Non-Fungible Tokens (NFTs) are a major part of the blockchain space today and provide creators with a new way through which they can monetize their artistic prowess and truly create something amazing.
It opens the gates for just about anyone, on a global level, to access the global cryptocurrency market and gain access to a larger audience than ever before. With the increase in popularity of NFTs, there are countless NFT creation platforms developed, as well as numerous marketplaces that can be used to buy, sell, or trade NFTs.
However, not all marketplaces, creation platforms, and overall available options enable creators to have full control over their NFTs.
As such, today, we will be jumping into what full control actually means and why it has value, as well as how Pastel Network’s SmartMint solution can help anyone get the control they need.
NFT Minting and How It Works
When Non-fungible tokens (NFTs) were initially introduced within the blockchain space, there was not a simple and efficient way through which users could essentially begin creating them.
In other words, users needed to learn how to code themselves in order to fill their NFTs with specific metadata, properties, or attributes, and then would need to find a permanent NFT data and metadata storage solution that operates within a decentralized network.
For example, if a person wanted to mint an NFT on top of the Ethereum (ETH) blockchain, which is the largest blockchain that supports this functionality, they would need to learn how to code the smart contracts within Solidity, the main language used for Ethereum.
Today, there are numerous solutions available, such as a secondary NFT marketplace which also enables direct NFT minting technology within their offering.
Most of them, however, have specific limits associated with what kind of data users can add and how much of the data they can actually store.
Additionally, some marketplaces or minting platforms will also retain ownership of the smart contract on top of which the collection or drop is deployed.
What this essentially means is that a user may not necessarily have full rights to the NFT collection or drop they created because they do not own the smart contract on which it was created.
Proper NFT minting requires solid storage of metadata, a high level of authenticity, as well as protection against counterfeit NFTs, all of which are essential aspects within the blockchain space.
Smart Contract Control and Its Requirement
Smart contracts, which are utilized to enable the creation of NFTs on top of a blockchain network, are programs that can execute at the point in time when the pre-programmed conditions are met.
They are created with number functions and data capacity and are connected to a specific address within the blockchain network.
This means that whenever a user mints their NFT through a solution, the software provider or developer in question needs to write the data on the chain and, as such, can have control over it.
To retain full ownership over their NFT collections and drops, users need to manually create their own smart contracts instead of using third-party services.
Manually writing one’s own smart contract will enable users to retain full control and ownership of their NFTs and, as such, can aid them when it comes to managing their details on marketplaces that are connected to their wallets.
However, users that create NFTs are typically artists, which means that spending time manually learning how to code would hinder their artistic creation process and create bottlenecks in their works.
Moreover, if they are overly reliant on third-party platforms, they risk losing full control over the NFT drops and collections they make.
The industry needed a new solution to this issue, and this is where SmartMint fits into the overall picture.
SmartMint and Its Role in the Blockchain Space Surrounding NFTs
However, unlike traditional no-code solutions, SmartMint takes things further by enabling users the ability to retain full ownership over their NFT Drops and Collections.
What this essentially means is that all users need to do is upload their files, add specific properties/attributes, and select the network they want to mint on.
There are two solutions developed by Pastel being leveraged on SmartMint: Pastel’s Sense and Cascade protocols. The Sense Protocol enables near-duplicate NFT detection, and the Cascade Protocol enables users access to permanent storage of their NFT data.
The platform supports numerous file types, such as PNGs, JPGs, SVG, and .MP4. Moreover, they can add the NFTs anywhere for sale, including on marketplaces such as OpenSea or Rarible.
The platform enables users to manage single drops or entire collections, and this means that if they want to mint a single, limited edition NFT, or an entire 10,000 collection, the platform will handle the creation, as well as the deployment for the users.
Moreover, users can also add custom properties and metadata so that they are not limited to any existing standards.
Leaping Ahead in the NFT Space with SmartMint
We have gone over how retaining full control over NFT Drops and Collections works through smart contracts and why having a sufficient no-code solution such as SmartMint can be an essential part of marketing and monetizing one’s art.
It is now up to creators to put their work out there and get value from initial sales, as well as future sales through royalties, whilst also maintaining full ownership over their smart contracts and data.
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