After the success of Bitcoins, non-fungible tokens are setting new benchmarks in the crypto industry. According to research, the NFT transactions in 2020 crossed over $250 million to $389 million.
Such a humongous growth of NFT tokens has given rise to the establishment of various NFT development companies. These companies help artists or other business entrepreneurs to create a non-fungible token on their own and sell it at good profits on different NFT marketplaces.
Are you new to the marketplace and looking to shape your NFT business vision into reality? Outsourcing your project to a reliable non-fungible token development company can help you to eradicate a lot of consequences.
This blog will guide you on How to Launch Your Non-Fungible token through NFT Development Services. However, before diving into the development process let’s start with some basics.
How Can We Use NFT?
NFT (Non-fungible tokens) are unique digital assets that are stored securely somewhere inside a blockchain. Here are some uses cases of NFT marketplace development services
Music
As we know that NFTs are digital ledgers that store various digital assets, various artists are earning millions of dollars by minting their artwork in non-fungible tokens.
NFT provides a lot of advantages to music NFT owners; it is not possible to revamp the sole ownership of an NFT token to some other person. Even if the new owner sells the music NFT then the royalties are automatically transferred to the artist whose address is stored inside the token’s metadata.
Gaming
Nowadays, the gaming industry is also showing up as an evolutionary platform for NFT development. Games like Baccarat, Fortnite are promoting the exchange of limited player collectibles like guns, skins, limited edition avatars, and a lot more through Non Fungible token Services.
Collectibles
NFTs have widespread functionalities, they can be used to exchange various collectibles securely such as art, movies, etc. You can also NFT development companies to boost the growth of your business platforms.
Real-world assets
Each non-fungible token has its unique value so it can’t be traded for something equivalent. The metadata and cryptographic address of each NFT make them unique. Therefore we can use NFT for real-world assets like luxury items, real estate documents, artwork, and a lot more.
Now we know the real-life applications of NFT, let’s proceed further to know how can we create an NFT token.
How to create an NFT token?
Hire a nonfungible token development company
Hire a reliable NFT Development Services provider having enough experience and technical background in the blockchain development industry.
Check the live projects, client testimonials, and online reputation of the NFT developer. These aspects will help you determine what people are actually talking about the NFT developer.
Select an NFT development platform
However, there are numerous frameworks in the blockchain encyclopedia that can build non-fungible tokens. However, most of the NFT development companies prefer ERC20 token development as a first choice to build NFT tokens and most of the NFT marketplaces support Ethereum as well.
Etherum was also the first blockchain technology to build NFT tokens. Here are some other options if you’re not willing to prefer the Ethereum blockchain.
TRON — TRC-20
Binance Smart Chain (BSC)- BEP 20
EOS
Tezos
Cosmos
Look for NFT marketplaces that support ERC-20 tokens
The NFT market palace is the platform where you’ll sell your digital assets stored in Non-fungible tokens. Usually, some of the NFT marketplaces support universal NFT tokens while some support only specific blockchain platforms and only accept a limited number of NFT tokens. Therefore, prefer a marketplace that accepts ERC20 tokens or other tokens of your preference.
Create your NFT
After connecting the Etherum wallet to a relevant marketplace like OpenSea, you can start building your own NFT. In open, you can create a collection and fill in the required information to start the minting process to create an NFT.
In a crypto marketplace like OpenSea, you can load your artwork or other digital assets to mint an NFT token. After minting the NFT token, you can select the selling options like fixed-price or sell them at an auction, and the royalties that you deserve after-sales.
Things to know before hiring NFT development companies for your NFT token?
NFT tokens require a good amount of fortune and energy. The energy consumed during the transaction of crypto tokens can run the electricity of two households for a day.
The above-given information is vital enough to build an NFT token but the following reasons will guide you on things to consider before hiring a non-fungible token development company:
The company should have at least 20+ experienced blockchain developers and other sufficient resources like advanced-level security and IP protection.
Check out if there are any hidden costs in the ERC 20 token development package.
The NFT Development Services provider should provide custom plans where you could hire blockchain developers on a daily, weekly, and monthly basis.
Look for maintenance models because bugs are an inevitable part of software development. Prepare an efficient maintenance package with the non-fungible token development company.
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