Launching an NFT project
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is a unique chance for talented and enterprising people to make it in this world. Furthermore, they will become a part of one of the most fast-growing markets in the world. Regardless of, it is a collection of digital art pieces, a video game, a marketplace, a music platform, or a meta-universe, everything can be significantly improved with the help of non-fungible tokens. Everything one needs to do is develop an exciting idea for an NFT project and implement it
You might come up with an idea quickly, but developing it might be difficult since you will need to learn how the NFT market works (which is not too complicated). Furthermore, you will need to find someone who will bear the technical aspect and launch your start-up.
This article will help you with these difficulties. We will tell you about significant aspects that you need to know to create an NFT
collection, a marketplace, a video game, or smart contracts. Moreover, we will give you a hint on finding a decent NFT developer to work on your software solution.
All you need to know before launching an NFT project
To tokenize and sell an NFT photograph, image, video, audio, or animation, you will only need to sign up on OpenSea, SuperRare, Rarible, or any other NFT platform. If you follow straightforward instructions, you will issue your NFT quickly. It is effortless and understandable.
However, if what you need is not only selling an image or a video, but rather a discrete and complete NFT project. For example, it may be a marketplace, a video game, a property investment platform, etc., then you will need to clarify what NFT is, how it works, and where you can employ it. Furthermore, you will also need to find an NFT development company
. Next, you will need to know the criteria of a decent and advantageous company.
What is NFT?
Non-fungible token (NFT) is a digital asset developed on blockchain technology. Their main distinction from regular tokens like Ethereum or Bitcoin is the unique identifier, a digital passport that proves a particular digital asset’s uniqueness and/or authenticity. Furthermore, NFT can be employed to mint material and intellectual assets.
It means that NFT can help any asset to become unique for further selling, buying, transferring, or accepting it as fast and simple as regular tokens. For example, you can tokenize your real estate or musical composition utilizing NFT and then sell it to anybody on OpenSea, or any other platform.
Uniqueness, speed, and straightforward usage are not the only NFT advantages. This technology has other significant benefits.
- Liquidity. Creating, buying, and selling with the help of NFTs is very simple. Anyone who has internet access can do it, which is an entirely new level of liquidity. For example, it is not a big surprise that a guy from Guinea can create an NFT on an American platform to sell it to Great Britain, New Zealand, or Argentina users.
- Standardization. The developers created several templates for NFT’s employment and minting. Anyone can use them for their projects. This is why the NFT market is standardized and yet unified.
- Programmable. NFTs are computer algorithms that can be programmed the way you need. For example, you can input a rule that you will receive a share from the deal if your assets are resold. Also, you can block the repeat of the sales.
- Compatibility. The users can buy and sell NFTs on platforms like eBay or APIs like OpenSea. Any currency can be used for the deal: cryptocurrencies, stablecoins, dollars, euros, gold.
What are NFT standards?
Token standard is a single set (template) of technical specifications for token minting on the blockchain network, which defines the characteristics and functions of the issued tokens. These specifications are coded in the smart contract that anybody can use to release their token. To launch non-fungible tokens, usually, the following standards are employed:
- ERC-721. It is the first smart contract to mint NFTs on Ethereum. In general, it is a simple, smart contract for token emission that has unique identifiers and their connection with crypto addresses.
- ERC-777. It allows to mint NFTs with additional functions, like mixing the tokens to increase the privacy of transactions or disaster recovery function in case of private keys loss.
- ERC-1155. It allows creating an endless number of non-fungible tokens within one smart contract. ERC-721 creates a separate transaction for each token. As a result, ERC-1155 minting requires 50-80% less gas than ERC-721.
- Composable, dGoods, NFT Cosmos, TRC-721, BEP-721.
Solutions for NFT development
NFTs do not function on their own. These tokens work on existing blockchains that support smart contracts. The cost of minting, the standards, transaction fees, audience reach, etc., will vary depending on the blockchain issuer. Here is the description of the most popular solutions for NFT development and their advantages.
It is a decentralized platform that helps to launch tokens and dapps. Most fungible and non-fungible tokens are created on Ethereum. Since the blockchain has a vast community and constant upgrades, the network is most secure for blockchain project launching. However, it has a significant disadvantage, and the transaction fee is hefty.
Launching NFTs on Ethereum has the following advantages:
- ERC-721, ERC-1155, and other NFT standards. Most exchanges, platforms, wallets, and DeFi projects support Ethereum. At the same time, communication is provided at both the commercial and technological levels.
- Most developers know Ethereum; hence it will be easy to find a company developer for your NFT solution launch.
- Ethereum is in second place (after Bitcoin), judging on its popularity. It has a lot of nods, active users, and a vast community.
Binance Smart Chain (BSC)
It is a blockchain platform that helps to launch tokens, smart contracts, and dapps by Binance. NFT developers appreciate BSC for it is fast, with low fees, and compatible with Ethereum Virtual Machine (EVM). Furthermore, BSC has a simple interface, a rapidly growing community, and a superb team.
The advantages of developing NFT solutions on BSC:
- BSC is compatible with most smart contracts and dapps on Ethereum.
- CipherTrace to trace VASP, OTC, and fraud sources.
- The ability to create decentralized autonomous organizations.
- It is approving a new block within three seconds.
- Interchain data transfers.
Polygon (earlier Matic)
It is one of the first blockchain projects going through IEO on Binance Launchpad. The platform is an Ethereum compatible side chain of the second-level that functions according to the PoS algorithm. In general, it is a simpler, cheaper, and yet scalable version of Ethereum.
Polygon NFT project’s advantages:
- The platform is compatible with Ethereum.
- It offers a wide range of tools to set the NFT.
- It works at high speed, low fees.
This is one more decentralized solution for NFT project development. The main feature is the set of standard interfaces for NFT minting. They are entirely compatible with ERC-721 of the Ethereum network. Furthermore, Tron has a three-level architecture to increase the stability and security of the network.
The advantages of launching NFTs on Tron:
- Lower fees compared to Ethereum.
- High transaction speed and bandwidth.
- One can use stablecoins to avoid volatility.
- Tron standards are compatible with Ethereum standards.
- The metadata system is enhanced.
The example of NFT employment
NFT technology provides the sportsmen and the teams with many opportunities for interaction with fans and monetization. You can find out more about it in this article: NFTs and the Sports industry.
Perhaps, it is the most common and famous way of employing non-fungible tokens. The artists use it to tokenize their works of art and trade them on NFT platforms. They do not need to trouble themselves about the copyrights. You can find more about it in the article: How art can change the art industry
Here, NFTs are employed to tokenize and sell both real and virtual estate on the market. This increases the liquidity of the market and lowers the entry barrier for investors.
The NFT technology allows bloggers, streamers, and celebrities to tokenize their content which helps people buy a subscription to view content on particular platforms.
Non-fungible tokens are a perfect instrument to sell tickets for various offline and online events. Furthermore, it will help solve the pains of this industry like scalping, fake tickets, and high costs. You can read more about these matters here: How NFT will change the ticketing industry
Managing software licenses.
NFTs will also help to manage software licenses. Each request will have its NFT that will be signed and authorized by the owner. Then the users can buy these NFTs like regular license codes. Moreover, it will almost eradicate pirating, especially for software services like Adobe Photoshop.
For this sector, NFTs will help enhance the security of deals for game items (apparel, guns, mounts, skins, avatars, etc.). Also, it will prove the authenticity. Furthermore, NFTs can help create a system of character and items transfer from one game to another. For example, from World of Warcraft to New World by Amazon Games.
Like the artists, the musicians can tokenize their works and then sell them as NFTs. It will help to fight pirates and boost the donating market.
How to find an NFT development company?
As blockchain and NFTs are relatively new technologies, a few development companies with a decent portfolio and cases in this sector. Hence, if you want to launch your own NFT project, you will need to spend quite a lot of time searching for potential candidates. During your research, you should focus on the following points:
First, see the cases of your future candidate. You need to understand whether they have experience in NFT development. Furthermore, it is essential to know if the company worked in the required fields. For example, if you look for a development company to launch an NFT marketplace, you need a team with the appropriate cases in their portfolio. Namely, a project on a platform for minting and selling NFTs.
Do not hesitate to check what the clients say about the team. Usually, you will find reviews on Clutch.co, Goodfirms.co or LinkedIn. It is essential that the thoughts are reasonable, to the point, and not anonymous (you need to see the full name, company, and position).
The cost of the service
The development cost would depend on the developers’ experience, skills, portfolio, and cases in a perfect world. However, in the real world, the price depends on the location of the developers. Since the average hourly rate in the USA is $95/h, Western Europe — $67/h, and Easter Europe $32/h.
What is more, regardless of this colossal wage gap, the professional level of a specialist from the USA, and for example from Ukraine, or Poland, is quite the same. IT giants like Microsoft, Apple, IBM, and others use it to give a part of the development to outsource to cheaper countries.
The approach to the development
Agile is a global standard today. This term covers an approach to development that meets the Agile Manifesto
requirements. For example, in Merehead, the NFT developers use the Scrum approach (Scrum of scrums). It is a scalable option of Agile that allows saving money and time, yet get a software product that will satisfy all the users’ expectations.
The software development process.
Skills, technological stack
Next, you will need to check what technologies your candidate employs. And it's not just about languages, frameworks, and databases, but also about technologies such as blockchain, neural networks, VR, and AR.
It is crucial that your NFT development company analyzes your niche and target audience and embraces the project and your background. Please, pay attention to whether they ask you questions, what they are related to, and how often the team asks you something. See whether the questions are connected to your project and development or the candidate is interested only in the payment and signing the contract.
Merehead is the best NFT solution supplier
It is the leading company in developing blockchain and decentralized financial solutions. Starting with simple, smart contracts and ending with major decentralized exchanges, Merehead offers decent technological support to implement NFT solutions in sport, video gaming, marketing, e-commerce, finances, insurance, and health care.
The advantages of hiring Merehead
- Safety and security - all our NFT solutions have high-level security from unauthorized access, malicious acts, fraud, and data leaks.
- Financial efficiency - we offer competitive prices that will help you launch your NFT solution without overpayments.
- NFT and blockchain expertise - our development team has profound knowledge of Blockchain, FinTech, and NFT, which allows us to develop an idea: smart contracts, wallets, marketplaces, CEX/DEX, mobile applications
- Support after the launch - we are interested in the success of our clients, so we are ready to offer learning, post-release support, and KPI estimation.
- Transparency - the clients of our company can always check the project’s status, trace the development process, communicate with the developers, and receive regular reports
How we work (roadmap)
1. Defining the goals.
We analyze the business goals and functions of the project, study the target audience and the niche, define the technical requirements and the tasks of the designers, calculate the costs and efforts, and plan the process.
2. UI/UX design.
We plan the user streams, the informational structure, frames, and prototypes. We create the brand style.
Not only that, but we write the code from scratch, update it, expand and refactor existing projects.
We ensure the quality of the product. The teams are testing the usability, productivity, security, and functionality.
The product goes from the development environment into the production stage, and the users can start using it. We publish it on mobile platforms.
6. Product support.
We teach the employers, provide technical support, fix the issues, monitor, and service the systems and applications.
Our latest projects
Our experienced developers will help you to develop any NFT solution for your business. Mainly, we work with Ethereum, Binance Smart Chain, Polkadot, Polygon, Tron, and other popular blockchain platforms. Here is a brief description of our latest projects:
It is an open market for selling collectible and unique NFTs on sports themes. All NFTs on the platforms are created in cooperation with the clubs, teams, organizations, and players from various parts of the world.
It is a trading platform with high-level security. It has a vast functional, simple, and straightforward design and integration with fiat payment gateways.
Study the case
The cost of developing an NFT project
We have mentioned above that developing NFT solutions will mostly depend on the location of your technical partner. The second important aspect is the project’s complexity, the functional, design, technological stack, depth of work, external integrations. For example, to develop an NFT wallet, the developers need approximately 700-750 hours which will cost you $25 thousand in Easter Europe, $50 thousand in Western Europe, and $70 in the USA, Canada, and Great Britain).