Introducing….Sliced.art
The team behind Crunchy Network is beyond excited for the upcoming release of Sliced.art. Sliced.art is the first decentralized fractional NFT platform on Tezos.
What is a fractional or sliced NFT?
Sliced (fractional) NFTs represent shared ownership in NFTs. With sliced NFTs, it’s possible to “slice” up an NFT into millions of fungible tokens. These fungible tokens can then be sold on Sliced.art or be traded on a supported marketplace like OBJKT.com or any NFT marketplace that wishes to integrate Sliced.art.
We can confirm integration with OBJKT is nearly complete and will be ready for the launch of Sliced.art.
Why should I care about sliced NFTs?
Ever dreamed of owning that rare Tezzard or the latest Zancan 1/1 NFT, but the 10,000 XTZ price tag keeps ownership out of reach? Slicing an NFT reduces the cost of entry for those who are normally priced out of Tezos’s blue-chip NFTs. Now you can own slices of your favorite NFTs while reducing the risks and costs that are normally associated with buying that NFT outright.
With sliced NFTs, liquidity is also increased. When you slice a NFT, generally each fragment will be priced much lower than the NFT itself. This allows for everyone, not just whales, the opportunity to purchase these NFT slices. Now, instead of listing a NFT and waiting for days, weeks or months for someone to purchase an NFT that has a floor of 1,000 XTZ, you can now slice that NFT into a 1,000 fragments and and list each piece for 1 XTZ each. Maybe you don’t want to sell all the slices but want some liquidity for another NFT purchase. Then slice that NFT into 10,000 slices and list 5,000 for 0.1 XTZ a piece. Whichever way suits you best, the options are yours for the slicing.
How do I slice a NFT?
When Sliced.art goes live, you simply will navigate to Sliced.art and select “Slice NFT”. From there, you will select which NFT(s) you want to slice (1 to 100). Next, you will need to provide details like title, description, how many slices, how many slices you want to sell and the price for those slices. To the right you will see a summary and then select “Mint Slices”. The moment the blockchain accepts your transaction, your slices will be listed on our marketplace.
So what about individuals that want to buy a sliced NFT?
When you head to Sliced.art, select “Marketplace” and browse or search for slices. Once you find a slice you want to purchase, you have the option to either select how many slices you want to buy or select how much XTZ you want to spend. If you input a XTZ value you wish to spend, Sliced.art will automatically give you as many slices as that buys and return the leftover XTZ to your wallet. For example, if each slice is 2 XTZ and you wish to spend 101 XTZ. The transaction will purchase 50 slices (100 XTZ) and return the extra 1 XTZ that wasn’t spent.
Sooo…what can I do with a sliced NFT?
Well you can buy, sell, speculate and many of the same things you already do with NFTs. The secondary market will currently be on OBJKT or any marketplace that wants to integrate slices in the future. We will also look to add secondary sales to Sliced.art in the future.
What if someone wants to buy the NFT that was sliced?
This is the beauty of Sliced.art. All NFTs will have a buyout system. When you buy and hold a sliced NFT, you have a say in the reserve sell price of the underlying NFT. Basically, you can say what you are comfortable selling the sliced NFT for. Your voting weight is directly proportional to the amount of slices you own. The more slices you own of the underlying NFT, the more your vote on the price matters.
If a user comes in and wants to buy the sliced NFT outright, they will place a bid at the reserve price or higher. This will trigger a auction and the highest bidder will purchase the NFT at the final bid price. The original artist will receive their royalties and the remaining funds will be allocated to users that hold that NFT’s slices. If you own a slice of a NFT that was auctioned off, you can then head to that NFTs sliced page and burn your slice(s) to retrieve your portion of the sale proceeds.
Socials
We have tried to answer all the questions we can initially think of in this Medium post, but if you still have some or just want to talk with the team, head over to our socials below:
With that, GET EXCITED. The Pie Sli….I mean Sliced.art is coming very very soon 🥧
Disclaimer: The Sliced.art team and community representatives are not registered financial advisors. All opinions shared on Twitter, Discord, or through other public channels are those of the respective individuals alone. Sliced tokens are solely intended to increase participant access to collectable, provable ownership of digital art and their respective communities. Sliced.art does not condone the creation, buying, or selling slices as a means of investment. The Sliced.art team is not responsible for how curators choose to market their NFTs. Similarly, the Sliced.art team does not create, handle, or manage the intermediary platforms, or networks through which slices can be transferred, sold, or purchased. Publications from Sliced.art are solely for information and entertainment purposes only. Please consult and work directly with tax, legal, financial, and investment professionals before making any sliced creation, transferring, and purchasing decisions.
