In recent years, the Blockchain is an emerging and fast-growing technology that challenges many existing business models. This technology was introduced to create trust between two parties who don’t inherently trust each other. Such as two businesses attempting to trade money for a particular digital asset. Most people know that Blockchain was first introduced in 2008 to create digital money – Bitcoin. Secondly, Ethereum was introduced in 2014 as an open-source blockchain platform and allowed developers to execute smart contracts on a distributed ledger.
Ethereum blockchain helped many startups, entrepreneurs, and businesses to build different types of tokens for various purposes. Such as borrowing, lending, raising funds, trading, and more. The advancements in blockchain helped in reducing the cost of exchanging value. When it comes to crypto tokens, you can think about it in two ways. Such as fungibility and non-fungibility. Fungibility is the concept of exchanging one with another of the same kind. Whereas Non-fungibility is quite the opposite. That means it is unique and cannot be substituted.
As of now, non-fungible tokens are revolutionizing the crypto world. On the flip side, NFTs are the trending ones in the blockchain marketplace. It is due to the functionalities and characteristics of non-fungible tokens. By seeing the upsurging craze towards non-fungible tokens, many crypto startups and entrepreneurs approached NFT development company to create a Non-fungible token.
This article navigates to the complete guide on non-fungible token development and how it is beneficial for your business.
Let us begin this ultimate guide with…
What is a Non-fungible Token?
Non-fungible tokens are the crypto tokens that represent the unique item and these tokens are not similar to other tokens. These items can be either digital assets or physical assets. Such as art, ancient sculptures, sneakers, commercial real estate, game items, etc. Among these items, Arts and games are the popular items in the global marketplace. In 2012, the first Non-Fungible Token was introduced in the marketplace and gained more popularity. The unique nature of NFTs and the demand for the token helped to earn $174 million in November 2017.
When compared to fungible crypto tokens, NFTs have a completely different protocol structure. So NFTs can not be replaced with tokens of the same type as they represent unique values. Non-fungible crypto tokens are traded on digital platforms or NFT marketplaces. Mostly NFTs are used as collectibles and for raising the funds in the token sales platform. In recent days, we can see the emergence and popularity of NFTs in many crypto news websites. It is due to the Non-fungible tokens specialization towards digital art and digital collectibles. Blockchain-powered tokens add many unique properties to non-fungible assets and that will change the user & developer relationships with these following factors.
- Immutability and provable scarcity
Non-Fungible Token collectibles differ from one another. Because the token might be an art, digital content, a digital record, or whatever it can be. But all of these items will be collectible and these collectibles will attract the right audience easily in the marketplace. As of now, there is a huge demand for NFTs. So by creating the non-fungible token with a stunning collectible will lead you to reach a greater height. Also, you can earn more profits in a short period.
Popular Non-Fungible Token Projects in the Marketplace
As per today’s crypto market, there are lots of Non-fungible tokens available for traders. But only some NFTs attracted many investors and gained prominence in the global crypto market. Here is the list of best non-fungible token projects that are prevailing in the digital platforms.
- Crypto kitties
- Axie Infinity
- FND NFT
- NFT yourself
- POW NFT
- Binance collectibles
These are the prominent non-fungible token projects in the global digital platforms and NFT marketplace. Now, let us see…
Attributes of Non-Fungible Tokens
There are some best characteristics for Non-fungible tokens. They are mentioned below.
Non-Fungible tokens are generally controlled by an owner in the blockchain. Also, those tokens are guarded by the owner through the private key. Tokens are built with advanced technologies, so there is no need to worry about the tokens being affected by technical issues in the server. As already said, the owner of the Token can control the private key of that account and they are free to transfer that Non-fungible Token to any account.
These tokens are generated by blockchain technology and we already know that blockchain is decentralized and non-regulated. So, every token transaction is transparent. Besides, transactions related to the deposit/withdrawal of the tokens will be also more transparent.
- Interoperable manner
Non-fungible tokens can be purchased/sold in an NFT marketplace by using a decentralized or centralized custodial service. If the user shares the Token within multiple communities. Then the token will be interoperable to handle the contributions of the communities without interfering with the private information.
Non-fungible tokens are primarily indivisible when it comes to their utility. For instance, a plane ticket cannot be purchased & used by a different person. Because the person who is buying the ticket can only use the seat.
Non-fungible Tokens are unique because each NFTs are different and they are not interchangeable.
These are the essential characteristics of non-fungible tokens. By considering these characteristics, many people are showing their interest in creating a Non-fungible crypto token for their business.
Use cases of Non-fungible Token Development
There are many use cases by using Non-fungible tokens. But only a few use cases are popular in the blockchain industry. Here we list the fast-growing use cases of non-fungible token development.
- NFT for Gaming
- Digital assets
- Art tokenization
- NFT marketplace
- NFT for fashion
- Lending platform
- NFT for real estate
- Music and Videos
- NFT for Collectibles and more
Token Standards used For Creating a Non-Fungible Token
In general, Multiple frameworks across various networks will be used for creating and deploying the non-fungible tokens. As we previously said, non-fungible tokens are interoperable. This means that they can be traded across different DLTs. For creating a Non-fungible token, two types of Ethereum token standards are used. They are
ERC721 was the popular token standard and used for creating an ethereum-based non-fungible crypto token. ERC721 was the first token standard to represent non-fungible assets. This token standard provides the permission way to transfer these assets. This token standard has unique characteristics and functions that make this standard highly valuable. Crypto tokens that are developed on this standard are different from each other.
ERC721 standard tokens are unique so they are non-interchangeable with other tokens. In this token standard, a smart contract must be implemented to trade tokens and manage them. But the value of the non-fungible tokens is based on their functions and characteristics. For instance, crypto kitties, Axie, avatar, and SWAPO are the best non-fungible tokens developed on the ERC721 token standard. Thus, many startups and entrepreneurs are preferring to create Non-fungible tokens on the ERC721 token standard for their business.
ERC1155 token standard is the updated standard of ERC721. By using this token standard, you can represent multiple classes of assets. ERC1155 token standard helps blockchain developers to make massive transfers of the tokens as per a smart contract. Besides, this token standard minimizes the impact on the network and saves transaction fees. For example, OpenSea is the recently developed non-fungible token under the ERC1155 token standard.
These two token standards are completely used for creating a non-fungible token. Now, let us see…
How to Develop a Non-Fungible Token for Your Business?
The Crypto token creation process is primarily involved in developing a non-fungible token. In this digital world, creating a non-fungible token is not a kind of tedious task. In recent times, many Non-fungible tokens are created on the top of the Ethereum blockchain with NFT tools and support. So for creating a Non-fungible token, you must use the powerful Ethereum blockchain network. But before creating an NFT, you must decide on the token standard. As previously said, two Ethereum token standards are used for creating secure NFT such as ERC721 and ERC1155. Among these two standards, you can use the ERC721 token standard for creating the NFT. Because as per today’s market, many crypto startups are using ERC721 token standards for developing an NFT.
When it comes to Non-fungible token creation, you can develop an NFT in two possible ways. Firstly, if you are a well-skilled token developer on the ethereum blockchain and have deep knowledge about the ERC721 token standards. Then you can develop an NFT on your desired programming language by considering some factors. Such as token name, token symbol, the number of tokens to be created, smart contract, and the collectible that you are going to use for creating the token. In case, if you have made a simple mistake in any part. Then it impacts the whole NFT token development process. So be careful when you develop a non-fungible token by yourself.
Secondly, you can reach out to the leading non-fungible token development company in the blockchain market. Because they would assist you right from planning to deploying your non-fungible token. As we know, Non-fungible tokens are the recent trendsetter in the crypto industry. because they protect the digital properties and also emerge as one of the best blockchain businesses in the crypto space. In that sense, it is the best time to create your NFT by the way of ICO, which is the easiest way to raise your funds effectively.
All you need to do is to reach a genuine and professional crypto token development company to start your NFT journey. One such professional development firm in the crypto space is Icoclone.
How Much Does it Cost to Develop a Non-fungible Token?
As already said in this article, NFT is a trendsetter and everyone in the crypto space is whispering about these tokens. So many people showed interest in developing an NFT token and launched them in the NFT marketplace. But when you develop an NFT, one thing that strikes your mind – what will be NFT development cost? When it comes to Non-fungible token development, every startup and entrepreneur will think about the cost of non-fungible token creation. The cost of non-fungible token development would be based on some essential parameters. Such as
- Business type
- Features of non-fungible token that you want to integrate
- The design of the non-fungible token
- Number of non-fungible tokens to be generated
- The complexity of your non-fungible token project
- Location and size of your non-fungible token development team
- Ongoing support and maintenance
The above-mentioned important factors will determine the non-fungible token development cost for your NFT business. As you know, one can not predict the exact cost of creating a non-fungible token. But the cost of creating the non-fungible token will range from $5500 to $7000. However, the non-fungible token development cost might vary according to your business concepts. To get an affordable and budget-friendly non-fungible token creation team, you need to pick the top-notch non-fungible token development service provider in the crypto sector. One such great non-fungible token creation service provider is Icoclone.
Why Pick Icoclone for Non-Fungible Token Development?
Icoclone is a leading and top-notch crypto token development company in the global blockchain market. Being an early bird in the world of crypto, we offer all sorts of reliable crypto token development services with updated technical features and functionalities. We offer the best-in-class non-fungible token development service at an affordable rate. Along with your token, we also provide a superfine token wallet app with a user-friendly interface. We also offer bug-free ICO script software to launch an ideal token sales platform for raising your funds. Icoclone has a team of experts with skilled and experienced blockchain developers to develop and deliver the client’s project within the desired time. Our primary motto is to offer the reliable and best crypto token development service to international clients. Besides, we also have a dedicated support team to offer technical and customer support on a 24/7 basis.
Talk to our business experts and create your own non-fungible token now!