The NFT Zora marketplace announced a great new feature yesterday. The zero fee platform will now allow users to create and implement their own ERC-1155 contracts. What does this implementation mean for creators?
Image Credit: Zora
What can Zora users do with ERC-1155 contracts?
Zora users can now mint their own NFT collections using ERC-1155 contracts. Unlike traditional ERC-721 contracts, ERC-1155 allows creators more overall flexibility. With ERC-1155, creators can choose between making 1/1 pieces, numbered editions, or fully fungible tokens where one digital asset is indistinguishable from the next.
This flexibility comes from the ability to release multiple editions of the same NFT in a single contract. This approach also enables batch minting, which makes a big difference in limiting gas costs and reducing network congestion.
ERC-1155 contracts will also allow creators to add new editions to the same collection over time. In the past, a collection was “set in stone” after it was minted. Creators couldn’t add to existing collections and instead had to create entirely new add-on collections to build their ecosystems. Now builders can add new assets to an existing collection and avoid the confusion of having multiple collections for a project.
However, using ERC-1155 is nothing new. For example, famous digital artists Beeple and XCOPY have used technology for years for their artwork. Some recent and well known ERC-1155 projects include The Memes Collection by Punk 6529 and 10KTF Stockroom owned by Yuga Labs.
Image Credit: Zora
What is Zora?
Zora’s mission statement is to enable “a more equal system for creators and communities.” The Web3 platform bucks the willingness of other NFT marketplaces to charge high fees and abandon artist royalties. By contrast, Zora enforces artist royalties and does not charge any commercial fees.
By taking advantage of ERC-1155 contracts, Zora is well positioned to build a platform focused on protecting the creators and spirit of Web3.
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