The AZUKI NFT Project is shaking up the metaverse. AZUKI decided to open-source ERC721A, their smart contract standard. The ERC721A smart contract allows users to mint multiple NFTs for almost the same price as one. Those collecting multiple AZUKI NFTs are able to save significantly on transaction fees. Over 15 contract integrations have taken place since AZUKI made the announcement. The contract has also been awarded over 300 stars by GitHub.
AZUKI stated that multiple token minting using the IERC721 standard is a fraction of the cost of one token.
“Instead using Open Zeppelin’s popular default implementations IERC721Enumerable and IERC721Enumerable… ERC721A, an improved implementation of IERC721 standards that allows multiple token minting at a fraction of the cost of one, is called ERC721A.”
ERC721, which inherits IERC721, serves as a standard to represent ownership of NFTs and has been instrumental in the current NFT ecosystem. The gas prices rose with the increase in Ethereum network activity. Users are therefore required to pay high gas fees in order to complete transactions.
AZUKI developers compared ERC721A’s gas costs and prices to mint with OpenZeppelin’s ERC721Enumerable. According to their findings, ERC721A’s gas fees were significantly lower than ERC721Enumerable. For example, while a token through Enumerable costs $162.55, a standard for Azuki cost $82.03 (assuming 300 gwei gas fees and $3500/ETH). Enumerable’s mint costs shot up to $740.30 but ERC721A managed to keep the fees at $89.
“We are confident that the gas costs to mint multiple NFTs are lower than anything we’ve seen in the space… All projects should strive to minimize the gas burden…We encourage other projects in the space to adopt the ERC721A standard for any public sales which allow for the minting of multiple NFTs in one transaction.”
What Is AZUKI NFT Project?
AZUKI is a Manga-style NFT project is gaining rapid popularity in the Metaverse. AZUKI has a variety of avatars, each with unique perks such as access to drops and other experiences. AZUKI’s high-quality artwork has made it a favorite among the NFT community. At the time of writing, the floor price of the NFT collection has risen to 13.2 Ethereum. It has also generated 88.4 Ethereum on OpenSea and around $244,000 in trading volume.
Access to “The Garden” is the primary benefit for Azuki NFT owners.
“This is basically a corner of the internet where art community and culture combine to create magic.”
The AZUKI team has major plans to launch streetwear in collaborations, multiple NFT drops and host live events.
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