How Do Our Smart Contracts Work?
Our tools are powered by smart contracts. From the minting process to the NFT marketplace.
Here’s how they work.
Minting
Our minting smart contract is powerful. It enables you to create 3 different kinds of NFTs based on your preferences.
Extended
The extended token is one that supports multiple creators, rights management, and guaranteed resale royalties. It also supports a buyout option for interoperability and supports multiple royalty receivers.
Your token is only available on our platform unless you change it.
Standard
This is an ERC-721 token with rights attached. It supports multiple creators, rights management and interoperability. However, it does not guarantee royalties when trading on other platforms.
Basic
This is a standard ERC-721 token that supports one creator and is interoperable.
Marketplace
The market smart contract is the basis of the LiveArtX Marketplace. It offers lots of functionality for collectors and artists alike.
Buy Now
First, NFT owners must set a price for their token. Then, collectors can use the buy now function to immediately receive the token in their wallet.
The new owner will also receive rights and royalties for the artwork.
English Auctions
Our smart contracts enable you to host auctions for your artwork. You’ll be able to set a time limit, reserve price, and manually accept bids. Our goal is to empower the artist to receive fair compensation for their hard work.
Once the auction is finished, all fees will be automatically paid and the token will be transferred to the new owner along with the token rights.
