Fragmint was conceived with the main goal of pushing the envelope of creativity while at the same time bringing extra value to communities.
While observing the immense growth and maturation of the NFT space, we couldn’t help but notice the presence of continuous homogenous elements among the current platforms in the space. We believe it’s time to take advantage of existing blockchain mechanisms and help truly evolve the NFT world!
With Fragmint we introduced a unique way of conceptualizing, minting, trading, and collecting NFTs, and today we are excited to announce the smart contract mechanisms that make all of this possible.
In this article, we will dive deeper into this process we lovingly call – fragminting, so make sure you hang around till the end, you’re in for a surprise!
Fragminting the Art
The main idea behind this feature is to allow for the expansion of a creative concept into multiple fragmints, where each of the stand-alone NFTs holds its unique value while also signifying a part of one complete artwork.
This exciting journey starts in the creator’s mind. A concept is devised, an idea of a multi-faceted artwork which can be something fairly simple but very cool, or something stunningly complex, with a multitude of art pieces, completing in an extensive visual triumph.
But is it possible to have the complete art as a separate NFT? In short – yes.
One of the smart contract functionalities, which we call – fragmint completion (or simply FC), allows for exactly that. It connects all platform-generated fragmints(NFTs) and awards your (or a DAOs) wallet something remarkable – a brand new NFT of the full artwork that is non-tradable, non-burnable, however, it is fully displayable, blockchain verifiable, and includes all other non-fungible token abilities.
As you can already begin to imagine, when these existing mechanisms are combined in creative modular ways, absolute visual miracles can digitally materialize. To dive even a layer deeper, closer to a full mind-blow, the complete art NFTs themselves can additionally be conceptualized, minted, and collected to add up to an even more scalable and bolder vision – an NFT work of art only as limited as the artist’s imagination (think Beeple).
We admit we are also sneakingly plotting to add additional features such as allowing for the complete art NTFs, instead of being a 1:1 construction of all included fragmints, to add even greater visual value (think completing a hero armor set in order to get the epic fiery glow effect, pretty awesome, eh?).
Throw DAOs in this mix and the potential for generating community value, facilitated by our $FRAG utility token, truly become immense!
Does this begin to sound like a lot of novelty NFT fun? Yes!?
Then let’s continue on, shall we?
Auctioning the Fragmints
After the art has been fragminted, each fragmint (NFT A & B) can be launched as a drop on the platform via a regular timed auction.
A terrific function of creating in fragmints is that it allows a creator/artist to modulate a unique structure and value per drop and stimulate community trade and interaction. Hierarchies of fragmints can be created and collected, unlocking bonus benefits added per layer.
Another awesome advantage of fragminted NFTs is that they lower the price entry barrier while awarding your wallet ownership and benefits of a full stand-alone NFT asset, usable in any metaverse and Web3 environment.
Collecting the Complete Art NFT
If you paid close attention up to this point, you already know how to snatch the complete art NFT(achieve FC) – only through Fragmint’s main smart contract functionality. Now let’s illustrate that in a small diagram:
Awarding of the complete art NFT(FC) can only be achieved once a wallet collects all of the fragmints from the drop. At that point, it is automatically transferred from the Creator’s Wallet.
This tangible added value introduces a gamification dynamic that will be sure to increase aftermarket trading activity and fuel a booming secondary economy. After all, when presented with the benefits of fragmint completion, who wouldn’t want to “Collect ‘em all!”?
Trading of Fragmints
To close off the process, let’s explain the trading of individual fragmints.
If any of the fragmints are traded separately, this will trigger the smart contract to auto-return the complete art NFT to its Creator’s Wallet.
Since complete art NFTs are non-tradeable and non-burnable, they will forever revert to the wallet of their inception, once possession of their set of fragmints is split between multiple wallets. The beauty of this functionality is that it’s fully impervious to any form of negligence or fraud, i.e. even if a creator’s waller is lost or stolen, nothing can be done to remove, alter and destroy a complete art NFT, or prevent it in any way from being awarded to a wallet that has collected all related fragmints.
TL;DR The complete artwork NFT is forever tied to and dependent on the fragmints. The only way to transfer ownership of a complete art NFT to someone is to sell them all of its constituting, stand-alone NFTs.
Our fragmintation process was designed to provide a unique “connect the dots” method within the NFT space in a way never seen before by introducing more dynamics in the creation and trading of NFTs. Fragmint’s goal is to differentiate itself from the current multitude of marketplaces that provide similar utility and create a community-centered platform where artists and collectors can together generate, share and grow in value by taking advantage of creative and innovative mechanics.
Join our official community channels for updates about our upcoming $FRAG token IDO and the further development of the project: