Table of Contents
- Inherent Problems in the Current NFT Space
- Why Should You Opt for NFT Development on Polygon?
- How to Create NFTs on Polygon?
- Why Should You Choose Us to Develop NFTs on Polygon?
The market for non-fungible tokens (NFTs) has evolved immensely over the past few years as more people gained exposure to this game-changing piece of technology. While most NFTs live on Ethereum, the network comes with an inherent incapability to handle a large number of transactions. Although the provision for higher gas payments exists, it makes things challenging, as demonstrated by the infamous gas fee wars during the height of 2021’s NFT boom. Hence, NFT development on Polygon has emerged as a viable alternative for businesses planning to enter the Web3 space. We will see more on how you can create NFTs on Polygon for commercial needs in this blog.
Most part of the current NFT space is dominated by Ethereum, the network that brought the very concept first. Although Ethereum has been enjoying the status of holding the largest community of NFT enthusiasts, times are changing. Blockchain participation in the space has become more diverse now as numerous networks roll out NFT-supportive technological elements.
- Ethereum has lower block processing speeds (10-20 TPS) compared to other NFT-supporting networks in today’s market, creating longer wait times for NFT minting and trading processes.
- Such slowness of Ethereum has historically led to Gas Fee Wars, where people will pay higher prices to prioritize their transactions, which went to unimaginable levels during the peak of the NFT boom in 2021.
- Too many NFT projects have tapped into Ethereum already, saturating the existing market. This makes it challenging for new projects to find a reliable customer base that will travel with them in the long term.
While there are numerous networks one can choose as an alternative to Ethereum, Polygon tops the list for obvious reasons. The layer-2 blockchain has been in the market for quite some time and has witnessed several landmark events in the NFT industry. Currently, Polygon occupies the fourth spot in CryptoSlam’s rankings for blockchains based on trade volumes.
- The network’s second-layer nature gives it a headstart by enabling faster block transactions at lower costs, making NFT development on Polygon a viable option for businesses.
- The blockchain also has powerful partnerships with global brands that have ventured into Web3. Brands like Starbucks, Lufthansa, Reddit, and Nike have been among the top ventures to tap into Polygon’s technology for their NFT projects.
- The blockchain is compatible with EVM (Ethereum Virtual Machine), letting creators and businesses get easy exposure to the broader Ethereum ecosystem that consists of notable layer-1 and layer-2 networks.
Want Your Project to Cater to the Wider NFT Community?
With the buzz surrounding the Polygon network getting so high, the number of businesses wanting to create NFTs on Polygon becomes higher, too. The process involved is not very hard, making it an easy endeavor for creators and enterprises wishing to enter the NFT space.
- Create a Polygon-Compatible Wallet: Before creating NFTs on Polygon, it is essential to set up a crypto wallet that functions on the network. This can be easily done using MetaMask and setting it up to work on Polygon.
- Purchase $MATIC Tokens: Every NFT transaction on Polygon requires a gas fee to be paid in $MATIC, the network’s native tokens. Ensure to hold Matic tokens by purchasing some from a cryptocurrency exchange in exchange for fiat or cryptocurrencies.
- Mint Your NFTs: Now, it is time to create your NFTs. Mining NFTs on Polygon can be done in two ways according to your NFT project’s nature and associated business intricacies.
- Through an NFT Marketplace: If you have a single digital asset or a bunch of them to convert into NFTs, tapping into an NFT marketplace like OpenSea, Rarible, or TofuNFT can be ideal. These platforms present an easy interface for minting NFTs through a small step-by-step process.
- Through Custom Generation: If you are planning to launch an NFT collection on Polygon, minting NFTs through a custom generation process is advisable. Custom generation engines can help you create NFT smart contracts that represent your collectibles (artworks/music/videos/images) and other perks.
- Check and List the NFT for Sale: After creating NFTs, it is time to check the NFTs to ensure everything is per your expectations. If it is so, you can proceed to list your NFTs on an NFT marketplace for sale. If you had chosen ‘a’ in the previous step, the process is easy, as the minting engine will direct you to the listing portal.
- Promote Your NFT Project: After listing your NFTs, it is time to advertise your NFT project to the masses. You can use various strategies to promote your project across mediums to build a solid community supporting your venture.
- Manage Your NFT Project: After launching your NFTs on Polygon for public sale, you should monitor their performance, analyze relevant statistics, and implement improvements for higher business efficiency. There are many tools out there that you can utilize to derive the necessary insights for the process.
If you want to create NFTs on Polygon but are unsure of where to start, we have a team of experts with ample experience doing the same. With our expertise in NFT development on Polygon, you can launch NFTs on the Ethereum layer-2 network without hassles.
- Our access to advanced technological stacks can aid you immensely in minting your collectibles as NFTs on the Polygon blockchain.
- We also offer our minds to power you with a business model that is efficient as a business and attractive to the community while aligning with your unique requirements.
- Our firm even has an excellent marketing team that utilizes the latest advertising strategies to promote your Polygon-native NFT business to the desired target markets.
- In case you need assistance after the NFT project’s launch, we have got you covered with our comprehensive post-launch support services that can aid you technically and non-technically.
Henceforth, we have seen why NFT development on Polygon is a great business option right now and how one can create NFTs on Polygon. With this blockchain becoming even more promising with numerous established partnerships from real-world entities, building an NFT project on Polygon will be the perfect start you will ever need. By using Polygon, you can have access to a wider range of target audiences as the community is evolving every day. If you are planning to mint NFTs on Polygon for business, opt for our expert services to step into the diverse world of NFTs powered by a high-efficiency blockchain.