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Zora now allows creators to create their own NFT contracts
NFT marketplace Zora announced a huge new feature yesterday. The zero-fee platform will now allow users to create and distribute 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 create their own NFT pools using ERC-1155 contracts. Unlike traditional ERC-721 contracts, ERC-1155 gives creators more general flexibility. Using ERC-1155, creators can choose between creating 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 issue multiple issues of the same NFT on a single contract. This approach also allows for batch deployment, a big difference when it comes to limiting gas costs and reducing network congestion.
ERC-1155 contracts will also allow creators to add new editions to the same collection over time. Previously, a collection was “set in stone” after being distinguished. Creators could not add to existing collections, and instead had to create entirely new companion collections to build out their ecosystems. Now builders can add new assets to an existing collection and avoid the confusion of having multiple collections for one project.
However, using ERC-1155 is nothing new. For example, well-known digital artists Beeple and XCOPY have been using the technology for years for their respective artworks. Some recent 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 is to enable “a fairer system for creators and communities.” The Web3 platform is pushing against other NFT marketplaces’ willingness to charge high fees and abandon artist fees. In contrast, Zora enforces artist royalties and does not collect any merchant fees.
By leveraging the benefits of ERC-1155 contracts, Zora is well positioned to build a platform focused on protecting creators and the ethos of Web3.
