Entertainment-oriented NFT marketplace run by Mogul Productions is constantly improving to stay competitive in one of the fastest-growing markets. After upgrading to V3 in mid-February, Mogul added the automated NFT minting feature and support for ERC-721 tokens. These improvements will help the marketplace enrich functionalities and aim for greater adoption.
ERC721 Comes to Mogul to Help it Leverage the Ethereum's NFT Standard
Mogul launched its marketplace by supporting NFTs minted on Binance Smart Chain (BSC), a fast-growing blockchain platform developed by popular crypto exchange operator Binance. Recently, the platform added support for ERC721 tokens.
ERC721 is a token standard on Ethereum that defines the rules and technicalities of non-fungible tokens (NFTs). It is more complex than Ethereum's standard for fungible tokens, known as ERC-20. The first popular project to use the standard is Cryptokitties, a blockchain game that created unique digital collectibles in the form of digital cards depicting kitties. Each token is unique and represents a kitten that can be traded on the secondary market.
For Mogul, ERC721 tokens represent real-world assets. These NFTs are better suited for film and entertainment projects, especially for rare fan collectibles.
Ethereum-based NFTs support fast trading and provide users with secure NFT ownership.
Participants in film or music projects can gather a collection of virtual film and music memorabilia represented by an ERC721 NFT token.
For the film industry, NFTs can represent anything from a script, deleted movie scene, interview with the film crew to alternative endings or conceptual artwork. ERC721 smart contracts can be used to tokenize film royalties as well, helping producers better monetize their work.
Speaking about the music world, NFTs can represent tracks, albums, concert tickets, or backstage passes, among others.
"The main reason for introducing the ERC721 standards was to address the critical challenge of transferring multiple assets without increasing the operational costs. Security of complete ownership is another reason," Mogul explained in its announcement.
Automated NFT Minting Is Live on Mogul
Thanks to the integration of the ERC721 standard into Mogul's NFT marketplace, the development team has been able to add the automated NFT minting feature, which helps artists and producers simplify the token minting process, especially when it comes to large collections with multiple elements.
Artists often depend on inspiration, and they may need to set their own creativity schedules. Thanks to Mogul's automated NFT minting, the entertainment partners can have more control and flexibility in their own NFT collections.
With this feature, partners can come to the Mogul User Interface, mint the NFTs - which triggers the smart contract - and then they can schedule their own drop times.
Mogul's User Interface helps users create an NFT collection conveniently and securely. It has several layers that make a large NFT art collection easy to produce.
Mogul Productions plans to add more features as its NFT marketplace expands across the film and entertainment industry.
About Mogul
Mogul runs a cross-chain NFT marketplace and is the only global NFT marketplace and decentralized finance (DeFi) platform focused on the film and entertainment industry. Its mission is to help NFTs adoption in film, music, and television, providing unique experiences for fans and giving them some decision-making power in the production process. On the other side, NFTs allow artists and celebrities to better interact with their communities.
Mogul has partnered with big names in entertainment, such as rap star Jim Jones. The platform is backed by a professional team of producers who have created 95 feature films that have generated $425+ million in box office revenue. Their films and productions have earned an Academy Award from 5 nominations, 1 Emmy from 3 nominations, 1 BAFTA Award, 1 European Film Award, and 3 Golden Globe Awards.
