What are Smart Contracts?
Illust uses smart contracts as a way to create a fully decentralized and composable system for partners looking to launch a custom metaverse. Smart contracts are programs and/or transaction protocols that are stored on a blockchain (in this case on Ethereum and Polygon) that are able to execute events or actions. Smart contracts are useful because they’re able to create transparency, are referenceable, are stackable, and are mostly standardized in order to create interoperability, one of the hallmarks of the metaverse, for projects looking to expand its digital presence.
By using a mix of standardized contracts such as the ERC-721 and ERC-1155 with a mix of custom contracts such as the Proof of Presence, marketplace, and GSR contracts, Illust is able to deploy a variety of solutions for any of its partners.
What contracts does Illust deploy for partners?
In order to create total flexibility for partners and creators on the Illust AR application, Illust has a suite of out of the box solutions for creating and selling NFT’s, transfering in-metaverse awards (Proof of Presence), and for creating a repository for all geofenced content in the physical world. In addition to the public facing contracts, Illust works with partners to deploy exclusive contracts which offer additional perks. The following are a list of some of these contracts:
- NFT Minting Contract (ERC-721 for Ethereum & Polygon)
- Multi-Token Minting (ERC-1155 for Ethereum)
- Marketplace with Secondary Market Royalties (ERC-2981 for Ethereum and Polygon)
- Proof of Presence Protocol Contract (ERC-721 hybrid w/ transfers?)
- Geospatial Registry (custom and coming soon)
- Airdropper Pro (custom for Ethereum & Polygon)
To learn more about the smart contract innovations from Illust, please visit our Github repo for more.
The Benefits of Exclusive Contracts
At a base level, Illust built an ecosystem that provides creators with the ability to mint, sell, and claim NFTs free of charge using its public facing contracts. For those looking for specific personalization of your project’s metaverse, Illust is able to deploy exclusive contracts which give additional value. If you have your own custom contract such as a contract from Manifold, Illust will work to accommodate access in a similar way.
Some of the added value projects receive from Illust's custom contracts:
- Free minting of assets
- 0% commissions on the primary or secondary sales of NFTs
- The ability mint an AR Layer
- Exclusive collection on OpenSea
- The ability to launch a custom PFP or NFT membership project
- Specialized metadata for Proof of Presence tokens
- The ability to token gate or sell access to AR Layers
- The ability to launch a ticketing service for your metaverse
Smart contracts are the logic for the metaverse. As Illust is providing the framework for creating a custom metaverse for those looking to engage with Web3, it is also doing so by creating a truly interoperable system where minted experiences can be moved to other applications and marketplaces. By innovating what’s possible with smart contracts, Illust is opening the door for projects to build higher fidelity experiences, generate revenue, and welcome in a new generation of creators, collectors, and fans.
To get more information on Illust’s Smart Contracts, please don’t hesitate to reach out to an Illust Rep by filling out the form below.