Which NFT Development Services would you need in 2021?

Which NFT Development Services would you need in 2021?

In the second quarter of 2021, the market for non-fungible tokens (NFTs) surged to new highs. The NFT sales so far this year totalled to be over $2.5 billion, which is a whopping 200 times of the sales in the first half of 2020 ($13.7 million). According to Nonfungible.com, over 963k NFTs have been sold to date and the number keeps growing every passing day. With the increasing interest in NFTs, the NFT development services have also started to undergo an evolution.

Here is the list of the most important NFT development services that you would need in 2021. They have really evolved since 2017 when the NFT development really became a thing.

• NFT development

In 2017, if you wanted to develop an NFT like CryptoKitties, you would actually have to walk through the open-source code of CryptoKitties (2000 + lines). Then you would be required to enter details like genes, birthTime, generation, cooldownIndex, matronId & sireId and a lot more to create a CryptoKitties NFT.

Over the last 3 years, NFT development has become very simple. An owner of an art piece or music file can simply go to an NFT minting platform and put his asset on the blockchain using a very simple user interface. However, if you have an idea in mind like fractionalizing and converting the real estate into NFTs, this could be a little more complicated and this is where NFT development services come to your rescue.

• NFT marketplace –Strategy, design and development

The concept of NFT marketplaces became very popular after OpenSea, the latest crypto unicorn capitalized on 2021’s NFT boom. Interestingly, OpenSea’s current valuation touched $1.5B after it closed a $100M funding round. Undoubtedly, OpenSea has been doing something right which led to this explosive growth:

1. It has a simple trade model; it takes a 2.5% cut out every trade that happens on the marketplace.
2. A wide range of NFT use cases like art, gaming, event ticketing, domain names and more.
3. Soon OpenSea will start supporting sales of NFT’s built on blockchains other than Ethereum like Flow and Tezos.

What more is trending in NFT marketplace development?

1. NFT marketplace using NFT-owned plots.
2. NFT marketplace for entertainment media where every part of the hosted event is minted as an NFT. The minted NFTs can then be auctioned off and fans can trade them on the marketplace.
3. Social media NFT marketplaces with tokens to incentivize users.
4. Hybrid NFT marketplaces – Basically, the Hybrid NFT means the buyer owns both non-fungible token and the unique physical object. So, when he sells, he can choose to either sell both NFT and object or just one of them.
5. Interestingly, the upcoming NFT marketplaces are also introducing their utility tokens. These tokens can be used as an exchange of value in the marketplace for paying the fees.

• NFT wallet development

Crypto wallets do not basically store an NFT. What they essentially do is that they provide users with private keys that allow them to access the NFTs stored on the blockchain. They ensure the access to the NFT is secure and access to it is completely in users’ control.

Software crypto wallets for NFT can be designed to be available as web extensions, desktop applications, or and mobile applications. Basically, an NFT wallet is different from a normal crypto wallet in a way that it supports NFT specific token standards like ERC-721, ERC-1155 and more.

Interestingly, nowadays, NFT wallets are being developed with a built-in dApp browser that provides users access to NFT marketplaces directly from the wallet.

• NFT Smart Contracts and audits

To create an NFT from scratch, one needs to have a smart contract written specifically to create an NFT. But before a smart contract is created, one must carefully choose the blockchain on which the smart contract needs to be created. This is very important because NFTs built on blockchains like Polygon, Cardano and Binance Smart Chain are less costly and faster to trade in comparison to Ethereum. This aspect is where NFT development services can help you pick the most appropriate blockchain for your unique NFT.

Recently, smart contract exploits have become a very common occurrence. Thus, it becomes equally important to audit these NFT smart contracts both internally and externally.

Wrapping it up

For any crypto token like NFT, the lower transaction cost is a very important area. Does that mean you go to any blockchain and mint an NFT? Well, no. The NFT ecosystem development needs to be painstakingly strategized so that it can compete against the best in the market. This is where our experience of building blockchain apps comes in. We offer comprehensive NFT development solutions, including token development, NFT wallet development, NFT marketplace development, and more.

Schedule a free demo of one of our NFT projects or connect with our subject matter experts to share your needs for NFT development.