NFT Development

NFT Development FAQs

• What does NFT stand for?

  NFTs aka ‘non-fungible tokens’, means that it’s a unique identifier and cannot be exchanged, copied or replaced. Bitcoin is ‘fungible’ as it stores value and can be exchanged. NFTs store data (art, academic work, etc.). Examples of NFTs are images, music, videos, digital art, intellectual property. You can turn any digital form of art into an NFT. You can compare NFT’s to trading art, you won’t swap a painting from Van Gough for one of your friends no matter how talented they might be.

• How do NFTs work?

  Generally speaking, most NFTs are part of the Ethereum Blockchain, which is a cryptocurrency just like Bitcoin, dogecoin or others. Even so, Ethereum also supports NFTs which unlike bitcoins store extra data and work differently. Other blockchains also have their own versions of NFTs. An NFT is digital and contains something valuable, so it’s often used to trade art, replacing in a way fine art collection in a digital format. Artists can monetize their work, and buyers can support artists they like and invest in something valuable.

• How much does NFT Development service cost?

  The cost of NFT Development services typically ranges from $300 to $1500 per project. This pricing range is influenced by several factors, including the complexity of the project, the experience of the developer, and the features and functionalities required.

• What does NFT minting mean?

  You can’t just create and sell an NFT without minting it. Simply put, to ‘mint’ your digital art (content, etc.) means to make it part of the blockchain. The minting process is defined in clear steps by the owner of the blockchain and it doesn’t take more than a few clicks when you follow the guidelines. However, many NFT developers on Fiverr can also offer the service so they can take care of this for you, mint and upload the NFTs on the blockchain.

• How are NFTs sold?

  You can buy and sell NFTs on Blockchain platforms such as Binance, Litecoin, Tron, Cosmos, EOS, etc. After your NFT is created the next steps to sell it is to mint it, list it for sale and manage the sale. In the NFT marketplace, buyers use cryptocurrency to buy and sell digital assets. This can be done either at a flat rate or auctions for the sale of NFTs can be held. An experienced professional will help you choose an NFT marketplace (such as OpenSea) and trade your tokens there.

• Are NFTs protected by copyright?

  NFTs are relatively new, however, copyright law treats them like traditional artwork. The artist owns the copyright, so make sure that you discuss this with the freelancer you use for minting, creating NFT collections or any other NFT Development service on Fiverr. As the copyright owner, you can reproduce and mint NFTs based on an original photo, video, music, painting or other artwork that’s yours and remain the copyright owner and can sue others for infringement if they try to copy your art.