Agent index (llms.txt) — fetch this first, then the page it names.
NFTs and the market
Two modules handle NFTs on the chain. x/cnft stores compressed NFTs, millions of them for the price of one small tree. x/market lets owners sell them at a fixed price or to a bidder, with the creator's royalty paid automatically. A separate, fully on-contract path exists too: the CW721 standard contract (see Contracts).
Compressed NFTs (x/cnft)
A compressed NFT is a leaf in a concurrent Merkle tree. The chain stores only the tree's root and a small change log. Leaves are not stored: each is rebuilt from the transactions that created it, and a proof of the leaf's path proves ownership. The leaf hash is a SHA-256 over asset_id, owner, delegate, metadata CID, creator hash, nonce and hash id.
Tree shape. Depth 1 to 30, buffer 1 to 2,048 (how many changes can race before a proof goes stale), canopy under the depth and at most 14. A mint batch is up to 64 leaves. A metadata CID is at most 128 bytes.
| Message | What it does |
|---|---|
CreateCollection | A named collection with a royalty (up to 10,000 bps) that is fixed at creation |
CreateTree | Makes a tree for a collection. Locks a deposit of 1 norama per modelled byte of tree state |
Mint | The creator mints leaves. The root it names must still be in the change buffer |
Transfer | The owner or delegate moves a leaf, with a Merkle proof |
Burn, UpdateMetadata | As named |
Decompress / Compress | Turn a leaf into a handle stored on chain, and back |
RecordSnapshot | Records a content id for a tree. Opens no storage deal |
There is no admin key and no parameter that can be changed. Only two messages emit an event, because they consume a record the message does not carry: a settle emits market_settle (listing, bid, tree, leaf index, asset id, buyer) and a compress emits cnft_compress (the decompressed record and the new leaf). The indexer replays the messages to rebuild ownership and takes those two records from the events. GET /v1/chain/index/cnft/assets/{id} and …/cnft/owners/{addr}/assets serve that index.
The market (x/market)
| Message | What it does |
|---|---|
List | The seller lists a leaf at a price. Nothing is locked or escrowed: the NFT stays with the seller and ownership is proven again at settlement |
CancelListing | Removes a listing |
Bid | Escrows the bid amount from the bidder's bank balance in the market module account. A seller cannot bid on their own listing |
CancelBid | Returns a bid |
Settle | With bid_id 0 the signer buys at the list price from their bank balance. Otherwise the seller accepts a bid and the other bids are refunded |
At settlement the royalty (price x royalty_bps / 10000, rounded down) goes to the collection creator's earnings and the rest goes to the seller's earnings. There is no market fee and no burn. The market module makes this payment into earnings; a bank send between users would pay a public balance instead.
Queries: Listing and Bid are public. An invariant checks that the market module account holds exactly the open bids. Neither module has a list query, so the explorer opens a listing by its number, finds the newest collection by asking whether collection 1, 2, 4, 8 … exists, and takes an owner's assets from the chain indexer.