How do I create a custom branded token for my NFTs? Well the answer is pretty simple, a lot easier than you think.
What is a branded token? A branded token is a crypto token representing your brand. Utilizing the Ethereum blockchain, a user can buy tokens which are magnetically connected to the ERC-721 smart contract.
This means that every time you create or burn a NFT, it will update the total supply and burn all tokens of that kind.
If you are building a custom non-fungible token (NFT) then one of the most important steps to consider is building a custom and unique identity for your token.
Within the past year, the concept of blockchain-based Non-Fungible Tokens (NFT) has gained a lot of attention.
With NFTs you can customize and create a branded smart contract that you own and can control commissions for on the primary and secondary market.
Creating a custom branded token for your NFTs seems like a complicated process, but with NiftyKit it is simple to get started with your own custom contract.
Do I Need To Hire Coders To Build My Smart Contract?
If you want to get started quickly or dip your toes in before shelling out thousands of dollars to plan, build, hire, and launch your own custom smart, sign up to request and invite.
NiftyKit will create your custom smart contract which you will use to mint your NFTs, and each NFT will be branded with your custom token name and symbol.
NiftyKit smart contracts is a ERC721 extension for OpenZepplin framework and contains all types you need to develop your own NFT tokens.
OpenZepplin’s framework uses top level standard contracts security patterns and best practices.
OpenZepplin’s standards reduce the risk of vulnerabilities in our applications by using standard, tested, community-reviewed smart contract code.
When NiftyKit creates your smart contract, we deploy your smart contract to the mainnet. During creation, we assign you as the owner of the smart contract based on the Metamask wallet that is connected at the time of minting that smart contract to the Ethereum mainnet. During creation, we also assign ourselves as your minting agent. That will allow you to use your smart contract on our platform to build out your custom branded NFT collection.
What Can I Do With a Custom Branded Token Smart Contract Created By NiftyKit?
As the owner of your branded token smart contract you can:
- Mint NFTs using your Custom Token Symbol
- Set your Primary and Secondary Sales for your tokens
- Invite Collaborators to mint into your collection as artists
- Earn a royalty and commission every time an NFT from your custom token is sold on any secondary market.
- Help your fans and collectors verify authentic works from you or the creator
Create Your Branded Token
Using our suite of NFT tools, you will be able to create your custom branded token.
- Upload your Collection Profile Image
- Upload your Collection Banner
- Set Your Collection Name (can’t change later)
- Branded Token Symbol (can’t change later)
- Collection Description
Set Primary & Secondary Commissions on NFTs In Your Custom Smart Contract
As the owner of your Custom Branded Token Smart Contract you are able to set the primary and secondary sales commission for any NFTs minted with your smart contract. This includes collaborators and other parties you want to involve in the commission split.
Once the collection and smart contract has been created, you are not able to change or modify the percentage rates for the payouts on primary sales of that NFT.
Invite Collaborators to Mint NFTs Inside Your Custom Collection Smart Contract
As the owner of your Custom Branded Token Smart Contract you can also invite other Collaborators to mint inside your Collection.
Watch the video below to see how you can create a collection and invite artists to collaborate.