Create a professional NFT market
In previous articles we have talked about how to easily create a Smart Contract for NFT and sell your items on Open Sea, we also explained how to create your own decentralized and unstoppable NFT Marketplace.
In both cases we used two of the Smart Contract flavors available in the WPSmartContracts plugin: Mochi and Matcha, respectively.
The time has come to talk about creating an NFT Marketplace with a more professional touch, and as before, we are going to do it without coding a single line. You only need:
- A WordPress installation
- WPSmartContracts Plugin
- Metamask installed with some funds on the network of your choice.
Suika
Suika is one of the smart contracts available in the WPSmartContracts WordPress smart contract suite.
With the Suika Smart Contract flavor you can create a professional NFT market with the same characteristics as Mochi and Matcha flavors, but with two important additional features:
Token payments: instead of payments with the chain’s native currencies, such as Ethereum, BNB, Matic, etc. Payments are made with any ERC-20 / BEP-20 compliant token.
Creator Royalties: empower your creators by distributing royalty commissions on every sale.
What does Suika mean?
If you’re curious what Suika is, Suika (ス イ カ) is watermelon in Japanese, and during the summer it’s a very popular popsicle flavor in Japan.
What is Suika Smart Contract?
Let’s dive into the features that make a Suika Smart Contract unique.
Payments with tokens
As we said before, Suika has all the features that a Matcha smart contract has, but one of the main differences is that in Suika all payments are made using a compatible ERC-20 / BEP-20 token, this will give you a wide range of possibilities for your NFT business:
Promote a token: if you are part of a community of token holders, or you are the creator of your own token, then you can incentivize the use of the token by creating an NFT Marketplace where the purchase, sale and auctions are made with the token.
Stablecoins: If you are concerned about bear markets and want to keep the price of your artwork less volatile, you can take advantage of any cryptocurrency pegged to Fiat, such as USDT, BUSD, DAI, etc.
Wrapped Coins: On the other hand, if you are a cryptocurrency enthusiast and want your users to trade with other currencies, you can use any wrapped currency like WBTC, WETH, WBNB, etc.
Royalties
In Matcha Smart Contract, NFTs can be programmed so that each transaction includes commission payments for the Marketplace owner. With Suika you can extend this functionality to allow creators to be rewarded for their work.
The fact that NFTs are created and stored on the blockchain means that they can be seamlessly traded from wallet to wallet, with royalties paid every time they move.
Let’s get our hands dirty
So how can we do this with Suika’s smart contracts?
First, we assume you have all the prerequisites ready:
- WordPress installed and running on a server
- WPSmartContracts Plugin installed
- Your Metamask wallet ready.
For more information on this topic, visit the WPSmartContracts docs:
https://wpsmartcontracts.com/docs/
Deploy a Suika smart contract:
The first thing you must define is:
- What Token are you going to use for payments?
The second is:
- What chain / network are you going to use?
There are many networks available in the plugin; For more information on this topic, visit:
https://wpsmartcontracts.com/layer-2/
Once you have defined this, the rest of the parameters you need to define are:
Symbol and Name: Just as ERC-20 has a symbol and names, ERC-721 tokens also have a symbol and a name. This symbol and name is a one-time setting, it cannot be changed after deployment.
Sales and Auctions Commissions: Commission that you (as the market owner) will receive from Sales and Auctions.
Percentage of royalties for creators: Royalties to creators for resales.
Wallet: Ethereum address or EVM compatible wallet address to receive funds.
For more information on available options, including security options, visit:
How to sell / buy
Selling an item on Suika is no different from Matcha Smart Contract, the token owner simply sets the price of the item, confirms the transaction, and voila.
But to buy an item, there is an additional step, since payments are made with a token, the buyer must follow two steps:
- Approve the tokens
- Buy the item
For a detailed example, take a look at the screencast:
How to put an item on auction
Similarly, items can be put up for auction by following the same steps as in Matcha, but there is an additional step to bidding, such as buying: first approve the funds and then place the bid.
Take a look:
Do you want to see Suika in action?
OrigamiMoon is an NFT collection created by OrigamiLabs, (ORIGMI) is an exciting new NFT platform that promotes the use of the token: OrigamiMoon $OGMN, a deflationary token on Binance Smart Chain that rewards users for holding and using a percentage of the market earnings to buy on the market and burn $OGMN tokens.*
Take a look at the OrigamiMoon NFT Collection:
* Do not consider it investment advice. WPSmartContracts.com does not endorse or promote this site, we display it for technical education and demonstration purposes only.
More information about Suika Smart Contract
For more information about Suika Smart Contract please follow these links:
