How To Create An NFT Collection - The Definitive Guide (Part 2)

The entire process of creating an NFT collection explained in three parts. Part 2: How to create your smart contract

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by Dennis
How To Create An NFT Collection - The Definitive Guide (Part 2)

Whenever you want to create NFT collections, you must also create a smart contract. This process usually gets quite complicated, but not anymore!

Creating your smart contract doesn't have to be complicated. We simplified the process immensely by abstracting away all the complicated stuff and making it available in our UI.

If you haven't read part 1 of our series ā†— yet, I highly recommend you do so first. In there I go over generating your images, which is required before you can create a contract.

The first decision you should make is whether to launch your collection on Solana or Ethereum, here are some things to consider:

  • Ethereum has been around longer and is regarded as the more reliable network
  • Solana is highly scalable, extremely fast and has a high throughput of transactions
  • Solana is a lot cheaper than Ethereum in terms of transaction fees

Ethereum is undoubtedly the largest ecosystem in the DeFi sector, there is more money flowing into Ethereum and more high-value NFT projects exist there. However, with a lot of network activity gas fees can spike to hundreds and thousands of USD per transaction, which makes Solana the better alternative if you're not having that kind of liquidity just floating around.

Solana also is a rising star in the NFT space, its high transaction throughput, fast transaction speed and low gas fees Solana might surpass Ethereum at one point, but that's a whole other debate.

If you're new to the space we suggest creating your NFT collection on the Solana blockchain, it's more forgiving towards new users, especially if you're using a platform like JustMint!


Creating your contract

Basics

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Choose a descriptive name for your collection, it will be visible on marketplaces later on. Your symbol is your shorthand name and you're allowed to enter up to 10 characters here.

Supply

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Remember setting your item count in the trait setup window from the last article? This is your supply, you can't change it here, if you wish to do so you would need to change it in your trait setup window and re-generate your collection.

Mint

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That's your mint price. After your contract is deployed, you can offer your NFTs for sale on your own website (which you can also create with us) , and this is the price it will be offered for.

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Delayed reveal, huh? What's that supposed to mean? It's quite simple, actually. You see, once you sell your collection you have two options. Your buyers either get to see your art immediately or they get to see a placeholder image instead.

Ever bought a pack of playing cards? You can't see what's inside when you buy them in the store, this follows the same principle. Generally people tend to choose delayed reveal, and once their collection is sold out they will reveal the art.

This hinders others from targeting/ sniping rare pieces during your mint and it also helps to build hype. We highly recommend you enable this option.

Whitelist

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Now the whitelist is another interesting feature. Being whitelisted usually means being able to mint an NFT before the public will be able to. So it's an exclusive feature you can give to your most valuable community members - it's a great reward and motivation!

Being whitelisted can also have other benefits, such as an exclusive discount... Let's take a look at our...

Solana Whitelist Settings

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Let me first explain to you what an SPL token is. An SPL Token is a fungible token on the Solana blockchain which can be stored in Solana compatible wallets. That's basically what ERC-20 tokens are on the Ethereum blockchain.

Fungible tokens are a set of tokens with identical properties, just like a dollar bill, they are all worth the same and can be used for the same purpose.

With that out of the way, let's get back to our whitelist settings. Can whitelist mint before public? does just what it says, if enabled, people who are whitelisted will be able to mint before your public date. The discounted whitelist price is the exclusive price for people who are whitelisted.

Now whitelist amount is the amount of SPL tokens we will create for your whitelist. In order to get whitelisted others will need to own one of your SPL tokens. You can send your tokens to others from within our interface, but once someone owns a token, that token can also be traded on marketplaces such as the famousfoxes marketplace ā†—. This is great because it increases the value of your whitelist spots even further!

Keep in mind, every SPL token can only be used a single time so choose your whitelist token amount accordingly. If someone would mint 3 NFTs during your whitelist, he or she would also need 3 SPL tokens.

You should customize your whitelist token so people who receive it will know what it's for. If your token isn't customized, it will appear as unknown token in your users' wallets and most assume those tokens are fraudulent.

Here an example how your token would appear in the Phantom wallet:

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The public mint start is the date where everyone is allowed to mint your collection.

Tokengated Mint (Solana only)

Maybe you're wondering if it would be possible to create a mint exclusive for people who hold one of your whitelist tokens. And yes, that's entirely possible! A lot of people choose this option for various reasons; to prevent bots minting your collection, to reward active members of your community and so on.

To create a tokengated mint disable can whitelist mint before public? and leave the field discounted whitelist price empty. Et voila, now only someone who owns your SPL token will be able to mint, even after your public date!

Ethereum Whitelist Settings

For Ethereum, we currently only have a presale mint start and public mint start date. We do not have whitelist tokens for Ethereum, to whitelist someone while using Ethereum you have to enter their address into our interface and save it. This updates the contract so that those people will be able to mint on your presale date. (and after- of course)

The only benefit here is that whitelisted users will be able to mint before the public mint date. Considering the hefty gas fees on Ethereum especially for popular collections, this can be a huge benefit. It also ensures that whitelisted members will be able to get their hands on one of your NFTs, since during an Ethereum gas war the chances are slim to get an NFT.

Royalties

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You can earn revenue from secondary sales on most marketplaces, so you get a percentage of every secondary market sale as revenue paid to your royalties wallet. Your secondary sales fee amount is given in BPs, which stands for basis points. 100 basis points are equal to 1%.

Most users choose anywhere from 5% to 10%, where 10% is the maximum amount of royalties you can pick for Ethereum/ OpenSea.

Revenue Split (Solana Only)

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When creating a collection on the Solana blockchain, you can configure a revenue split. That means that all of your secondary market revenue will be split according to your settings.

If you have team members and artists working for you, it's a good idea to include them in your revenue split. Here, the number stands for the percentage directly. So adding two wallets and choosing 50 for each wallet will split the revenue you receive from the secondary market in half.

Treasury Address

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The treasury address is quite important and it is of utmost importance that you enter the correct address here. When you mint your collection, the funds will be stored in your contract. If you want to access your funds, you have to withdraw them, and this process sends your funds to your treasury address.

If you lose access to your treasury wallet your funds will be lost forever.

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Awesome! We now have a contract for our NFT collection, so others can already mint our NFTs! We're almost done creating our NFT collection, the only thing left to do is to create a website, so others can mint our token from there. It's also a good way to show off your art and give more information about your collection. Don't worry, it's very easy! I will explain it in part 3 of our series.

Join our community

Make sure to follow us on twitter, to stay up to date on our latest updates, articles, giveaways and more! You can follow us on twitter ā†— here.

If you want to get up close with us, join our discord community ā†—! We're active in there most of the time, so if you have questions or need anything, let us know!

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