Introducing Collectible Moments - Technical Overview and Nuances

Motivation:

Back in January, we launched our Clips feature which allowed viewers to make 10, 30, or 60 second clips of a livestream and share on socials.

Once we launched this we immediately thought about enabling fans the opportunity to create and also collect their favorite moments. Just how Livestream NFTs have become a way to collect your favorite memories on the internet, collectible moments could be the way to collect your favorite moments on the internet.

How it works:

• The creator deploys a clips contract in their dashboard

• The contract is deployed on Optimism, which is an L2, for low gas fees.

• Once the contract is deployed, during the stream viewers can clip their favorite moments and also mint them as NFTs

• If someone else mints a clip that a fan makes, the original clip creator gets a 5% revenue split as well!

• Pay with credit card or crypto

• All clips fans make live on the same contract ex. see here

Technical details:

We have an orchestrator contract and an ERC-721A creator-owned contract. Both contracts are deployed on the Optimism L2 chain.

Within the contract, the creator can set a mint price, the address that the funds go to (ex. A 0xsplits contract), a royalty percentage, and the max number of clips a viewer can make per mint.

Upon mint, the clip is uploaded to arweave, and the metadata is put on pinata. Once a clip is minted, if anyone else mints the same clip that the fan makes, the fan receives 5% of the mint price while the creator receives 95% - hopefully incentivizing fans to clip and distribute on behalf of the creator

If a viewer isn’t native to web3, they can create their own wallet via Privy’s embedded wallet functionality, then use a credit card via Paper to purchase the NFT.

This will allow more purchases to be made that weren’t possible before.

We’re really excited about the possibilities that can come from creators using this new update. Stay tuned for more updates on our Twitter!