Benefits of the Hokusai API to Businesses|Changing Cost Structure of NFT Business

It’s been a couple of weeks since we announced the revamped concept of Hokusai, which, as you can see in the article below, has transformed from an NFT marketplace for exchanging goods to “The infrastructure for all want to distribute value digitally”.

However, it was not clear who would benefit from this conceptual change and how. This article describes how users of the Hokusai API will benefit from this change.

Benefits of the Hokusai API for businesses

Users of the Hokusai API will benefit from the following two major advantages.

1. NFT business entry costs can be reduced by about 50–75%.

Until now, when IP holders and development companies wanted to enter the full-fledged NFT business, they had to start a project from scratch, starting with hiring blockchain engineers, who are extremely rare in the market.

The above mentioned businesses can reduce their costs by using the Hokusai API as follows.

It is possible to float up to about 75% of the cost. By allowing front-end engineers to implement NFT sales sites instead of scarce blockchain engineers, we can achieve significant cost savings.

2. NFT-related functions can be implemented quickly.

Hokusai API makes it possible to easily implement NFT-related functions.

Originally, when building blockchain services, blockchain engineers, who are scarce, have taken the time to implement them. However, as mentioned earlier, this is a huge cost.

Therefore, we will provide cumbersome NFT-related functions as APIs, enabling front-end engineers and others to easily build blockchain services.

This means that NFT-related functions can be easily incorporated into web applications, just as payment systems (Paypal, Square, etc.) can be incorporated into web applications.

The change in the cost structure will allow domestic and international businesses to speed up the development of NFT business and advance toward a world where Web3 is integrated into everyday life.

Functions of Hokusai API

Hokusai will have the following features when it is released. More features will be added after the release.

  1. Issuing NFTs
  2. Sending NFTs
  3. Setting Loyalty
  4. Retrieve issued NFT information
  5. Burn NFTs

More details will be released later. Please wait for more information from Polygon and Hokusai’s SNS.

Summary

The Hokusai API provides two solutions

  1. Reduce the cost of building NFT services (make your own NFT sites cheaper)
  2. Speed up the development of NFT sales sites (make your own NFT sites faster).

This will make it easier for developers and blockchain companies in the market to enter the NFT business. Hokusai will continue to provide services that will serve as infrastructure for all individuals and businesses that distribute value digitally, so that people in various positions can do various things using NFT.

The Infrastructure for all that distribute value digitally