[Part 1] 5 Features of Hokusai API｜Flexible Embedded NFT service
Hokusai is a service that allows you to easily integrate all NFT-related functions into your own website in the same way that you can embed a payment system into your own website using Square or Paypal.
The goal of this service is to speed up the development of NFT business by domestic and international businesses due to the changing cost structure and to advance towards a world where Web3 is integrated into our daily lives.
In this article, we will explain how the Hokusai API functions and what features it has.
1. Create your own contract
Users of the Hokusai API can create their own contracts. Usually, NFTs are issued with marketplace contracts owned by the marketplace.
However, there are many individuals and businesses that own brands that would like to see NFTs issued by their own contract (issuer).
For businesses in particular, it is counter-intuitive to have their intellectual property issued by another company’s contract. (There is the question of whether you can really call it your service.
By using the Hokusai API, it is possible to manage contract addresses separately for each IP. This reduces the risk not only for the IP holders themselves, but also for the companies that provide NFT consulting services.
2. Expand the possibilities of NFT business by combining with other APIs
Hokusai API users will be able to expand their possibilities by combining it with other payment APIs, etc. Currently, existing marketplaces are dominated by crypto-asset payments. However, it has been found that those who wish to purchase NFTs are very likely not to own crypto assets.
If you wish to accept payments in yen or dollars, you can use “Hokusai API + Square (Paypal)”. Also, if a business that introduces Hokusai API wishes to make payments using crypto-assets, it can use “Hokusai API + bitpay (coinbase commerce)”.
By using the Hokusai API for the NFT function and another service for the settlement function, development costs can be lowered at once.
3. Completely free GAS fee (network fee)
The GAS fee for publishing and sending NFTs is completely free for Hokusai API users, no matter what plan they are using.
No matter how good the technology or creativity is, it is a very big problem that the first step of NFT issuance is “purchase of crypto assets (ETH for Ethereum Network, Matic for Polygon Network)”.
Currently, in order for creators to issue their first NFT
- open an account at an exchange
- deposit Japanese Yen
- purchase the necessary crypto assets without knowing the rate.
- go to the marketplace and issue NFTs
These are the steps you need to take.
Here, if creators use the Hokusai API, they do not need to purchase crypto assets, and the steps 1.~3. can be simplified.
Therefore, creators will be able to publish excellent NFTs on their sites by concentrating on the production of their works without being trapped in the hurdle of preparing crypto assets and other tasks.
Also, for businesses, there will be no transactions of crypto assets when issuing NFTs for demonstration purposes, so there will be no cost of journalizing crypto assets that even experts do not know. Since the settlement will be made in Japanese yen, it can be handled in the same way as usual accounting procedures.
At this stage, Hokusai has several plans, all of which will charge a fee in legal tender.
Therefore, even if you bear all the GAS fees, you can continue to operate without any problems. In the second half of the presentation, we will disclose the features of “royalty setting” and “commissions”.