The world of cryptocurrencies is developing at a tremendous speed. If earlier it was a place where dry numbers and financial calculations reigned, today it has opened the door for art. Artists all over the world want to realize themselves in the crypto industry. NFT development is an excellent solution if you're going to create something bright, unusual, and make good money on it.
What is NFT?
NFT is a kind of digital art. The word itself is an abbreviation, which stands for a non-fungible token.
Most tokens are fungible. For example, if you buy one bitcoin token, sell it, and buy a new one, but in the end, you will get the same product, and its cost will be about the same (unless there is a sharp jump in price). However, another kind of token depicts different images of art. Such a token is based on a picture, music, or even a short video. Each of them is unique, so you won’t be able to replace one with another.
In simple words, NFT is a work of art that has a reasonably significant weight in the crypto industry.
Why are artists creating NFTs?
NFT marketplace development is a good solution for artists who want to realize themselves, create something unusual and original. Practice shows that contemporary art rarely brings large profits to its creators. Interest has fallen sharply, and there is no way to break through to world sites.
The number of people engaged in cryptocurrencies is constantly growing; as a result, creating NFT allows you to tell more people about your work.
So, there are the following main advantages of NFT development for artists:
- Popularization of your creativity;
- Improving the financial condition (the artist makes a profit from each token resale);
- Opportunity to secure your assets as much as possible (the likelihood of theft or fraud is zero).
It is worth noting that creating NFT is suitable for both beginners and well-known cultural figures. So, for example, now the world-famous Banksy, Philip Colbert, Beeple, and many others have NFT. Also, work is currently underway on the digitization of paintings by Picasso and Andy Warhol. Also, some musicians prefer to release new albums in the form of NFT. A prominent representative of this movement is the singer The Weekend.
Why do people buy NFTs?
Creating NFT has spawned a vast amount of digital art. Experts believe that the developers would not have invested in this effort and money without a demand. So why do people buy non-fungible tokens?
There are three main reasons:
- Desire to make money by reselling;
- Desire to stand out in computer games and social networks.
From time immemorial, people around the world have loved to collect something. They collected coins, stamps, books, and much more for a long time. A modern person who follows fashion trends from cryptocurrencies manages NFTs. This original hobby is relatively expensive but popular.
Once NFT is on the market, the cost is comparatively low. If demand grows, then the price will rise. If you are among the first holders of a potentially successful project, you will be able to resell NFT for a lot of money in the future.
Many computer games and social networks already today allow using NFT as an avatar. It will enable you to emphasize your uniqueness and consistency. Some tokens can be used as artifacts in games.
The most popular NFT marketplace is OpenSea.
How does the process of creating an NFT work?
If you decide to create a piece of digital art, you should contact the NFT developer for help. Usually, a whole team of specialists is involved in the creation of such a project, which includes:
- Tokenomics specialists and many others.
The most crucial thing in NFT is the idea. It must be as original as possible. Rarity.tools is a well-known service where NFTs are placed to prove their uniqueness. This service can be helpful if you are looking for inspiration.
Then the artists take over. You can draw an image both in their usual computer editors and by hand on paper. The choice depends on the idea and characteristics of the project. In the first case, programming will be much easier and faster.
When developing software, great attention is paid to creating a smart contract. This technology allows for more secure purchase and sale of tokens and increases trust between users.
Any product needs good advertising, and NFT is no exception. You can achieve excellent results with the right marketing program, including posting, social media, and giveaways. The more people interested in the crypto world learn about your project, the more likely it is that the entire collection will be sold out in the first month.
We provide fintech software development services. Do you need some help to bring your dream to market? Contact us.