Non-fungible tokens (NFTs) are making people go gaga! But what is NFT, and why are people searching, scrolling, and spending big bucks over NFT Marketplace Development? Are all of these questions for you too? Explore your answers here in this article.
We’ve seen elders collect assets like Gold, Property, and whatnot! We guess that’s what people in 2022 are doing, albeit the method is different. Rather than collecting tangible assets, the modern generation has their eyes on the ‘digital assets.’
You won’t believe it, but people across borders are actually spending Billions of US Dollars on these fancy Digital Art Pieces! It took Bitcoins over a decade to reach US$69,000, but an NFT took only a couple of months to reach a sales value of US$69 Million! Okay, so coming back to the critical points of this blog, we’re going to learn a little in-depth about what NFT is and why 2022 is the right time to look for an NFT Marketplace Development Company. And what beneficial features do you need to include while developing them?
What is an NFT – a brief explanation
NFT or Non-fungible tokens come in many forms. To be precise, Art, Music, Videos, Game Items, and everything that represents a real-world asset can be sold as NFT!
These have been in the market since 2014, but they have gained steep popularity only in recent times.
Unquestionably, NFTs have become a ‘one of its kind’ way of trading digital artwork.
What is an NFT Marketplace?
NFT Marketplace is nothing but a place or platform in a Metaverse environment where people can easily buy and sell Non-Fungible Tokens. These Tokens can be auctioned as well at eye-catching prices! The buyer or seller only needs to have a crypto wallet in order to make transactions. These crypto wallets are also used to store the tokens.
To name a few, Crypto.com, Binance, and OpenSea are amongst the top-shelf NFT Marketplaces in 2022. Users can build an account, upload their digital artworks, and sell them on these Marketplaces! The environment that is used to sell these NFTs is created by Metaverse. Using Metaverse creates a safe and secure passage to sell your digital assets as NFTs.
So, if you want to get started with trading NFTs, then why not build your very own marketplace?
How to build your own NFT Marketplace?
What NFT is all about and how to create an NFT marketplace for business purposes are the two most common questions we often receive from clients worldwide? Well, the first question is already there to explore in this article; the latter is followed by down here. All you need is to follow a few simple steps given there.
Research Your Audience
Before you build the platform, you must know who your audiences are and what they want to have from your platform. Knowing your audience will help you personalize your platform.
Unique Domain Name can Set Things Apart
A domain name represents your business, and mostly it’s the name of your business. Therefore, be sure of choosing a unique and that connects your business—talk to a domain hosting service provider to help you choose the best fitting domain name.
You must have selected your technology partner, and hence it is time to create a unique design for your NFT marketplace. You must research your market, and your software vendor may have also suggested a clear image of your marketplace. You may also ask them to show a prototype and wireframe that clears the vision of your marketplace. The UI/UX is the essential part, and you take it seriously while it is being coded and designed by designers.
Integrating Digital Wallet
You can consider integrating third-party KPI as a digital wallet. You can explore plenty of them, though MetaMask and a few others are rumored successful digital wallets.
Choosing Blockchain Model
Blockchain is the most crucial part of the NFT marketplace that ensures secure transactions and other business operations. Hence it is vital to choose the right Blockchain platform after examining its strength and reliability, and Blockchain models with a strong community will be the most important to determine.
Categories & Listing
You must have researched your audience and know what regionally they are attracted to. Based on the research, take decisions on products and the trading services for your marketplace.
Decide the Features Carefully
Your software providers will help you with the features you need to integrate into your NFT marketplace. There will be some standard features, while most others will be based on the type of services you provide. Implement the features that better serve your customers.
Testing and Deployment
Your technology will take care of development and testing simultaneously. Still, you need to make sure the final product is perfect to launch. You can have a personal tester complete rigorous testing or ask your vendor to do it right before launching. Once the product is thoroughly tested and bug fixed (if found), you are all set to deploy it for the public to use.
Well, talked about steps, but if you don’t want to go through the custom path, we will say White Label NFT Marketplace is the wisest, easiest, and the best way to build one!
Getting a White-Labeled Marketplace is the investors’ first choice because this solution is 100% customizable. Apart from this one significant advantage, a White-Labeled solution is much more affordable and requires only a minimum development time.
A good few other reasons to choose a White-Labeled NFT Marketplace Development Company are:
It is a One-stop-shop
This Marketplace has every necessary element that a user needs to buy or sell an NFT. The entire package contains a bunch of components to make the Marketplace work as a whole.
Rigorously Market Tested
The Marketplace is extensively Market Tested in order to make it seamless and user-friendly. A Team of Experienced Testing Specialists works on the White-Labeled Marketplace Testing Process to guarantee utmost efficiency!
Added Layers of Security
The White-Labeling Experts integrate high-end security mechanisms to guarantee protection against possible threats and attacks! They employ Security Techniques like DDoS and SSL striping to prevent server downtime. Also, E2E and 2F authentication is put to use to improve the overall security of the White-Label NFT Marketplace.
Essentials Features To Add To Your NFT Marketplace
Have you already made up your mind about launching your own NFT Marketplace? If yes, remember that only a Feature-Rich Marketplace stands a chance to become successful in the shortest time possible!
Thus, to make your life plain sailing, here are a bunch of Life-Enhancing NFT Marketplace features that must be included on the platform.
An appealing Storefront
An attractive and intuitive Storefront is fundamental. Since the Marketplace is no different than an eCommerce Site, it should contain pretty aesthetic visuals and information for every display file.
Showcase the information in a way that NFT Buyers could efficiently study the authenticity and provenance of the files that are up for trade.
A detailed Item Search Option
While developing the Marketplace, it is essential to include an exclusive Item Search Option because today’s buyers hate to scroll and swipe for hours to find what they want. Besides, this function fuels a little extra speed to the NFT Purchase Process!
Filters! Filters! Filters!
A systematic sorting is one of the most critical NFT Marketplace features. This feature is all meant to help buyers get an excellent user experience. The actual NFT Investors or ‘Collectors’ are very particular about their Time. Thus, filters come in handy to help them sort through the files! Include filters such as sorting items based on different Categories, artists, Price, Rarity, Rating, and more!
Straightforward, Easy, and Quick Listing Feature
NFT Marketplace shall be developed keeping in mind both the buyer and seller. Thus, include step-by-step uploading instructions for those who want to list an NFT File and a crystal clear form that provides the sales information.
The new-age buyers are very concerned as well as careful about their Crypto Wallet’s security and other related financial information. Thus, when you are planning your NFTs Marketplace Development, include a feature wherein the Users can use their regular crypto wallets!
Popular Selling Mechanisms – Buying and Auction
NFT Marketplace developers usually offer multiple selling methods. Several famous artists believe that Timed Auctioning often raises the prices and value of the Art pieces! Therefore, make sure that the Marketplace provides real-time bidding information in the Auctioning Process because, towards the end, bidding does get a bit Intense!
On the other hand, direct buying and selling are far simpler!
Current NFT Marketplace examples
If you are fascinated with NFTs buzzword and want to understand it deeply, NFTs marketplace could be the getaway to participating and exploring it from the root level. No doubt, it’s a new trend, you can explore plenty of NFTs marketplace examples. Let’s take some of the top examples of Best NFTs marketplace;
- Axie Marketplace
- Larva Labs/CryptoPunks
- NBA Top Shot Marketplace
OpenSea: It’s said to be the leader of NFTs marketplace and offer free signup and various other offerings.
Rarible:It’s similar to OpenSea and offers all kinds of art, videos, collectibles, and music to be bought, sold, or created.
Axie Marketplace:It’s a marketplace for the video game Axie Infinity where players can buy new Axies and other items to play or use within the game.
SuperRare:Almost clone to Rarible albeit unique NFTs marketplace for digital creators.
Larva Labs/CryptoPunks:Once free in 2017, Larva Labs aka CryptoPunks is the most popular name in the NFTs arena. It has sold some CryptoPunks for millions of dollars. It deals in digital art projects.
Foundation:Digital arts are using Etherium sold on the Foundation app. It’s popular because it was launched in 2021 but has sold over $100 million of NFTs so far.
NBA Top Shot Marketplace:This NFT marketplace provides collectible moments, such as videos, match highlights, and others from the National Basketball Association and Women’s National Basketball Association.
What NFTs Mean for Brands
Did you know Beeple’s NFT, which is an art piece created by an artist was sold for $69 billion in 2021?
As we have mentioned earlier that NFT took only a couple of months to reach a sales value of US$69 Million, the future is vivid and it is coming with great value for brands who want to experience a complete digital marketplace to sell their products, assets, art and other works.
Cost To Develop NFTs Marketplace Development
It depends. Yes, plenty of factors are involved that drive the cost of building an NFT Marketplace. For example,
- Project complexities
- Your objectives -What do you want to achieve with the platform
- Who builds your project
However, you can get the final estimate after you approach your vendor with the project scope.
No one is denying the fact that NFTs Marketplaces are the new-world auctioning places! And since their popularity is ballooning with each passing day, now is the right time to find a perfect NFT Marketplace Development Company and launch your own Digital Asset trading platform!
Want to get more information about NFTs and how it works, connect with us and get the solution whether it is consultation or NFTs marketplace development.
FREQUENTLY ASKED QUESTIONS
1. How long does it take to develop an NFT marketplace?
As discussed earlier, the cost and time to develop an NFT marketplace depend on many factors. With respect to time;
- The project complexity
- The number of features
- The platforms you choose
- The tech stack, etc.
A standard NFTs marketplace with common features may take 4–6 months, though it can go up, based on the expertise level of the NFTs marketplace development company.
2. How do I create a marketplace for NFT?
If you want to build your own NFTs marketplace, make a robust business plan and create a project. Now, come to us and we help you shape it into a real product.
3. Are NFT marketplaces profitable?
Honestly speaking, the success of NFTs marketplace depends on the business plan and product/services you want to sell over. However, it’s a new trend and provides lucrative benefits to both investors and customers. So, it has huge potential today. Want to understand more about it? Contact us today and we explain things in detail.
4. Do You have Expertise in building NFTs marketplace?
Yes, we have worked on various NFTs projects since 2017, and we vetted engineers who have worked on simpler projects for many years. You can connect with us and talk to engineers regarding your concern about the NFTs marketplace today.