NFT Smart Contract Development

Smart Contract Development and NFT Token Development

Tokens don’t have to be indistinguishable. The Ethereum blockchain standard ERC-721 states that a registry records not the number of tokens owned by a user, but the holder of each individual token. Accordingly, each of the tokens recorded in such a registry is unique, and it is possible to trace its full history from issuance to transfer to the current holder.

Such tokens can be used, for example, as a certificate of ownership of a unique object, such as a work of art. It should be noted, however, that this token is also only an entry in a virtual registry and does not in itself give any rights to the painting, etc.

The rights of the token holder to the corresponding object (i.e., the work) are of a contractual nature. To find out exactly what rights the buyer of the token has acquired - and whether he/she has acquired any rights at all! - one must read the terms and conditions of the token or other similar documents.

The price tag of millions in real currencies for NFT-tokens appears because the market and the number of people who want to buy them determine the price, as for any collector's item. Here tokens are no different from paintings. The rights are highly dependent on the condition of the tokens. At the moment, there is no legal framework that allows unambiguously claiming rights based on ownership of such tokens.

Crypto art is like any other art form: it matters who created the NFT, what the artistic value of the piece is, and how much it can be claimed by other collectors. However, there are as yet no unified legal norms defining the legal status of such tokens and the scope of rights that are transferred along with it to the buyer. NFT is a good way for people with an artistic vision to make money. As such, there's a big field of work here for designers, artists, gif creators, and even writers. The foundation for your NFT can be:

  • cool photo shots - the kind that a good photographer can make (and see);

  • unusual and conceptual drawings and images (for people who know graphic tools and have good taste);

  • training courses in the form of PDF presentations and images (why not)?

  • know-how - instructions on how to make something with your own hands;

  • interesting itineraries for tourists and travelers in the form of images on maps;

  • rare clippings and quotes from newspapers and magazines (or magazines in their entirety);

  • commemorative tickets to events;

  • autographs of celebrities;

  • and more.

With the fashion for NFT and the development of crypto, the demand for such things will grow. Especially among collectors. After the sale of a digital painting, in theory, the author could be required to delete the image file. But it must be remembered that digital art objects are very easily altered, and the same painting could, for instance, be cropped. Technically, it will become a different image - yes, a derivative, but not the one that was originally "encoded" in the token.

Some blockchains allow users to create and place their own computer programs on the blockchain, which are called smart NTF contracts. The program is placed in a virtual registry in a separate account and responds to external signals from users who can send coins or data to that account. In response to such signals, the NTF programming performs the actions specified by its algorithm: it changes the values of its internal variables or sends coins or data to certain addresses.

The field of possible application of smart contracts is very wide. In particular, they can be used to automate the execution of certain contracts. But other uses of smart contracts are also possible: voting, creating virtual organizations, issuing tokens, etc.

NFT or ERC-721 is stored in the same way as the familiar ERC-20 (USDT) tokens on the Ethereum wallet. I.e., together with Ethereum wallet (address) stores in it all tokens issued on its blockchain.

Decentralized applications that implement the NFT system must meet the following requirements:

  • Verifiability. NFT with its token metadata and owner can be verified by anyone from outside.

  • Transparency. NFT sale, coinage, and purchase data are publicly available.

  • Accessibility. The NFT system never goes out of business.

  • Security. NFT metadata and their trade records are permanently stored and cannot be changed once transactions are acknowledged.

  • Atomicity. An NFT trade can be completed by a single atomic, consistent, isolated, and persistent transaction. NFTs can operate in the same general execution state.

In addition to art trading, NFT is beginning to be used in other areas. Thus, Nike patented the CryptoKiks system designed to verify the authenticity of sneakers, Nike sneakers are the most counterfeited in the world. Another example is the Austrian postal service and their Crypto Stamp project. These are postage stamps tied to tokens. They are used to mark actual mailings. Each stamp is saved and can be part of a digital collection.

Build Your Own NFT Smart Contract

Build Your Own NFT Smart Contract

How to create a smart contract: It doesn't take much time to create an NFT - just a minute if you know which file to use. Several platforms can be used to create an NFT token. Here are step-by-step instructions for one of them:

  1. Install the Chrome Metamask extension. It is used to register a virtual wallet based on Ethereum, which can be accessed directly from the browser.

  2. Open the NFT exchange service opensea.io. Select Create in the top first corner, and then choose Submit NFTs from the drop-down menu.

  3. Prepare the file. Almost any NFT refers to art, but the artistic value of an impressive portion of coins looks questionable. That is, not every token can be a work of art. Even a photo of a pet can be used for this purpose. Then the user must click Create a new collection.

  4. Create your collection. Add a title, a logo, and a short description. The last two points are not required: if you are undecided about the idea, the title is enough.

  5. Add a new object. The platform will propose an agreement, you just need to accept its terms and go to the next step.

  6. Upload a work. Developers may be able to increase the maximum file size in the future, but most of the NFT works more correctly with short videos, melodies, or images.

  7. Click Add New Item and accept another agreement. Add a picture and specify the number of copies. Authors can improve search results by adding information about characteristics, levels, statistics, and copies in circulation. It is also available to the user to post exclusive content, which will only be visible to the owner.

Anyone can create NFT tokens following these simple steps without much trouble. You can also get NFT tokens for free by collecting special points on the portal-aggregator of crypto-assets Coingecko Another way is to participate in raffles and giveaways where influential members of the NFT ecosystem, such as crypto exchanges, developers, and founders of NFT projects, often hold all sorts of raffles with free NFT tokens given away.

There is no single and correct knowledge on how to make a smart contract that works best for you individually. After all, such monetary assets are low-liquid, and the value of each item is subjective. Experts distinguish several main types of NFT earning.

How to create NTF token:

  • Create, like Musk, your own token and sell it. To do so, you need to register on any trading platform for NFT tokens, and create a cryptocurrency wallet in ETH;

  • how to earn NFT: for example, buy a coin on marketplaces and later sell it by putting a price higher than the purchase;

  • to buy tokens, which are partial ownership rights, "split" NFT into pieces. A share of a single non-interchangeable token can be held by multiple owners at once;

  • Lend to NFT collectors against a deposit of tokens. If the borrower defaults, ownership of the cryptocurrency is transferred to the lenders.

NFT tokens are traded on special digital marketplaces resembling Etsy or eBay. The most popular ones are OpenSea, Rarible, Zora and Mintbase.

Create NFT Token with Owlab

Create NFT Token with Owalb

In Owlab you can order token creation services (NFT, DND, ERC-20, BEP 20) on Ethereum and others. The parameters, which include the name, abbreviation, their number, are set by you.

We also create a contract-seller with the customer-specified price of the token, its wallet. To use our services, you need to provide the name of the future token, the number of issues and fractional after the decimal point, and the price per token in ethers.

After creating a cryptocurrency or token, you have a real opportunity to earn good money. Users will buy coins to use later to buy services from the projector to make a profit by reselling them in the future. To make your cryptocurrency popular and interesting for users, you need to develop the project and offer unique services that will be in demand.

But bringing the idea to life in the program code is not enough for promotion. You need a competent PR campaign and specialists. We are ready to offer you quality services and help to make all your ideas come true.

The prospect of making money from NFT-currency seems attractive, but, as digital money, it is quite a risky asset. Coins are growing in value today, but it is difficult to predict the dynamics of price changes in the long term. Despite the fact that it is a young technology and the market volume is still quite modest, the prospects of cryptocurrency are huge, so the story of NFT is just beginning.

The most used today are agt-tokens, game-tokens, and smart-tokens (domain names). And the top ones are pixel images. Experiments with virtual currency began back in 2013, but NFT technology gained official status thanks to its distribution in 2017 based on Ethereum smart tokens (ETN). One of the first tokens with Homer Simpson's logo in the form of Pepe the Frog on the Rare Pepe Directory site was sold for $38,000 at a starting price of just $500.

According to the Internet portal Nonfungible, 5.35 million tokens were sold during the existence of NFT. The final influence on the development of NFT technology was the game CryptoKitties, which is based on collecting cats. Each pet is tied to its own token and also acts as a digital asset. The greater the age of the cat, the more expensive it is. But gamers are not limited in the formation of new cats and in their sale.

To sell an NFT, it has to be placed on one of the marketplaces. In 2021, such services were popular for sales:

  • OpenSea - the largest marketplace with domain names, pictures, game items, and other things. Here they sell and buy the work of both large projects (CryptoPunk) and ordinary users. An artifact can cost from a few cents to hundreds of thousands of dollars.

  • Mintable - a marketplace for coining and selling unique crypto-assets and collections. It gives users MINT coins for every useful action.

  • Rarible is a project focused on art. Artists and musicians exhibit their works here.

You can find many other projects with similar functionality: SuperRare, Foundation, Async Art, and others. The priority is a large audience, which affects sales. The most popular lots on Rarible and OpenSea are bought in the first minutes after publication.

 

What is a smart contract NTF?

Smart NTF contracts are simply programs stored in a blockchain that are triggered when predefined conditions are met.

What is NFT token?

NFTs are tokens that we can use to signify ownership of unique items. They allow us to claim things such as art, collectibles, and even real estate.

How much does it cost to create an NFT?

Technically, there is no specific amount of how much it costs to do an NFT. You have to pay for features and ether gas at certain stages.

How to make a smart contract?

The NTF smart contract is developed in a specific language (Solidity, Serpent, or Mutan), compiled in EVM and, with some exceptions, conforms to the standard ERC-20 interface. Solidity is a language that is based on JS, Python, and C++.

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