In the previous Part 1 blog, we discussed the first steps to creating a Cardano NFT using the NMKR platform.
NMKR is an NFT and tokenization service built on the Cardano blockchain. It enables businesses and individuals to issue NFTs by uploading images and other content to its platform and does not require any coding knowledge. By integrating with other essential tools such as Cardano wallets, NFTs created on NMKR can be stored, transferred, and transacted using these wallets.
In this Part 2 blog, let’s go over the other options that a user has once their NFT has been minted.
Managing the NFT
Following the previous steps outlined in Part 1, the menu below shall appear in the Projects section of NMKR Studio:
This is a summary of the NFT designed in the previous blog.
From here, the format of the NFT can be changed in the future. Also, from this menu, a user can access the sale option in NMKR Studio by clicking on “Manage Project” for those interested in putting it up for sale.
The first choice “Cardano Collection Token” in the dropdown menu allows a user to create a royalty token. This will ensure that a percentage of every NFT resale goes to the wallet specified by the token’s creator.
The “Identity Token” tab that is displayed once the above is clicked refers to a different utility tied to DAOs, which we won’t explore for this guide.
The second dropdown menu item “Set NFT Prices” is where a user can settle on the price of each minted NFT in their collection. Once we click on it, a user will see the following menu:
It’ll show the basic configuration of the sale plus the breakdown of the fees. We can see that the NFT is priced at 100 ADA per unit. Using that figure as an example, zooming into the breakdown shows the following details:
First, is the carry ADA or deposit that is taken from a buyer’s wallet and given back along with the purchased NFT. This is one of Cardano’s parameters that cannot be changed by an application.
Next, there are NMKR fees. It states above that it is a fixed three percent minimum charged by the platform.
The transaction fees are the commission charged by the Cardano network itself. This is also a fixed network parameter that cannot be changed by the user.
Finally, there is the net amount that will go to the NFT creator. If the creator chooses, they can split the payment into several wallet addresses. In this example, all the ADA goes to one wallet.
To change the price and edit the receiver’s wallet, a user can choose the “Edit” button which will open the following menu:
Here, a user can set up how many NFTs are in the collection, the price for each token, plus the currency desired for the transactions. Options include ADA and other traditional options. Finally, a user can also set up a time interval for these prices.
Below is the NMKR Pay menu. It allows users to customize the payment gateway plus the style of the “Buy” button.
The first option allows for:
Multi-Sig Payments are comprehensive transactions in which the payment, minting, distribution, and eventual discounts are all handled in a single transaction. This reduces blockchain congestion significantly because refunds for incorrect or late received transactions are no longer necessary, and the number of transactions is reduced from two to one. Because of the fewer transactions, the MultiSig method is at least twice as fast as the regular method.
The second option allows for:
Define NMKR Pay Sale Start which allows the creator to set up a time interval for NMKR Pay to be active.
All these choices modify the API. Once the configuration is finished, the same API can be used to port the changes to the NFT sales platform.
The next feature NMKR Studio allows is for the user to create discount conditions. Users can set up a series of discounts based on some criteria met by the buyers.
In the above example, a user can create a list of whitelisted wallet addresses that have access and provide a 5% discount to each. Clicking on “Edit” displays the other choices:
- Buyer must have one or more NFTs with a specific Policy ID/Collection. This is where a user can select a Policy ID from an already existing token and give discounts to anyone who has that token in their wallet.
- Whitelisted addresses. Users can collect a list of Cardano wallets and provide discounts for them.
- The buyer must stake on a specific pool. Buyers must have their ADA delegated to a Cardano stake pool selected by the NFT creator.
- Buyer must enter a coupon code. Buyers can use a code provided by the creators to receive a discount.
The next set of menus allows users to create sale conditions for the NFTs themselves:
- Buyer must have one or more NFTs with a specific policy ID/Collection. This allows only holders of a token with a specific policy ID to mint a specified amount of tokens.
- Buyer must NOT have an NFT with a specific policy ID/Collection. This prevents holders of a token with a specific policy ID or of specific policy IDs to mint tokens.
- Buyer must have less than X of an NFT with a specific policy ID/Collection (also: limit sale per wallet). Allow holders of a token with a specific policy ID or of specific policy IDs to mint a specified amount of tokens. This sales condition requires adding a maximum Amount of Tokens that the buyer can buy.
- The buyer must have the same amount of NFTs with a specific policy ID/Collection. Allow only holders of a token with a specific policy ID or of specific policy IDs to mint tokens in the same amount from one of the given policies. The higher number counts of one of the policies counts.
- Buyer must have a minimum of X NFTs with a specific policy ID/Collection. Allow only holders of a token with a specific policy ID or of specific policy IDs to mint a token. These sales conditions require adding a minimum amount of tokens that the buyer must hold.
- Buyer must stake on a specific stake pool. Allow only buyers who are delegating to a specific stake pool or one of the multiple stake pools to mint a token.
NMKR Studio is a comprehensive platform to mint and create sales for NFTs. As we have shown, it provides all the necessary tools to create NFT collections. There is a complete list of sale conditions that ensure NFT creators can customize their creations to suit their specific needs.
NMKR Pay provides payment gateways that also expand the possibilities for NFT creators. With NMKR, creators can avoid using smart contracts and launch NFTs by selecting options from the intuitive menus we’ve shown. Making it the easiest way to create tokens on Cardano and start generating revenue.
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