Batched NFT Minting Smart Contracts to Cut Blockchain Fees
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Solution Overview
Problem
Creating and storing non-fungible tokens (NFTs) on a blockchain can be expensive due to high transaction fees, especially during network congestion.
Innovation Solution
Implementing a smart contract that creates and stores NFTs in batches, reducing computational resources and transaction fees by minimizing individual write operations on the blockchain.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If NFTs are created individually on blockchain, then each NFT can be minted separately, but transaction fees become expensive and resource consumption increases
Solution Approach 1:
The patent merges multiple individual NFT creation transactions into a single batched smart contract execution. Instead of minting each NFT separately which would require multiple individual write operations, the system creates multiple NFTs in one transaction, thereby reducing the total number of transactions and associated fees.
Solution Approach 2:
The system performs preliminary actions by pre-compiling and validating the smart contract before execution. The batched contract is prepared in advance with all necessary NFT metadata and parameters, allowing the blockchain to execute multiple NFT creations in a single transaction cycle, thus reducing real-time resource consumption and fees.
2Reliability
If blockchain nodes execute smart contracts individually, then each contract can be validated separately, but computational resources and transaction fees increase during network congestion
Solution Approach 1:
Multiple smart contract executions are merged into a single batched transaction. The smart contract is designed to handle multiple NFT creation requests simultaneously within one execution cycle, reducing the number of separate computational tasks nodes must process during network congestion.
Solution Approach 2:
The batched smart contract is segmented into modular functions that can process multiple NFT creations independently within a single transaction. This segmentation allows the contract to handle multiple operations efficiently without overwhelming individual nodes, maintaining reliability while reducing computational complexity.
3Loss of energy
If multiple NFTs are created in batches, then transaction fees are reduced, but the smart contract complexity increases
Solution Approach 1:
The smart contract is designed with universal functionality to handle multiple NFT creation operations within a single execution. The contract incorporates standardized templates and reusable code patterns that can accommodate different NFT types and metadata structures, reducing the need for complex custom contracts for each NFT while maintaining fee reductions through batching.
Data Source
AI summary
Disclosed are various embodiments for efficiently creating non-fungible tokens. A smart contract can receive a non-fungible token (NFT) creation request that specifies a number of non-fungible tokens (NFTs) to create. The smart contract can then create a plurality of NFTs equal to the number of NFTs specified in the NFT creation request. The smart contract can subsequently assign each of the plurality of NFTs to a blockchain address. Finally, the smart contract can store, in a single operation, the plurality of NFTs to the blockchain.


