Blockchain technology is more accessible than ever. It’s now possible to mint an NFT with just a few clicks, but that doesn’t necessarily mean that you should. Minting on a custom contract takes more time but it’s worth the effort.
Manifold is one platform that enables customised contracts
#1 Digital sovereignty
Marketplaces tend to use shared smart contracts as default. These act as proof of ownership but little else, and by using them you’re agreeing to a certain marketplace’s imposed terms. The contract isn’t uniquely yours. Digital sovereignty is web3's buzzword; but supposedly decentralized marketplaces like OpenSea recently banned artists from Cuba and Iran, provoking uproar. With your own contract, you retain all control, all the time, which is true decentralization.
#2 Utilities and customization
Perhaps you want your NFT to change over time? Perhaps you want to connect it to a wider infrastructure--maybe its assets can be linked to a gaming mechanic? Perhaps you want your NFT to act as a lease expiring after a set period? NFTs are much more than just proof of digital ownership. Rather than artwork that happens to exist as an NFT, a customized contract allows for art that has to exist as an NFT: conceptual pieces that explore the true potential of blockchain technology.
#3 On-chain metadata
Foundation offers both kinds of contract
There are so many benefits to storing your metadata online that we even wrote a separate article about it! Going fully on-chain means that all the data associated with your NFT is stored immutably on the blockchain. This opens up a range of possibilities including gaming, trait-based trading and much more. On-chain NFTs tend to be more valuable too, but they simply aren’t possible on shared, marketplace contracts.
#4 Provenance and royalties
Quite simply, using your own, customized contract, guarantees the future immutability and provenance of your NFTs. Art minted on a shared contract requires at least some marketplace functionality to determine its provenance. Personalized contracts are their own verification, giving collectors piece of mind that they aren’t purchasing a copy mint. A customized royalty plan can also be built into—and guaranteed on—your contract. Sources
