How to Deploy NFT: From Scratch to Creating Your Own Ecosystem

NFTs or Non-Fungible Tokens as a breakthrough to the blockchain technology has been experiencing a rapid rise in popularity over the past two years. Despite the emotional environment across the NFT market a couple of years ago, the market is now deeper and more mature. The immutable ownership nature of NFTs and their wonderful capability to guarantee the ownership and authenticity of different types of assets has made a popular blockchain application out of NFTs. NFT’s are revolutionizing the ownership and investment concept in the whole world. Acknowledging the benefits, more and more people across the world are becoming eager to become familiar with NFTs and start creating their own NFT. If you are one of those, we will take you through the whole steps in order to deploy, mint and have your own ecosystem.

NFT and its Benefits

Non-Fungible token refers to a digitized asset, such as database, artwork, etc. that is tokenized within a blockchain network. NFT is unique and can not be replicated. It stores data about the ownership and authenticity in a shared ledger that makes it highly safe and secure. As the data is quite secure, it is quite a good solution for safeguarding the ownership of an asset that can be a valuable artwork, a tokenized real estate or any other asset.

The main advantage associated with NFT is its high level of security. Besides, NFT makes asset fractionalization easily possible. It opens new doors to small scale investors to fractionally invest in the real estate sector or any other popular market. Furthermore, investing in asset-backed NFT are more cost-efficient than traditional methods of investment, as smart contracts administer the whole procedure,  rather than lawyers, accountants, banks and brokers.

How to deploy your own NFT Ecosystem

Here are the steps towards deploying NFT and building your own Ecosystem.       

1- Create and make your underlying asset ready

NFT must be backed by an asset. The underlying asset can be a digital asset such as a database, artwork or a photo. It is good to know that physical assets like a piece of diamond, a valuable painting or even a property in Dubai can be converted to one or multiple NFTs. Make sure of your ownership and authenticity of the asset and go to the next step.

2- Build your NFT platform

You must create a NFT platform for your NFTs to come into existence. You must design and build it in a proper way to make users able to easily mint, trade, bid and transfer the NFTs within your platform. There are basically two options for building your own NFT platform. The first method is NFT Launchpad and the second method is NFT Marketplace. Depending on your NFT project, you must select a method that suits your needs and requirements best.

3- Select a Blockchain Network

Now it’s time to choose the right blockchain network for your project. Every blockchain network has its own pros and cons. You must clearly identify your project requirements and your own preferences for the sake of making the right choice. There are quite a few reputable blockchain networks out there such as Ethereum, BNB Chain, Polygon, Solana, etc that you can choose from based on your needs.

4- Smart Contracts Deployment

Depending on your project, you must must develop and deploy the needed smart contracts in the blockchain network of your choice. Fungibility or Non-Fungibility and all other terms and conditions such as how to mint, trade and transfer tokens are on smart contract to take care of. You must keep in mind that highly experienced blockchain developers must take care of developing smart contracts.

5- Convert your Asset to NFT and List for Sale

You are all set to tokenize your asset to one or multiple NFT and put it up for sale within your platform. Even though you have deployed and created your own Ecosystem, there is no guarantee for your project to become successful. As such, never underestimate the power of social media and other marketing tools to promote your NFT and introduce it to the whole world. 

Bottomline

The process of crafting NFTs and selling them in NFT marketplaces requires technical knowledge and experience. Besides, choosing the right asset to tokenize and convert to NFT, needs quite a bit of market research and marketing knowledge. As such, to put a successful NFT project together, you need an experienced team of developers, as well as a strong marketing strategy. Furthermore, you must always look for moving in compliance with local and international regulations and legal requirements. Each country has its own regulations on NFTs, so make sure that you are fully aware of regulations before starting your project. For further information on UAE regulation on asset tokenization, you may follow the link and read our article published a few weeks ago. Good luck with your NFT project!