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pellartech / curate

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[Feature] - Minting Considerations #277

Closed pellarboss closed 2 years ago

pellarboss commented 3 years ago

Background:

276 - Master account now "holds" imported NFTs

What shall we do with natively minted NFTs

Option 1, ETH Batch Mint As users create NFTs, we batch mint them on ETH, on a nightly basis (to achieve a lower cost), in batches of 100, the contract can be super optimised (strip down features) The cost of each mint could be drastically reduced https://etherscan.io/tx/0x165ea068fba76e241cd0ca1b2601faba90699b9c67f4f966e1161b05aad79ef0 this is an example of batch mint, it could be 0.15ETH (at 37 gwei) per mint of 100, or 0.40ETH (at 100gwei) per mint of 100.

It is a hefty cost, considering 10,000 NFTs, it will have a cost of 100 x 0.4 = 40ETH

Ways to recoup this cost is ask users to pay an export fee if they want to export.

Option 2, ETH Batch Mint as an Option Ask users to pay minting cost in XCUR on mint if they would like an ETH based NFT This solution is neither here nor there in my opinion, since it is a step between Option 1 and 3.

Option 3, ETH Lazy Mint Unless it is an imported NFT, nothing gets minted until the NFT is exported We mint the NFT on export and request the user to pay for the export costs This is still a cost but could be recuperated from export fees

Alternatives

Considerations Option 1 gives the biggest public trust, but I think will have the biggest cost, please financial model and see if is affordable.

Option 3 is a good alternative.

toomingos commented 2 years ago

On Option 1 users should be able to export their 1/1 ETH NFT to an exterior wallet. This way we add a Mint and export NFT feature where users can mint for cheaper to their metamask.

pellarboss commented 2 years ago

We are proceeding with Option 2, any changes - we can make after V4 is completed, just want us to be super strict so we can continue to deliver and not delay :)

DefiHunter commented 2 years ago

Sounds good - In terms of business model -

Lets charge users 50% of the general minting cost of an NFT - For example if the cost to mint on opensea is $100 right now. Curate would charge $50

This fee should be dynamic and change as the minting cost changes for the network

DefiHunter commented 2 years ago

Also - if users decide to mint on X - Chain

Lazy minting is implemented : Meaning User pays mint fee and export fee on withdrawl

User to pay all withdrawl fees in all circumstance ( to be network dynamic )

Above 2 comments is all as discussed on the call