‘SmartMint’ NFT Tool Gives Artists Ownership of Minting Smart Contracts

The beta version seeks to solve the “intrinsic issue” of smart contract standards in NFT minting.

AccessTimeIconMay 4, 2022 at 5:39 p.m. UTC
Updated May 4, 2022 at 6:01 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

Web 3 protocol Pastel said Wednesday it is launching its beta version SmartMint, a no-code non-fungible token (NFT) minting service for the Ethereum, Solana, Polygon and Pastel platforms.

SmartMint seeks to streamline NFT minting while fostering decentralization by giving project leads ownership over their infrastructure, Pastel co-founder Anthony Georgiades told CoinDesk in a phone interview.

Because deploying NFT smart contracts requires a background in coding – often in languages unique to a certain blockchain – deployers instead tap custodial marketplaces that own the smart contract, something that Georgiades said is an “intrinsic issue.”

While marketplaces force users to be “beholden to smart contract standards,” SmartMint allows users to customize their smart contracts and own them, which enables greater decentralization, Georgiades said.

SmartMint allows users to upload an image, add metadata properties and select a chain to mint on, much like the minting experience on a custodial exchange. But in the background SmartMint deploys a smart contract owned by the user, a major difference.

Marketplaces such as OpenSea offer NFT minting and listing in one place. Although SmartMint users must list their NFTs elsewhere if they want to sell them, they own the smart contracts attached to their newly minted assets rather than the marketplace.

SmartMint has also integrated two security protocols, including Sense, which vets NFTs to sniff out counterfeit duplicates; and Cascade, which protects users’ NFT data, according to Georgiades.

SmartMint’s beta version will last for three weeks before the product becomes available to the public. During the beta period, users who sign up for the program will be able to whitelist their username and Ethereum address to access the platform, Georgiades said.

SmartMint is free to use, despite gas fees associated with minting on various blockchains. As for resales, Pastel told CoinDesk via email that SmartMint will receive 2.5% fee on the first sale of the NFT and 1% fee on secondary sales.

Pastel is a layer-1 blockchain protocol that specializes in NFTs. Its native token is Pastel (PSL).

According to Georgiades, SmartMint plans to soon incorporate a “handful of networks,” such as Avalanche, Cosmos, Kadena and Oasis.

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Cam Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.