What Is Chronicle (XNL)?
Stories are as old as language itself. They have the unique ability to shape thinking and XNL memories like no other form of communication can. A compelling narrative can easily imprint itself on the mind, leaving an unforgettable impression on the viewer. Over the millennia our storytelling methods have evolved, often through artistic depictions. From the cave art of the Upper Paleolithic to today’s online streaming services, and everything else in between.
It is only natural to assume that storytelling methods will continue to evolve, just as they have for tens of thousands of years. XNL identified that we’re at the transition point (paradigm shift) for the next human evolution of stories and artwork, through digital collectibles or non-fungible tokens (NFTs) recorded on the blockchain.
Chronicle Storage Key Points
|Circulating Supply||20,776,667.00 XNL|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
The digital collectibles (NFTs) market largely consists of users who are pre-familiar with crypto currency and the operational use of the blockchains they’re hosted on. Millions of traditional users of physical collectibles and fans of beloved brands are currently unable to access NFTs primarily due to challenging on boarding processes. NFTs still remain far too troublesome for some, thus leaving out millions of potential users to the world of digital collectibles and the millions of dollars of revenue they could bring in.
License holders of brand IP in partnership with XNL will earn a percentage of revenue, typically on the sale of packs and the marketplace transactions. Each individual license that Chronicle obtains is unique, usually dependent on the brand, its owner, history, and fanbase size.
An NFT Drop is the sale of a series of minted collectibles on the XNL Store available until they are sold out. Different quantities of collectibles will be minted and sold under a collection, with different price points based on their rarities. The quantity of a collectible is fixed. Collectibles can be scheduled to drop across a period of time, or launched all at once. Users will be able to purchase freely once a drop is activated.
NFT Mystery Boxes
Unlike an XNL Drop where the purchaser knows exactly what collectible they are acquiring at purchase, Chronicle also seeks to issue Mystery Boxes based on random selection. A collection with varying quantities of different collectibles within a brand and/or franchise can be issued where the user doesn’t know exactly what collectible they will receive until the point after it is purchased. An example of a mystery box could include a set of 10 unique superhero characters in various quantities across Common, Rare, Epic, Legendary. The user would purchase the Mystery Box, at which point their collectible would be revealed.
Transaction Fees from Chronicle Marketplace
XNL takes a 5% commission from all sold collectibles on the secondary marketplace, with the remaining 95% going to the seller. This fee covers the operational cost (e.g. blockchain fees) and includes a small royalty shared between Chronicle and the brand owner.
NFT as a Service
As Chronicle develops and on boards more brands, its authority in helping brands connect with fans using digital collectibles in a professional and creative way will be enhanced. Chronicle Thus, XNL can serve as a creative consulting company offering NFT as a Service offerings. It is highly likely that these services could expand beyond Chronicle’s own Store and Marketplace to external NFT partners.
The mass adoption of cryptocurrency in 2021 has been unprecedented. As a result of decentralised finance (DeFi), the Ethereum network has become congested so much that in February 2021 the average swap gas fee was approximately 50 USD. Additionally, with the whole world concerning the massive energy consumption and carbon emissions of blockchain mining, more and more projects have decided to migrate to blockchain solutions that are more environment friendly.
Therefore, Chronicle requires a carbon-friendly XNL network that will provide the best experience for its users whilst at the same time running on the code base that Ethereum has created for its ERC-721 standard. Your choice of solution for the immediate term is the Aurora Ethereum Virtual Network (EVN) built by the team at NEAR Protocol. It is important to state that Chronicle is an application-layer product and is not solely fixated on one single blockchain technology. For this reason Chronicle is building itself as blockchain agnostic to support multiple blockchains and provide cross-chain NFT solutions.