We are very excited to share that our new smart token contract is now available across MakersPlace!
You asked and we delivered: our contract update sets a new industry standard. It is designed to innovate and address many of the most pressing topics in the digital art space.
Key features include:
- Gas fees reduced by an average of 60% for both minting and transferring tokens
- Royalties embedded directly in tokens – an important first step towards industry standardization
- The introduction of ‘dynamic’ tokens
- An update to the newest version of ERC-721
Below are instructions for accessing the new smart contract – which requires a simple upgrade to your MakersPlace account – as well as further details about its benefits.
“We are thrilled to share the next iteration of our smart contract with our artists and collectors. Our reduced gas fees are very competitive – if not leading – across the industry, and our native royalty support demonstrates our commitment to evolving and improving the NFT space. And we are very proud to support the innovative vision of our artists through the introduction of dynamic, updateable tokens. We look forward to hearing from our community about these enhancements, and how we can continue improving on behalf of our incredible artists and collectors.” Dannie Chu, MakersPlace co-founder and CEO
UPGRADING YOUR ACCOUNT
In order to utilize the new smart token contract, you will need to upgrade your MakersPlace account.
The process is simple – the next time you go to upload a new artwork, you will receive a prompt that asks you to accept the upgrade. That’s it! And if you are creating a new account with us, you will automatically opt into the new contract.
Please note that this upgrade is permanent and will apply to all new works minted moving forward – with the exception of new editions minted on older artworks.
SIGNIFICANTLY REDUCED GAS FEES
By optimizing our token contract code, MakersPlace’s new smart contract reduces gas fees by an average of 60% for both minting and transferring tokens – a win for both artists and collectors.
NATIVE ROYALTY SUPPORT
Our new smart contract will allow artists to embed collaborator and royalty details directly into their token, which in turn enables any marketplace to query and determine how royalties should be distributed, in perpetuity.
For this reason, we now require all collaborators to connect a personal wallet, to ensure that future royalties flow back seamlessly.
Collaborations have also been enabled for all artists, including those who are minting with their personal wallets.
MakersPlace developed native royalty support in response to an Ethereum Improvement Proposal (EIP) to standardize royalties in the NFT space – but extended it to support collaborations as well.
Currently each marketplace implements royalties differently, but by embedding this information into the token itself, MakersPlace is taking an important first step towards industry standardization.
INTRODUCING DYNAMIC TOKENS
MakersPlace has begun rolling out ‘dynamic’ tokens – the ability to indicate that a token is updateable and can be changed, until the owner elects to stop.
The first dynamic token to be minted and offered on MakersPlace was for pioneering cryptoart duo Hackatao’s Remix Me, a collective art experiment and ongoing project. Learn more: REMIX ME – An Exploration of the Art of the Remix with Hackatao
Dynamic tokens are currently available to select artists on a per-case basis. We look forward to sharing updates on further availability in due course.
Get in Touch
If you’re a digital creator, you can learn more about MakersPlace here.
Ready to start your rare digital art collection? Join here.