CapsuleNFT: Back to Basics
Let’s review! What is CapsuleNFT? What are Capsule NFTs? What are Capsule Collections? And how can users learn more about the Capsule Protocol? Read on for the answers.
CapsuleNFT is a decentralized company.
It encompasses everything — the Capsule Protocol, Capsule NFTs, Capsule Collections, the Capsule App, the Capsule team, the Capsule community, and so forth. The mission of CapsuleNFT is to facilitate interaction with composable (token-storing) NFTs, and to provide the foundation for users to build their own projects.
The Capsule Protocol is our ecosystem.
The Capsule Protocol is the set of rules that govern our products. There are many layers of abstractable code within the Protocol — which provides an infinite amount of use cases for users and developers.
Capsule NFTs are our product. (Note the space!)
Capsule NFTs, with the exception of Simple Capsule NFTs, are NFTs that hold other types of tokens — such as ERC-20, ERC-721, and ERC-1155. The underlying tokens can be redeemed at any time. Classic Capsules are burned, or permanently destroyed, upon redemption. Meanwhile, Iron Capsules do not burn during redemption — allowing users to add or remove tokens as they please.
Through the Capsule App, users can mint (create) their own Capsule NFTs. The user chooses the type of Capsule NFT, the type and number of tokens, name, description, and attachment (image, video, audio, etc.). Note that there is a small fee of 0.001 ETH added to each Capsule NFT mint, which secures your tokens.
Users can build their own Capsule NFT collections. For example, Dollar Store Kids — a proof of concept developed by the Capsule team — was the first dollar-backed NFT collection to be released. Each Dollar Store Kid is a Capsule NFT that contains 1 USDC. Upon redemption, a Dollar Store Kid would be burned and the owner would receive 1 USDC stored within the Capsule Protocol.
Capsule Collections contain Capsule NFTs.
Similar to how NFT collections contain NFTs, Capsule Collections contain Capsule NFTs. These collections can support any combination of Capsule NFT types — ERC-20 Capsule NFTs, ERC-721 Capsule NFTs, ERC-1155 Capsule NFTs and Simple Capsule NFTs.
Capsule Collections are customizable upon creation. Each collection is given a name and symbol by the user. Then, the user has the option to:
- Pass a metamaster, either to a user address or the zero address. If a user address is assigned, the Metamaster can update the metadata of a Capsule Collection. If the zero address is assigned, then the metadata of the collection can not be changed.
- Lock the collection, setting a permanent limit to the number of Capsule NFTs minted to the collection.
- Determine the privacy of the collection. If the collection is public, then any user can mint to the collection. If the collection is private, then the Collection Owner can only mint to the collection.
To learn more about the customizability of Capsule Collections, read our article on Medium.
For more information on CapsuleNFT, read our documentation.
This article is only scratching the surface of the Capsule Protocol — we strongly encourage users to read our documentation to learn more. These “docs” are a source of information for our products, use cases, contracts, and developer walkthroughs. If there are any questions or concerns, feel free to reach out to the Capsule team on Twitter or Discord!
Not only do we hope that you utilize our protocol in your projects, but that you also innovate beyond composability. Together, let’s reinvent the cryptospace with the Capsule Protocol.
