In recent years, using an NFT Launchpad has increasingly gained prominence in the digital marketplace. But despite the phenomenon’s growth among cryptocurrency users, many still don’t know what they represent.
This trend of blockchain and NFT innovation had its peculiar challenges. One was the need for a fairground where new designers could also put their assets on the NFT platform. Another is the high number of scams and frauds that they committed.
Many investors lost vast sums of money through Initial coin offerings (ICO). The creators also faced difficulty raising enough funds to build and develop their assets.
Unfortunately, the Initial DEX offerings on the decentralized exchanges didn’t offer much help to stakeholders within the blockchain technology. The Binance smart chain (BSC) and Ethereum (ETH) are other important assets within the ecosystem.
Today, all the problems encountered while developing a credible system for NFT have become a thing of the past. Instead, the NFT game launchpad has become the venture for a safe, secure, and robust platform where investors and asset creators can gain at optimum levels.
Moreover, some users don’t know how the NFT Launchpad works and how they can optimize this platform for an NFT project. Therefore, this article will give a structured definition of NFT launchpads and how they work.
Moreover, it will discuss how to optimize each of the NFT Launchpad types for your next release and build a successful business. It would help if you also considered the benefits to the investors. For example, it could be funding and the asset value growth on the NFT launchpads.
What is unique about NFT Launchpads?
An NFT Launchpad is the platform where new digital artists can showcase their projects to the world. In addition, digital creators can raise funds for their unique assets through NFTs by using a symbolic token value.
When they acquire the NFT, they can mint it to the users and market the projects for the proper traction. Before you mint your NFT, ensure you have unique work to use on the NFTs. This system also works for blockchain games.
The launchpads also help the creator reach their project’s potential to satisfy the audience. Being in the NFT industry can enhance the chances of the asset in the community. As a developer, you should also be part of the gaming community while ensuring to build viable tokens.
One of the peculiarities of having an NFT Launchpad is the solution to the problems developers and investors face in launching NFTs. Not only do they provide new projects with global visibility, but they also help the creators to raise funds for the project.
As a result, new startup NFT projects can gain the traction they deserve on their advantages and benefits. Digital entrepreneurs who have gained updated knowledge about cryptocurrencies can also gain more understanding of launchpads and how they work.
How do NFT Launchpads Work?
Two essential goals for setting up NFT Launchpads are raising funding for new projects and bringing genuine projects to the forefront. These platforms enable valuable projects to the right community first before it gets out to the public.
To reach these goals, the system securely builds a viable community. It attracts the best projects that have been approved. Also, the investors can identify the recommended projects and join hands to crowdfund them. Meanwhile, most NFT Launchpads also have their tokens.
Therefore, all community members may also own a stake in the activities and participate rightly. Many NFT Launchpads may insist that the creator verifies their identities before participating in their IEOs or IDOs. The IDO and IEO have also vetted items.
As a result, no user or community member can cheat the system or upload an illegal asset. Also, no one can buy through multiple or hidden identities. As for the vetting process, it is easy to spot any scam or fraud in the crypto world.
Suppose the ecosystem notices anything that is not consistent with the principles of the forum. In that case, the application for the new project can be declined. The Launchpad can also reject an application based on suspicion or unproven identity. All stakeholders must then do the needful always.
Types of NFT Launchpads
- The Launchpads on the Centralized Exchanges
The popular Centralized Exchanges (CEXs) that come with the NFT Launchpads feature include the KuCoin Spotlight and Binance. As a result, these platforms provide opportunities for new projects for all the members of the communities.
During the crowdfunding of these projects, the projects will be listed on the exchange platforms where trading will occur. At the same time, the centralized exchange process may require the creator to pass the KYC verification process.
However, there may be a specific quantity of native tokens that digital wallets can hold at the time. But before you launch your assets on any of the NFT launchpads, ensure it supports funding, creating, and managing those assets.
- IDO Launchpads
The IDO Launchpad is on a decentralized platform which is different from the kind of assets you find on a CEX. But, at the same time, the IDO Launchpad is often built on the blockchain network in a way that supports the smart contracts of the marketplace.
On decentralized NFT Launchpads, there may not be any need to have a KYC verification before the approval of the NFT project. All that is required is a whitelisting process to choose the best participants for the IDO tokens.
IDO Launchpads also have their peculiar native tokens, which can serve as the qualification requirement for the participants. It can be beneficial for crowdfunding and assist in building a project that will be exciting and profitable within the crypto ecosystem.
- IGO Launchpads
An IGO Launchpad is often not very popular because such a Launchpad platform can enhance a gaming project. At the same time, the communities can also serve as the platform for the initial interaction leading to the application of the initial game offerings (IGO).
How to Interact with an NFT Launchpad
There are different types of Launchpad platforms with additional requirements that are unique to them. For example, before using any of NFT Launchpads, users usually need to set up a user account with a cryptocurrency wallet such as Metamask.
After connecting with the wallet, the user can link it to the community and the platform. However, a centralized exchange launchpad does not require using an external wallet, as earlier suggested.
When you join a community that you believe in, you can begin to buy their tokens and other NFT assets. The NFTb Launchpad is an example of a credible system using the Binance Smart Chain (BSC)
After buying tokens, you should hold on to them on the Launchpad platforms or stake them according to the trading rules. This transaction gives the investor or user a slot in the crowdfunding process of the new project. At the same time, it offers easy and early access to asset owners.