Convert and Fractionalize EIP-721 Tokens to EIP-1155 with Rarity.Garden
Rarity.Garden is fully dedicated to the EIP- 1155 standard on Ethereum Mainnet and L2 chains but doesn’t want to exclude users of the still popular EIP-721 standard.
To be able to address this, we created a nice feature that allows you to convert any EIP-721 NFT following the standard to be converted into EIP-1155 NFTs.
Additionally, you may fractionalize your EIP-721 NFT into many EIP-1155 of the same type. This gives you a lot of custom opportunities for trading and NFT mechanics, similar to fractionalizing into EIP-20 tokens, but this time between NFTs.
You are also able to get your original EIP-721 returned as this is important if there are utilities attached your NFT.
How to Convert
To convert, please go to Rarity.Garden, open the chain of your choice and click on “Your Wallet”.
In the upper left, you’ll find the settings icon, click on it and pick “Convert From EIP-721”.
In the opening window there are 3 fields:
- EIP-721 Address: the contract address of your NFT.
- NFT ID: aka “token id”, the unique identifier of your EIP-721 NFT.
- Fractions: the amount of EIP-1155 to create (min. 1).
The EIP-721 address and NFT ID can usually be obtained from the minting service / marketplace you got the NFT from.
Once you entered your data correctly, click on the “convert” button to start the process.
You might get asked to approve the transaction first. Please follow the approval instructions and once complete, click “convert” once more to finalize the conversion.
If the conversion finished successfully, you will be shown a new NFT ID. This is the ID of the newly converted EIP-1155 NFT. Please backup this ID as you might need it later to get your original one returned.
Once completed, please reload your wallet and you should see the converted NFT.
If the conversion failed, there might be a couple of reasons for this:
- The EIP-721 address is invalid (no actual NFT contract)
- You don’t own the actual NFT (make sure the NFT ID is correct)
- The EIP-721 token has already been converted
How to Return
Owners of the converted EIP-1155 may return the original EIP-721 NFT at any time. The most important rule is that all fractions have to be returned in one transaction in order to get the original one returned.
If the fraction upon conversion has been 1, the task is simple as you only need one. But if the fraction is larger, you will need all of the supply of the NFT to get the original one returned.
To return your orignal NFT, please go to Rarity.Garden, open the chain of your choice and click on “Your Wallet”.
In the upper left, you’ll find the settings icon, click on it and pick “Return to EIP-721”.
In the opening window, there is only one field: NFT ID.
Here enter the NFT ID of the conversion collection (Uniftyverse 721) and click on “Return”.
You might get asked to approve your returning transaction. Once the approval completed, please click on “return” again to finish the process.
If successful, you will have the original EIP-721 NFT back in your wallet and the converted EIP-1155 are burned.
If you don’t own enough fractions of the EIP-1155 NFTs, an error will occur and you might want to check if you own the full supply of the NFT before trying again.
Here the list of the different Uniftyverse 721 contracts by chain where the converted NFTs are being stored:
- Ethereum: 0x55d68cbd62E180739513caA39E3179Ec7EB4a849
- Polygon (Matic): 0x91Be745b53F3d1871B86Da21285b50482b691e70
- xDai: 0x6fd506788E88E3be54Bd179B10d9F2C76BaA0dD9
- Binance Smart Chain: 0xCe24782557508f7A4b5dFf0972ef6359583F5acF
- Celo: 0xEB2F7E7162f8D6FefD3ae7E5e1Ab63BA192FFBa9
- Avalanche: 0xFe95f03cF7f9408a3599c402e98A1e947fDe5412
- Rinkeby: 0x2fA2725bA1A20fE914835893835CBCd472da5E9C
