![broken image](http://custom-images.strikinglycdn.com/res/hrscywv4p/image/upload/c_limit,fl_lossy,h_9000,w_1200,f_auto,q_auto/8411254/834695_231357.jpeg)
“Web3” has become the most-wanted buzzword in the current world and even has been among one of the most-searched words across search engines. Although the technology does not have a concrete definition, experts explain that Web3 is a conglomerate of multiple emerging technologies of the 21st century. Whatever it may be, one thing is for sure; Web3 is hosted entirely by blockchains, which need no introduction in the current times. Blockchain applications such as cryptocurrencies and non-fungible tokens (NFTs) have been the chief architects in Web3’s growth. Before getting too excited, we will start the blog with the basics of NFT development.
What is NFT Development?
NFT development is the process of creating assets backed by non-fungible token standards that will be registered on a blockchain. NFTs have a long history beginning back in 2014, but they only became popular in 2021. Today, NFTs set themselves as the pivot of the blockchain world by enabling people able to access every other Web3 application through these tokens. Statistics show that the NFT market will be worth more than US$122 billion in 2028, at an annual growth rate of 34% between 2022 to 2028 (Source: SkyQuest Technology).
Some Use Cases of NFT Development
- NFT development is useful for creating non-fungible token-based assets for creators such as artists, musicians, photographers, and writers.
- Brands can also benefit from creating NFTs as they can appeal to the new-age audience with a connection in both the physical and digital worlds.
- One-time ventures such as movies and events can utilize NFTs to offer their fans inclusive and immersive experiences that garner wide reach for their output.
- NFT studios can be useful to craft NFT assets for various ventures, including art galleries, games, and profile picture (PFP) communities, some of which we will discuss in a later blog.
- Creating NFTs can also benefit supply chain management for ventures that can trace their products at every stage, helping them detect the point of deficiency should problems occur.
- Novel applications such as content subscriptions can also be minted as NFTs to empower the subscribers to sell and rent their NFT accounts without security concerns and losses to businesses.
Why is NFT Development Beneficial for a Business?
Creating non-fungible tokens has become the latest buzz for businesses for many reasons. One main reason is that most of the new-gen audience need uniqueness in whatever they buy, particularly when it comes at a cost. Also, people have been looking to create new economic models as unemployment reaches unbearable levels in some parts of the world, creating chaotic living conditions. NFT development helps exactly in that as it provides the opportunity for people to spend on the “real item” and even get cashable rewards, curbing back a bit of power from centralized companies.
Concluding Thoughts
Therefore, we can say that NFT development offers increased scope for startup enthusiasts looking to utilize the future internet before it gets too congested. Creating NFTs can be incorporated into any application, even if it exists as a Web2 version, which makes it an easy option for businesses to give a try at Web3. Exclusively Web3-based businesses such as NFT marketplaces are for the more devoted Web3 supporters, whose development we will look at in a future blog. For technical assistance on creating NFTs, approach an experienced firm excelling in making these tokens from your ideas at friendly prices.