How Does NFT Consulting Make Your NFT Project Viable?
NFT consulting has been a prominent blockchain service considering how fast the NFT ecosystem has grown over the last decade. Since the launch of Quantum (the world’s 1st NFT) in 2014, NFT creation and regulation have been unstoppable. Non-fungible tokens (NFTs) are dynamic and are used in almost every field nowadays.
From collectables, art, and utilities to gaming, metaverse avatars & sports, all are being tokenised as unique & tradable NFTs. The value of NFTs has grown among artists because of how NFTs ensure the validity and uniqueness of their artwork using blockchain representations of them.
The Global NFT market has increased from $21.48 billion in 2022 to $32.89 billion in 2023. This results in a compound annual growth rate (CAGR) of 53.1%.
As a means of tokenising and monetising digital assets, NFTs have become increasingly popular among creators, artists, and investors.
However, the fast-changing and complex landscape of NFTs can be overwhelming, particularly for NFT newcomers. This is where NFT consulting services come into play, providing clients with knowledge, advice, and assistance to navigate the NFT space.
In this blog, we will explore how NFT consulting services can help ascertain the viability of your NFT project/marketplace. This article will navigate you through the following aspects of NFT consulting:
- About NFT Consulting
- What Roles Do NFT Consultants Play?
- What Are The Different NFT Consulting Services?
About NFT Consulting
NFT consulting consists of services provided by NFT consultants of an NFT development company. These services help businesses build, launch, & manage an NFT marketplace.
These services help clients comprehend the various aspects of creating and managing an NFT marketplace. They offer guidance on both technical and business considerations.
NFT Consultants integrate blockchain, develop smart contracts, implement security protocols, and determine pricing.
Additionally, they may assist their clients in analysing potential regulatory and legal issues and providing solutions to ensure compliance.
NFT consulting services offered by an NFT development company like Systango help businesses navigate the rapidly changing NFT landscape.
We provide the necessary tools and knowledge to ideate, design, launch and operate a fully functional NFT marketplace.
Now let’s check out the different roles that our NFT consultants play in your budding NFT project.
What Is The Role Of An NFT Consultant?
An NFT consultant is the key adviser to individuals and organisations interested in building an NFT marketplace, trading NFTs and tokenising NFTs. As an NFT consulting agency, our consultants play these fundamental roles:
1. Advising Clients On NFT Creation
They provide clients with expert advice on the complete NFT creation process, development, and management. Their NFT consulting is about guidance on the technical aspects of NFT creation, such as choosing the right blockchain platform.
2. Providing Technical Expertise
NFT consultants offer clients their technical expertise in integrating blockchain technology, developing smart contracts, and implementing security protocols to ensure the safety and security of their NFTs.
3. NFT Consulting To Determine Pricing
NFT consultants assist clients in determining the pricing, marketing, and user acquisition strategies for their NFTs.
They provide insights into the current market trends and help clients develop effective strategies to reach their target audience.
4. Identifying & Mitigating Potential Legal Issues
Their NFT consulting service helps clients identify potential legal and regulatory issues related to NFT creation and management.
5. Guiding Copyright And Ownership Concerns
NFT consultants guide on copyright and ownership concerns related to NFT creation and management.
They help clients understand the legal implications of NFT ownership and advise them on how to protect their intellectual property.
6. Assisting with the curation of NFT collections
They also offer NFT consulting to assist clients with curation by helping them choose the right pieces to include in their collection. They help the clients determine the optimal pricing for each item.
7. Providing insights on the current trends
NFT consultants stay up-to-date on the latest trends and opportunities in the NFT market and can provide clients with valuable insights and recommendations.
8. Evaluating The Viability Of NFT Projects
Their NFT consulting can evaluate the viability of NFT projects and make recommendations for improvements to increase the viability of NFT projects/ businesses.
9. Developing and implementing compliance solutions
NFT consultants develop and implement compliance solutions like KYC & AML to ensure that NFT projects comply with legal and regulatory requirements.
10. Assisting Clients In Finding The Right Marketplace
They provide NFT consulting to help clients find the industry niche for their NFTs by evaluating different marketplaces.
NFT consultants also recommend the most appropriate marketplace architecture for clients’ needs.
Now let’s look at the different services that an NFT consulting agency like ours can offer you.
What Are The Different NFT Consulting Services?
We at Systango help you analyse the viability of your NFT project/business idea.
Our NFT consultants have expert suggestions & guidance for you to navigate throughout your NFT project development. We offer the following NFT consulting services:
1. Target Market Research
Our approach involves analysing the competition and understanding the anticipated user base in your target market to create a user-friendly NFT app.
Our app is designed to suit the needs of users of varying levels of digital proficiency and incorporates features that simplify their interactions.
2. Measuring Business Risk & Viability
We analyse & ascertain the viability & profitability of your NFT business idea by evaluating the expected return on investment (ROI) against potential costs and risks.
Our detailed assessment in NFT consulting provides you with a comprehensive understanding of the feasibility of your business launch.
3. Function Specifications
Our NFT consulting process also involves reviewing your initial requirements for the NFT solution, resolving the conflicts, and incorporating industry best practices in NFT platform development.
This enables us to create a comprehensive solution specification that outlines the functions and features of your NFT solution.
4. Non-Functional Attributes
We define the non-functional requirements that your NFT platform must meet, such as user error protection rate, throughput rate, response time, and fault tolerance.
By adhering to the specifications outlined by our NFT consulting team, you can ensure the proper functioning of your platform.
5. Curating Architecture
Our NFT consulting process also involves mapping the connections between the various components of the NFT ecosystem, including the user-facing app, minting mechanism, underlying blockchain(s), integrated digital wallets, user entry points, and data storage systems.
6. Tech Stack Curation
We evaluate and select the top vendors of third-party services used within the NFT ecosystem (e.g., data storage providers) and programming tools for custom development (e.g., web app development tools).
This helps to ensure that the most suitable solutions are utilised in your NFT ecosystem.
Connect with our blockchain experts & leverage the NFT consulting services for an optimal NFT marketplace/ business model development!