Shatter

Transient Labs' Shatter contract creates an interesting liquidity mechanism that can only be triggered by a token owner.

Overview

Shatter is a unique take on the ERC-721 standard that let's collectors liquidate a 1/1 by burning it and minting more tokens on the contract.

By utilizing the Shatter smart contract, collectors are given the power of choice — to retain the artwork as a true 1/1 or to shatter it, transforming the original piece into editioned ERC-721 NFTs or a collection of unique 1/1s.

This feature creates an entirely new level of interaction and engagement between creators and collectors, enabling an evolving ownership experience.

Creator Selected Parameters

Upon mint of the first token on the contract (the 1/1), the creator can set the following parameters

• minimum number of shatters

• maximum number of shatters

• timestamp after which shattering is possible

The collector may not shatter below the minimum or above the maximum number of shatters. In addition, the collector may not shatter prior to the timestamp selected by the creator.

This creates numerous ways for creators to get creative.

Shatter

This can only be called by the owner of token 0, and shatters the 1/1 into the pre-determined NFTs. It acts as a liquidity mechanism. This can only ever be called one time on each contract.

Fuse

This can be called by the owner of all shattered NFTs and is used to fuse the shatters back into the 1/1. This can only ever be called one time on each contract. After it is called and successful, the 1/1 stays a 1/1 forever.

Synergy

Synergy is a Transient Labs mechanism to ensure collectors are protected against metadata changes. It is evident that metadata updates are needed in certain cases, although not that often. When needed, the feature is very useful, but could be abused and typically deters traditional art collectors.

To combat this, we have come up with 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. Once approved, the metadata is updated, but only then.

The flow below shows Synergy at play.

Source

https://github.com/Transient-Labs/tl-creator-contracts/blob/main/src/erc-721/shatter/Shatter.sol