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NFTs are becoming more and more popular. In 2021, the market growth was 400 times and reached 13 billion dollars. Furthermore, the experts say that by 2026 it will reach 82 billion dollars worth. This article will tell how to benefit from the development of the industry and create a crowdfunding platform for making and accessing promising NFT projects.
What is an NFT Launchpad?
NFT Launchpads are cryptocurrency platforms that allow the non-fungible token creators to bring investment at the early stage of their projects when they have an idea, concept, or art yet haven’t minted the token. The primary purpose of these platforms is to help promising projects succeed, develop the crypto industry, and make money by providing services.
In other words, NFT Launchpads are crowdfunding platforms that allow investing in NFT projects that are not yet on the market. Furthermore, these platforms also will enable the minting and storing of NFTs. Another benefit is that minting NFTs on these websites is more cost-effective than using smart contracts and NFT marketplaces. Good NFT Launchpad examples are NFTb, NFTPad, NFTLaunch, and NFTSolPad.
Let’s emphasize the advantages of NFT Launchpads:
- It grants access to a massive pool of investors and projects.
NFT Launchpad is beneficial likewise for the investors and the creators. The creators have access to a bigger audience and can get money before finishing the project. Investors can buy fancy NFTs at better prices. The industry wins, too, since NFT Launchpads increase the market’s liquidity, supporting its development and entering the global market.
- It protects both customers and creators.
The startups must pass verification to prove their reliability and prospects to enlist on the NFT Launchpad. Hence, the investors do not need to worry that they will invest in a scam or buy a stolen asset. On the other side, NFT creators shall not care about creating a secure platform to raise funds or worry that hackers will attack their startups.
- Fair NFT distribution during the initial token offering
The other advantage of the NFT Launchpad lies in the crowd sale format. It is either a pure lottery of equal chances for all participants or a lottery where the chances depend on the staked bet; namely, the more cryptocurrency a participant has staked, the higher are chances to win an NFT. These formats guarantee fair NFT distribution among the maximum number of investors. It contrasts with the token distribution on NFT marketplaces, where the offering is centered among several wealthiest users.
- Potential long-term success
To participate in the early NFT sale, the investors need to buy the platform’s native token, lock it in a smart contract, and receive a ticket for participation in the NFT sale. If a platform is popular and does conscious financial politics, the price of the native tokens goes up; thus, the purchase becomes a satisfying investment in the mid or long run.
- Rapid growth for the best cryptocurrency startups
NFT Launchpad is an essential part of comprehensive community support for blockchain startups. An NFT project meeting the initial offering requirements receives marketing support from the platform; hence, it is easier to find potential investors for early financing. In addition, the more frequent mentions of NFT online make it a more promising investment for a secondary sale in the long run.
How does an NFT Launchpad function?
NFT Launchpads are similar to ICO, STO, IEO, IDO, IGO, and other token sale platforms, considering their inner logic. They provide the startups with all necessary tools to mint an NFT and launch a token sale. Furthermore, the platform verifies each project to ensure it is reliable and promising. Also, these platforms offer the investors a straightforward solution for finding valuable NFT projects and buying the tokens at more favorable pricing.
In practice, it functions the following way:
- The NFT creator applies for listing their project on the platform. They state their data and contact information and add a project description with some visuals included.
- The platform checks the project. The verification process includes the project development plan, the global scale implementation potential, the team, the benefits for the cryptocurrency system, etc.
- If the project passes the verification, it is listed on the platform, and the investors can participate. Also, the project team gets access to NFT launchpad marketing instruments.
- If the investors like the project, they stake the cryptocurrency in a smart contract and get a lottery ticket. The amount of currency to be staked is defined by the creators. It can be either a fair lottery or one where the higher the bid, the better the chances.
- After the initial token sale is over, the lottery starts. After the NFTs are minted, the winners receive them.
- Token sale initiators receive their money and can withdraw them.
NFT Launchpad Platform features
NFT launchpads require a showcase to publish the creator’s offers. It shows the project title, brief description, category (games, art, music, etc.), and status (active, finished, is to start, etc.) Furthermore, typically an image of the NFT is attached.
NFT launchpad showcase on NFTb.
If investors want to know more about an NFT, they check the project card and detailed description. Usually, they find participation conditions, the roadmap, and the list of NFTs that the lottery winners will receive. Also, the startup organization contacts are here.
Kakier NFT project card on NFTb.
Creating a project.
Here the users can apply for listing the offer and the description. Ideally, it must be straightforward, intuitive, and automatic so that the token listing process takes little time and effort.
NFT projects audit.
The most common and specific aspect of this function is accepting the creator's application and listing the item. However, it is better to have a checklist and detailed instructions for the inspectors.
Type of funding.
The NFT creators can determine the funding type: IDO, ICO, IEO, IGO, etc. Furthermore, it is excellent if the creators can define the kind of lottery. Also, some functions can be implemented for making an allowlist of investors. It requires instruments for writing the cooperation conditions and adding new investors to the existing list.
These are various functions that allow for promoting the project. For example, tags, social network links, banners, etc. You might also consider offering free and premium instruments.
Cryptocurrency wallet integration.
The user needs to authorize via a cryptocurrency wallet that supports NFTs like MetaMask, Enjin, Trust Wallet, Coinbase, AlphaWallet, etc., to access the NFT launchpad.
The NFT Launchpad should offer integration with banks and payment systems. Thus, the users can manage both cryptocurrencies and fiat.
Some NFT launchpads require the users to verify their identity before participating in crowd sales. The purpose of KYC is to fight fraudulent activity, money laundering, criminal funding, and terrorism.
The native token is an inner virtual currency for funding the NFT crowd sales. Typically, these coins have their tokenomics and burning option, and sometimes cryptocurrency exchanges list them.
How to develop an NFT Launchpad Platform?
Custom development is the only reasonable solution for NFT Launchpad development since this is the only way to provide decent security and protection for the platform and users. Furthermore, only an experienced developer in Blockchain, DeFi, and NFT like Merehead should take the task. We have a first-class team and tremendous experience in NFT development.
The following are our recent cases in NFT and blockchain development:
- it is a platform for selling sports NFTs using ERC-1155. All tokens are issued in cooperation with sports teams and players or their official representatives.
- this BaaS platform provides freelancers and enterprises with a solution to manage and transfer their digital assets, create smart contracts with integrated escrow features, and take a loan with cryptocurrency collateral.
- a logistic blockchain platform that helps trace the supply chains of wine and verify the authenticity. Study the case.
- cryptocurrency exchange with high-level security and safety. Furthermore, it supports operations with fiat currencies. Study the case.
- it is a P2P exchange that helps to trade all popular cryptocurrencies.
Step 1: Define the project’s concept
The first step of NFT launchpad development involves defining the business aims and targets, design requirements, functionality, integrations, monetization models, etc. The better you understand and explain these aspects, the easier it will be for the developers to implement your ideas.
Furthermore, selecting a specific niche for your project is a good idea. Thus, you will have a narrower target audience yet personalize the design and marketing to make the project more efficient and cost-effective.
Here are a few examples of niches.
- Art. We do not recommend this niche if your budget and time are limited since there are many competitors. However, this niche receives much funding and most investors and NFT enthusiasts.
- Video games. This is probably the second most promising niche for creating your own NFT touchpad. At the same time, it can overtake digital art in the long run because the market for video games is much larger than the market for digital and conventional art.
- Film industry. This industry services the biggest audience. It touches all people to some extent, since all watch movies and series. Hence, this niche is promising too.
- Influencers. These are famous people who have an audience. The influencers can efficiently monetize their popularity with NFTs.
- Content. Many people are content creators (texts, photos, images, animations, memes, 3D models). NFT launchpad helps to monetize content easily.
- Music. The musicians use NFTs to monetize their art for quite an extended period. NFT launchpad just makes the process easier.
- Sport. Sport is also a promising niche for launching an NFT launchpad.
Step 2: Prepare the technical documentation.
The second step of NFT launchpad development is when you and your technical partner create a software requirements specification (SRS). The upcoming product requirements are the ground for the agreement between you and the developer that specifies how the product should function and look.
This document includes the requirements for the design, usability, functionality, productivity, and limitations or attributes of the product. Typically, the developer writes the technical documentation based on the client’s information. It requires:
- Defining the roles (administrator, investor, author).
- Offer/define the product implementation means.
- Offer NFT launchpad user streams structure.
- Offer user interface structure.
- Define the primary and secondary functions.
- Develop the NFT launchpad architecture.
Your developer makes a development plan and calculates the timeline and budget based on this information. Usually, it is proposed to create the MVP first so that you can enter the market in the shortest time possible and test the prospects of the idea. If the launch is successful, the MVP will be improved and supplemented with new features.
Step 3: Develop the WEB3 application prototype.
Next, you need to prototype the NFT launchpad design. It needs to be attractive, user-friendly, and clean, namely, one that users will like at first sight and that it will be intuitive. Otherwise, users won't want to use your platform, even if you have the broadest functionality and lowest fees on the market.
There are usually three steps to creating this prototype:
- A draft. First, a simple sketch of the user interface design is drawn, where the most critical aspects are marked; the platform's logic, the number of screens, and their interaction.
- A wireframe. Next, several high-fidelity sketches are created, with different variants of what the interface might look like (navigation, colors, functions, the layout of elements, and so on). These wireframes visualize the possible interface design so that the customer can choose the format they like best.
- A clickable prototype. The animated user interface design is created as it will be presented to the end-users. It has all the buttons, animations, videos, transitions between screens, and so on, but no functions.
Step 4: Determine the final UX/UI design.
An example of an NFT Launchpad Platform. Source
The UX/UI designers use the prototype to develop each tab of the NFT launchpad. It takes from one week to several months. If the process is complex, it might take up to a year or even more. As a result, you will have:
- UX wireframe of the NFT launchpad.
- An interface design for iOS and Android applications.
- The design prototype of the upcoming product.
Step 5: Initiate the application development.
In this step, programmers implement the functionality and design of your project in the software code: backend, frontend, mobile app, cryptocurrency wallet, and smart contracts. This takes from two to six months.
Here's the technology stack for the NFT launchpad backend:
- Smart contracts: Ethereum Virtual Machine or BSC.
- SQL database: MySQL, PostgreSQL, MariaDB, MS SQL, Oracle.
- DevOps: GitLab CI, TeamCity, GoCD Jenkins, WS CodeBuild, Terraform.