Technical Details

Configuring smart contracts

Partially owning the NFT is represented by each ERC-1155 token. Holders of ERC-1155 tokens can exchange their tokens for their portion of the proceeds from the sale of the NFT after it has been sold by its owner.

The owner of the NFT makes all significant decisions pertaining to the fractionalization process, including determining the amount of ERC-1155 tokens to be issued and setting the price per token.

The fractional shares are then placed on open sale for a predetermined amount of time or until they are all sold out.

Ommniverse Collection:

All the category based 1/1 Ommniverse created NFT art are minted as ERC721 on the collection contract

Ommniverse DAO vault:

Minted ERC721 will be secured in this vault while the corresponding copy mints transferrable ERC1155. Additionally, the vault will receive all of the NFTs and service fees that have been purchased. to influence DAO's decisions

Fractional Marketplace:

All user and ommniverse created collections will be automatically incorporated into the market, and the service fee will be listed alongside the cost of the NFT. On this contract, the entire auction will take place.

Governance:

Token holders can vote for Ommniverse growth through the OMMNI DAO, which powers the cryptocurrency. Proposals can be created only by ommniverse and DAO members and can vote by DAO members.

minBidIncrease:

Every offer must be at least 10% more expensive than the one before it. maxReserveFactor: The highest amount that the reserve factor, which is based on the NFT price, can be set to. This makes it possible to prevent users from setting the price too high.

minReserveFactor:

The lowest amount at which the reserve factor may be set in relation to the NFT's base price. By doing this, an auction is prevented from starting too low.

Fee Recipient: The location where the government will send the fee. NFTs may be divided. Addresses may be added or removed by governance.