New token standard lowers the cost of NFT creation

New token standard lowers the cost of NFT creation
New token standard lowers the cost of NFT creation

The tropics that bear markets are for building can have the benefit of being true.

Example: Charged Particles, a project that allows users to insert digital assets into NFTs, introduced a new token standard called ERC721i on July 15.

The standard brings a new function to the NFT area. ERC721i will allow creators to pre-mine project NFTs for a very low cost. Charged Particles used the standard to create one million NFTs for under $ 2 to demonstrate ERC721i capabilities.

NFTs On-chain

This means something because even though the creators obviously create the art for NFTs before creating them, ERC721i will allow creators to interact with their NFTs on the chain before they are released to the public.

“I separated worries – mints from transfers,” Rob Secord, Charged Particles CTO, told The Defiant over Discord on July 18.

Charged particles allow NFTs to actually hold other digital assets, including other NFTs, but also fungible tokens, inside them. The ERC721i would allow the creator of a project to access such capabilities before they hit the blockchain and become marketable.

An example of using “charged” NFTs might be to use them to vote, but also as a time slot for equity tokens and to act as a sort of mailbox to give owners dividends or other digital assets.

Right now, these features are somewhat unclear. Secord acknowledged this and said that he was trying to give developers alternatives, not solve all the problems with NFT coins.

For example, even though the digital assets have been pre-stamped via ERC721i, people buying the NFTs for the first time will still have to pay about the same fees to transfer the NFTs to their own wallets, according to Secord.

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Extra gas charges

ERC721’s second function affects NFT buyers more directly. “Now people can choose exactly which NFT to buy instead of getting a random one on mint,” Secord said.

Of course, this can also come with problems – people can pay extra gas fees to sneak rare NFTs early, leaving a less equal condition for someone else hoping to roll the dice and acquire a rare digital asset.

Still, as Secord said, the ERC721i is not intended for all NFT projects. For him, it is about giving choices to creators.

With NFT trading volume down 96.3% to $ 36.8 million on July 17 after peaking at $ 1 billion in January, according to a Dune Analytics query from hildobby, NFT creators may be willing to try anything to breathe new life into the room.

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