Non-fungible tokens (NFTs) are digital assets that are unique and cannot be replaced. They are frequently used to signify ownership of digital artwork, collectibles, and other items. The most popular blockchain that has gained popularity at a global level in NFT space is Polygon NFT.
Polygon is a layer-2 blockchain that is built on top of Ethereum. It offers faster and cheaper transactions than Ethereum, making it a good choice for creating and minting NFTs.
Why Create an NFT on Polygon?
In 2022, Ethereum was the most popular destination for major brands. The Polygon network had a 23% market share, while Ethereum accounted for 43% of the 241 blockchain projects launched. However, in the first quarter of 2023, it became the most popular blockchain with 41%, followed by Ethereum with 34%.
There are several advantages to creating an NFT on Polygon:
- Low gas fees: Gas fees are the transaction fees that are paid to miners on the blockchain. Gas fees on Polygon are significantly lower than on Ethereum.
- Fast transactions: Transactions on Polygon are processed much faster than on Ethereum. This means that you can mint and sell your NFTs more quickly.
- Eco-friendly: Polygon is a more energy-efficient blockchain than Ethereum. This means that creating and minting NFTs on Polygon has a smaller environmental impact.
Global Leaders & Brands Using Polygon
Here is a list of major popular brands that shifted to Polygon NFT blockchain:
- Reddit: Reddit launched its own NFT marketplace on Polygon in July 2022.
- Meta: Meta (formerly Facebook) announced that it would be using Polygon for its NFT projects on Instagram and Facebook.
- Nike: Nike launched its own NFT marketplace on Polygon in December 2021.
- Adidas: Adidas launched its own NFT collection on Polygon in December 2021 and became an early adopter of Polygon NFT.
- Starbucks: Starbucks announced that it would be using Polygon for its NFT loyalty program.
- Prada: Prada launched its own NFT collection on Polygon in June 2022.
- Gucci: Gucci launched its own NFT collection on Polygon in December 2021.
- Dolce & Gabbana: Dolce & Gabbana launched its own NFT collection on Polygon in September 2021.
- Burberry: Burberry launched its own NFT collection on Polygon in March 2022.
- The Sandbox: The Sandbox is a metaverse platform that is built on Polygon.
- Decentraland: Decentraland is a metaverse platform that is built on Polygon.
- Aave: Aave is a decentralized lending protocol that is built on Polygon.
- Curve: Curve is a decentralized exchange protocol that is built on Polygon.
This is just a small sample of the many major brands and projects that have shifted to Polygon NFT development. Polygon is a popular choice for businesses and projects that are looking for a scalable and affordable blockchain platform.
What You Need to Get Started
To create an NFT on Polygon, you will need:
- A MetaMask wallet
- MATIC tokens (Polygon’s native cryptocurrency)
- An NFT marketplace
Steps to Create an NFT on Polygon
Getting started with Polygon NFT development and creating your own NFT (Non-Fungible Token) on the Polygon network can be an exciting venture, enabling artists, collectors, and creators to tokenize their digital assets efficiently. To guide your readers through this process, here’s a detailed process on how to develop an NFT on the Polygon network:
Step 1: Setup a Polygon-Compatible Wallet
Before you can create an NFT on Polygon, you’ll need a wallet that is compatible with the Polygon network. MetaMask is a popular choice. Here’s how to set it up:
- Download and install the MetaMask browser extension or mobile app.
- Create a new wallet or import an existing one if you have a recovery phrase.
- Switch to the Polygon network. To do this, click the network dropdown (usually Ethereum Mainnet), and select “Custom RPC.” Enter the Polygon RPC details:
- Network Name: Polygon Mainnet
- New RPC URL: https://polygon-mainnet.infura.io/v3/YOUR_INFURA_PROJECT_ID
- Chain ID: 137
- Currency Symbol: MATIC
- Block Explorer URL: https://polygonscan.com/
- Save your settings and connect your wallet to the Polygon network.
Step 2: Acquire MATIC Tokens
To create an NFT on Polygon, you’ll need MATIC tokens to cover gas fees. You can acquire MATIC tokens through cryptocurrency exchanges or swap platforms.
Step 3: Choose an NFT Marketplace
Select an NFT marketplace that operates on the Polygon network. Popular choices include OpenSea and Rarible. Create an account on the chosen platform if you don’t have one already. Moreover, you can always seek assistance from a professional polygon matic NFT marketplace development company.
Step 4: Mint Your NFT
Here’s how to mint an NFT on OpenSea as an example:
- Connect your MetaMask wallet to the NFT marketplace.
- Click on “Create” or “Mint” to start the minting process.
- Upload the digital file or asset you want to turn into an NFT. This could be artwork, music, videos, etc. Ensure it meets the platform’s requirements regarding file type and size.
- Add metadata, including the title, description, and attributes of your NFT.
- Set any additional parameters like royalties (a percentage you earn on secondary sales) and unlockable content.
- Confirm and pay the gas fees in MATIC to complete the minting process.
Step 5: Review and List Your NFT
After minting your NFT, review the details to ensure everything is accurate. Once you’re satisfied:
- List your Polygon NFT for sale. You can set a fixed price, initiate an auction, or choose other listing options provided by the marketplace.
- Confirm the listing and pay any additional gas fees.
Step 6: Promote Your NFT
Promotion is key to selling your NFT. Here are some ways to promote your Polygon:
- Share your NFT listing on social media.
- Collaborate with other artists and NFT creators.
- Participate in NFT communities and forums.
- Consider offering limited-time incentives to potential buyers.
Step 7: Manage Your NFT
Once your NFT is listed, you can monitor its performance, view bids or offers, and interact with potential buyers through the marketplace’s dashboard.
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Pro Tips for Successful Polygon NFT Development
When creating an NFT, there are a few things you can do to increase your chances of success:
- Create high-quality artwork: People are more likely to buy NFTs that they find visually appealing. Make certain that the quality and design of your artwork are excellent.
- Give your NFT a unique and interesting name and description: Your NFT should have a unique and interesting name and description that will stand out from the crowd.
- Set a competitive price: When setting the price for your NFT, it is important to consider the market value of similar NFTs. You should also consider the gas fees that will be charged for minting and selling your NFT.
- Promote your NFT on social media and other online platforms: Once you have listed your NFT for sale, it is important to promote it on social media and other online platforms. This will help to increase the visibility of your NFT and attract potential buyers.
Start your NFT project on Polygon from scratch with our certified yet skilled NFT developers. As a renowned polygon NFT marketplace development company, we have assisted numerous businesses and leading brands around the world with their unique needs. Book a free consultation today to get started.
