WazirX NFT Marketplace has introduced Nano NFT, a programme in which producers can create their own smart contracts, making the process of minting non-fungible tokens (NFTs) more frictionless and less complicated.
According to the firm, NFT founders are often unaware of the barriers that prohibit them from releasing their ideas.
“The first factor is cost, therefore a $10,000 idea will require a six-figure cost if it is to expand.” Producers of Nano NFTs, on the other hand, will have their own site where people may claim and issue NFTs due to their own smart contract, which allows them to construct NFTs depending on qualities and the rarest attributes, according to WazirX. The number ’10K’ refers to the total number of NFTs in the collection.
On the blockchain, smart contracts are programmes that are recorded. Smart contracts for collections can be thought of as folders housing NFTs on the WazirX NFT Marketplace. If you mint NFTs for a smart contract, they are held in one place. Smart contracts give creators complete ownership over their collections, allowing them to take them wherever they want in the future. It’s worth noting, though, that authors will be responsible for the gas price for each work they put in the collection.
People had to mint NFTs individually, one by one, in the NFT ecosystem before smart contracts, and it charged them roughly $100 to $150 in gas fees just for one NFT. Following that, the creator may create their own folder of NFTs that required to be minted for each NFT. As a result, this system causes a lot of issues for creators, because if someone has 100 NFTs, they must be minted 100 times before they can be deployed in the collection to establish a folder, and creators must pay gas fees for each NFT they mint. Smart contracts were introduced to solve all of these creators’ problems. They assisted in the resolution of the gas fee issue, as well as a number of other issues.