ETH IS ART 🎨
Wrap 1 ETH into an NF-ETH - A randomly generated and fully onchain ETH artwork, always redeemable for 1 ETH.
Info
What is an NF-ETH?
We all know ETH IS MONEY 💸... But now ETH IS ART 🎨 as well!
ETH IS ART allows you to wrap 1 ETH into a randomly generated, fully onchain, ETH artwork - a Non-fungible ETH. In short, you can make your Ether rare and special!
The NF-ETH can always be redeemed back to 1 ETH, but the artwork will in return be destroyed. Kind of like a digital piggy bank - to redeem the ETH you must break open the NF-ETH.
How do I wrap ETH into an NF-ETH?
By connecting with an Ethereum wallet above, you will be able to mint an NF-ETH, using the "Wrap 1 ETH" button. You need to have at least 1 ETH + 0.01 ETH to cover wrapping fee + gas cost to wrap your ETH. After wrapping, your NF-ETH should show up in your account instantly.
How do I redeem my NF-ETH for ETH?
If you wish to redeem your NF-ETH for 1 ETH, you must connect with your Ethereum wallet above, and input the Token ID of your NF-ETH, and click "Redeem NF-ETH for ETH". You can find your Token ID by navigating to your account on Etherscan, or by viewing it on OpenSea.
Why wrap ETH into an NF-ETH?
Just like you can wrap ETH into WETH to give it the superpowers of an ERC20 token, you can now wrap your ETH into an ERC721 token - aka an NFT. Some have a personal attachment to their ETH, and now you will be able to display your beautiful, and now rare, ETH as art in galleries or bring it with you into the metaverse. Or integrate it into your next project. What you do with it is up to you.
Limited supply, equally rare and fully onchain
To keep the NF-ETHs rare and special there is a max supply of 10,000 NF-ETHs. All NF-ETHs are randomly generated from the same SVG template, seeded with random colors based on the time it was minted, and the destination address. There are no special traits, so each NF-ETH is equally rare and special. The SVG data is stored fully onchain, so your NF-ETH will live on forever.
Ultra Sound Art
The idea behind NF-ETH is to experiment with value backed NFTs that will gradually also decrease in supply. Because some NF-ETH owners might choose to redeem their tokens for the underlying 1 ETH, the amount of NF-ETHs in existence should decrease overtime. NF-ETH is Ultra Sound Art. 🦇🔊🎨
Minting fee funding a public good
To avoid griefing from someone using flash loans to generate a lot of NF-ETHs, only to burn them again to reduce supply, there is a minting fee of 0.01 ETH. Half of the fee (0.005 ETH) goes to the project creator, and the other half (0.005 ETH) goes to a public good. I have chosen Etherscan (see donation address here) as the recipient of the other half of the fee, as they provide critical infrastructure for the entire Ethereum Community. You can therefore feel very good about minting an NF-ETH. Give yourself a pat on the back.
Inspired by Cranes
The contract code and frontend are inspired by Cranes - another great project that you should definitely check out.
Security
The code has been externally reviewed, and thoroughly tested. The contract code is very simple and utilizes mostly standard secure contracts by OpenZeppelin. The only restricted function is to distribute minting fees. The contract is immutable and cannot be upgraded, so what you see is what you get. The code is fully open source for your verification. See this disclaimer and use at your own discretion.
Licensing
The ETH IS ART 🎨 website, contract code and NF-ETH assets are all Public Domain and can be used in any way you wish.