New Token Standard Reduces Nft Creation Costs

The Charged Particles project, which allows users to deposit digital assets in NFTs, introduced a new token standard called ERC721i on July 15. Thus, the statement that bear markets are needed to create new projects becomes true.

This standard brings new possibilities to the NFT space. ERC721i will allow you to create your own NFTs at a meagre cost. To demonstrate the capabilities of the ERC721i, Charged Particles used the standard to create one million NFTs for less than $2.

“I separated the issues — the mint from the sale,” said Rob Secord, CTO of Charged Particles.

Charged Particles allow NFTs to contain other digital assets within it, including other NFTs as well as other tokens. The ERC721i will allow the project creator to access these features before the NFT hits the blockchain and becomes tradable.

Such NFTs can also be used in voting or as timelocks for certain types of tokens. For now, the company acknowledges that this feature will be further developed.

The ERC721i provides an advantage for NFT buyers as well. Now they can choose which token to buy instead of getting it randomly. However, according to the company, the ERC721i is not intended for all NFT projects. In his opinion, we are talking about giving a choice to the creators.

Charged Particles concludes that with NFT trading volume down 96.3% to $36.8 million in half a year, NFT creators can try anything to breathe new life into the space.

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