Home/ Markets / Cryptocurrency/  WazirX launches new DIY initiative for NFT creators

WazirX NFT Marketplace has launched an initiative called Nano NFT, where creators can set up their own smart contracts, making the entire process of minting non-fungible tokens (NFTs) more seamless and less tedious and technical.

As per the company, creators of NFTs are usually unaware of the factors that prevent them from launching their projects.

“Cost is the first consideration, so a 10-k project will need a six-figure budget if it's to grow. But with Nano NFTs, creators will have their own website so people can claim and release NFT because of their own smart contract in which they can even design the NFTs based on traits and the rarest features," WazirX said in a statement. ‘ 10K’ is the number of the total NFTs collection population.

Smart contracts are programs that are recorded on the blockchain. On the WazirX NFT Marketplace, smart contracts for collections can be thought of as folders containing NFTs. The NFTs are kept in one place if you mint them for a smart contract. Smart contracts give creators the most control over their collections, and they can take their collections anywhere they'd like in the future. However, it's important to note that creators will have to pay the gas fee for every piece they include in the collection.

In the NFT ecosystem before smart contracts, people needed to mint NFTs individually, one by one, and it would cost them around $100 to $150 as gas fees only for one NFTs. After this came a collection where the creator could make their own folder of NFTs that needed to be minted for each NFTs. As a result, this system creates a lot of problems for creators because if someone has 100 NFTs, these need to be minted 100 times to deploy in the collection to create a folder, creators need to pay gas fees for every NFT that they mint. In order to solve all these creators' problems, smart contracts were introduced. They helped to resolve the gas fee issue and many others.

A lot of globally renowned brands have dropped NFT collections with the help of third-party platforms and project owners.

As per WazirX, individual creators were always left out of the race as it is difficult for them to create and deploy a smart contract and develop a roadmap for their collection.

Nano NFT aims to revolutionize the entire process of creating NFT collections for individual creators. The smart contract gives creators full ownership over their collections.

Commenting on the development, Sandesh Suvarna, vice-president, WazirX NFT Marketplace said, “As a platform, our aim was always to ensure that we create a credible space for artists and their art to thrive on. With the Nano NFT initiative, we are empowering creators and giving them all the tools to ensure that from their 1:1 NFTs and to their collections/projects, everything becomes a huge success. We are also proud to say that, globally, we are the first platform to introduce such an initiative."

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Updated: 04 Mar 2022, 12:22 PM IST
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