Pro guide to develop NFT with smart contracts on blockchain

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blockchain and smart contracts

Blockchain is surely the most powerful disruptive force of the 21st century till date, raising a storm not just in the tech world but in many other aspects of life. When it comes to blockchain, mention must be made of smart contracts. It’s the most significant application from the DLT technology and holds the potential to make the world more efficient, faster, less error-prone, and more streamlined. However, the range of blockchain applications is not limited to smart contracts only. Blockchain applications can range from money transfer app to IoT to logistics app, and more. In fact, blockchain and smart contracts together have been the fundamental tech of many apps, especially the NFTs. Check out more at Multibank.io.

The NFT market is predicted to touch around $80 billion by 2025 from nearly $35 billion in 2022. Riding on proliferating popularity, the Non-Fungible Tokens offer an excellent window for both active and passive income for creators. If you have any unique idea that you wish to share with the world in a digital format and also earn some handy bucks from it, a NFT art would be a grand idea. The post below offers a brief on creating a NFT blockchain app along with smart contracts.

Step-by-step guide on creating NFT

As Ethereum is the prime hub of smart contracts and NFT, let’s build up the application on Ethereum.

Step 1

Sign up with Ethereum network

You will need an API and blockchain developer portal here in the first place. It will help to establish communication with the Ethereum chain. So, utilize the account of the blockchain developer portal to sign it with Ethereum.

Step 2

Create API key

To create the key, you will have to develop an app first. It will help you to send requests to the test network, says Ropsten.

Go to “App” and then to “Create App” in the blockchain developer portal dashboard. You can now set the name for your NFT app, say “First Ever NFT”. Also, you will have to provide a brief description for the app. Then, click on “Staging” for Environment, and finally select “Ropsten” for network.

Now, click on “Create app”.

Step 3

Create Ethereum account

The Ethereum account is needed to receive and send transactions. You will need an online wallet here, say MetaMask, to manage the address of the Ethereum account. Now, go to the test network.

Step 4

Fake ETH

You will need fake ETH to deploy smart contracts. Go to FaucETH, enter the address of the test network, and click on “Request Funds’ ‘. Now, choose Ethereum Testnet (name of test network)”. Click on “Request Funds”.

Step 5

Start the NFT project

First, you will have to build a folder for your NFT project on blockchain and smart contracts.

Get into your new folder and go for npm init for initializing the NFT project.

Step 6

Install Hardhat

Hardhat will come handy to deploy, compile, test, as well as debug the Ethereum software. You will need it while developing dApps and smart contracts locally on live chain. After installation, you will have to build Hardhat project.

Step 7

Additional folders

You will need a minimum of 2 folders for keeping the whole project in order. Go to your project’s root directory to  create two folders..

Step 8

Write smart contract

Now, we will write a smart contract with Solidity. Go to “First Ever NFT” from the editor and then move to the “contracts” folder. You will have to generate a completely new file, such as “FirstEverNFT.sol”. Copy the code for smart contract and paste it in the new file.

Step 9

Connect the three

Once you have finished writing a smart contract, you will have to connect it with your wallet as well as the blockchain developer portal accounts.

Step 10

Install library

You will have to install Ethers.js library to facilitate easy interaction with Ethereum.

Hardhat makes things breezy through its Plugins that help for higher functionality and additional tooling.

Step 11

Update the Hardhat.Config.Js

Now, it’s time to update the hardhat.config.js  for the NFT project.

Step 12

Compile the contract

The next step is to compile the contract.

Well, just know that while running the command, you might encounter a warning in the absence of the SPDX license identification tool in the source file. But, no worries; if you ever encounter something similar, send a message to the customer care of the blockchain developer portal.

Step 13

Write script for contract deployment

So, by now, you have written the contract. The configuration file too is ready to go.

Go to the “scripts” folder and create a fresh file.

Step 14

Deploy the contract

Finally, you have reached the stage where you can deploy the smart contract. And, for that, you will have to go to the project directory. Find address of contract deployment.

Step 15

Go to test network

Now, navigate to Ropsten etherscan. Look for the contract address to check for successful deployment. You might not find it immediately. Wait for 10-15 minutes or say 1-2 hours.

Once you find it, check Form Address. It must match with the address of the MetaMask account. It should also match the “To” address. You will find something called “Contract Creation”. When you click on it, you will get the contract address right in the “To” field.

Step 16

You are done!

Wrapping up

NFTs started gaining traction last year and now they are widely recognized by the iconic auction houses as well. You have a growing number of online marketplaces today that are dedicated to NFT trade. Ether is the most common  currency for NFT trade.

You can rent your NFT or else can sell it completely to a true connoisseur. Don’t worry, even if you sell it off, you will still receive royalties for being the creator. The smart contracts in your NFT project will have your embedded signature. Based on that, anybody can verify the true creator of your NFT art. Besides, the smart contracts will be programmed in such a way that they will keep on releasing royalties to you every time the NFT piece will be sold to some new buyer.

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