What is a Non-fungible token (NFT)?
A non-fungible token (or NFT) is a unique digital asset that can be a representation of real-life or virtual objects. It differs from fungible assets as it has a special digital signature that doesn’t let it have copies and be replaced by any other token. The first NFTs were introduced in 2014 but they started gaining popularity significantly later, in 2021. And one of the main boosters for its popularity is investors’ interest in digital arts. NFTs are issued on blockchain. What can be sold as an NFT? Practically everything! Digital art, memes, songs, videos, designer clothes, virtual avatars, sports cards, in-game collectibles and even tweets.
I want to launch my own NFT project. How can I do it?
Everything starts with an idea. First of all, we recommend you analyze what exactly you want to get. It can be an NFT marketplace, exchange, or minting platform. You can analyze the projects that have been already launched and that boast great popularity in the market. You can use other projects for inspiration and create your own unique idea. You should have a clear understanding of what tasks your project will solve, who will be your target audience, and what goals you want to reach with it. But if you do not want to do it fully on your own, you can turn to an NFT development company whose consultants and analysts will help conduct market research for you, analyze the ongoing clients’ demands, conduct business analysis and help to develop the right strategy.
As for the development itself, if you do not have your in-house experts and you do not have plans to hire NFT developers, it’s time to find a reliable partner among the companies that offer NFT development services and start working on your project together.
How much does it cost to build an NFT project?
Just like in the cases of other software development projects, it is difficult to talk about costs without understanding the specificity of the project. Everything depends on the desired functionality of the solution, the technologies that should be used for it, and the number of NFT developers and other specialists who will participate in the development. When you turn to a software development company with your idea, experts deeply analyze your request and provide you with cost estimations based on the results of their calculations.
Where do people buy NFTs?
There is a range of NFT marketplaces. Some of the most famous ones are OpenSea, Rarible, Nifty Gateway, SuperRare, and the NBA Top Shot Marketplace. Though there are already some strong market players, there is some space for newcomers. It means that today can be exactly a good time to wow the audience with your own unique NFT trading platform. You can launch your unique NFT exchange that will be built in full accordance with your requirements and needs as well as the specificity of your target audience that you want to reach.
What benefits will our company get if we start using NFTs?
Actually, the benefits will depend on the niche where you work. But for example, if we are talking about the real estate business, with NFTs you can avoid a lot of paperwork. NFTs can help you to facilitate and streamline a lot of business processes and simplify the procedure of transferring ownership rights.