How to Make a Billion NFTs Without Having Any Cryptocurrency
Many companies worldwide are looking at how they might participate in the expanding non-fungible token (NFT) industry that has swept the digital world over the last year. However, when they try to set up shop to make and sell NFTs on a broad scale, they may face insurmountable obstacles.
The first is due to the way NFTs are compensated. You must pay the blockchain transaction fees (gas fees) to create NFTs before you may sell them. To pay for them, you’ll need cryptocurrency on a blockchain address on the blockchain where you want to manufacture NFTs. You’ll need different cryptocurrencies available at numerous addresses on several blockchains if you wish to generate NFTs. This is a big challenge for many businesses, particularly those without experienced blockchain developers on staff.
Businesses will face the next set of challenges if they begin buying and transferring significant amounts of cryptocurrency and sending it to multiple blockchain addresses to pay for their gas costs. Cryptocurrency legislation varies by nation, with many governments requiring taxation on any potential or perceived benefits from the crypto-trading activity. Some banks will even close accounts if they are used to buying cryptocurrency.
This is a nightmare scenario for companies who want to build thousands or millions of NFTs, and it’s enough to make many people give up on their NFT dreams.
Smart contracts are difficult and expensive to implement.
Another issue is that to generate NFTs, businesses must hire blockchain engineers to write their smart contracts, which are blockchain-based executable programs that give NFTs their characteristics. Finding blockchain developers who are both skilled and available is becoming increasingly demanding, and keeping them on board requires a large amount of money.
A solution has been developed by one blockchain development platform.
Tatum has released a tool that allows businesses to instantly build NFTs on any of five blockchains without owning a coin or developing smart contracts.
Tatum’s experienced blockchain engineers have built, audited, and implemented smart contracts on Ethereum, Polygon, Celo, Binance Smart Chain (BSC), and Harmony, so they’re no longer an issue. These are safe, proven and true, and ready to utilize for any business, wherever. This enables enterprises to create NFTs on any or all of these blockchains in real-time.
All that’s required is a paid Tatum plan, the cost of which will be used to cover the gas costs associated with manufacturing NFTs. There is no need for businesses to buy or exchange cryptocurrency themselves, and as a result, there are no regulatory or compliance difficulties.
This concept is infinitely scalable because of Tatum’s next-generation infrastructure, which can send up to 200 NFT mint requests every second — a rate that even the most ambitious apps will struggle to match.
Tatum’s NFT Express tutorial also helps in-house developers get up to speed quickly. They can create an API key on the Tatum dashboard, which will access all 300 features on any supported blockchain.