I want to create and mint an NFT collection so I can manage it with ucollect me. Can the team help me in doing so?
Could you please describe the purpose of your NFT Collection?
To help you out correctly, we need more information:
- Do you need to distribute token-gated content? If yes, what kind of content?
- Do you want to create different illustrations for each NFT?
- Do you want to sell them on an NFT Marketplace (like opensea.io ) or give them for free?
- Should users be able to resell your NFTs?
I know that all this information could sound like too many questions, but if you want to build a community on WEB3, you should always start with the initial question: what will my community be about?
Any additional information would allow us to help you better!
Thank you for your response! I want to create 2 individual NFT collections with the following purposes: 1) NFT Tickets 2) NFT as Digital Twin
NFT as digital twin must have the capacity to pair with merchandise and other physical items that might run through the supply chain of an electronic musician.
I’m also looking to investigate the NFT type that would be most suited as an investment tool for artists. The idea being that through the purchase of an NFT for an EP or Album the holder is entitled to X amount of royalty %'s accrued.
The community in question is one that is supporting the growth of emerging artists in the electronic music industry in Ireland.
There is a major problem with what you would like to implement. The business model you propose relies on royalties which cannot be enforced onchain.
The ERC-721 token standard, followed by the majority of NFTs, includes several functions, such as “transfer from.” This function is utilized by traders whenever an NFT is transferred between addresses and enables NFTs to be sold on marketplaces, whether they have royalties like OpenSea or not.
Unfortunately, it’s impossible to enforce royalties because as long as the NFT holder can send the NFT to another address, one could sell the NFT for a minimal amount of ETH to bypass any royalty mechanism.
As an example:
- Alice has an NFT valued at 100$. This NFT has a 5% royalty which goes to the Artist
- Alice requests Bob to send 100$ to her wallet in exchange for the NFT
- Bob sends 100$ to Alice through an on-chain transaction, which does not involves any direct interaction with the NFT
- Alice sells then the NFT for 0.1$ to Bob on-chain.
- The Artists receive only 5% of 0.1$ as the royalty logic is implemented on-chain
There are some solutions to this that are not 100% foolproof but that make bypassing creator earnings less liquid and easy at scale. Please look at this: GitHub - ProjectOpenSea/operator-filter-registry
In this case, you embed in the NFT smart contract a list of what operators can transfer the NFT and you make sure that those operators are marketplaces (like OpenSea), where you would enforce the royalties.
Sorry for being a little techy, but I wanted to share with you the right information.
Thank you for your response!
There’s two points I’d like to raise here. First being the need to define the type of royalty I am referring to. My initial question was in relation to the royalties associated with the streaming or performing of musical content owned by an artist. From my research, I have realized the potential for artists to sell NFTs with the purpose of allowing their fans to invest in their music. As a result of this investment, the fan is then entitled to a % of royalties earned by the artist based on how many times their music was streamed or performed. The difficulty is that currently, royalties are managed by centralized bodies, such as IMRO in Ireland and PRO’s in America.
In response to your understanding of the question, it is slightly contradictory to my academic research. The process of resale on the secondary market is perceived to have massive potential for artists and one quick solution to the major problem would be to attach a smart contract with a minimum purchase order, for example the NFT may only be sold or transferred for a minimum of 80$.
Another solution I stumbled upon today was creating a smart contract which enables dynamic pricing:
“Smart contracts allow for transparent dynamic pricing. The demand for creative products (paintings, photos, songs) fluctuates over time. Under the traditional marketplace, the creator, the buyer, and the intermediaries may need to renegotiate to change prices as the demand fluctuates. The menu cost of modifying prices and terms can be quite high ([Levy et al. 1997] Under smart contracts, the owners of the creative products can readily set rules to adjust prices to market demand. A correctly executed dynamic pricing mechanism benefits not just sellers but also buyers, allowing more low-willing-to-pay buyers to access the product. Importantly, the pricing mechanism is transparent for buyers to see. Transparency is a quality that consumers seek from a company ([Wharton@Work 2018,]”
I will leave the link for this research paper below:
I’m okay with techy! I’m thinking my research project is now going in the direction of creating an NFT as an emerging artist. This forum will be a valuable resource.
If I can find help in creating an NFT, wether it be for tickets, digital twin or Fundraising, that would be amazing!
I think that is contradictory to your academic research, because there are technical limitations to this due to how NFT are currently implemented.
For a simple minting of erc721 you can do it directly on most NFT Marketplaces (https://support.opensea.io/hc/en-us/sections/10309841766803-Creating). To add all those different utilities to a single NFT Collection, you will need a platform like Ucollect.me… but we need a little more time to build it
It’s all very interesting! I am beginning to see that there is still a significant length of time to pass and work to be done within the industry for us to get to a point of general acceptance of the technology.
From my own point of view, and where I am heading with my research, I am going to focus on NFT tickets first. I feel this might be a less complicated beginning in terms of utility, compared to the other applications I have mentioned.
Thank you Miro, to you and the rest of the team at Ucollect.me… Your project has been inspirational to me while researching for my thesis and the knowledge shared since January has really helped me navigate the space with a bit more structure.
Hey, no problem at all! Feel free to ask whenever you need us!