Non-Fungible Tokens (NFTs) are the newest type of financial asset. It has some special characteristics like decentralization, indivisibility, immutability, interoperability, scarcity, and transparency. Undoubtedly, Non-Fungible Token development is a profitable business opportunity for modern entrepreneurs. Digital collectibles have a mind-boggling daily trading volume of $6.01 billion according to CoinMarketCap. Let’s discover more about this phenomenon!
How does a Non-Fungible Token Development Company offer the right solutions?
Flexibility is the order of the day. The delay in the launch of Ethereum 2.0 has led to the emergence of several alternatives. Unquestionably, the Ethereum blockchain network has enabled the creation of several marketplaces across the world. However, it suffers from congestion issues and high gas fees.
Likewise, a talented Non-Fungible Token development company will focus on energy efficiency and scalability. Trained blockchain developers can establish NFT marketplaces on numerous platforms such as Binance Smart Chain (BSC), Cardano, EOS, Ethereum, Flow, Polkadot, Solana, Stellar, and TRON.
Besides that, entrepreneurs can list BEP-721, BEP-1155, ERC-721, ERC-1155, and TRC-721 tokens for sale to investors. They can increase their revenue by minting and listing artwork, domain names, fashion accessories, gaming weapons, memes, metaverses, music, photos, software licenses, source code, trading cards, videos, and virtual worlds.
Cryptopreneurs can also avail of other services such as bug fixing, digital marketing, KYC/AML verification, integration with both hardware and software wallets, launching of Initial NFT Offerings (INOs), legal compliance, NFT marketing, smart contract auditing, and white-label clone NFT marketplace development.
What are the advantages of Non-Fungible Token Development?
- Entrepreneurs will earn hefty revenue by owning an NFT marketplace. They can pocket hefty income by imposing a commission on artists for each primary sale of a crypto collectible. Besides that, cryptopreneurs receive money from auction fees, bidding charges, gas fees, minting charges, and transaction processing charges.
- NFTs have a high potential to dominate many industries. For example, aspiring entrepreneurs can get white-label NFT marketplace solutions like Axie Infinity, Decentraland, eBay, NBA Top Shot, and SuperRare. They can rule numerous sectors like gaming, real estate, e-commerce, sports, and artwork respectively.
- Besides that, cryptopreneurs have immense flexibility in pricing. They can change the commission rate on primary sales according to the business requirements. Further, they can levy premium NFT listing fees from award-winning artists, brands, and celebrities.
- Entrepreneurs can keep a real-time track of their day-to-day business activities. For example, they can use Etherscan (the blockchain explorer of the Ethereum platform). It shares instant information about the total number of digital collectibles and fund transfers daily and weekly.
Further, techpreneurs can access data like changes in prices, a list of the top buyers and sellers, market cap of individual NFTs, sales of crypto collectibles, total supply, and trading volume.
How are companies positive about Non-Fungible Token Development?
Many business enterprises, film production companies, financial service firms, sports teams, and tech giants across the world are bullish about commencing Non-Fungible Token development.
Importantly, American Express, Coca-Cola, Cult Wines, DraftKings, Hermitage Museum, Klutch Sports Group, Lionsgate, Reddit, Sacramento Kings, Shopify, Twitter, and Yahoo are venturing into listing and trading crypto collectibles.
Hence, the use cases of digital collectibles have expanded to alcohol, credit cards, fantasy sports, luxury assets, movies, soft drinks, sports accessories, and other products.
Brands are also selling their physical products as valuable NFTs now. Accordingly, investors can purchase limited-edition assets and multiple collections. Other iconic companies launching crypto collectibles are Anheuser-Busch InBev, Ascott, Asics, Budweiser, Campbell’s Soup, Dolce and Gabbana, Gameloft. Playboy Magazine, Pringles, and Superplastic.
There is a high demand from investors for purchasing digital avatars, trading cards, virtual content, and wearables. Brands need to focus on connecting with the right target audience instead of just taking advantage of the trend by creating NFTs.
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Why Startups and Non-Fungible Token Development are the next big thing
Most of the NFT marketplaces are startups. However, other small ventures are benefiting from the NFT boom. For instance, Coca-Cola has teamed up with Tafi, a startup located in Utah, West USA. It will sell its precious crypto collectibles on the Decentraland marketplace.
Tafi creates digital avatars, emojis, GIFs, and stickers by using Augmented Reality (AR), 3D, and Virtual Reality (VR). It also recently launched sportswear Non-Fungible Tokens (NFTs) for Champion, an American apparel company. Investors can purchase the sports crypto collectibles on popular marketplaces like Bitski and OpenSea.
It has an exclusive Software Development Kit (SDK) called Astra. It contains more than 1000 pre-built digital assets, a storefront, and a web API. Tafi offers various advantages such as avatars in different shapes and sizes, multi-platform compatibility, a vast content library consisting of audio-fitting outfits, protection of intellectual property (IP), and quick creation of in real life (IRL) personalities.
There are also exciting NFT startups emerging in different parts of the world. It comprises Fantastec (Sports Fan Engagement), Geer (Video Game Publishing), Illuvium (Decentralized Gaming), Rage Fan (Fantasy Sports), and Unblockable (NFTs for individual athletes).
Why choose an NFT Solution Provider
An NFT development company will know the latest trends in asset management, blockchain technology, and cryptocurrency. Further, entrepreneurs will receive dedicated technical support even after the completion of Non-Fungible Token development.
Importantly, an NFT solution provider will implement top-notch security measures. It will integrate steps like anti-DDoS protection, email verification, end-to-end data encryption, and two-factor authentication. Content creators also benefit from protection against copyright infringement and duplication. Hence, there is no chance of issues like image theft, hacking, and phishing attacks.
What is the cost of Non-Fungible Token Development?
The budget for creating crypto collectibles depends on numerous factors. It relies on aspects like cross-bridging, the extent of customization, hourly charges paid to the blockchain and NFT developers, level of scalability, the nature of the asset, the time allocated, and the type of blockchain network.
Above all, Non-Fungible Tokens (NFTs) are highly liquid now. Total sales of crypto collectibles crossed a whopping $43.41 million in the last 1 week and $222.07 million in the last 1 month as per the NonFungible database. Therefore, entrepreneurs need to fully use the golden opportunity of Non-Fungible Token development.
They can approach an NFT solution provider now, witness a surge in profits, sales, and trading volume, and strengthen their position in the crypto industry soon.