What makes NFT Development Service crucial in the Marketplace?
It seems like Non-Fungible Tokens – or more commonly referred to as NFTs – are in the vogue these days. After all, in recent times, it has emerged as a practice of high growth courtesy of a multimillion- dollar revenue structure.
For those unaware, in the early innings of 2021, the market cap for Non-Fungible Tokens increased by no less than 1,785%. But what makes NFTs – or NFT token development in particular – all the more interesting is the fact that an efficient and reliable buying system for NFTs is very essential for NFT development services.
To make the whole concept of NFT token development a little bit easier for you, let’s take a brief look at what essentially is an NFT. A certain unit of data stored on a digital ledger – which is Blockchain – in order to certify a digital asset to not be interchangeable and unique is described as a Non-Fungible Token. The very first NFT was introduced all the way back in 2012. And, as it turns out, it’s easily one of the most valuable assets in the market currently, gaining a good bunch of market share every year.
An NFT is commonly built using two Ethereum token standards – which would be ERC-721 and ERC-1155. All in all, Ethereum enhances the overall Non-Fungible Token development procedure by offering certain blueprints to the developers so as to help them deploy the tokens, which would then enable them to ensure services like active wallet creations and exchanges. At Prolitus, we’re committed to offering the most sophisticated and reliable NFT development services in the industry.
Non-Fungible Token (NFT) Standards
ERC721
The premier standard for the representation of non-fungible digital assets, ERC721 is deemed as an inheritable Solidity smart contract standard. It does not just help in the access of a mapping of unique identifier addresses, representing the actual owner of the identifier. It further offers a permissive way to securely transfer the valuables.
ERC1155
Bringing an innovative idea of semi-fungibility to the NFT space, the ERC1155 helps in the long run as it not only represents just one but also several classes of assets. Moreover, thanks to its easy-going transferable nature, the users need not have to select the token address each time in order to purchase multiple assets of the same kind. To give you a better idea, take, for instance, virtual assets in video games, wherein normally a user would need to select the token quantity with every addition in the cart. However, with the correct implementation of the ERC1155 token, the user just has to enter the quantity of the asset and representation identity, which helps in reducing transaction time and the fuss of managing multiple contracts.
TRC 721 Token
Fully compatible with the ERC-721 Token, the TRC 721 is a protocol on the TRON network used for issuing Non-Fungible Tokens. The talking point about TRC 721 Token is its ability to digitize a user’s collectable into NFTs, increasing its unique asset value.
The tokens represent any kind of assets in the real world, be it digital or tangible ones. Moreover, the TRON network’s public chain infrastructure provides a fuss-free deployment of these tokens to a user’s unique collectables. The correct deployment of TRC 721 NFT will, in the coming times, experience a huge adoption rate thanks to its cost-effective and easy deployment features.
The functionality of Non-Fungible Tokens
- NFTs (or Non-Fungible Tokens) can prove to be useful in the case of unique digital assets
- NFTs can be used to represent and offer digital acceptance for both tangible and intangible assets
- Since NFTs are unique, each NFT posses a unique specification, which means they cannot be inter-exchanged
- Thanks to their unique nature, NFTs cannot be bought in exchange markets. Therefore, NFTs can be either purchased, created, or traded in their specific marketplaces
Characteristics of Non-Fungible Tokens
- With proper non-fungible token tools and support, NFTs can be made on contract-enabled blockchains
- ERC-721, Ethereum’s standard protocol, is crucial and common for Non-Fungible Tokens
- NFTs, combined with their smart contracts, can prove to be very useful to find detailed information like the owner’s identity, or more
- NFTs are able to offer proof of purchase and digital ownership of an asset in the real world, just like conventional shares and other assets
Features Accumulated by ERC-721 Token Development
- Non-interchangeable: An NFT from one marketplace just cannot be used in another. They have a non-interchangeable and non-interoperable nature.
- Indivisible: Courtesy of their unique protocol specifications, Non-Fungible Tokens cannot be separated into lesser denominations
- Recoverable: Since the data of a typical NFT is stored in a blockchain via smart contract, this makes them easily recoverable and even indestructible to some extent. After all, each transaction linked to NFTs can be traced back and forth
- Verifiable: Having the ability to store ownership data directly on the blockchain gives NFTs the ability to be verified directly by the creators without any surplus authentication process
Empowering the future of creativity with NFT Development
Non-Fungible Tokens have the characteristic to favour artists and creators who put up their signatures on their tokenized products in the marketplace. For those unaware, art and games tend to be popular categories in NFT marketplaces thanks to their extensive features and unique product features. Moreover, music, videos, and art altogether are some digital assets that have a huge market interest in the NFT marketplaces.
In addition, game assets are a very popular and main feature of NFTs. This is because video games often feature ground-breaking features and realistic and special characters for the most immersive gaming experience. This makes NFTs an extremely profitable space for the future of game and art developers.
Platform Use Cases for Non-Fungible Tokens
Art
One of the most popular tokens in the NFT marketplace is digitalizing arts, courtesy of its unique creation combined with the magic of digitalization
AR/VR
One of the unique characteristics of NFTs is their ability to implement features of arts in the form of virtual and augmented reality
Trading Cards
A good proportion of NFTs resides on crypto-collectables like Axies along with sport trading cards
Music & Videos
NFTs allows exclusive entertainment content to be tokenized. Video clips and player’s tokens of NBA are hugely popular in the circulation of NFTs
Domain
NFTs represent particular crypto domains as they can work very well as blockchain domains
Land ownership
NFTs can be used as real estate assets in the virtual world. This has helped landowners build and monetize their plots by leasing out
Games
Playing a very crucial role in NFT tokenization are virtual assets like game collectables. For an immersive gaming experience, video games use special game characters and realistic features. Crypto Kitties and Decetraland are two newly common features in games that work under NFT
Benefits of NFT Development
- Provides essential value to unique assets
- Collectables are managed by an Anti-Fraud mechanism in extremely secured environments
- Immense transparency in Blockchain allows gives NFTs a tracking ability among the community
- NFTs have their own identical specialized protocols in every token generation
- With its distributed ledger technology, blockchain can be useful in the recovery of a user’s tokens since each node holds the details of the user’s transactions. No changes can be made to these details
- NFTs serves a large number of industries, which results in increased market visibility
Prolitus’ NFT Marketing Services
To help pitch a business revenue, market leaders of Prolitus follow their own marketing strategy
Here are a few suggestions we offer to develop products helping your business set market trends
Developing Idea and Implementation
To give you a reference, our services ensure that we implement the interesting ideas our user have for their business. To make it happen, we advertise our user’s products to gain popularity in all perimeters, which can include certain documents basis the project.
Social Media Marketing
Not just crypto experts but also average people make use of NFTs since we feel it’s extremely necessary for the users to understand why they’re paying anything for some sort of digital image/piece.
Building Community
Building a community is a crucial thing for almost every crypto project, and NFT is no different either. Spreading a word in a user’s private community can help them with people with support in spreading the word, or in investing and buying the user’s NFTs themselves.
We help you with
Robust Platform
Enabling catastrophic features along with great traffic, our tokenization development platform is as robust as they come
Security
Prolitus is good for extremely high-grade protection for a user’s development platform
Support
We’re always one call away thanks to our development services that work 24/7 to ensure flawless services
Customization
Our service is highly customizable and can fit every user’s needs to their heart’s content
Integrations
Our motto is to offer the best user experience to our customers, therefore we believe in offering API and external wallet integration facilities
Hassle-free delivery
We make sure your platform is developed and launched without any complexities or delays whatsoever
Transparency
We implement the best transparency in our platforms, and each process in the development procedure is transparent and clear
Design and Planning
We analyse all your requirements and design an alluring UI for the best user experience. All the designing needs of our users are met with the topmost priority
Frequently Asked Questions
How do Non-Fungible Tokens work?
Easily tradable for cryptocurrencies or fiat currencies, Non-Fungible Tokens are a unique and non-interchangeable digital representation of unique collectables.
What is the future of Non-Fungible Tokens and how will they be used?
Non-Fungible Tokens are unique valuable assets that serve as an attraction point for investors. These tokens can be accepted as collateral in exchange platforms, helping the user facilitate digital asset management in the crypto world.
