If you’re considering starting a Non-Fungible Token (NFT) project, you’ve probably learned that no two NFTs are created equal. And deciding on which approach to take can be tricky if you’re not a developer.
Fortunately, developers are also available who can help walk you through all of your options; be sure to ask questions if there’s something unclear about your project!
When starting your own NFT project, there are two things that are very important: ownership and flexibility.
Ownership means you get to keep everything on your chain. You’re not dependent on a third party to make changes to your chain if you don’t like them.
Flexibility allows you to do anything with your chain that you want, without any middleman saying no or being blocked.
Although these sound like simple concepts, they’re a big deal in decentralized systems; they allow users to maintain control of their own assets in all situations, which is essential for building trust between parties in a transparent way.
Non-fungible tokens (NFTs) are fast becoming one of crypto’s most talked about topics. Many view them as a stepping stone toward widespread adoption, so understanding them—and how they function in your business—is a critical first step.
However, it’s not always clear which option would best fit your project, whether you want to create an ERC-721 or ERC-1155 token. It’s a new technology, after all!
These questions are hard to answer without actually knowing what kind of project you’re starting up, so let’s lay out some pros and cons of each approach.