The ERC-721 token is a standardized smart contract with a predefined set of features. The tokens are non-fungible, which means that each one is unique. You can think of them as one-of-a-kind collectibles.
NFT has made waves in the digital world recently for a good reason. These specialized tokens ensure the authenticity and scarcity of digital assets, opening many possibilities for various digital marketplaces.
From digital collectibles to in-game assets to one-of-a-kind releases of digital media, the possibilities are endless. Everyone wants to start implementing NFTs into their platforms, but they're running into a few obstacles.
Creating a new NFT, or "smart contract" on an Ethereum-compatible blockchain, is not easy at all. First, as a developer, you have to know a lot of things:
It's a lot to know, and for developers who only need the basic features of ERC-721 tokens, it would take weeks to figure it all out.
NFTs have taken the world by storm, as creators of all kinds are cashing in on the surging demand for one-of-a-kind digital collectibles. Many NFT marketplaces have implemented “creator share” functionality that pays creators a percentage of subsequent sales, which is an excellent step in the right direction.
However, this functionality is only implemented on the application level, meaning as soon as the NFT leaves the marketplace on which it was created, creators will never see another penny for it again.
We’ve created CoinBox NF(royal)Ts. By implementing royalty-payment functionality at the blockchain level, we make it possible for creators to get paid every time their NFT is transferred for as long as it exists.
While it’s still within the marketplace where it was created, the application-level creator shares apply. And even if it leaves, the built-in royalty payment mechanism will automatically payout to the author every time it changes hands to a new buyer.
CoinBox NF(royal)Ts is easy to create, mint, and transfer into Coinbox Mobile Wallet. All it takes is a few simple steps. No blockchain experience is required.
Once your contract has been deployed, you’ll want to mint new tokens. If you're going to enable the royalty feature, you can enable it in your wallet, and it will enter two new properties — authorAddresses and cashbackValues. This will define a list of recipients of the cashback for every subsequent transfer of the token. These values are absolute and are in the currency of the underlying blockchain.
And that’s it. You can create, mint, and transfer NFTs that automatically payout royalties forever. The benefits to creators are enormous, and we believe that CoinBox NF(royal)Ts will be a highly desirable feature for NFT marketplaces in the future. Those who offer automatic royalty payout functionality will be providing an attractive incentive to creators, whereas those who don’t risk falling behind.