What is a smart contract for NFT?

Smart contracts are one of the most powerful features of blockchain technology. A smart contract is a digital contract in which the terms of the agreement between users are established in code. A smart contract can be scheduled to auto-execute when a set of predefined conditions are met. Smart contracts exist on decentralized and distributed blockchain networks.

Although it is not yet a general reality, several organizations are striving to create smart contracts that are valid in court in legal terms. Solutions will likely come in the form of smart contract interfaces where the code of a smart contract will simultaneously create a plain English document that defines the terms of the contract.

Smart contracts can be programmed to trigger other smart contracts or create new events when executed. Smart contracts can also contain assets, NFTs and cryptocurrencies within them; these assets can be distributed by running when a series of conditions are met based on the code defined in the contract.

Much about the utility in a smart contract is clear in the NFT Staking, which is a staking mechanism with which an NFT project can earn passive income.

Why is a smart contract so important for my NFT project?

Although not a strictly legal document, much of the appeal of an NFT project lies in its smart contract, as it projects the complexity and robustness that an NFT will have guarantee and what are the specific conditions for the fulfillment of certain transactions.

Smart contracts also have as a quality, which is unalterable. This explains why they are a fundamental step in creating an NFT collection. Since both for buyers and for the ranking of Marketplaces such as Open Sea or Rarible, it is a definitive criterion for its positive assessment.

Creating a smart contract requires programming knowledge, particularly with different standards depending on the blockchain. However, it is possible to create a smart contract using different open source templates where it is possible to add particular data and codes of the developed token.

However, the use of free templates for the creation of smart contracts requires a minimum of knowledge in the sector and particularly to know if when using any of these developments of open source, you run the risk of giving away proprietary rights to a collection without knowing it.

For any phase in the development of an NFT collection, the creation of a Smart Contract requires specialized assistance that allows programming a solid document that is safe and effective. At The Blue Manakin we are experts in developing smart contracts for your NFT-Marketing. If you have doubts, write to us and we will solve all your questions.