Infinity NFTs (ERC-721i) Released

Introducing ERC721i

I’m thrilled to let you know about the launch of our brand-new Infinity NFTs (ERC721i) smart contract, which can pre-mint one million NFTs for under $2! I will discuss the advantages and use cases for this kind of smart contract in this blog article, as well as how Launchifi users can benefit from it.

The Basics

Only the existence of a particular token ID and the fact that it has an owner count as the “essence” of an NFT. The rest is just a side note. With pre-minting, we can predetermine these values, negating the requirement to keep the same initial owner for each of the million IDs or to write an initial range of consecutive IDs to the blockchain.

Reduced Cost of Minting

There are a few ways to reduce the cost of minting NFTs, but it can be costly. When batch-minting, the author creates a large number of NFTs in advance and pays the associated costs. Although this can reduce expenses during minting, sometimes the costs are transferred to transfers. Lazy minting is when the creator defines the NFTs but does not mint them all at once, necessitating the buyer to mint the NFT at the moment of purchase and incurring the high minting gas costs. Simply put, this approach transfers the costs to the buyer.

Contrarily, pre-minting occurs when the contract automatically issues all NFTs to the employer/contract owner in advance. We can pre-mint a trillion NFTs using Launchifi’s Infinity NFT smart contract for less than half the price of pre-minting a single regular NFT. This approach does not also include cost shifting. As most of the OpenZeppelin ERC721 contracts are still inherited, we really stray from them very little and support all of the extensions that OZ offers.

How It Works

We aim to write as little as possible in terms of technical specifics when it comes to writing state to the blockchain. We want to make the most use of the read functions possible because of this. We can assume that each of those tokens belongs to a “original account” that we’ll refer to as “Account A.” This first account may be the contract deployer or owner. No extensive writing is required to make our points. We can change the read functions instead to only return specified values.

In order to accomplish this, we must update the ERC721Enumerable contract in order to remove the double-accounting around “allTokens” and utilize sequential token IDs. We are pre-minting, therefore we are already familiar with all tokens. We will also modify the base ERC721 contract’s ownerOf and _exists functionalities.

Conclusion

We were able to pre-mint 1 million NFTs using Launchifi’s Infinity NFT smart contract for about $0.50 per instead of the price of a single regular NFT! These smart contracts have obvious advantages. It is economical and effective, making it a great choice for both consumers and developers. Users of Launchifi can generate several NFTs with Infinity without paying exorbitant fees. We are eager to continue innovating and provide the NFT community’s community with solutions, and we can’t wait to see what our users will do with this new sort of smart contract.

Join us and begin investigating the Infinity NFT smart contract’s potential right away!

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