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Blockchain Festival (Smart Contracts)

Overview

Blockchain Festival is a web-based platform powered by Settlemint for buying and reselling of festival tickets using blockchain technology. This platform is built on the public Ethereum blockchain with 2 smart contracts utilising the latest standards, where "FestivalNFT" follows the ERC721 standard and "FestivalToken" follows the ERC20 standard.

Technical Details

Smart Contracts

There are 2 contracts listed under the ./contracts directory.

  • FestivalToken
    • ERC20 Token, named FTK, which is used to transact festival tickets (FNFT).
  • FestivalNFT
    • ERC721 NFT, named FNFT, which is a representation of festival tickets.
    • Takes in an ERC20 Token as a parameter for transactions of tickets. In this case, FTK.

Deployment of Smart Contract

Since the Ethereum Merge, Ethereum Testnet does not support Rinkeby, Kovan or Ropsten. Therefore, as of 5 October 2022, Goerli testnet will be used for the deployment of this project.

You can view the contracts here

  • FestivalToken
https://goerli.etherscan.io/token/0x32c2e50014417da4516fb78d683c574d38c0b37d
  • FestivalNFT
https://goerli.etherscan.io/token/0x52e18abefb44e0ceb543ecb0935d5c42c6b2f233

How does it work?

Creation of FTK

  • The organiser has an initial supply of 1,000,000 FTKs.
  • The organiser can either transfer() these FTKs or allow the public to mint() these FTKs.

Creation of FNFT

  • There is a maximum cap of 1000 FNFTs.
  • The organiser can initiate the sale of tickets with startPublicSale().
  • FNFTs can only be purchased with FTKs.
  • The public can buy up to a maximum of 5 FNFTs at a fixed price of 10 FTKs.
  • The public can buy/sell at a secondary market at a price not higher than 110% of the previous sale.
  • The organiser is able to add a monetisation option in the secondary market.

Public purchase of FNFT

  • Before the purchase of FNFT, the buyer must first approve() the FNFT contract to transact in FTKs. Next the buyer can purchase up to 5 FNFTs with publicMint()

Listing of FNFT on Secondary Market

  • Before listing FNFT on the secondary market, the owner has to first approve() to the FNFT contract to transact the FNFT on the owner's behalf using setListing()
  • The owner can list the selling price to no more than 110% of the previous price.
  • Depending on the commission amount set by the organiser, the FNFT's owner will receive back the selling price less the commission, upon successful sale of the FNFT.

Adjusting listing of FNFT on Secondary Market

  • The owner can adjust the selling price of the listed FNFT with adjustListing()

Removing listing of FNFT on Secondary Market

  • The owner can remove listed FNFT with removeListing()

Purchase of FNFT on the Secondary Market

  • A customer can purchase a FNFT using purchaseListing()

Explanation through HardHat Testing

The tests are listed under the ./test directory.

In your Settlemint Smart Contract Terminal run the following commands :

npm run test

Deployment on Remix IDE

  1. Open up https://remix.ethereum.org
  2. -connect to localhost-
  3. run `remixd -s ~/directory-of-files
  4. compile using solidity version 0.8.9
  5. change environment injected provider
  6. deploy FestivalToken smart contract
  7. deploy FestivalNFT smart contract

Deployment on Settlemint

Before Deployment, ensure that you have set up a private key in Settlemint. In your Settlemint Smart Contract Terminal run the following command :

npm run smartcontract:deploy