We live in an uncertain and unpredictable world amidst the Covid-19 pandemic. Several businesses and industries were affected due to numerous lockdowns. However, only 1 sector has survived this crisis and has grown its financial metrics by several times. It is undoubtedly Non-Fungible Tokens (NFTs). From ICOs, IEOs, and DeFi projects, crypto enthusiasts are now highly interested in this lucrative business of Non-Fungible Token Development.
Why is Non-Fungible Token Development the best opportunity in the 21st century?
Importantly, it not only offers high revenue but also guarantees unmatched popularity in the market. Investors are highly bullish about buying and selling trading crypto collectibles. Moreover, the trading volume of NFTs is a whopping $12.43 billion as per CoinMarketCap. It has grown by 80.53% in just 1 day.
Investors have purchased 32156 digital collectibles worth $50.44 million in the last 1 week according to the NonFungible database. Further, they bought 230,242 Non-Fungible Tokens (NFTs) valued at $230.57 million in July 2021.
Amidst the positive market conditions, it is the perfect time for entrepreneurs to kickstart Non-Fungible Token development. You can approach Turnkey Town, disclose your business goals, and achieve them successfully in no time.
What is the latest news related to NFT Development?
- The Rarible marketplace is selling a job application of the late Steve Jobs as a Non-Fungible Token. Investors can purchase it through 2 separate lots. Interestingly, it is the world’s first physical asset vs NFT auction. The highest bid received so far is 1.863 Wrapped Ether ($4278.20).
- Non-Fungible Token Development is attracting more eyeballs from the e-commerce industry. Shopify has recently permitted its merchants to directly sell crypto collectibles. This will help the Canada-based online platform to compete with the eBay NFT marketplace.
- Chicago Bulls, a well-known NBA team has launched an online store for selling digital artwork. Investors can purchase their digital collectibles via credit cards and debit cards from the Shopify platform.
- Moreover, it took just 90 seconds to sell the first NFT collection of the basketball team. Likewise, sellers can create their crypto-collectibles on the Ethereum or Flow blockchain networks. Later, they can list it on Shopify.
- Non-Fungible Token Development has made a storm in the online gaming industry. DeRace is the world’s first virtual blockchain-based NFT horse racing platform. Further, it operates on the “Play and Earn” business model. The DeRace gaming hub is decentralized and highly transparent.
- Interested gamers can build NFT hippodromes, indulge in horse betting, participate in horse races, and trade NFT horses from the DeRace marketplace. Moreover, it is targeting a market share of $7 billion.
What is the detailed process involved in Non-Fungible Token Development?
- All stakeholders of the creator economy like artists, celebrities, fashion designers, filmmakers, game developers, musicians, photographers, publishers, and software developers register on an NFT marketplace. They sync their social media accounts (Facebook, Instagram, Spotify, and Twitter).
- Later, they undergo Anti-Money Laundering (AML) verification and Know Your Customer (KYC) checks. This ensures a safe trading experience as there is no chance of fraud or scams.
- Artists can choose between ERC-721 and ERC-1155 based standards on the Ethereum blockchain network. They can mint the NFTs for both their real-world and virtual assets.
- Likewise, content creators can also select TRC-721 based assets for listing their unique work on the TRON blockchain network. Importantly, TRC-721 NFTs are created by using the TRC-165 user interface. Further, it is fully compatible with the ERC-721 standard.
- They upload their work on any credible NFT marketplace. Artists can use file formats like GIF, JPEG, MP3, MP4, PNG, and WEBP. Interestingly, there are limits to the file size too. The Rarible NFT marketplace has an upper limit of 100 MB while Foundation.app allows content creators to upload files up to 50 MB.
- Artists choose the mode of display (landscape or square). They add details such as the accepted payment methods, a crisp description of the asset and its properties, number of copies, price, royalty percentage, and title.
How The Process Works For NFT Development
- They can list caricatures, cartoons, domain names, gaming weapons, memes, metaverses, music, photos, software licenses, source code, trading cards, tweets, and videos. Blockchain networks consume a lot of computational energy to mint the NFT.
- Content creators need to possess some crypto for paying the commission on sale, gas fees, and transaction processing charges. They can use Binance Chain Wallet, Coinbase Wallet, Dapper, Fortmatic, MetaMask, MyEtherWallet (MEW), Portis, Torus, Trust Wallet, WalletConnect, and WalletLink.
- The content creators showcase their precious NFT for sale on the digital marketplace. Interested buyers make bids before the deadline.
- Sellers choose the best bid that suits their business requirements. They inform the buyer to make the needed payment. Artists transfer the valuable Non-Fungible Token (NFT) to the investor’s digital wallet.
- Finally, the trading deal of the crypto collectible is completed successfully.
What are the various kinds of NFT development services?
Multi-blockchain NFT marketplace development –
NFT marketplaces are the backbone for buying and selling thousands of digital collectibles every day. Our talented team creates online NFT trading platforms on Cardano, EOS, Ethereum, Flow, Polkadot, Solana, Stellar, Tezos, TRON, and WAX blockchain networks. We can also develop BEP-721 and BEP-1155 assets on Binance Smart Chain (BSC).
Integration with storage platforms –
Turnkey Town offers seamless integration with the Filecoin and InterPlanetary File System (IPFS). These decentralized platforms store all the important data and media files. For instance, users can access IPFS from Linux, macOS, and Windows. It provides lots of advantages like bandwidth savings, a content identifier (CID), easy distribution of large volumes of data, protection against censorship and tampering, and the absence of intermediaries.
Smart contract auditing –
Our knowledgeable team will extensively test the functioning of both Ethereum and TRON smart contracts. Hence, the pre-programmed software is free from bugs, glitches, and vulnerabilities. We review the code and share detailed reports containing information about the critical and minor bugs.
Premium post-deployment services –
We at Turnkey Town also provide extra services such as the addition of payment gateways, cross-bridging, digital marketing, integration with hardware wallets, legal compliance, technical assistance, and third-party API integration.
What is the budget for Non-Fungible Token Development?
The total cost of tailor-made Non-Fungible Token development depends on numerous factors. It varies depending on the gas fees, hourly charges paid to the front-end and back-end developers, the kind of properties, minting charges, the nature of the asset, the time allocated, and the type of blockchain network.
Above all, the competition is high now as there are 979,361 Non-Fungible Tokens (NFTs) in the world as per Coinranking. The market capitalization of crypto collectibles is a gigantic $21.85 billion.
Digital collectibles are getting more use-cases now. It is also making waves in industries like alcohol, content subscription, entertainment, fashion, sports, and virtual property. More art galleries, auction houses, and museums are selling high-value NFTs.
Hence, innovative entrepreneurs join the bandwagon now by commencing Non-Fungible Token development. Choose our high-quality NFT development services and strike big in the crypto industry soon.