Two types of NFTs will be created on AIRTIST: Artist NFT and Artwork NFT. Artist NFT exists as a fractional NFT, and its underlying tokens can be traded freely according to the ownership information specified in the smart contract. On the other hand, Artwork NFT is an ordinary ERC-721 token with respective ownership information of various contributing parties.
Artwork NFT requires special handling during the first trade transaction since the NFT just created has more than one owner after minting and requires correct distribution of the sale proceed. However, since only one party owns the NFT after first trade, this NFT can trade freely as any ERC-721 token on the Ethereum network.
To avoid multiple copies of the digital content of an NFT from circulating on AIRTIST, the owner of an NFT can only retrieve the thumbnail information or content of its NFT. For example, if the NFT stored is a digital painting, the owner can only get hold of partial content of the digital asset. Once the user chooses to retrieve the entire source file from IPFS, the NFT will be destroyed and no longer be tradeable. This measure is to ensure that illegal duplication of the original entire content can be prevented.
Figure 7: Burning of NFT if entire content retrieved