Back to the list

NFT Devs Unveiled Preminting Million NFTs for $2; Here's How

source-logo  u.today 16 July 2022 11:43, UTC

Minting non-fungible tokens (or NFTs) can be rather costly — in particular, when price volatility spikes catalyze gas fee upsurges. That is why the Charged Particles protocol team decided to implement the novel token standard.

ERC721i "Infinite" standard allows minting millions of NFTs for negligible costs

As explained by Mr. Rob Secord, co-founder of Charged Particles, the ERC721i ("Infinite") standard is designed to allow the minting of large drops of non-fungible tokens with dramatically reduced costs.

We just minted 1 million NFTs for less than $2 🤯

Introducing: Infinite - ERC721i

Our gigibrain Cofounder @robsecord has done it again and innovated a brand new token standard that could make minting obsolete.

Learn more 👇https://t.co/TFx3DkDFfj

— Charged Particles (@DefiNft) July 15, 2022

To some extent, this technology works not unlike existing "resource-efficient" NFT minting practices — Lazy Minting and Azuki's Batch Minting. However, the ERC721i standard removes the need to pay high transfer fees.

To achieve this goal, the Charged Particles team decided to slighly adjust the design of the ERC721 token standard developed by Open Zeppelin. Namely, the "ERC721Enumerable" contract should be rewritten, and the scope of _owners and _balances inputs should be changed from private to internal.

This adjustment allows minting millions of NFTs with sequential Token IDs.

"Cheapest NFTs on the market"

Mr. Secord shared that this development can even be integrated with OpenSea and LooksRare, two leading marketplaces for non-fungible tokens. The sales of ERC721i NFTs can also be automated with the OpenSea JavaScript SDK.

As such, the new standard unlocks opportunities for almost feeless minting of NFTs on Ethereum (ETH) and EVM-compatible blockchains:

The pros of this method are quite obvious — super-cheap minting of NFTs! But there's more! The Pre-Mint method sticks very closely to adopted standards, leveraging the popular OpenZeppelin framework as much as possible.

By press time, even given the super-low gas prices, operations with NFTs are charged with $1.5 to $2 fees per token on all leading platforms, according to the Etherscan tracker.