All you need to know about NFT-backed editions on Nibbl
NFT-backed editions are editions of a parent NFT that look similar to that NFT. Only the creator or owner of an NFT can make NFT editions. Creating NFT-backed editions involves moving the NFT to a smart contract, and then making editions.
Read on to find out how NFT-backed editions work on Nibbl and how to make and buy them.
How NFT-backed editions work on Nibbl
To editionize your NFT on Nibbl, you first lock it into a smart contract, then make ERC-20 ions of the NFT.
ION is short for Identity of NFTs. It’s a term we use to describe ERC-20 tokens that are obtained after an NFT is editionized. Ions behave like other ERC-20 tokens, so they are fungible, and compatible with Dapps and projects on Ethereum.
After making ions, you add details of the editions before wrapping them into ERC-1155 editions.
Editionizing your NFT into ERC-1155 editions on Nibbl gives you more functionalities and benefits like:
NFT-backed editions
Unlike other platforms, editions on Nibbl are fully backed by their parent NFT. Holders of the editions also have the opportuinity to buy out the parent NFT.
Ability to produce multiple NFT editions
Our ERC-1155 standard makes it possible to mint multiple editions of your single NFT.
These editions have varying similarities to the parent NFT.
Social proof
You can show off your ERC-1155 editions on social media platforms like Twitter. So you get the added benefit of proving to your friends and followers that you own interesting NFTs.
How to mint ERC-1155 editions from your ERC-20 ions
To mint ERC-1155 editions from your ERC-20 ions, you must first editionize your NFT. Check here for steps on how to editionize your NFTs.
After editionizing your NFT, follow these steps to mint ERC-1155 editions:
Step one
Tap on ‘Curator’s Corner’ at the bottom left of the screen.
Step two
Link the ERC-1155 contract
The next step is to link the ERC-1155 contract to add the edition of the NFT.
Step three
Input the details of the edition and editionize
To make NFT editions, you must fill in the description of each particular edition.
Note
You have to provide the details of each edition one after the other. If you wish to make five editions of your NFT, you must complete the below process five times.
Let’s explain some of the information you’ll need to provide using a Wanda derivative as an example.
Title
This is the name of each edition you’re making.
Example: Wanda Shiller
User Cap
This is the total number of that edition that a user can possess.
Example: 100 editions
Total Cap
This is the maximum supply of that edition.
Example: 1500 editions
Description
This is where you describe the features of the edition.
Mint Ratio
This is the conversion rate of the ERC-20 ions to the ERC-1155 editions.
Benefits
Here, you can list the various benefits each user gets when they own the edition.
Step 4
Add Image
After providing this information, you must add the image of the edition.
Step 5
Add edition
When you’re done with the above steps, tap on ‘Add edition’ to complete the process. You can add different editions of your NFT, with each edition having a distinct similarity with the parent NFT. For example, Good Minds added 5 different editions of their Wanda NFT. The editions resemble the original Wanda NFT but have different colours: mint green, orange, golden, violet, and sky blue.
Check here for Good Minds different editions.
Note
Please review the details of your NFT edition before completing the process, as they can’t be changed after editionization.
How to buy ERC-1155 editions of your desired NFT
Step one
Connect your wallet
The first step is to go to nibbl.xyz and connect your wallet.
Step two
Buy or claim some ERC-20 ions of that NFT
Follow these steps hereto buy some ERC-20 ions on Nibbl.
Step three
Tap on the NFT whose edition you wish to buy
After buying some ERC-20 ions, the next step is to use them to buy the NFT editions. To do this, Tap on the NFT whose derivative you wish to purchase.
Step four
Choose the particular edition you wish to get
Some editions will cost more than others. The edition you get depends on the amount of ERC-20 ions you have.
Step five
Wrap your ERC-20 ions to ERC-1155 editions
The next step is to wrap your ERC-20 ions to ERC-1155 editions.
Under the section ‘Wrap your ERC20 to mint an edition’, choose the edition you wish to mint.
When you do this, you’ll see the conversion rate of the ions and the edition. Next, input the amount of ERC20 ions you wish to wrap.
For example, if you want to buy Wanda editions, you’ll see ‘Pay in Wanda,’ then input the amount of Wanda ions you wish to wrap to produce the edition of your choice.
Then tap on ‘Approve’ to complete the wrapping process.
You will get the NFT eediton immediately.
You can also burn your NFT editions (ERC-1155) back to ions (ERC-20) by reversing this process. By tapping on the toggle under the ‘Wrap your ERC20 to mint an edition’, then input the tier you wish to burn. You will see its value in ions. Next, tap on ‘Burn.’ You will get your ions immediately.
Conclusion
You can follow the simple steps outlined above to buy NFT-backed editions and enjoy their benefits. We hope this short article answers any questions you may have.
If you have further questions, please feel free to contact us on Discord.
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