Things to consider while creating an NFT on a blockchain
Creating fungible tokens and Non-fungible tokens on a blockchain has now become a very easy thing. Thanks to the innovations we have in blockchains. The facility is either available directly on the main chain itself or as a feature in the side chain of the blockchain. The creation of NFT is facilitated by many blockchains. Hive and WAX are some of the best blockchains with these features. There is a good facility available on Hive Engine to do this activity. I have personally worked on both Hive Engine as well as WAX blockchain and this particular innovation is great and it is taking the gaming industry to the next level.
When we talk more about the good things of having NFTs on a blockchain, it is also important that we talk about the considerations too. There are a few considerations when we create an NFT on a blockchain. Let's get started one by one
Choosing the blockchain first
The first step is to select which blockchain would be best to create the NFT and issue the NFT. This is a significant step because on many blockchains the transactions are not cheap and we have to think about several parameters like scalability, querying capabilities, decentralization, security, fees, speed, etc. These are all important considerations. We have to pick a blockchain that supports all these things and is nominal. I'm not saying that there shouldn't be any fees for all these but at least the fees should be reasonable. It is best to pick a proper blockchain considering all these things.
Following the right guidelines while building a smart contract
Some blockchains allow people to create a smart contract that would host the NFTs on the chain. Some blockchains also have a facility to directly do that without allowing them to deploy smart contracts or make changes to the existing contracts. When blockchains allow people to deploy smart contracts, some guidelines would be available with chain restrictions. It is better to take those guidelines into account and create a smart contract. On Hive we have the facility already available on Hive Engine and is also available for direct consumption.
Security is the priority
The solution we build should be highly secure. There shouldn't be any vulnerability because of a bad code that would ruin the entire functionality. If the smart contract is available as a side chain it would be best to have all the transactions on the main chain and the side chain is built from the main chain data. This way it is more secure compared to having everything directly on the side chain itself. That would not make it a blockchain but instead a web2 application. When it comes to creating NFTs and maintaining the data, we cannot make mistakes. That's why it is important to consider everything related to security.
Multi-chain accessibility
Creating NFTs in such a way that it is accessible on multiple blockchains, would be a great benefit. The main reason is because the project can easily attract different types of audiences and the player base would become high. These days many projects have started expecting their NFTs to be on multiple chains so that the market facilities can be easily consumed. This will increase the value of the token and also make it popular for people to purchase from different places.
Choosing the right metadata
When we are creating an NFT on a blockchain, it is important to choose the right metadata during creation. This step is important because on some blockchains it is not possible to change the metadata after creation or it would cost additionally to change the schema of the NFTs. Since we are dealing with blockchain and most of what we do is going to be permanent on-chain, it is best to check all the possibilities and make things right the very first time.
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