The ERC-721 token is a standardized smart contract with a predefined set of features. The tokens are non-fungible, which means that each one is unique. You can think of them as one-of-a-kind collectibles.
NFT has made waves in the digital world recently for a good reason. These specialized tokens ensure the authenticity and scarcity of digital assets, opening many possibilities for various digital marketplaces.
From digital collectibles to in-game assets to one-of-a-kind releases of digital media, the possibilities are endless. Everyone wants to start implementing NFTs into their platforms, but they're running into a few obstacles.
Creating a new NFT, or "smart contract" on an Ethereum-compatible blockchain, is not easy at all. First, as a developer, you have to know a lot of things:
Solidity - a new programming language for writing smart contracts
How to use a compiler for Solidity
How to develop using an IDE
How to deploy the compiled smart contract
It's a lot to know, and for developers who only need the basic features of ERC-721 tokens, it would take weeks to figure it all out.
NFTs have taken the world by storm, as creators of all kinds are cashing in on the surging demand for one-of-a-kind digital collectibles. Many NFT marketplaces have implemented “creator share” functionality that pays creators a percentage of subsequent sales, which is an excellent step in the right direction.
However, this functionality is only implemented on the application level, meaning as soon as the NFT leaves the marketplace on which it was created, creators will never see another penny for it again.
We’ve created CoinBox NF(royal)Ts. By implementing royalty-payment functionality at the blockchain level, we make it possible for creators to get paid every time their NFT is transferred for as long as it exists.
While it’s still within the marketplace where it was created, the application-level creator shares apply. And even if it leaves, the built-in royalty payment mechanism will automatically payout to the author every time it changes hands to a new buyer.
CoinBox NF(royal)Ts is easy to create, mint, and transfer into Coinbox Mobile Wallet. All it takes is a few simple steps. No blockchain experience is required.
CoinBox currently supports Ethereum, Binance Smart Chain, and Celo. In this example, we use Celo because it is fast, cheap, and can pay for transactions with a stable coin (cUSD).
First, you’ll need to Login into your CoinBox Mobile Wallet. Next, click the "NF(royal)T's menu in the wallet.
Next, you need to create and deploy the NFT. Traditionally this has taken quite a bit of effort and experience but using CoinBox, all you need is to click "Create NFT's" and choose which chain you would like to create your NFT's token.
Once your contract has been deployed, you’ll want to mint new tokens. If you're going to enable the royalty feature, you can enable it in your wallet, and it will enter two new properties — authorAddresses and cashbackValues. This will define a list of recipients of the cashback for every subsequent transfer of the token. These values are absolute and are in the currency of the underlying blockchain.
Next, you’ll probably want to transfer your NFT from the address where it was issued to another blockchain address. This time you’ll need to include the value for the transfer transaction — the sum of all the royalties to be paid out to the authors — and the private key of the address where the tokens are located.
And that’s it. You can create, mint, and transfer NFTs that automatically payout royalties forever. The benefits to creators are enormous, and we believe that CoinBox NF(royal)Ts will be a highly desirable feature for NFT marketplaces in the future. Those who offer automatic royalty payout functionality will be providing an attractive incentive to creators, whereas those who don’t risk falling behind.
Personal Art
Commercial Art
Tangible Art
Music
Domain Name
Virtual Worlds
Trading Cards
The platform will be customized so the users can mint the single edition NFTs with locked BEP20 tokens. When minting new NFTs(721) the users can lock BEP20 tokens where they can include X units of CBFi token and BDDK to be locked on the smart contract. We're exploring a new compliance code NFT ERC998 as a new solution.
The CBFi tokens or BDDK that have been pledged to the NFT will be locked forever on the artwork until it creates a BURN transaction. If the NFT is sold/transferred to another user, then the pledged tokens will be locked in the NFT and when the NFT is staked by the buyer who has the current owner of the NFT will get the staking rewards(LUK tokens). If the new user who has ownership of the NFT burns the NFT, they will receive the pledged tokens of that specific NFT.
All the Single edition BSC-NFTs (721) created on the NFT platform can be staked at the launchpad and receive a new BEP20 (LUK tokens) as rewards.
The staking reward is based on the floor price of the pledged CBFi tokens against the staked NFTs. The users can only stake single edition BSC-NFTs(721). The LUK tokens that are worth the equivalent price of the CBFi tokens will be given as rewards for the staked NFTs.
The platform will have a 2-level on-chain referral program based on the selling of the NFTs. Every user/wallet address in the platform will be associated with a unique Referral ID. The new users can add this referral ID to their account and perform transactions(Selling NFTs). The NFTs that are sold by the referee, the 2-level referrers will receive the commission. The commission that comes from the Royalty or when selling an NFT. This is a 1-time referral income on every NFT being sold by the referee).
CoinBox NFT is a Binance Smart Chain, Ethereum and MATIC Collectible-backed NFT Marketplace based on the latest NFT Code ERC-998 is an extension to the ERC-721 standard that adds the ability for non-fungible tokens to own other non-fungible tokens and ERC-20 tokens. The platform offer design of various Collectibles that plans to tokenize to raise funds for the production through NFT Staking. Investors who purchase the NFT will earn unlimited opportunities for ownership of the project/product/asset.
The tokenized Non-fungible Tokens (NFT) will be listed on the marketplace, where each token value will be proportional to the value of the Collectibles. This invention is the first of its kind in the NFT market. What will be produced by artists and users on board on our platform will create a new history together.
The platform will be able to mint NFTs in multiple chains. The platform will support ETH, BSC and MATIC. The contracts will be deployed for all three blockchains, and creators will be able to choose the blockchain they want the NFT to be minted at the time of minting the NFTs.
Smart contracts are algorithms that execute in our platform automatically, governing the whole ecosystem. Smart contracts can help track the ownership of the Collectibles on the platform.
The Collectibles in the platform have different designs that will be stored in the smart contract. In Addition, the smart contract will track all details about the collectibles (ERC721 tokens) on the platform.
Once the users initiate the transaction, the smart contract transfers the ownership of the assets (ERC-721) to the particular user.
Royalty - The royalty fee for the creators will be written on the smart contracts. For every sale, there will be a royalty fee transferred to the users.
Transaction History - When an asset is traded multiple times, the smart contracts store the assets' ownership details history.
Creator- Create a Collectible(Collectibles Token)
To create a collectible, users need to enter the following details:
Type - Single / Multiple
Upload Image / Video
Preview
Choose Collection
Choose Name
Description
Choose Category
Properties
Enter Value
Enable / Disable
Put on Sale
Unlock once purchased
Once they submit the above details, users need to confirm the app request to approve transactions from their wallets. After that, the smart contract will store the token information on the blockchain.
Users will be able to place bids for the tokens based on their interests. They will enter the details such as bid amount, wallet.
Based on the bids, creators can sell the tokens on the platform. Once the seller accepts the offer (bid), Smart Contract will transfer the user's wallet amount to the creator wallet. Smart Contract will record the transactions and ownership details on the blockchain.
Users can also sell these NFT tokens to other users by creating an offer on the marketplace. In the marketplace, users will be able to check the list of NFT tokens available for sale. Any user can buy/sell these tokens based on their preferences. All these transactions and ownership of the tokens will be recorded on the blockchain.
Connect Wallet
Before performing an action, users need to connect to a wallet from the list of available options on the platform. CoinBox will customize the platform to support Torus wallet, wallet connect, Metamask, and CoinBox Finance wallet.
Search
Users will be able to search for a particular creator, collectible, or collection by entering the keyword on the platform.
Explore
In this section, users will be able to check the overview of the following:
Top Sellers in Days
Hot Bids
Explore - Based on the category(Personal Art, Music, Virtual worlds)
Investors can check the list of Collectible designs with the following details:
Name
Overview
Amount
Users can filter the Collectible designs available on the platform by type, price, etc.
Select collectible
Users will be able to select a particular collectible and view the following details:
Name
Price
Image
Owner
Creator
Collection
Service Fee
Buy Now
Bid
Share
Users will be able to share the collectible with their social media accounts such as Facebook, Twitter, Telegram.
Buy Now
Users will be able to buy the collectible using their wallet balance on the marketplace.
Place a bid
Users will be able to place a bid for the collectable by entering the amount on the platform.
Check Bids
Users will be able to check the list of bids from the users for the tokens on the platform.
Accept Bids
Creators will be able to accept the bids from the users based on the amount and preferences.
Activity
Users will be able to check the trading history with the following details: Event, Item, Unit price, quantity, From, To, and Date.
Rankings
Users will be able to check the list of NFT tokens (Collectible Designs) with the following details: Filters, volume, owners, assets.
Other Options
Users will be able to check the following options:
Purchase Now
Place a Bid
Report
The creator will be able to set the timer to reveal the original NFT file on the Marketplace. The creator can choose the duration with a minimum of 1 minute and a maximum of 3 hours before it is minted on the marketplace; the users can also choose not to premier the NFTs.
The platform will be integrated with the news API, and the feed will be fetched from the CryptoCompare API through the CoinBox News product. In addition, the content will be related to the keywords of NFT.
The platform will have a Peer-to-Peer on-chain auction functionality. The creator/owner will only be able to list the NFTs for auction.
The platform will be customized to sell Tangible items. When the buyers choose to buy a tangible item, they will have to enter the courier address for the seller to ship the real art. The ownership will then be transferred to the buyer.
The platform will be integrated with Fraud Detection, which will be used to perform the following activities :
Verify images
Moderate user-generated content
Track images and brands
Check copyright compliance
Deploy fraud detection solutions
Identify stock photos
Confirm the uniqueness of an image
To use these features for mint the NFTs, they need to hold 500 CBFi tokens in their wallet which will be validated. The users who do not hold the tokens can see the feature after their NFT has already been minted.
