X-Talk NFT Liquidity Provision

The ability to mint and own an NFT on Chain A and selling the NFT on OpenSea and/or Chain B and/or Ethereum Marketplace (More Marketplaces to be added). The NFT will automatically be burned / custom actioned when the NFT changes ownership on the chain(s) or marketplace(s). This allows the similar NFT to be used on various platforms while preserving the utility and permissions.

Example:

The ability to mint an NFT on Binance Smart Chain, list it on OpenSea Ethereum Marketplace with a Smart Contract on L1X. The NFT will be automatically burned when it changes ownership on the Binance Smart Chain or Ethereum OpenSea Marketplace. The NFT will be usable on the Game on the Binance Smart Chain while this is listed on OpenSea Ethereum Marketplace.

Technical Workflow

Figure 19 X-Talk NFT Liquidity Provision Workflow

 Workflow explained

1. User assigns NFT rights to the L1X MultiSig smart contract on the Binance Smart Chain.

2. User initiates the Smart Contract on the L1X Chain that makes the Execution Manager ready in terms of listening to the MultiSig contract initiation events.

3. Execution Manager informs the Rule Engine about Transaction Type. In this use case, it’s ‘L1X_Advertisement’.

4. Rule Engine verifies the event and forwards it to the Rule Processor.

5. Rule Processor filters and sends relevant information to the Rule Database.

6. Rule Database gives the response for the associated function call.

7. Rule Engine sends an event for an empty struct to the Execution Manager with function/rules such as Mint, Transfer, Collect Fees, and its relevant variable/function parameter details.

8. Execution Manager requests Execution Register to store the information about NFT transfer to the MultiSig.

9. Execution Register stores the event information and informs Execution Manager.

10. Execution Manager invokes the user and L1X to sign the MultiSig on the Ethereum blockchain network.

11. L1X MultiSig Smart Contract triggers an event once the MultiSig is signed by the user and L1X.

12. Rule Engine sends the corresponding event for the transaction struct to the Execution Manager.

13. Execution Manager updates the Execution Register to store information that L1X MultiSig on Ethereum blockchain network is signed by the user and L1X.

14. Execution Registers informs Execution Manager about information storage.

15. Execution Manager invokes L1X MultiSig Smart Contract on Ethereum blockchain network to mint NFT on OpenSea Marketplace.

16. Event is triggered once NFT is successfully minted on OpenSea Marketplace.

17. Rule Engine sends the corresponding event for the transaction struct to the Execution Manager.

18. Execution Manager provides the information about successfully NFT minting on OpenSea Marketplace to Execution Register.

19. Execution Register stores the information and updates Execution Manager.

20. User is informed about successful NFT advertisement and listing on Ethereum OpenSea marketplace.