NFTs / NFT Marketplace Development
Non-fungible tokens, or NFTs, are one of the more prominent applications of blockchain technology and have established a strong presence across the Web3 landscape.
Whereas fungible tokens function much like traditional currencies in the sense that each unit of a currency is equal in value and interchangeable with any other unit of that currency, NFTs are unique, with each token representing ownership of a unique digital asset or providing some perks for its owner – for example, an NFT token that gives you access to a loyalty program. Today NFTs are utilized for a variety of purposes, including empowering digital art, in-game assets, virtual experiences and others.
The growing interest in NFTs has created a need for reliable platforms for NFT trading, which is another opportunity for Web3 startups to disrupt the space by building innovative and sophisticated solutions. Such an undertaking, however, requires significant technical expertise and development bandwidth. The latter, in particular, might be a major bottleneck for startups that typically start out with a relatively small number of employees.
This is why hiring an experienced Web3 development company like LimeChain as a technical partner can be a real game changer for your project. There is a lot such a partner can bring to the table. Let’s take a closer look.
The LimeChain process
Whether you need help with launching an ambitious NFT drop, implementing NFT features in your dApp, or building an entire NFT marketplace from the ground up, LimeChain has you covered. Here’s what our process entails.
The process starts with an initial assessment of the business case and the scope of the project. The goal here is to gain a clear understanding of what the client needs, determine the technologies that will be used and devise an effective development strategy to ensure efficient execution and timely delivery. This is especially important when it comes to more complex and demanding projects like NFT marketplaces
Discovery/Architecture phase (for NFT marketplaces)
For NFT marketplace projects, we follow the initial assessment phase with a discovery phase, during which we fully define all the technical aspects of the project, identify potential technical challenges and, based on that analysis,, we devise a detailed development roadmap which we present to the client for approval. In addition, our solution architects are tasked with designing an optimal architecture for the product to make sure that all layers - blockchain, backend and frontend - fit together perfectly.
Smart contract development
The next stage involves writing the smart contracts that will handle the NFT minting functionality, as well as other features that the project might require. Based on the findings gathered during the initial assessment stage, the level of complexity needed here may vary significantly. NFT projects can range from the relatively simple creation of NFT collections, through more sophisticated NFTs that are meant to be used in dApps (for example, games) and because of this have to support advanced functionalities, to building entire platforms for trading and minting non-fungible tokens.
LimeChain is one of the leading smart contract developers in the world and we have over 160 live contracts, testament to our vast expertise in the field. We test our smart contracts rigorously and work with external smart contract auditing firms to ensure maximum security and optimization.
Backend development (for NFT marketplaces)
Building an entire NFT marketplace may require various backend services to be developed.
The next phase is frontend development which involves building a frontend that allows the user to interact with the backend functionalities. A good UX and UI design is paramount.
MVP development (for NFT marketplaces)
Building a minimum viable product is a viable option for an NFT marketplace dApp. It enables fast entry to market and is a great way to gather feedback from actual users. Furthermore, a well-optimized MVP can be easily expanded to a full-fledged product.
Audit and testing
The next phase is audit and testing, which seeks to ensure that all project specifications are met and the backend and the frontend work as intended.
Post-launch development and support
Post-launch development and support is where we ensure that the product continues to function properly after launch. This phase is particularly relevant for larger projects that continue to operate and grow post launch.
Start your project with LimeChain
At LimeChain we have the expertise and resources to support our clients through every stage of the development process. We have a strong team of professionals capable of assisting our clients every step of the way. And we’ve handled a number of interesting projects, which have allowed us not only to hone our craft but also to innovate and contribute in meaningful ways to the growing NFT ecosystem.
We’ve dealt with a number of technically challenging projects and have had the opportunity to bring innovative NFT projects to life. As part of our work with Universe.xyz, we created two collections – Polymorphs and Lobby Lobsters – that feature morphable NFTs. We also created Landworks, an innovative platform for renting NFTs, including virtual land. Our work on Landworks was the main inspiration behind EIP 4400. Proposed by LimeChain, the EIP 4400 adds a new role called Consumer in the ERC-721 token standard. That new role enables native support for NFT renting on Ethereum.
So if you need help with your NFT project, do not hesitate to contact us! Whether you’re looking to launch an NFT collection, find innovative ways to use NFTs for your conventional business or build an entire NFT marketplace, LimeChain is the tech partner you’re looking for.