NFTs – Most profitable digital innovation EVER!!!
The buzzword “NFT” has taken the digital world by a hurricane. Its market value has surpassed the billion-dollar milestone in 2021, which will advance and set various benchmarks in the crypto sphere in the forthcoming years.
Experts predict that the NFT’s popularity and craze will increase even more and attain an unshakable position in the Web 3.0 era. Even though these tokens have been around for more than 4 to 6 years but only caught people’s attention during the pandemic.
Since opportunities are endless with NFTs, it is no wonder why many established firms, celebrities, investors, artists, and startups are entering the NFT sphere. NFT marketplace development is one of the unique and promising business concepts that has seized the attention of many individuals.
Are you a budding entrepreneur looking for a way to develop your own NFT marketplace platform? Here’s the blog for you. Continue to read the article to build your knowledge about the platform and how it can maximize your ROI in a short span.
NFT Marketplace – In a nutshell
The necessity for an NFT trading platform rises significantly along with the demand for non-fungible tokens (NFT). An NFT marketplace enables users to buy and sell NFTs, and these platform’s operations are quite similar to traditional e-commerce such as Amazon and eBay.
The platform connects NFT creators from across the world with buyers or investors who are interested in buying NFTs. Some famous NFT marketplace platforms that top the charts are OpenSea, Rarible, Solsea, NBA Top Shot, Axie Infinity, Sorare, SuperRare, Decentraland, and Nifty Gateway.
The five different kinds of NFT marketplace platforms
- Utility-based NFT marketplace
- Niche P2P NFT marketplace
- Celebrity NFT marketplace
- Universal NFT marketplace
- Multiverse NFT marketplace
Understanding the workflow of an NFT marketplace
- Users first create their accounts on the marketplace platform.
- They add crypto to the in-built wallet or link their crypto wallets to the platform.
- The sellers (creators) mint and list their NFTs for sale by providing the appropriate info.
- The platform admin verifies and approves NFT products for listing if all requirements are met.
- Interested buyers can place bids or offer a fixed price offer on their desired NFT item, and the amount is taken from their crypto wallet and kept on hold.
- Offers and bids may be accepted or rejected by sellers. Bidders who are rejected can receive their money back right away.
- If the bid is approved, the cost retained is released to the seller, and the NFTs are transferred to the buyer.
How to develop an NFT marketplace?
Building your NFT platform from the ground up requires significant time. You must pay close attention to everything, from the technical stacks to the blockchain network integration.
This option is feasible for well-established businesses but not for entrepreneurs. Much to their delight, a white label NFT marketplace is a one hundred percent customizable NFT marketplace developed to list and trade NFTs without hassles.
Since it is a read-made platform, it can be modified per your business requirements. The solution has become the most favored option for entrepreneurs seeking an instant and budget-friendly way to enter the NFT space.
Seven inevitable features of an NFT marketplace
If you are into the NFT marketplace development process, you need to incorporate the features mentioned below surely:
Storefront – Displays an NFT item’s info, such as its description, owner history, and price.
Listing portal – The feature allows creators (sellers) to list their NFTs for sale by including the essential details.
Search and filter option – These features improve user experience on the platform by allowing users to find the NFT items they are looking out for quickly.
Crypto wallet – Securely stores users’ NFTs and cryptocurrencies.
Bidding portal – Buyers can place bids on NFTs and observe real-time bidding history using this feature.
Admin portal – The platform admins can enable NFTs for sale, view analytical data, and glance at user traffic statistics.
Alerts and notifications – These options provide info to users about new offers, updates, announcements, airdrops, and bids.
Steps involved in developing an NFT marketplace
- Select the right blockchain platform
- Thoroughly analyze the project scope
- Choose the tech stack
- Design UI/UX
- Coding of front-end and backend
- Programming of smart contracts
- Setting up database and IPFS
- API integrations
- Test runs
Cost estimation for NFT marketplace development
Here’s a list of factors that play a vital role in deciding the price required to develop an NFT marketplace.
- The performance and efficiency of the platform
- The blockchain technology you’ve chosen for your NFT platform
- Customization options
- Number of features that you incorporate into the platform
- The level of security
Are you curious about developing a professional NFT marketplace platform? Finding and approaching the leading NFT Marketplace development company and having your platform designed, developed, and deployed following your specifications are all you need to do to get started.
A top and reliable NFT development company not only focuses on marketplace development but also offers you a whole range of services, including NFT marketing services, NFT gaming platform development, NFT launchpad development, NFT exchange platform development, NFT minting platform, and more.
Invest your time researching such firms, and never miss out on the golden opportunity of becoming the next NFT bigshot.
Tips to spot the right NFT marketplace development company
Below are some tips to assist you in selecting the right NFT marketplace development company.
- Examine the company’s portfolio.
- Look up client testimonials and user reviews.
- Verify the industry experience of the firm.
- Check whether the firm has a perfect business strategy that meets your business objectives
- Check how fast they respond to your queries.
- Verify whether the firm has examples of similar NFT projects.
- Examine and compare their project development cost, duration, and other factors.
- Ensure that the firm has immense knowledge in blockchain, token standards, minting process, and smart contacts.