When an asset has a daily trading volume of $7.62 billion, it can never be ignored. Yes, it is crypto collectibles that have made a splash in the global digital economy. Artists, brands and celebrities are launching their exclusive Non-Fungible Tokens (NFTs). Entrepreneurs can exploit this big opportunity by partnering with a top-notch NFT development company. They can enable hassle-free trading of any asset through robust blockchain networks.
What is the meaning of custom NFT development?
Guidelines lay down the framework when artists create crypto collectibles. Each blockchain network has its own standard. For instance, content creators can choose BEP-721 and BEP-1155 if they are going to list on the Binance Smart Chain (BSC) blockchain network. Likewise, artists can opt for ERC-721 and ERC-1155 based assets on the Ethereum platform.
NFT sellers who prefer decentralization and low transaction processing fees can mint their work as TRC-721 on the TRON blockchain network. They will get a huge advantage as TRC-721 assets are completely compatible with the ERC-721 assets.
An NFT development services provider will enable artists to mint and list any asset as a single collectible or a multiple collection. They can earn huge income by selling domain names, fashion accessories like shirts, sneakers, gaming weapons, job applications, memes, music, paintings, portraits, software licenses, sports goods, source code, trading cards, and tweets.
Content creators also get huge flexibility by uploading different file formats like GIF, MP3, MP4, PNG, and WEBP for listing their crypto collectibles.
How does an NFT development company ensure easy authentication of collectibles?
Content creators across the world require greater credibility and transparency. Indeed, Non-Fungible Tokens (NFTs) offer them protection against copyright infringement, duplication, and forgery.
However, artists are listing their crypto collectibles on online marketplaces. There have been many incidents where their single or multiple collections have been sold by anonymous persons in an unauthorized manner.
They lose their reputation and value when fake NFTs get sold on other marketplaces. Similarly, investors also get cheated when they buy a counterfeit crypto collectible. Hence, techpreneurs can prevent this issue by sharing real-time information with artists.
Content developers will get instant alerts when their crypto collectible is minted by a scammer. They can also get awareness on laws related to copyrights and intellectual property (IP). NFT sellers also get a royalty percentage when their crypto collectible is sold by an investor on secondary marketplaces. For example, the Rarible trading platform provides royalty for artists from 10 to 50%.
Generally, artists can attach their NFT to the distributed ledger contained in a blockchain network. They can prove their ownership anytime and the data related to the crypto collectible is immutable and tamper-resistant. Investors can check the description of the asset, price, and the name of the creator and his/her artwork before purchasing it.
Decoding how technology powers NFT Development services
“You have got to stay ahead of the game to be able to stay in it” goes a popular quote. Changes are happening daily in the world of crypto collectibles. Entrepreneurs can use the strength of Artificial Intelligence (AI) and Machine Learning (ML) to offer a better value for artists.
For instance, Fetch AI is a blockchain and software development company based in Britain. They have partnered with 100 talented designers to create NFTs based on Artificial Intelligence (AI).
To implement that, Fetch AI will use Machine Learning (ML) algorithms. This pre-programmed software would help in the automation of basic tasks like accepting bids, listing the collectible, and payment processing. Besides that, it will collect real-time data about the performance of crypto collectibles in the market.
Hence, investors can make the right decision before purchasing the NFT. They can access information like circulating supply, market capitalization, and trading volume of each digital collectible.
Each crypto collectible on the CoLearn Paint NFT marketplace will be an abstract composition. Likewise, artists benefit from collective learning. The Unique Selling Point (USP) of the platform is that artists can co-create and own the same collectible. All their works are safely stored in smart contracts. Furthermore, they can get rewards by holding FET token holders.
How can an NFT development company guarantee consistent revenue?
Be it an NFT minting platform like Enjin or an NFT marketplace such as OpenSea and Rarible, entrepreneurs need cash to survive in the competitive market. NFT development service providers across the world will enable artists to list their single or multiple collectibles on numerous marketplaces.
In the same vein, cryptopreneurs can purchase white-label solutions of popular trading platforms. They can get hold of clones of Decentraland, Foundation, MakersPlace, NBA Top Shot, Nifty Gateway, Sorare, SuperRare, and Vcent.
The potential to pocket income from NFT development is unlimited. The greater the number of artists, the higher will be the revenue and the total value locked (TVL).
Owners of an NFT marketplace will receive auction fees, bidding charges, a commission from the primary sale, gas fees, listing charges, minting fees, and transaction processing charges.
They can also receive extra income by organizing private sales of crypto collectibles to a small group of investors. They can also publish ads and offer subscription plans (monthly or yearly).
What is the cost of custom NFT development?
Numerous factors influence the budget of NFT development services. It relies on the kind of blockchain network, the level of computing energy, the nature of the asset, and the popularity of the artist.
Besides that, an NFT development services provider would offer post-deployment services. Entrepreneurs can offer a secure experience for artists. They can utilize solutions like the addition of payment gateways, digital marketing, layer 2 up-gradation, legal compliance, scalability, smart contract auditing, and technical assistance.
Above all, it is an exciting time for entrepreneurs to join hands with a top-notch NFT development company. “Facebook launches digital wallet Novi for storing NFTs, plenty of new NFT auctions and exhibitions are launched across the world, and VISA purchases CryptoPunks artwork for $150,000”. The frenzy is yet to stop for crypto collectibles.
Globally, the market capitalization of digital collectibles is more than $32.15 billion. Hence, intelligent cryptopreneurs can use NFT development services and disrupt the market successfully.