Glossary of Terms

Originals

Originals of the Euler Record are ultra scarce NFTs and are capped at 27 for both Enigma and Genesis. Originals birth a new art + beat based on the Euler's totient function. The token seed is generated on-chain. Nobody knows the look and sound of the token until it’s minted. The music and the artistic design of Genesis and Enigma are unique but they feel familiar.

Owning Originals

Buyers of Originals shouldn’t need any more incentive other than the historical significance and the uniqueness of the art + music EulerBeats NFTs. That said, all EulerBeats Original holders will receive 8% of the print price on each print sold of the original token they own. The royalties are paid automatically as they are programmed into the smart contract and cannot be changed. In addition to the royalties, holders of Originals have full commercial rights. Some Genesis original owners have already created remixes and collaborations with other projects.

Prints

EulerBeats prints are replicas of an Original and can be previewed by the buyer before purchase. The cap for the fungible print tokens is set to 119 for each Genesis original token and 160 for each Enigma original token.

Any collector can buy a print based on the price formula set on a bonding curve. As the number of prints in circulation grows for a particular original, the price of issuing its next print increases at an exponential rate.

Reserve

A percentage of the print price gets instantly placed into a reserve in the smart contract. The reserve provides instant liquidity to a print holder who decides to “burn” a print. Genesis and Enigma have separate reserve pools. The reserve is not accessible by the project team and it’s only accessible by the smart contract to pay print holders when they burn their prints.

Burning

The bonding curve acts as a liquid market that allows a print holder to burn their print token, thus reducing the current print token supply of the associated Original, in exchange for receiving the burn price at that time. Thus, the burning process returns ETH to the print token burner from the reserve. The burn price is determined according to the formula set on the bonding curve. Genesis and Enigma have different burn price calculations (see below). It’s not possible to burn a print into an abyss by sending it to a 0x000… address. We are using an OpenZeppelin base contract, which does not allow ERC-1155 transfers to the zero address.

Bonding Curves

Both Genesis and Enigma use different bonding curves to calculate the print and burn prices. The print purchase price and the burn price paid back upon the burn of a print token are set on the exponential bonding curve determined by the current token supply for a given Original. The higher the token supply the higher the print and burn price, and vice versa. The EulerBeats bonding curves for Genesis and Enigma are transparent and not changeable since they are programmed into a smart contract on Ethereum blockchain. Additional details are below or post a question to the community on the Discord channel.