The GenesysGo team has just announced the launch of the GenesysGo Non-Fungible Token (NFT) standard - a brand-new advancement in the Solana blockchain universe, dubbed as the $SHDW Solana NFT standard. Notably, this breakthrough standard is a step towards mitigating the high rent cost for creators and minters alike, thus acting as a massive relief for the NFT community on the Solana platform.
The GenesysGo NFT standard, which is publicly available on Github, introduces a series of crucial enhancements that include reducing the rent for both deploying collections and minting tokens. These reductions mean creators and minters will find it easier and less expensive to operate within the Solana ecosystem.
The codebase is fully open-source and under an Apache2.0 license, which makes it freely available for all to use, modify, and distribute, leading to the democratization of blockchain technology.
Simplified Account Structure
Another noteworthy feature of the GenesysGo NFT standard is its simplified accounts structure. By making the account structure more straightforward, the standard eases the process of reading account data and reduces the intensity of resources required. This not only improves the user experience but also enhances the efficiency of operations within the blockchain.
Integration with Token2022
The GenesysGo standard utilizes Token2022, meaning it's eligible for any extension available with Token2022. This interoperability implies that the standard is versatile and adaptable, a crucial characteristic in the rapidly evolving blockchain landscape.
Integration with Token2022
In addition to these technical features, the GenesysGo standard introduces an interesting governance model. The model gives power to the $SHDW Realms DAOs (Decentralized Autonomous Organizations) to govern future development and upgrades of the smart contract. This strategy ensures that the standard remains dynamic and up-to-date with changing needs and market trends.
Importantly, the $SHDW token, which is used in this governance model, is not a method of gatekeeping. Instead, it's a way to propose and/or vote on enhancements. Anyone, regardless of whether or not they hold $SHDW tokens, can propose issues, leave comments, and utilize the code, thereby promoting a collaborative and inclusive ecosystem.
No Extra Fees
One of the core principles of GenesysGo NFT standard is its commitment to zero extra or third-party fees in the contract, making it an even more attractive option for creators and users alike.
GenesysGo is in active discussions with several Solana ecosystem stakeholders such as Phantom, Tensor HQ, MagicEden, Solport.io, Solflare Wallet, and others regarding integration and support of the new standard. While the final decision rests with these parties, the GenesysGo team remains hopeful for widespread adoption of this standard.
The GenesysGo NFT standard is a significant milestone for the Solana ecosystem, showing great promise to revolutionize the NFT landscape with its myriad of enhancements. For creators venturing into NFT collections on Solana and looking for support with the new standard, GenesysGo provides dedicated assistance via their Discord channel.
As the Solana NFT space continues to expand, the GenesysGo standard is likely to play a crucial role in shaping its future, making NFT creation more accessible, affordable, and efficient. This initiative is a testament to the collaborative spirit and continuous innovation that characterizes the blockchain and crypto industry.