For the past few years, there has been a lot of hype around digital assets and NFTs. Nowadays, everything from music and digital art to sports and in-game items can be represented by NFTs. Its market is ever-growing and reached a whopping USD 1.6 billion in 2021. It is also predicted to reach USD 21.39 billion in 2030 which goes to show that it is a good time to step into the market. Want to learn more about NFTs and create some? Well, the following article guides businesses on how to hire NFT developers in 2023.
We will also talk about what NFTs are, some of the top platforms, and their benefits. This will ensure that you have a basic knowledge of the concept and do not need to start from scratch. So, what are you waiting for? Get started with our guide on how to hire NFT developers and start developing digital assets!
What Are NFTs?
NFTs, also known as non-fungible tokens, are special types of digital assets that cannot be replaced. Every NFT is unique, owned by a single entity, and represents physical objects like art, music, photos, and similar assets available on the blockchain.
The term non-fungible means that these tokens cannot be exchanged, traded, or replaced by an equivalent unit. To better understand the concept, let us explain what fungible means. Well, in real life, cash can be exchanged for one another and are fungible assets.
Now that we have introduced another term, cryptocurrency, let us understand how NFTs and Cryptocurrency are different before jumping into how to hire NFT developers.
Are NFTs And Cryptocurrency Different?
If you had been thinking of this question, but were too embarrassed to ask, don’t be! Believe us, an NFT developer would agree that this question is frequently asked.
So, NFT programming is a lot like cryptocurrency, but the main difference is that cryptocurrency is fungible while NFT is not. The similarity is that NFTs are developed using any cryptocurrency code like Bitcoin, Ethereum, and more.
Every NFT has a digital signature attached that helps differentiate one NFT from another. If you’re interested in creating both NFTs and cryptocurrency for your business, hire Blockchain developers with years of professional experience.
What Are Some Top NFT Platforms In The Industry?
Before we get right into how to hire NFT developers, let us look at some of the top NFT platforms in the industry. You can easily hire dedicated NFT developers that specialize in these and help channel the ultimate power of NFTs. The top NFT platforms of the industry include:-
- Axie Marketplace
- NBA Top Shot
- SuperRare
- Nifty Gateway
- Theta Drop
- OpenSea
- Larva Labs
- Rarible
- Foundation
- Mintable
Why Are NFTs Popular In The Current Market?
Want to know how to hire NFT developers? Well, we believe knowing why NFTs are popular in today’s market will help you understand the power an NFT holds. And, we feel it is a prerequisite before you hire an NFT developer for creating digital assets.
The hallmarks of NFT that make them so popular in the current market are:
Indivisible
Since NFTs cannot be divided and bought in parts and cannot be replicated, every NFT asset is unique and indivisible. This also adds to security and is one of the top reasons why they are preferred forms of digital assets.
Scarcity
NFTs allow smart contracts that let investors place huge capital on the overall token supply. This leads to the enforcement of unchangeable properties on the issuance of the token, leading to the improvement of the asset’s uniqueness and making it more valuable. Want to know more about this property and make your NFT asset scarce? Find NFT developers for hire and get the conservation going!
Standardization
Sometimes, NFTs are featured in marketplace exhibitions to be sold off and are purchased by professional NFT collectors. To standardize your NFT collectibles and increase the chances of them being sold, you can easily develop inheritable and reusable standards for your NFT tokens.
Tradability
Since NFTs cannot be broken down or replicated, they are unique and interoperable. This is why NFTs can be bid and bundled for trading in different environments and marketplaces.
What Are The Benefits Of NFTs?
Now that we know the host of reasons why NFTs are so popular, let us look at some of their benefits. It will help us better understand why so many businesses are looking up how to hire NFT developers. Some benefits of NFTs include:-
Standardization
As we learned, NFTs can be standardized, which has led to the rise of several templates. These templates can help people easily mint NFTs or allow others to use them for any project.
Liquidity
The best part of an NFT is that you can easily trade it irrespective of your location. All you need is a stable internet connection to access the blockchain and digital assets.
Compatibility
NFTs can be easily traded and allow buyers to use multiple currencies. These include dollars, stablecoins, cryptocurrencies, and much more. But, which platforms allow these currencies when trading NFTs? Well, common examples include eBay and Opensea.
Programmable
Any sensitive data is controlled by a permissions system, which can be quite difficult to control and master. This is why you must always hire dedicated developers experienced with the permissions system. They must also know how to keep an app up and running in case the permissions are denied.
Another point to note is that the permissions system widely varies across different Android versions. So, your developer must stay updated on the permissions present in the Android files to ensure you do not run into any issues in your NFT journey.
What Are Some NFT Standards Developers Must Know?
Before we dive into how to hire NFT developers, let us discuss some NFT standards that professionals must know to help you thrive in the current industry.
In simple terms, NFT standards are template sets available on blockchain networks that define all technical functionalities and requirements necessary for users to mint tokens. You can find these specifications in smart contracts and can be used by users looking to release their tokens.
Some popular NFT standards that developers must know when NFT launching are:-
- ERC-721 – The first-ever contract for minting NFTs, ERC-721 is used on Ethereum.
- ERC-777 – If you want to mint NFT tokens that have additional functionalities, your developers must follow the standards defined on ERC-777. These standards help improve the privacy of all transactions and are of huge help in the case of private key loss.
- ERC-1155 – When developers want to develop multiple NFTs in one smart contract, they use the ERC-1155 standard. In this standard, each token creates separate transactions, which reduces gas usage during minting to 50-80%.
Which NFT Development Solutions Are The Most Popular And Why?
NFTs work on blockchains with smart contract support and cannot work independently. This is why several factors like minting costs, audience reach, standards, and other elements are heavily dependent on the person who issues the blockchain. Before you get into how to hire NFT developers, let us look at some of the most popular NFT programming solutions for better knowledge:-
- Ethereum – A decentralized Blockchain platform, Ethereum helps developers build dApps and launch tokens. It is also widely known for its help in the creation of fungible tokens and NFTs.
- Binance Smart Chain – Also known as BSC, the platform helps users launch tokens, dApp, and develop smart contracts with Binance.
- Polygon – A second-level Ethereum-compatible side chain, Polygon is based on POS algorithms and is known as the first Blockchain project that went through Blockchain Launchpad’s IEO.
How To Hire NFT Developers Who Are The Perfect Fit For Your Project?
Although blockchains and NFTs are evolving technologies, they have been around for quite some time. So, you might easily find NFT developers with decent work experience and skills who can help you build an NFT marketplace. However, you must spend some time researching these factors before investing in your NFT project and sanctioning it for deployment:-
Portfolio
Although your NFT developer doesn’t need industry experience, it does help. Moreover, a portfolio will help you better analyze the developer, their skill sets, and prior work. Finding an NFT developer with prior experience in your industry or niche can be a bonus. We recommend asking for every candidate’s portfolio and skimming through it before hiring.
Client Ratings And Reviews
Since most NFT developers are freelance, you can easily check client ratings and reviews on the developer’s socials. You can also check their Linkedin profiles to know more about their prior work experiences and look for the credibility of recommendations on their profiles.
On the other hand, you can also hire an NFT developer from a professional development company. In this case, we recommend checking out the ratings and reviews of the development company and thoroughly checking whether their hiring process is good enough for you or not.
Hourly Rates And Charges
A developer’s hourly rates and charges depend on a lot of factors like experience, skill sets, and portfolio. Moreover, it also changes based on the location which is why it can be difficult to provide you with a ballpark figure. For example, NFT developers in the USA charge approximately $95 per hour while those in Asia charge approximately $15 per hour.
We recommend researching the local development rates before hiring an NFT developer. Also, keep in mind that these rates vary with the developer’s professionality and the economy in their location. This is why a lot of large companies outsource their development from development companies operating in countries with lower pay rates.
Development Approach
A global development approach followed by top companies and startups alike is the Agile development approach. This approach is detailed in the Agile Manifesto requirements and can help companies save a lot of time, money, and effort in the development process while ensuring the quality is not compromised.
Skills And Technical Knowledge
Since there is a wide range of NFT platforms and solutions available, you must know the tech stack your developers are well-versed in. Your NFT developers must also know how to handle different programming languages, frameworks, databases, and technologies. After all, your project might require the implementation of the latest technologies like AI/ML, Blockchain, AR/VR, and more.
You may like this: How does Cryptocurrency Help your Businesses?
Conclusion
If you want to build a successful NFT project, you must find the right developer. You must also ensure that your developer fully grasps the concept of your project and is well-equipped to handle it. The above article discusses various aspects of an NFT and breaks down how to hire NFT developers.
We hope the article was useful to you and helps you kickstart your NFT project. So, what are you waiting for? Get in touch with a professional development company and hire NFT developers with years of experience!
Frequently Asked Questions
How To Find NFT Developers For Your Projects?
Since there are several NFT developers in the market, you must be confused about how to hire NFT developers. Well, the above article breaks down the different aspects to help you grasp the concept and hire a developer well-versed in NFT.
How Much Do You Need To Invest To Hire An NFT Developer?
The cost to hire an NFT developer depends on a wide range of factors including the location. We recommend getting in touch with professional development companies for budget quotations and hiring NFT developers at competitive prices.
Can Only Developers Create An NFT Or Can You Do Too?
With the proper knowledge and resources, you can create and mine an NFT by yourself. However, it includes the understanding of several complicated technologies and might be time-consuming. To ensure you can take advantage of the current market potential of an NFT, get in touch with an NFT developer and deploy your project as soon as possible.
