NFT marketplace Zora announced a huge new feature yesterday. The zero-fee platform will now allow users to create and deploy their own ERC-1155 contracts. So, what does this implementation mean for creators?
What Can Users Do With ERC-1155 contracts?
Zora users can now mint their own NFT collections using ERC-1155 contracts. Unlike traditional ERC-721 contracts, ERC-1155 allows creators more overall flexibility. Using ERC-1155, creators can choose between making 1/1 pieces, numbered editions, or entirely fungible tokens in which one digital asset is indistinguishable from the next.
This flexibility comes from the ability to release multiple editions of the same NFT on a single contract. This approach also allows for batch minting, a huge difference-maker in limiting gas costs and reducing network congestion.
ERC-1155 contracts will also allow creators to add new editions to the same collection over time. In the past, a collection was “set in stone” after minting out. Creators could not add to existing collections, and instead had to create entirely new companion collections to build out their ecosystems. Now, builders can add new assets to an existing collection and avoid the confusion of having multiple collections for one project.
Using ERC-1155 is nothing new, however. For example, famous digital artists Beeple and XCOPY have utilized the technology for years for their artwork. Some recent well-known ERC-1155 projects include The Memes Collection by Punk 6529 and the 10KTF Stockroom owned by Yuga Labs.
What is Zora?
Zora’s mission statement is to enable “a more equitable system for creators and communities.” The Web3 platform pushes against other NFT marketplaces’ willingness to charge high fees and abandon artist royalties. In contrast, Zora enforces artist royalties and does not collect any trading fees.
By leveraging the advantages of ERC-1155 contracts, Zora is well-positioned to build a platform focused on protecting creators and the ethos of Web3.
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