The era of Web3 is here, and it is set to rule our lives at least for the next few decades. Interestingly, most Web3 predictions and statistics tend to lean on a solitary element of Web3: Blockchains. Blockchain-based applications such as cryptocurrencies and non-fungible tokens (NFTs) have seen tremendous growth since their inception. In the current crypto climate, NFT launchpads have become a business model highly sought-after by entrepreneurs for numerous reasons. Being a leader in Web3 application development, Blockchain App Factory’s experts present everything you need to know about NFT launchpad development before choosing the model for your business.
NFT Launchpads: A Primer
An NFT launchpad is where creators/entrepreneurs can raise capital for their NFT projects by releasing NFTs as initial offerings. The offering mechanism works similarly to the Initial DEX Offering (IDO) model, as decentralized exchanges are used for NFT distribution. NFT launchpad development has become the newest route to success in the aftermath of the NFT boom as startups are keen on capitalizing on enabling new creators to get into the Web3 space. The growth of metaverses also adds spice to NFT launchpads as more people are expected to join the bandwagon. NFTb, NFTLaunch, and NFTPad are popular launchpad platforms.
The Workflow in an NFT Launchpad
- Startup founders submit their project proposal to the NFT launchpad platform.
- A stringent KYC verification process follows, which ensures that the project is genuine to be listed on the platform.
- After completing the KYC process, the project will be onboarded officially only if it passes some preset criteria or wins the community referendum. The project’s usage and uniqueness determine the outcome.
- If onboarded, the project can get insights from market experts in the NFT launchpad venture that can help it emerge better.
- Then, the project’s whitepaper gets drafted, where all details are provided so potential investors can know it all before investing in the project’s NFT offerings.
- After completing the project profile on the launchpad, it is listed on the NFT launchpad for public viewing.
- Before raising funds, an NFT project owner can select the type of fundraising mechanism used, including ICO, IDO, and IEO. Irrespective of the mechanism, the platform offers NFTs to investors.
- To enable projects to reach the masses, it is marketed using various proven strategies, with the NFT launchpad platform assisting to a great extent through its teams.
Finally, the project’s NFT offerings are released to the investors, and proceedings go to the project.
Overall, NFT launchpad development serves a vital role for aspiring small and medium-scale projects and creators to succeed in the Web3 space.
Business Benefits of NFT Launchpad Development
- NFT launchpad development provides a win-win situation for both fundraisers and platform owners as they can gain community support through mutual marketing campaigns.
- A business running an NFT launchpad can reap profits through levying fees for listing projects, marketing campaigns, and expert consultations.
- The platform venture can also benefit from exposure to a wide investor base as different projects tend to pull in different sets of audiences.
- An NFT launchpad can also provide a company with chances to yield profits through other Web3 business domains such as decentralized finance (DeFi) and metaverses.
The NFT Launchpad Development Process
- NFT launchpad development begins with gathering ideas together and framing the official documentation.
- Then, the platform’s prototype is created using UI/UX principles and is tested by experts before proceeding.
- Based on suggestions, the NFT launchpad’s front-end is modified, and the pre-final version is prepared.
- Creating the back-end follows in the NFT launchpad development process, where the front end is linked to blockchains.
- Smart contracts and native tokens are created based on information from the official documentation.
- Then, the NFT launchpad, together with the smart contracts and native tokens, is tested many times using various cases. Deficiencies are resolved immediately.
- The final step of NFT launchpad development is to deploy the platform for public use after garnering public support.
- Regular updates should be performed to keep up with the trends and traffic. Using user suggestions is a way to gain a reputation quickly.
What Should I Do Now?
NFT launchpad development has led to the rise of many businesses in the current crypto world as more individuals get on board the NFT space as creators or sellers. The need for funds to realize their dreams without compromises results in demand for NFT launchpads which can help them gain community and financial strength in the initial stages. While speaking about all these, you should remember that Blockchain App Factory is an industry leader in Web3 application development, including NFT launchpads.
- Proficient Blockchain Developers
- Expert Consultants
- Creative Marketing Wing
- Round the Clock Support
- On-time Delivery
- 7+ Years Experience
Considering all these factors before jumping into NFT launchpad development for your business might give you an impression that approaching us could be the perfect solution. It indeed is, so consider scheduling a meeting with us to start creating a feature-rich NFT launchpad!