This article will explain what a 1/1/X contract is and how it's used in the NFT ecosystem. It will also highlight key features like Synergy and Story Inscriptions that enhance its functionality.
What is a 1/1/X Contract?
A 1/1/X contract is a smart contract that adheres to the ERC-721 standard on the Ethereum blockchain. The ERC-721 standard was the first to define NFTs (Non-Fungible Tokens), representing unique, indivisible digital assets. In this context, "1/1" signifies that each token is one-of-a-kind, with only one owner at any given time.
At Transient Labs, we believe that creators should fully own their smart contracts rather than rely on third parties. In The Lab, all contracts are creator-owned, ensuring that you have complete control over your NFTs. Transient Labs cannot interfere with how you use your contracts. You can always mint new NFTs to any of your contracts.
The 1/1/X contract is primarily used in two main ways:
1. Themed Collections
Description: Deploying a new ERC-721 contract for each collection, typically defined by a theme, project, or specific period. This is how 1/1/X contracts are typically used.
Use Case: Suitable for creators releasing a series of artworks or assets that share a common theme or narrative.
Benefit: Organizes NFTs under a unified contract, making it easier for collectors to identify and interact with the collection.
2. Single Artwork
Description: Deploying a unique smart contract for a single piece of artwork or digital asset.
Use Case: Ideal for one-of-a-kind artworks where exclusivity and uniqueness are paramount.
Benefit: Enhances provenance and collector confidence by associating the artwork with its own dedicated contract.
Note: You can always mint new NFTs to any of your contracts.
Key Features of the 1/1/X Contract
Our 1/1/X (ERC-721TL) creator contract is packed with innovative features designed to empower creators and enhance the collector experience:
1. Airdrops: This feature allows you to mint/airdrop tokens to any address you want, making it a very convenient way to reward collectors or mint something on demand for someone else.
2. Batch Minting: This feature allows you to mint multiple tokens to the same address (this is the big difference to airdrop) for the cost of just a single token.
3. Synergy: Synergy is a Transient Labs mechanism to protect collectors against unwanted metadata changes. Metadata updates are needed in certain cases, but not often. The feature is very useful when needed but could be abused and typically deters traditional art collectors.
To combat this, we have devised a propose-commit scheme. In the event an update is needed, the creator proposes a metadata update. The collector can then visualize the change and approve or reject it. Once approved, the metadata is updated, but only then.
4. Story Inscriptions: Transient Labs has developed a protocol that allows you to add any text you want to a token you have created as another form of provenance. Sometimes, descriptions only get you so far, or you want to add where the piece has been displayed. Rather than update the metadata, this information can be added as a Story to the token!
We have also built this so collectors of your tokens can add their own stories to their collected tokens. This in itself adds a lot of provenance and history to the creation. Of course, only some people want this, and we let the creator decide whether to enable or disable it.
5. Admin Access Control: You can add admins (one or many) to your contract. This can be especially useful if you want to use multiple wallets for wallet security reasons. Or it can be used with trusted business partners. The possibilities are endless!
Admins can perform the following actions on Creator Contracts:
Mint tokens
Approve sales contracts (so you can sell your tokens in different ways)
Propose or update metadata, as applicable with different contract types
Inscribe creator stories
The following actions are restricted only to the owner of the contract
Updating royalties
Changing the Royalty Guard
6. On-Chain Royalties: The 1/1/X contract follows EIP-2981 and the Royalty Registry, allowing royalties to be configured on-chain for all marketplaces to read. This is standard across the industry and allows for your royalties to be automatically imported and enforced without you having to do anything.
7. Burn Functionality: Burning a token means that the owner is giving up ownership, and the token will technically no longer exist. It is quite similar to burning a physical piece of art. This contract allows any collector to burn tokens.
Get Started with Your Own 1/1/X Contract
Join The Lab and deploy your own 1/1/X creator contract today. Don't hesitate to contact our support team if you have any questions or need assistance setting up your contract.