<div class="mce-toc">
<h2>Table of Contents</h2>
<ul>
<li><a href="#mcetoc_1g9tjvhre2kr">NFT Development - About</a></li>
<li><a href="#mcetoc_1g9tjvhre2ks">How to build NFT: NFT Development Process step-by-step (From example of Relipa's NFT game - Widiland)</a>
<ul>
<li><a href="#mcetoc_1g9tjvhre2kt">Stage 1: Tokenomics and NFT Design</a></li>
<li><a href="#mcetoc_1g9tjvhre2ku">Stage 2: Marketing and Community Building</a></li>
<li><a href="#mcetoc_1g9tjvhre2kv">Stage 3: Fundraising</a></li>
<li><a href="#mcetoc_1g9tjvhre2l0">Stage 4: Token Listing (DEX / CEX)</a></li>
<li><a href="#mcetoc_1g9tjvhre2l1">Stage 5: NFT Initial market&nbsp;</a></li>
<li><a href="#mcetoc_1g9tjvhre2l2">Stage 6: Official project release</a></li>
</ul>
</li>
<li><a href="#mcetoc_1g9tjvhre2l3">Pros and Cons of Using outsource NFT Development</a>
<ul>
<li><a href="#mcetoc_1g9tjvhre2l4">Pros</a></li>
<li><a href="#mcetoc_1g9tjvhre2l5">Cons</a></li>
</ul>
</li>
<li><a href="#mcetoc_1g9tjvhre2l6">In conclusion</a></li>
</ul>
</div>
The Internet era has entered a new stage called "Web 3.0", and the attention toward the bright star - Blockchain, is increasing dramatically these days.
In fact, NFT's transaction results in 2021 is growing fabulously to 25 billion USD (~ 2.875 trillion JPY), about 250 times higher than the record of 100 million USD (~ 11.5 billion JPY) in 2020.
So, how to progress a NFT development project from the very first steps? Many people may understand the surface, but do not get the core mechanism or the development process behind.
In this blog, we will provide the ultimate guide to NFT while explaining the case of NFT game - Widiland that our company Relipa actually worked on from first stage of development to the final launching.
<h2 id="mcetoc_1g9tjvhre2kr" style="text-align: justify;">NFT Development - About</h2>
NFT development is the progress of creating NFT - related products and services, such as NFT games, NFT marketplaces, and NFT art.&nbsp;
The primary step required for developing an NFT is deciding which kind of NFT to market. Profitability is considered to be the biggest factor influences the decision step.
For example, the NFT games market size is very big, reaching 180 billion USD only in 2021. A single NFT artwork sold at a very high price of 69.35 million USD (about 7.5 billion JPY) in the same year is also an example for the high potential of NFT.
Once you've decided what to sell, it's time to start developing the Blockchain which will become the system basement as well as creating your own tokens.&nbsp;
<h2 id="mcetoc_1g9tjvhre2ks" style="text-align: justify;">How to build NFT: NFT Development Process step-by-step (From example of Relipa's NFT game - Widiland)</h2>
NFT has many different development methods depending on what kind of NFT you create. However, the general flow is similar, so through the NFT game "Widiland" launched by Relipa in 2022, let's explain in detailed how to start developing an NFT step-by-step.
"Widiland" happened in the world of 100 years in the future, when foods and energy are running down and human existence is in danger. The main theme of the game is setting the life for human-beings to survive on the new planet. In-game NFTs can be traded using the governance token - the WIDI.
<img class="responsiveImage" src="https://api.relipa.global/storage/526/nft-deelopment-process.png" alt="NFT Development process" />
Widiland Homepage: <a href="https://widiland.com/" target="_blank" rel="noopener">https://widiland.com/</a>
<h3 id="mcetoc_1g9tjvhre2kt" style="text-align: justify;">Stage 1: Tokenomics and NFT Design</h3>
The base of NFT project includes its purpose, future plans, the kind of finance and token to drive the business, and Tokenomic, which shows the way to maintain the supply - demand balance and the value of tokens.
In the case of "Widiland", the value is set to "400 million WIDI". A part from this,&nbsp; self-financing accounts for 21%, IDO for 2.5%, non-trading private sale for 9.5%, seed-partners for 6%, rewards by staking method make up for 28%, Metaverse fund for 15%. By the way, the token price is 0.04 USD for IDO, 0.025 USD for private sale, and transfer price to seed-partners is planned to be 0.015 USD.
In addition, creating and maintaining liquidity is indispensable for the operation of a crypto asset projects. Developers must ensure that tokens are traded at high prices, such as by making the project more attractive and installing incentives regularly.
<h3 id="mcetoc_1g9tjvhre2ku" style="text-align: justify;">Stage 2: Marketing and Community Building</h3>
To issue a cryptocurrency and officially start an NFT project, it is essential to create a White paper or Pitch deck equivalent to the business plan.
Additionally, detailed market research is indispensable for launching an NFT project. From the kind of NFT, content and price range, the demographic factors of target customers including age, gender, social standpoint, behavior history, etc., as well as the nationality and living areas will be researched.
Creating a website, landing page, and promotion video is also essential for the stage of raising awareness. Many targeted customers are less interested in the technical content of the Whitepaper. Rather than that, a more funny and valuable content, for example, &ldquo;How much you can earn in a game?&rdquo;, which can be reached by everyone, regardless of age or characteristic will attract much more attention. With that mindset, Widiland promotes and attracts customers through SNS including Twitter, Facebook, Instagram, YouTube, and Discord&hellip;
<img class="responsiveImage" src="https://api.relipa.global/storage/527/nft-development-widiland-case-study.png" alt="Widiland marketing and communicaton building" />
AirDrop and referrals can help you expand the attraction and UX of your NFT, and the free trials can help you discover potential demand.
Also, for example, if you form a partnership with an apparel maker or a sports maker and sell fashion items and sneakers worn by characters in the game as a NFT, it will be easier to raise funds and widely approach the clients of each company efficiently.
In NFT project, if the content itself becomes popular, the price of related tokens will surely rise, and if the number of token holders increases, the number of fans and users of the project will naturally increase, creating a virtuous cycle. By conducting marketing through detailed search, and continuing to build a diverse community, we can do an NFT development project that can not be ignored.
<h3 id="mcetoc_1g9tjvhre2kv" style="text-align: justify;">Stage 3: Fundraising</h3>
The next stage is fundraising, when funds to actually operate the NFT project will be gathered based on the Tokenomics design and Pitch deck (Business plan).
Taking Widiland as an example, we first collect money from selling tokens to strategic partners, then raise more funds from partners through private sales, and after that conduct IDO at DEX. Each of them was executed within 2 to 3 months, and we succeeded in raising about 190 million JPY in total, and we did reach the target value.
Creating a Pitch deck is somehow not necessary, but it requires careful preparation and behind actions so that you can raise money as your plans or even more.
<a title="Contact" href="../../contact" target="_blank" rel="noopener">Contact us for more information</a>
<h3 id="mcetoc_1g9tjvhre2l0" style="text-align: justify;">Stage 4: Token Listing (DEX / CEX)</h3>
To trade tokens, it is necessary to list them on a particular crypto assets exchange. In the case of NFT, the main exchange is DEX (Decentralized Exchange) like "Widiland" because it must be a coin that can be used on Blockchain based on Ethereum or same types of smart contracts.
Game players and investors will buy tokens by connecting their wallet directly to DEX. In "Widiland", you can use the WIDI to participate in games or purchase.
DEX is fully automated with smart contracts, so there are almost no fees. However, some tokens may be listed on CEX (Centralized Exchange), in that case, a fee will be required.
<h3 id="mcetoc_1g9tjvhre2l1" style="text-align: justify;">Stage 5: NFT Initial market&nbsp;</h3>
Since 2021, a multitude of NFT have been developed and traded in the market. Apart from selling in the specific marketplace for NFT only, if you want to set up and run your own project, it is common to raise funds by IDO (Initial DEX Offering). For example, in the case of NFT games, selling NFT such as characters, items, and accessories after offering the NFT initially in DEX (IDO) is very popular.
However, the situation did change in 2022, and there are increasing cases of selling NFTs before IDO in the form of "IGO (Initial Game Offering)" and "INO (Initial NFT Offering)".
Both IGO and INO, in some aspects, are the beforehand fundraising methods. These can create NFTs in advance, raise more funds by exchanging certain quantity of these NFTs before officially releasing, and use them for operation. If you sell the NFT initially, the attention to the project will increase, and when it is released officially, you can expect that the NFT sale transactions will be carried out earlier and more actively.
Also see: <a href="../../blogs/ido-development-in-japan-legal-or-not">IDO Development in Japan, legal or not?&nbsp;</a>
<h3 id="mcetoc_1g9tjvhre2l2" style="text-align: justify;">Stage 6: Official project release</h3>
After the above processes, the NFT project is finally released.
In that case, a careful testing whether the main NFT product can be released properly and without delay or not is essential. Also, in order to gain widespread trust, we must not forget to have a long-term vision of management before running into immediate profits. For example, adding new features and benefits on a regular basis is a good example.
In fact, for Widiland, the Beta version of Chapter 1 was completed at the end of May 2022, and a marketplace and DeFi functions (stalking, farming, treasure hunting) were added right after.
<h2 id="mcetoc_1g9tjvhre2l3" style="text-align: justify;">Pros and Cons of Using outsource NFT Development</h2>
As mentioned above, NFT development requires various preparation, know-how, and specialized knowledge, so inexperienced companies and start-ups cannot easily develop with their own resources only. That is why outsourcing development is strongly recommended.
Asking an IT company with a deep knowledge of Blockchain or an outsource company with talented engineers for help will ensure your success.
However, a thorough awareness about this kind of development method is important as besides the easy-to-see advantages, there are also some disadvantages that should be put under consideration.&nbsp;
<img class="responsiveImage" src="https://api.relipa.global/storage/525/nft-development-pros-and-cons.png" alt="NFT Development - Pros and Cons" />
<h3 id="mcetoc_1g9tjvhre2l4" style="text-align: justify;">Pros</h3>
<h4 style="text-align: justify;">1. Well-optimized Development process&nbsp;</h4>
The development process, such as the development of crypto assets, the creation and publication of NFT content and White papers until launching, and the appeal to investors and users, has been partially standardized. Therefore, if you outsource to a specialist, you will be able to get an early project outlook, unlike developing on your own from scratch.
By the way, if you have no actual experience, even if you can develop Blockchain and NFT yourself, you can not do marketing and other consulting work such as exchanging, building community and interacting with investors. Therefore, outsourcing firms need to be carefully selected.
<h4 style="text-align: justify;">2. High speed and good price</h4>
If you can choose a outsourcing company who has a track record of Blockchain and NFT development, once the project started, it will proceed very quickly. Moreover, it also contributes to cost reduction because there is only a little possibility that you will fail or have to start over. Especially in the case of outsourcing, it can be said that the advantage of low cost is quite high because the labor cost is cheaper than that in Japan while high quality development is still possible.&nbsp;
<ul>
<li style="text-align: justify;">Blockchain development team with specialized knowledge and experience</li>
</ul>
NFT Development requires deep knowledge and highly specialized development technology about Blockchain. Therefore, if you outsource to a company that has a highly experienced Blockchain development team, you will not only be able to respond to various requests, but you will also be able to be supported in troubleshooting after releasing, so the process itself is quite safe.
Especially, Vietnam is one of the world's leading blockchain development outsourcing countries. Compared to other countries and regions, we has built a long connection with Blockchain, and we have a great deal of experienced and well-skilled human resources, such as developing the world's most popular NFT game called "Axie Infinity".
<ul>
<li style="text-align: justify;">Practice time optimization</li>
</ul>
Using an outsourcing service, you can significantly reduce the development time, which will help you free up your time for other tasks.
<h3 id="mcetoc_1g9tjvhre2l5" style="text-align: justify;">Cons</h3>
<h4 style="text-align: justify;">1. Work management is not simple</h4>
Using outsourcing services, you can not manage everything in the development process or on-site situation. Reporting and communication are limited in quantity and time, which can lead to misunderstandings and extra costs due to unnecessary corrections.
<h4 style="text-align: justify;">2. Language barriers&nbsp;</h4>
Especially in outsource development, it may be difficult to communicate smoothly due to language barriers, cultures, and working mindset. Therefore, it will be necessary to confirm in advance whether there is a Bridge SE or engineer who is familiar with Japanese or not, so that there will be no discrepancy during development.
<h2 id="mcetoc_1g9tjvhre2l6" style="text-align: justify;">In conclusion</h2>
In the blog, we have provided an ultimate A to Z guideline of NFT Development process.&nbsp;
<img class="responsiveImage" src="https://api.relipa.global/storage/528/NFT-Development-Relipa-service.png" alt="[9:12 SA] Ho&agrave;ng Bảo Yến NFT Development - Relipa Services" />
In our company Relipa, we always try our best to give customers the optimum blockchain Development services.&nbsp;
Taking advantage of the strengths unique to outsource development, our services exceed expectations at a low cost, with the high technical capabilities and abundant experience from the engineers who are familiar with Japanese and well-qualified Bridge SE, IT Comtor team.
If you have any requests for NFT development or other Blockchain development, please feel free to contact us. We are sincerely looking forward for you.
Also see: <a title="Relipa's NFT Development Service (Japanese)" href="https://relipasoft.com/nft-development/" target="_blank" rel="noopener">Relipa's NFT Development Service (Japanese - Translated English)</a>

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