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The Ultimate Guide on NFT Development for 2022

SoluLab

10 Jun 2022

4 min read

The Ultimate Guide on NFT Development for 2022
  • Development

NFTs or non-fungible tokens have gained a lot of popularity in recent times. People are ready to pay a hefty sum for these unique collectible cryptocurrency assets. For example, one NFT by a digital artist known as Beeple was sold for a hefty 69 million dollars in early 2021. In addition to this, there are a number of other non-fungible tokens that have fetched jaw-dropping sale prices amounting to several millions of dollars.

The popularity of non-fungible tokens has been rising on a regular basis. It can be clearly understood from the growing NFT market over the past few years, with no signs of stopping in the time to come. The huge potential for big money in the NFT market is attracting more people to create NFTs in the hope of cashing the same on the present market craze. The increasing demand for creating non-fungible tokens has increased the demand for an NFT development company that can help mint NFTs.

For the ones who are interested in the NFT market and wish to mint, one can go through the following steps for a better understanding of the process.

1. Start with Choosing the Item

It is always appropriate to start with the fundamentals, and the same goes for developing NFTs too. The first step toward developing an NFT is to determine what unique digital asset one intends to turn into an NFT. The item can simply be anything ranging from a custom painting, music, picture, meme, or video game collectible, to a tweet or even a GIF.

A non-fungible token happens to be a unique digital item that has only one owner at a time, and that rarity provides value to a token. One needs to make sure to own the intellectual property rights to the item that has been planned to turn into a non-fungible token. It is to be always kept in mind that developing a non-fungible token for any digital asset which is not owned by the person in concern could result in legal trouble. So, immense care needs to be taken in this regard.

2. Select the Blockchain

Once the unique digital asset has been chosen, it is now time to start the process of minting the same into a non-fungible token. The minting process starts with selecting the blockchain technology that one plans to use for the NFT. Ethereum blockchain or crypto ETH is one of the most popular choices for NFT creators and artists. Some other common choices include Binance Smart Chain, Polkadot, Tezos, and Cosmos.

3. Setting Up the Digital Wallet

In the next step, a digital wallet is required to be set up for the creation of the NFT since it is required to have cryptocurrency to fund the initial investment. The digital wallet helps provide access to digital assets. A few of the popular NFT wallets are Coinbase Wallet, MetaMask, Alpha Wallet, Math Wallet, and Trust Wallet.

Once the digital wallet is set up, one will want to purchase some cryptocurrency. Most NFT platforms accept Ether which happens to be the cryptocurrency of the Ethereum blockchain platform. If an individual already owns some cryptocurrency in other places, they can connect the same to the digital wallet and make use of the same to create as well as sell non-fungible tokens.

4. Choosing the NFT Marketplace

Once you possess a digital wallet and some cryptocurrency, it is now time to create and sell non-fungible tokens. For the purpose of creating and selling an NFT, you need to select an NFT marketplace. A few popular NFT marketplaces are Larva Labs/CryptoPunks, OpenSea, Rarible, NBA Top Shot Marketplace, Axie Marketplace, Foundation, Mintable, ThetaDrop, SuperRare, and Nifty Gateway.

It is important to research each of the NFT marketplaces to make sure that your NFT is a perfect fit for the marketplace. For instance, NBA Top Shot is an NFT marketplace focused on basketball. You can also contact a trusted NFT marketplace development company to create one for your NFT. After the marketplace is selected, it needs to be linked to the digital wallet that allows paying the required fees to mint the NFT and hold any sales proceeds.

5. Uploading the File

Now, it is finally ready to mint the NFT. The selected NFT marketplace usually has a few set rules or steps to upload the digital file to the platform. This process enables the users to turn their unique digital file into a marketable non-fungible token.

6. Setting Up the Sales Process

Setting up the sales process is the ultimate step in the process of NFT development or minting of an NFT. It refers to the process of monetizing the NFT. Depending on the selected platform, one can do the following.

  • Sell the NFT at a fixed price where one can set a fixed price and permit the first buyer willing to meet that price for the purpose of buying the NFT.
  • Setting a timed auction where the individuals interested in your NFT are given a time limit to place their final bids.
  • Starting an unlimited auction where there is no fixed time limit for users to bid on your NFT, and you have complete control over the time limit of the auction.

In addition to the above, you need to do the following.

  • Determine the minimum price of the NFT if you set up an auction
  • Set the royalties to continue cashing in on the NFT if it resells on the secondary market
  • Determine the time duration of the auction in case a timed auction is set

You also need to keep in mind the fees of the NFT marketplace at the time of setting the minimum price of the NFT; otherwise, you might lose money on the sale of your NFT if the price set is too low.

Conclusion

Now, it is pretty clear about the steps involved in developing an NFT. Moreover, if you are interested in NFT marketplace development, you can also go for it, where buying, selling, or trading NFTs can be done with utmost ease and convenience. In this regard, it is appropriate to get in touch with a reputed NFT marketplace development company that can get the task done in the best possible manner so that the best results can be obtained. The NFT market shows no signs of going down in the recent future and hence offers the potential for huge earnings.

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SoluLab

SoluLab is a market-leading digital & technological solution provider with the upper hand in blockchain, AI, IoT, mobile applications and web development. Proudly recognised as the number one global enterprise blockchain development company, we have a prominent team of developers & designers displaying extensive experience in their domains. Our UI/UX team is qualified to come out with pixel perfection in each project. The company is co-founded and mentored by the well-seasoned duo in the tech-business landscape, ex-vice president of Goldman Sachs and principal solution architect of Citrix, with an enriching experience in development.

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