Non-fungible tokens or NFTs are a new type of digital asset. They are the hot topic right now and everyone cannot stop talking about them. Many consider NFTs as a revolutionary new idea that changes the way we view digital content. Many experts see the potential it has to disrupt industries and the benefits they bring to users. Hence, there is a growing need for NFT development and working with an NFT development company. This article explains how to engage in NFT development services, the process of developing an NFT, and how to sell them on a leading NFT marketplace.
Understanding Non-Fungible Tokens
Non-fungible tokens are unique collectible crypto assets. The idea for NFTs is inspired by Color coins, which came into the market in 2012. NFTs can represent nearly any real or digital item. This list includes things like artwork, music, collectibles, virtual items found in video games, virtual land, videos, and tokenized physical assets.
NFT blew up in popularity in recent years and became a mainstream success in 2021. The rise of NFT prompted companies and businesses to engage in NFT development. This approach resulted in more NFTs entering the industry and that led to more benefits for the users.
Assorted Range of Blockchain Networks:
The process of creating an NFT is a straightforward one. Originally, NFT development requires you to have extensive knowledge of blockchain technology. However, several developments in the industry increased accessibility and ensured that anyone can create an NFT.
The first step to NFT development is to decide what blockchain you want to issue your NFTs. Presently, Ethereum is the leading blockchain service for issuing NFTs. That said, Ethereum is not the only network in the industry. Other blockchain networks are cropping up and some provide more benefits over others. Listed below are the most popular networks.
- Binance Smart Chain or BSC
- Flow by Dapper Labs
Every blockchain network has its NFT token standard and compatible wallet services. For example, creating an NFT on the Binance Smart Chain means you can only sell the NFT on platforms that support the BSC network. You cannot sell the NFT on sites like VIV3 or OpenSea. These platforms operate on the Flow and Ethereum network respectively.
NFT Marketplace Development:
Hence, it is best to develop an NFT on the Ethereum blockchain. Ethereum has the largest NFT ecosystem and that makes it the preferred choice for NFT development. It is also the reason why an NFT development company creates its tokens on this network. Here are a few requirements necessary to develop an NFT on Ethereum.
- An Ethereum wallet that supports the ERC721 token standard. You can use digital wallets like MetaMask, Coinbase, or Trust Wallet.
- Approximately one hundred USD in Ether. You can purchase Ether from the platform using USD or GBP. Another way to purchase Ether is by going to a cryptocurrency exchange and buying from there.
Completing these requirements means that you have everything you need for NFT development. Now, you can search for an NFT marketplace where you connect the digital wallet, upload the required file and turn it into an NFT. This article assumes you used Ethereum and can develop an NFT on an Ethereum NFT marketplace. The most notable platforms are;
These platforms have a ‘create’ button on the front page. That way, users can develop their NFTs almost immediately. This article assumes you’re using OpenSea for NFT development.
Create your First NFT
The first thing you do is select the create button. The site then takes you to another screen and asks you to connect your digital wallet. Now, connect the wallet and enter the password when required. Completing this process connects the wallet to the marketplace. Some platforms may ask you to prove ownership by digitally signing a message. However, you can skip those processes if necessary.
Now, it is time to develop an NFT. Select the create button on the top right and choose the ‘my selections’ option. After that, select the blue Create button to proceed. The site now opens a small window where you can create a folder. This folder is where the site stores the NFTs after minting them. Give it an appropriate name and continue the process.
The site uploads the picture and you can view it in the profile. The next step requires you to upload a cover image for the folder. You can do this by selecting the pencil icon on the top right of the page. Do this, and the site asks you to upload an image. Now, you select the ‘add new item’ button and the site asks you to digitally sign your wallet.
The next step of NFT development is where the site shows you a new window. Here, you can upload the audio, video, GIF, or image file to the site. Several NFT marketplaces give you the option to add some traits to the NFT. These traits increase the uniqueness of the file and its scarcity. Additionally, you can include unlockable content that only appears after buying the NFT. Unlockable content is something that adds additional value to the NFT purchased. Most common forms of unlockable content include high-res images, full-length videos, a physical copy of the artwork, etc.
The cost involved in developing an NFT
OpenSea charges a minimal fee for NFT development. The fee charged here is called the gas fee. The cost of gas varies based on the network congestion. In some instances, several users are transacting at the same time and this increases the gas fees. Conversely, there are times when few users are transacting and that reduces the gas fees.
How to earn money from NFTs?
You can sell NFTs on the NFT marketplace and earn a profit. Every day, more than thousands of NFTs get minted and listed on the marketplace. Standing out in a saturated market is difficult to do alone. Hence, many artists turn to an NFT development company to overcome this problem. These companies specialize in NFT development and NFT marketing. They can raise awareness for a project and draw more attention to it. That way, when the NFT lists on the marketplace, there is a lot of interest in it.
NFTs are no passing trend. They are here to stay. All that matters right now is to partner with an NFT development solution provider. That way, you can get started with NFT development right away.