The No-Frills Guide to Custom NFT Development
Sift through this blog to ascertain the intricacies of custom NFT development, its value-added features, and much more.
You may have probably come across the term NFTs (non-fungible tokens) a lot since the start of 2021. The NFTs are here, but none knows how large the impact will be and things like that. But we know - the only way of understanding technology is to become a part of it.
If you’ve already spent much time researching the NFT technology, I guess it’s time to take a step further. In this article, I’m going to discuss the role of custom NFT development, the commoner’s gain from NFT, and much more.
Just in case..!
A non-fungible token, or NFT (in short), is a Blockchain-linked digital asset that is unique and non-interchangeable. NFTs are built on the ERC-721 & ERC-1155 standards and run on the Ethereum blockchain. The standardization of NFT issuance enables greater blockchain interoperability or the capacity for blockchains to communicate with one another. As a result, non-fungible tokens can be used in various decentralized applications.
One-of-a-kind Features of the Non-fungible Tokens
Many are keen to uncover the operations of non-fungible tokens, which has sparked a surge in interest in their characteristics. NFTs are a hot topic right now, with a total market value of about $10 billion as of the third quarter of 2021 (according to DappRadar). So, before you enter into the realm of non-fungible tokens, let's take a closer look at the distinct NFT properties.
The foremost trait of NFT (as for me) - indivisibility, which refers to the NFT’s inherent indivisible trait. Unlike cryptocurrency, which can be divided into smaller denominations, NFTs can’t be divided into smaller tokens.
Imagine when you invest your hard-earned money in an NFT; you own the whole part of it. So, it’s like a pay-and-own concept; if you don’t, you can’t own anything!
There is this popular saying embedded among the business clouds - scarcity creates value. I don’t know who used it (to the fullest), but I believe NFTs have done it.
Imagine when you create your first NFT with the help of an NFT solution provider, you can create ‘N’ number of NFTs you want. Albeit, you can limit the supply to ensure scarcity.
Since NFTs represent real-world assets (like artworks, real estate, etc.), it becomes significant to keep authenticity intact. But how to ensure that - you may wonder? Cryptography - a Blockchain-based secure communication technique - ensures the uniqueness of the NFTs.
It is easier to find information about NFTs in an efficient manner now that the NFT is on a blockchain network. NFT owners can look up an NFT's history by looking at the audit trail linked with it.
How A Commoner (Like You) Can Benefit from NFT Development Services?
The real value of NFT for a commoner is that this technology allows tokenizing (literally) everything. This fact enables you to enjoy a never-seen-before virtual and digital-asset owning experience. NFTs are so versatile that you can tokenize your favorite music, video, or even a piece of real-world land (that you own). However, common life isn’t the only thing where NFT finds its usability.
NFTs for businesses can be seen in two ways: one as a catalyst for existing businesses, and another is NFTs as a business model. For instance, let's take real estate, which employs Blockchain-based smart contracts to mitigate the role of intermediaries/agents. By doing so, NFTs also simplify the buy/sale process (in real estate) and refrains proper ownership details. Regarding business opportunities, the NFT marketplace boasts a viable business model that enables monetization strategies (as well).
The sky's the only limit when it comes to ascertaining the use cases of the NFTs. As NFT business models take shape, you must figure out what you need from the NFT space. Right now, let’s dive into the NFT development services that’ll instill yourself in the Blockchain space.
Custom NFT Development: Where to Start?
Now that you know the traits of Non-fungible tokens and their common use cases, it’s time to discuss your project (in detail). Future generations will reap the benefits of NFT advancement and make profitable investments for their business growth.
If you wish to dip your toes in the NFT space, first and foremost, identify who is your target audience (or community). Knowing them, in-and-out will help,
What you want to develop!
NFT platform development will enable you to establish a platform where anyone can tokenize their real-world assets. If your intention is just to facilitate NFT trading (like OpenSea), NFT marketplace development will empower you with worldly features and functionalities.
Or else, if you’re a marketing enthusiast planning to enter the NFT space, you can take up NFT marketing services as a full-time career with the backing of an NFT expert.
Document your Requirements
Requirement documentation is the next step on course. Why does this matter because; when you hire an ideal NFT development company, you should convey your requirements. If it is done in a proper way (like a whitepaper), things will kick-off sooner (than you expect).
However, some companies receive your requirements and document themselves. Inquire the company (about this) before proceeding with it!
Develop & Testing
This is where your idea turns into a reality. Employ professional developers to handle all client-side functions after deciding on the best framework for their projects. The main goal is to ensure that the platform runs swiftly, efficiently, and reliably.
Product testing guarantees that your platform works as expected and meets the project's original requirements. Keep in mind that a fully tested software solution provides reliability, security, and outstanding performance.
Jump-start your NFT journey!
Even though NFTs are here to stay, what matters the most is how early you are to adopt. Going by the popular belief (in the business world) - early adopters always win; we think you know whether to act or not!!
Welp, hope you had a good time reading this blog. Follow this space for more layman information on NFTs.