NFT Development

1. Creation of the Digital Art

NFTs are typically tied to a piece of digital art. This may be an image, an audio production (such as a song), or even a short video clip (such as an animated GIF). The goal is to create a unique piece of digital media that can be sold, just like selling a painting at an art gallery.

NFTs provide value to creators by being unique, something that cannot be owned elsewhere. It is especially important to ensure that you own the right to the digital media you are using, as creating an NFT from media you don’t own may have legal ramifications.

 

2. Generating a Collection from the Digital Art

Each digital art or in other words, NFT needs to have a unique characteristic. This becomes extremely difficult when you want to generate a collection of 1,000 or more items with metadata (JSON file) and rarity tables. You will have to provide the necessary layers and add attributes/properties/traits to each NFT in order to generate a unique collection.

 

3. Storing NFT Collection on Web3 Storage

Decentralized storage systems enable users to store data regardless of the central silos of the data. Further, decentralization helps provide more privacy and security than centralized storage systems.

Moreover, it utilizes a peer-to-peer network of operators and users that manage the data. Therefore, it helps keep the data secure during storage and transfers. It also used a blockchain-centric system or a peer-to-peer network. Hence, this distributed function offers various advantages to businesses.

Further, decentralized storage systems acknowledge the following problems traditional storage systems reject:

• Firstly, the distribution of data to various sources makes it more difficult to hack.

• Moreover, encrypting files with passwords keeps the ownership of the data authentic.

• Further, the distribution of files into multiple encryptions is spread throughout various nodes. Therefore, it is impossible for an attacker to retain the complete file.

• It also offers efficiency in the usage of existing data

• Above all, many copies of the data in the various nodes help avoid bottlenecks on the central server and enhance the downloading speed.

 

4. Storing NFT Collection on Blockchain

There are several blockchains that can store your NFT. This blockchain will keep a permanent record of your NFT, so it’s important to choose the one that fits your requirements.

Most popular blockchains that support NFTs are,

• Ethereum

• Solana

• Flow

• Binance Smart Chain (BSC)

• WAX

• Tezos

There are several other blockchains that support NFTs, each with its own community and decentralized apps (dApps) for creators and NFT owners.

 

5. Creating NFT Landing Page

Creating a landing page is necessary to present your NFT collection to the public. A succesfull landing page needs to do its main job: promote your NFTs and convert visitors into paying customers.

An NFT Landing page needs to be responsive, high-converting, and beautifully designed. A Landing page with unique and exciting design provides all you need to kick-start your NFT project.

 

6. Deciding on a Distribution Strategy

Decide on a distribution strategy as soon as you start planning out your project. Coming to a decision early on in your project’s timeline will make it easier to express a cohesive narrative to potential buyers.

It’s important to note that different strategies have varying technical requirements. The software engineers you’ve recruited will thank you for investing upfront time to make this decision. Last-minute changes to your project’s distribution strategy may result in having to delay your project’s launch, due to technical considerations. Delays in project timelines are forgivable but not optimal.

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Typical distribution strategies include,

• stealth drops

• dutch auctions

• public minting

• whitelist and then public minting

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7. Whitelisting (Application & Privileges)

In the NFT world, a whitelist is comparable to a VIP guest list for attendants of a special event. Whitelisting typically means that a crypto wallet address, is pre-approved for minting of NFTs on specified dates/times (usually a date/time window). In other terms, A whitelist is a list of people who get early and guaranteed access to mint at a specific date and window of time. “Allow list” (also written as “allowlist”) and “Mint List” (also written as “mintlist” are synonyms of the term whitelist.

An NFT whitelist is a database of select loyal buyers who get advance information and are allowed early access to mint. For the whitelisting process, you need an application page and necessary setup for whitelist minting and privileges.

 

8. Creating NFT Minting Platform

NFT Minting Platform is an application that allows users to convert their various digital items into NFTs for part of a fee. In simple terms, An NFT Minting application is a software program that allows the development of Non-Fungible Tokens. NFT minting websites should be very easy to use, thus allow users with a basic understanding of blockchain technology to mint/create NFTs.

 

9. Choosing an NFT Platform

There is an ever-growing list of NFT platforms, but the best ones offer a full-service marketplace to list and sell NFTs. Here are a few of the most popular NFT platforms:

• OpenSea: The most popular NFT platform by far is OpenSea. With more than $20 billion in trading volume since its launch in 2017 and more than 2 million NFT collections listed, OpenSea is the top platform for Ethereum-based NFTs. OpenSea launched support for Solana NFTs in July 2022.

• Solanart: As the Solana-based NFT platform, Solanart hosts some of the most popular Solana NFT collections, with a slick user interface and a simple application process for minting.

• Crypto exchanges: Several crypto exchanges have NFT platforms, such as Binance Exchange.

 

10. Listing the NFTs For Sale

Listing an NFT for sale is simple, and most NFT platforms allow you to do this for free. Once your NFT is created and in your wallet, you can simply hit the “sell” button on the platform of your choice and choose the price you wish to list it at and how long you want the sale to last.

 

Once the details of your sale are filled in, you can create the listing. This will require you to sign a few transactions in your digital wallet, which may include paying transaction fees on your chosen blockchain. Solana transactions are tiny, typically less than $0.01, while listing an NFT on the Ethereum blockchain can cost much more, depending on the network fees at the time of listing.