Exploring ERC-721A Smart Contracts
It’s impossible to talk about crypto without talking about the tokens. Tokens are basically of two types Fungible tokens and Non-Fungible tokens. The Ethereum blockchain is evolving ERC-20 and ERC-721 types of smart contracts and is used to represent tokenization, and popular projects are on it. As the ecosystem grows, so will the tye of smart contract.
The Azuki team created ERC 721A. The ERC 721A is an implementation of ERC 721. On the 6th of Jan, the Azuki NFT development team announced the ERC 721A, a new implementation of the ERC 721 NFT standard for batch minting.
What is ERC 721A?
Deploying a smart contract can be expensive. However, the smart contract isn’t the only cost blockchain engineering teams need to consider. Creating an NFT collection includes building a community and making it easier for everyone to mint, trade, and use their NFTs.
The ERC 721A is an improved version of the ERC 721 token standard. ERC 721A Azuki contract enables the minting of multiple NFTs at the cost of one NFT.
The gas prices on Ethereum have been consistently rising, and the community needs to adapt. When some popular NFTs mint, the gas price starts to get high, and as a result, the whole ecosystem has to pay millions of gas fees. The Azuki smart contract is the optimization of the ERC 721 contract, which will allow the community to spend fewer gas fees while minting.
- Removing duplicate storage.
- Updating user balance once per batch.
- Updating the owner data once per mint.
How does the ERC 721A contract work?
An ERC 721 contract tracks several elements and has no extra storage. The Azuki contract simplified the code as most NFT collections do not use most of the variables. With fewer steps and fewer storage updates, you can decrease the cost of minting an NFT. Because generally, the more you mint, the batch size grows, and the gas fees increase accordingly. The ERC 721A here becomes cost-efficient as the minting price approximately remains the same.
A look into the future
There are endless options. Tokenizing your physical works of art, music, assets, and contracts are some possibilities in the ecosystem.
The possibilities derived from the ERC-721A standard are far from being exhausted. The gas cost to mint multiple NFTs is lower than anything.