What Does an NFT Project Need?

Non-fungible tokens (NFTs) took the world by storm in 2021. Many projects were successful, but others flopped.

For those looking to launch their own NFTs, here’s what you need to succeed:

The most successful NFT projects create a strong value proposition at the outset. This means that they can clearly explain why their project exists.

1. Unique Asset

A Unique Asset is a digital representation of a real-world object, like a piece of art or a virtual trading card, that can be bought and sold on an NFT marketplace. They’re encoded with cryptocurrency and typically have built-in authentication to prove their authenticity and ensure the owner is the only one with that specific piece in existence (digital bragging rights, anyone?).

NFTs are backed by the blockchain, and inherit all of its security, transparency, immutability, and traceability benefits. The blockchain also makes them much easier to sell and move across platforms, and helps to create a more liquid market for NFTs.

Collectible projects often use Unique Assets to reward their communities and build camaraderie with their members. For example, using a collectible NFT avatar as your profile picture on social media is the digital equivalent of wearing your favourite team’s jersey in a sports bar. Some NFT communities even host in-person meetups for their members, and many creator teams offer additional benefits to their NFT holders beyond the original token they purchased: owners of a certain goat NFT, for instance, could claim a free baby goat, or get access to special merchandise.

A key to successful NFT interoperability is ensuring that the polygons and file sizes of the 3D assets are compatible with different platforms, and that they can be seamlessly transferred from one platform to another. This is where artlabs adds value to your NFT project with our specialized Unique Assets management services, with time-tested procedures and best-in-class policies.

2. Smart Contracts

NFTs are digital tokens backed by the blockchain, which gives them a host of features like fungibility and traceability. But more importantly, it also makes them programmable. Because of this, NFTs can be endowed with new functionality over time — for example, NFTs that give their holders access to certain physical spaces or virtual worlds.

NFT projects that want to give their tokens real utility need smart contracts for a number of reasons. Whether it’s to validate ownership, grant access to exclusive content, or automate other processes like payments or royalties, a smart contract will do the job.

Besides the above, smart contracts can also ensure that an NFT’s metadata and rights are properly transferred to its next owner. This will help combat counterfeiting and plagiarism. It will also provide a secure, reliable record of creative ownership.

Smart contracts are the key to making NFTs a reality. They allow NFTs to be sold, traded, and exchanged without the need for third parties. This helps NFTs avoid high transaction fees and other costs. As such, NFTs are becoming increasingly popular in many industries, thanks to the broader excitement around cryptos, their associated blockchain frameworks, and the emergence of the metaverse. However, it’s important for NFT projects to have accessible “on-ramps” so that they can build communities that imbue their tokens with their initial value and meaning.

3. Artwork

NFTs are tokenized versions of digital objects, and digital art can make a big impact for your project. When an artist’s work is converted to NFTs, it is verified and authenticated on the blockchain, allowing it to be traded freely between people in the virtual world. NFTs also make it easy to track the provenance of artwork, proving its authenticity and establishing an item’s value in a way that wasn’t possible before.

The NFT market is currently taking the world of digital art by storm. NFTs allow artists to bypass galleries and authenticators who take a cut of the proceeds, and smart contracts ensure that royalties are automatically distributed to creators as their works are sold. Authenticated NFTs can also be transferred between owners, making them a popular way for collectors to share their artwork with others.

Increasingly, other creatives are seeing the opportunity to use NFTs to connect with their fans. NFTs are being used to sell everything from one-of-a-kind in-game items to virtual trading cards, and even sports clubs and leagues are using them to provide fans with a new way to engage with their teams.

Even some of the world’s most famous memes and pop culture events are now being turned into NFTs, with Tim Berners-Lee’s original source code for the World Wide Web recently auctioning for a hefty sum. With NFTs bringing transparency and trust to the metaverse, they can be a great way for businesses to boost revenue and gain visibility by selling their trademarked logos or products as unique digital assets.

4. Marketing

For NFTs to be worth anything, they must be part of a community that supports them. The more a community can build around a token, the more its underlying value will rise. NFT communities are often organized around shared interests, such as collecting a specific art style or type of game. They can also involve community events and online spaces where users can interact with one another.

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NFTs are also becoming more and more popular as collectibles. Some have even reached cult status. NFTs in popular collections like Bored Ape’s Yacht Club have sold for millions of dollars, and a work of digital art called Everydays: The First 5000 Days recently brought in over $69 million at Christie’s.

In some cases, owning an NFT can unlock special features in online games or other services. For example, owners of an NFT horse in the Silks metaverse can earn real rewards when their virtual clone wins races. The team behind the NFT collection Skeleton doodles by Evan Keast, Jordan Castro and Scott Martin created a whole ecosystem for their collection, including in-person meetups, exclusive merchandise and online games.

Other NFTs are based on cultural landmarks or quirkiness. Memes like Nyan Cat and Bad Luck Brian are available as NFTs, as are Jack Dorsey’s first tweet and Tim Berners-Lee’s original source code for the world wide web.