With all of the rapid progress in decentralized finance these days, it’s tough for the average person to keep up. You hear more and more terminology and jargon around different kinds of cryptocurrencies, tokens, and blockchain technologies. Although it may seem bewilderingly complex, fintech related markets are going in some particular directions.
One of them is the rapidly growing interest in non-fungible tokens or NFTs. Simply speaking, these are digital assets that are each unique and not interchangeable. They’re often tied to something like a digital artwork or a celebrity’s autograph, or a piece of intellectual property. The rise of the NFT made it easy for parties to buy and sell digital items that are like the “keys” to something more tangible. So exchanges, investment platforms, and other stakeholders are building NFTs into the equation.
That brings in the terminology that people are using to describe the building and aggregation of NFTs on some particular platform.
“NFT farming” is the process of staking ERC20 tokens to build NFT collections and seek to gain value from these – in other words, to sell them.
The idea is that making it easy to create and store NFTs promotes their use in the markets, and supercharges that part of the digital finance world. Certain kinds of creators have an interest in minting NFTs for an audience: some of them are artists or musicians who want a new way to trade on their names; others are crypto casino or gaming operators who want to add value tokens to their online universes, as both a way to monetize the game and a way to enhance game play.
The practice of NFT farming is an easy automated way to start out with NFT creation. It can also help with bundling transactions, which can save on some kinds of gas fees or network fees inherent in these kinds of transactions.
The Smart Contract
Essentially, NFT farms are created using something called the ERC1155 contract developed by a firm called Enjin. It’s important to note that these Ethereum-based systems can also be used to create fungible tokens such as a utility token. At the same time, they are foundational to that NFT farm building practice.
NFT Farm Building with Unifty
Unifty has pioneered the principle of NFT farm building with a low-code set of resources that helps users to develop their NFTs without a lot of hard coding or in-depth technical skill.
In fact, moving toward an NFT farm builder on various platforms will lead to the Unifty proprietary technology, where you can set up these types of operations with a few clicks of a button. NFTs can get verified by Etherscan and ‘go out into the world’ based on this practical and convenient model.
Unifty’s service was developed as a way to enhance the minting and use of NFTs on a market. In quite a short time, it has become a standard for this type of digital entrepreneurship and using the NFT to make money. Take a look as the NFT continues to develop as one of the most popular types of fintech assets on today’s market.