How to Create ERC721 Token For NFT Business?

ERC721 token development

If you are a startup or an entrepreneur interested in creating an ERC721 token, then you have reached the correct and best place. The rise of new crypto tokens is becoming prevalent every day and on the other hand, we can see a great hype for non-fungible tokens. These tokens are shortly called NFTs in the blockchain space. A non-fungible token can be described as a collectible asset that is indivisible and distinct. They are non-interchangeable and can be sold in an open marketplace which is known as the NFT marketplace.

The non-fungible tokens have the characteristics of uniqueness, indivisibility, non-interchangeability, and rarity. Among these mentioned characteristics, the uniqueness of the non-fungible token on the identity information stored in Smart Contracts is the most essential one. Because it can associate with every individual unit and assures authenticity. Besides,  indivisibility states that the non-fungible tokens cannot be divided into small units and these tokens are rare in nature. When it comes to NFT development, people use different blockchain platforms like Ethereum, Tron, Binance smart chain, and more. But among them, Ethereum always ranks top when it comes to non-fungible token development. So mostly startups prefer Ethereum blockchain for starting NFT business.

In the Ethereum blockchain platform, non-fungible tokens are supported by two specific NFT token standards. Such as ERC721 and ERC1155. The ERC721 token standard was the first-ever introduced token standard for supporting non-fungible tokens in the Ethereum blockchain. ERC1155 is another NFT standard that offers semi-fungibility to them. As of now, we can see a huge prominence of ERC721 tokens in the NFT marketplace. Thus, most startups are emerging towards the best ERC721 token development service for creating a secure non-fungible token by using the Ethereum blockchain.

In this article, let us discuss how to create your own ERC721 token for your NFT business by using the ethereum blockchain and also other factors regarding ERC721 tokens.

Before seeing how to create an ERC721 token, let us see some basic concepts of ERC721 tokens.

What is the ERC721 Token?

ERC721 is the NFT standard in the Ethereum blockchain. Here, ERC stands for Ethereum Request Comments and 721 is the proposal identifier number. The ERC is completely approved by the ethereum community developers and it describes methods, behavior, research, or innovation applicable to the working ethereum blockchain platform. The ERC721 standard is a replica of ERC20 which has similar functions with a unique tint. This standard is also known as the Solidity Smart Contract standard. So, blockchain developers can take assistance easily from the Open Zeppelin library to create any new compliant contracts.

The non-fungible tokens which are created using the ERC721 standard are known as ERC721 tokens. These tokens can be traded only in the NFT marketplaces. These tokens can be created by pegging any digital property, physical property, collectible, or items. Such as digital art, paintings, GIFs, gaming profiles, tweets, stickers, etc. As already said, each ERC721 token is completely unique and non-interchangeable with other tokens. Let us see a small example that might help you to understand ERC721 tokens. For example – as we know many people love dogs and have one, but that dog is theirs and the owner of the dog will not accept some other dog as a substitute. Therefore, you can use ERC721 tokens to represent those dogs and dog ownership.

The specialty of ERC721 tokens is uniqueness and non-fungibility. These tokens are slightly similar to the ERC20 and ERC223 tokens. That means, they do not interchange with another token for the same value. Because they deal with NFTs. ERC721 tokens can be listed on the NFT marketplace which supports the ethereum blockchain. The value of each ERC721 standard token is completely defined with its functions and attributes. Currently, NFT is a trend and NFT owners are making profitable money by launching an ERC721 token. That’s why many budding startups and entrepreneurs are also showing interest to create ERC721 tokens and launching them in the NFT marketplace for making profits.

Best ERC721 Tokens in the NFT Marketplace

As we know, most of the non-fungible tokens are created using the ERC721 token standard. Presently, many ERC721 standard tokens are gaining prominence among traders and investors with their features. But we can not surely say that all the ERC721 tokens reached a better place in the NFT marketplace. Here we list some of the finest ERC721 standard tokens that are prevailing in the NFT marketplace.

  1. Axie
  2. Crypto kitties
  3. Avastar                                                                                                 
  4. VNFT
  5. Swapo
  6. Sorare 
  7. God unchained cards
  8. DCL registrar and the list goes on

These tokens are the popular ERC721 tokens and all these non-fungible tokens are created using the ethereum blockchain network.

Let us take a look at the highlights of the ERC721 standard tokens.

Key Highlights of ERC721 Tokens 

Here we list a few of the highlights of ERC721 tokens that you need to know

  1. Subscriptions – Products can expire and can be easily renewed by paying an extra amount.
  2. Affiliate program – Affiliate marketers can get a cut of sales they refer to with individual and whitelisted rates.
  3. Embeddable Web3 Checkout – embedded with UMD JavaScript checkout button in addition to the Metamask wallet support
  4. Roles-based permissions – it will not permit to access the token unless they have a particular operation. It allows only three specific roles such as CEO, CFO, and COO
  5. Multiple products – Every product has its specific inventory levels, total supply, and is housed in one contract
  6. CLI Admin Tools – If you are creating an ERC721 token, then you can get entire access to the admin functionality. Besides, you can get the Ledger hardware wallet support and tools can be updated with advanced technology.
  7. Full ERC-721 Compatibility – Each ERC721 token is highly compatible and the adaptability of non-fungible functions is also high. 

Business Verticals Covering ERC721 Standard Tokens

By creating a superfine ERC721 token, you can cover multiple business verticals in a hassle-free manner.

  1. Retail Marketing & Ecommerce
  2. Finance verticals & Banking sector.
  3. Education and E-learning.
  4. Media & Entertainment
  5. Travel sector and Tourism
  6. Medical & Healthcare.

While ERC721 tokens covering these sectors, you would have also doubted what kind of services that ERC721 token development service provider is offering. We at Icoclone provide a wide range of services in various forms. Such as 

  1. non-fungible token development for major blockchains
  2. NFT Wallet development
  3. Smart Contract development
  4. Blockchain App Development
  5. Ethereum Consulting
  6. Smart contract auditing services

How to Create ERC721 Token by Using Ethereum Blockchain?

People who want to generate lucrative money and become famous in the blockchain space are showing interest in developing non-fungible tokens by using the Ethereum blockchain. In recent times, many startups and other individuals are raising this query in the various platforms – Why choose Ethereum blockchain for creating an NFT? The answer is simple, Ethereum is the best blockchain network for creating a non-fungible token for the business and it offers several opportunities for the developers in the ERC721 token creation process. Besides, Ethereum is the open-source blockchain network that has the powerful ERC721 standard and makes the work very simpler for NFT developers. The non-fungible token created by using the Ethereum network will be highly compatible. 

In this modern era, we have advanced technologies and skilled blockchain developers so developing a fully functional ERC721 standard token is not a hard task. As previously said, many young crypto startups and entrepreneurs are showing interest in developing and deploying an ERC721 standard token by using the Ethereum network with the help of non-fungible token tools. Therefore, for creating an ERC721 token, you must utilize the powerful Ethereum blockchain network and a few important NFT tools. 

When it comes to ERC721 token development, you have two methods for creating an ERC721 token. First method – If you are an experienced & well-skilled blockchain developer and have in-depth knowledge of the ethereum blockchain & NFT supporting tools. Then you can create and launch a fully functional ERC721 standard token on your desired programming language by yourself in a short period. But you must know that the ERC721standard has certain functions that have to be met to be called a token. So you have to define the following functions in the contract to create an ERC721 token by yourself.

  1. Approval — This function will approve an address for holding a non-fungible token.
  2. BalanceOf — This function will return all non-fungible tokens assigned to an address.
  3. Transfer — This function is used to transfer non-fungible tokens from one address to another address.
  4. OwnerOf — This function will help to return the address of a specific non-fungible token.
  5. TransferFrom— This function is used to transfer ownership of the non-fungible token to another address.
  6. Approve — This function helps to set an approved address for the TRC721 token.

By considering these above-mentioned functions, you can create your own Non-fungible token using the Ethereum blockchain on your own. If unfortunately, you have made any single mistake in the programming part, then it negatively impacts the whole ERC721 token development process. So, be careful when you develop an ERC721 standard token by yourself for your NFT business.

Secondly, you can hire a pool of well-experienced blockchain developers from a leading ERC721 token development service provider in the blockchain industry. One such provider is Icoclone and we will assist you right from ideation and launching your own ERC721 token in the non-fungible token marketplace. 

ERC721 tokens are the recent trendsetter in the blockchain sector. These tokens protect the digital properties and creating an ERC721 token is one of the best blockchain business models for generating lucrative amounts of money. Therefore, it is the finest time for you to invest in the first-class ERC721 token development service to develop your own ERC721 token. 

Outstanding Features of ERC721 Token Development

Here is the list of extraordinary features that you can get in the best ERC721 token development service.

  1. High non-fungible functions
  2. High compliance
  3. Unique ID
  4. ERC721 token wallet app 
  5. Easy transfers 
  6. Subscriptions
  7. Affiliate program
  8. Roles-based permission
  9. Full ERC721 compatibility
  10. High-end security systems

How Much Does it Cost to Create an ERC721 Token For Business?

If you are planning to create an ERC721 token for business, the first factor that strikes your mind is the ERC721 token development cost. The cost for developing the ERC721 token will be based on a few important factors. Such as 

  1. Business type
  2. Features of ERC721 token
  3. The design of the ERC721 token
  4. The complexity of your project
  5. Location of your ERC721 token development team
  6. Size of your ERC721 token creation team
  7. Distribution
  8. Ongoing support and maintenance

These factors will decide the ERC721 token development cost for starting your NFT business. The cost of creating an ERC721 token with desirable features will range from $5.5K to $7K. However, the ERC721 token development cost will vary according to your business requirements and urgent needs.

Why Choose Icoclone For ERC721 Token Development?

Icoclone is a leading Ethereum token development service provider in the crypto space. We are specialized in offering all kinds of crypto token development services and NFT development services for all popular blockchains like Ethereum, Tron, and Binance smart chains. We offer a best-in-class ERC721 token development service with ideal outcomes at a reasonable cost. Our skilled developers will enable the latest features while crafting an ERC721 token. If you want to create an ERC721 token at a budget-friendly price, then choosing Icoclone will be the ultimate solution for your NFT business.

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