As the Azuki NFT project takes on the metaverse, the team decided to open-source their smart contract standard, ERC721A. Essentially, ERC721A allows users to mint multiple NFTs at nearly the cost of one. In other words, NFT collectors can significantly save on transaction fees. Since Azuki made the standard public, there have been over 15 contract integrations. What’s more, it has amassed over 300 stars on GitHub.
“As a community owned protocol, ERC721A will continue to improve and adapt over time = more gas savings for the entire NFT community,” Azuki tweeted.
Azuki NFT’s ERC721A standard helps in gas savings
“Instead of using OpenZeppelin’s popular default implementations of IERC721 and IERC721Enumerable, we’ve written our version,” Azuki notes on its website. “ERC721A is an improved implementation of the IERC721 standard that supports minting multiple tokens for close to the cost of one.”
ERC721, which inherits from IERC721, is a standard for representing ownership of NFTs. In fact, it has been instrumental to the current NFT boom. However, as the network activity of Ethereum soared, so did the gas prices. As a result, users are required to pay extremely high gas fees to complete their transactions. This is where Azuki NFT’s ERC721A comes into the picture.
Azuki developers compared ERC721A’s gas costs and prices for minting with those of OpenZeppelin’s ERC721Enumerable. The results showed that the gas fees while using ERC721A were significantly lower in comparison to ERC721Enumerable. To illustrate, while minting one token via Enumerable cost $162.55, for Azuki’s standard, it was just $82.03 (assuming a gas fee of 300 gwei and $3500/ETH). What’s more, for five mints, while Enumerable’s mint cost shot up to $740.30, ERC721A was able to maintain the fees at around $89.
“We are confident that the gas costs to mint multiple NFTs are lower than anything we’ve seen in the space,” Azuki added. “All projects should strive to minimize the gas burden…We encourage other projects in the space to adopt the ERC721A standard for any public sales which allow for the minting of multiple NFTs in one transaction.”
What is the Azuki NFT project?
Azuki is a Manga-style NFT project currently taking the metaverse by storm. It features a collection of 10,000 avatars that offer several exclusive benefits, including access to drops and experiences. The top-notch artwork has made it a favourite among the NFT community, with its floor skyrocketing to 13.2 ETH (at the time of writing). Besides, on OpenSea, it has generated 88.4 ETH or around $244,000 in trading volume.
The primary benefit for Azuki NFT holders is access to ‘The Garden’. Basically, this is a “corner of the internet where art, community, and culture fuse to create magic.” Apart from the NFTs, the team has plans to launch streetwear collabs, NFT drops, live events and much more.