To get into the NFT game, specific rules and best practices should be followed to ensure the security of your digital ledger. One such practice is the smart contract.
The smart contract is a computer program that runs on a specific address on the Ethereum blockchain. According to Ethereum.org, “Ethereum is a technology that’s home to digital money, global payments, and applications.” A smart contract fuels NFT art by managing the transferability and verifying the ownership of said artwork. All this is possible due to the Standard, ERC-721 (Ethereum Request for Comments 721). Like a regular contract, smart contracts lay down the rules to follow. However, the distinction lies in its implementation. Smart contracts don’t only define rules, they enforce them through special codes. Also, exchanges with smart contracts are irrevocable and cannot be removed by default.
Now, let us examine five best practices for NFT smart contracts:
1- Expect a bit of failure
Even if you are the best at programming, you will face occasional errors. With this fact in mind, be ready to tackle the failures as you realized them. Also, you will need to prepare your contract to respond to failures accordingly. This can be done by writing a code to pause the contract or ‘breaking the circuit’ each time you run into an error.
2- Execute the smart contract in phases
A phrasal execution of smart contracts will help you to detect and resolve bugs before the full production phase.
3- Keep smart contracts simple
The more complex you make your smart contract, the more likely you are to meet potential errors and bugs. Here are three ways to keep smart contracts simple:
- Use code/tools that you have already written.
- Modularize the code, making the smart contracts and functions small-scale.
- Only use blockchain for those parts of your system that need decentralization.
4- Be curious about new developments
A lack of knowledge will only work against you while you create effective smart contracts, so you must always stay up-to-date with any new security developments or changes. Here’s how to do this:
- Frequently check your smart contracts for new bugs and errors.
- Upgrade to the latest version of the tool or library as soon as possible.
5- Pay attention to blockchain properties
Though skilled developers are prepared to deal with Ethereum programming appropriately, it is only wise to be aware of and attentive to the drawbacks and blockchain properties.
Observing the five best practices listed above will ensure artist protection for your NFT art and NFT collectibles. Which gives you the freedom to enjoy benefits like increased owner compensation, carefully managed royalty systems, and ingrained ownership that goes with holding a digital ledger. Now that you know how to protect your digital creation, are you ready to cash in on your NFTs?