Chrono GP
  • 📍Introduction
  • About Collection
    • ℹ️About ChronoGP
    • 🏎️ChronoGP NFT
    • 📄Smart Contract
    • 🆕Shatter functionality
    • 🎮ChronoGP Metaverse
    • 💻NFT platform
    • 📺ChronoGP TV
    • 📊Roadmap
    • ⛏️Minting
    • 🌎Team
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  1. About Collection

Shatter functionality

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Last updated 2 years ago

In the futures Collections ChronoGP will create very special editions with a single car model using an adapted version of SHATTER smart contract that will permit a collector to get an NFT for a single detailed part of the Car and simultaneally a collector has the possibility to collect all the NFT in the collection and enjoy the FUSE mechanic! Allowing the owner of all editions to effectively re-assemble the collection back into the 1/1 Car artwork and provides it as unique at the secondary market.

How does SHATTER change the game?
Up until now, a 1/1 NFT is just that: an ERC-721 NFT that represents a one-of-a-kind piece of art. Shatter introduces an entirely new dynamic between the artist and collector. Using the Shatter smart contract, the collector now has a choice: keep the piece as a true 1/1 ... or ... shatter the piece, converting the original artwork into editioned ERC-721 NFTs.

How is SHATTER different than fractionalized art?

When an NFT is fractionalized, the ownership of that 1/1 NFT is being shared amongst a number of different people. The fractional ownership of this NFT is usually represented by an ERC20 or ERC1155 tokens. With fractionalization, the original NFT remains an intact 1/1 artwork. Fractionalizing is also backwards compatible, meaning it can be applied to any already existing 1/1 NFT.

SHATTER on the other hand, is a novel mechanic built straight into the smart contract for a given 1/1 NFT. Because of this, SHATTER is not backwards compatible, as the 1/1 must be minted on a SHATTER enabled smart contract. 

When an NFT is shattered, the smart contract mints editioned ERC721s of that NFT, while simultaneously burning the original 1/1. All editions get minted to the owner/collector's wallet, and stay within the same collection/series as the original 1/1 NFT. Unlike fractionalized NFTs, these editions do not represent partial ownership of any existing 1/1 piece. Rather, the collector has full ownership of each edition they own, just as they would with a regular editioned artwork.

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