespread standards available such as ERC-721. Standardized token formats enable the tokens to be displayed, traded, and managed on the largest number of platforms. This score does not mean the assets themselves–the cool artwork and memes–are not "marketable," merely the platforms to display all varieties of tokens simple do not exist yet.