Exploring the Future of NFT Projects: What You Should Know
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Getting Started with Your NFT Journey
At the close of 2020, I joined forces with two fellow cryptocurrency enthusiasts, dedicating weekly meetings to share insights and analyses of the digital asset landscape. Each of us committed at least 20 hours weekly to delve deep into the intricacies of blockchain technology and cryptocurrencies.
We examined both the advantages and challenges posed by various projects within ecosystems like Ethereum (ETH), Cardano (ADA), Binance (BNB), and Avalanche (AVAX). Witnessing the rapid growth in the crypto space, we observed an influx of tokens and NFTs spawned by startups that guaranteed returns or promised passive income. My focus shifted toward understanding the role of NFTs, particularly in projects such as Decentraland (MANA) and Polka City (POLC).
As we noted a trend of startups failing to deliver on their promises or absconding with investors' funds, we decided to take a different approach. Our aim was to establish a credible NFT project that would add genuine utility and authenticity to the NFT landscape. This ambition led to the creation of our company, VIPMINT, LLC.
Understanding the True Nature of NFTs
Through our exploration, we discovered that most NFTs consist of merely three components: 1. An image or artwork 2. A method for storing the artwork 3. A blockchain "smart contract"
In contrast, we found that utility-focused NFTs incorporate six essential components: 1. A strategy for deriving value from the NFT 2. A dedicated team responsible for the NFT project’s development 3. An image or artwork 4. Metadata pertaining to the token 5. Reliable decentralized storage for the NFT artwork 6. A blockchain "smart contract"
As we began assembling our development team, we established clear roles while promoting a collaborative environment to enhance our collective understanding of creating meaningful NFTs.
The Art Is Just the Beginning
Before diving deeper, it's crucial to clarify a common misconception: while anyone can create an NFT, establishing an NFT project with a solid foundation requires more than just uploading an image to platforms like OpenSea, Rarible, or Crypto.com. Those simple uploads often result in NFTs lacking any real purpose or value.
As we developed initial artwork to test our project, a significant challenge arose: how to generate the metadata associated with our NFTs. I took the lead in utilizing Visual Studio Code to manage this metadata, which is crucial for linking the storage of the tokens to their smart contracts, ensuring their utility.
Smart contracts can be created and tested through various methods. The most prevalent involves using Solidity for coding, employing the Ethereum development tool, Remix, and deploying contracts on a Test Net—this allows for experimentation without incurring real cryptocurrency costs. The goal is to verify that the NFTs operate as intended.
In the end, we decided to enhance our team by including a web3 developer to bridge our knowledge gap regarding smart contracts.
Our team now comprises: 1. A well-connected Cryptocurrency and Community Manager 2. A Web3 Developer transitioning from a Web2 background 3. A Digital Artist 4. An IT, Cybersecurity, and Project Management expert 5. A Business Mentor with insight into Cybersecurity, IT, Government, and Digital Assets
The Current Landscape
If you're still motivated to embark on an NFT project and possess the resolve to make a positive impact, I encourage you to pursue it! Just be aware that the journey is more complex than earlier projects in the space.
Today’s landscape requires us to confront the aftermath of negative investment experiences caused by bad actors. Should you seek guidance or collaboration, feel free to connect with my team at VIPMINT.
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In this video titled "Your NFTs are Actually, Finally, Totally Worthless," we explore the reality of NFTs and the misconceptions surrounding their value.
The second video, "NFTs Are Dead! - Could They Come Back???" addresses the current state of NFTs and their potential resurgence in the market.