NFT has become lucrative in recent days. Opting for such a thing now will make you a trendsetter in the near future. The non-fungible token marketplace can be defined as a digital platform that allows collectors, investors, and creators to store, display, buy, and sell non-fungible tokens in one place.
NFTs are digital assets created with Blockchain technology, and the tokens represent unique digital artworks such as design, artwork, stamps, pictures, music, and more. There would be something in the minds of developers. That is what led to the betterment of such an environment.
If people are ready to invest millions of dollars in fancy digital assets, why can't they build a business out of it?
Here is something you should know. Bitcoin took a little more than ten years to reach $69,000. In less than a month, a random NFT, a one-of-a-kind crypto token in the form of a JPEG image, sold for $69 million.
If building an NFT marketplace is what you are bound to, then this is the right time to hop in, and you are at the right place. Let's see more about the things that you should be aware of with the development of an NFT marketplace.
When more people realize they can speculate on memes, images, and other digital content, starting an NFT marketplace presents a unique business opportunity. Whether NFT prices rise or fall, NFT stores profit from commissions.
Which blockchains you want to support is one of the most important decisions you'll have to make before starting an NFT marketplace. At the moment, Ethereum is a highly congested network that cannot be relied on as a single platform.
You would be able to find a way to incorporate elements of decentralized finance into your NFT marketplace to expand its applicability and value. Let's get into business straight away.
Reasons Why Building an NFT Marketplace in 2022 Is a Good Idea
Developing such a platform would be a profitable business, and that's why many companies have become frontrunners in these developments. There are a few debates regarding the same.
A Brand New Niche in the Crypto
In the world of cryptography, NFTs are a relatively new concept. As we speak, the concept of cryptographically secure and verifiable ownership of digital (and sometimes even physical) assets is gaining traction.
Because, at its core, an NFT marketplace is nothing more than an e-commerce store where people can buy and sell virtual goods. However, there are enough images, videos, songs, e-tickets, in-game items, and other digital assets to stock up as many NFT marketplaces.
That is to say, the industry is very accepting of newcomers as long as their products provide value to customers.
Gains
The insane gains largely influence the entire NFT craze that crypto allows. I believe that only a small group of true crypto enthusiasts purchase non-fungible tokens to brag about their collection.
The majority of people get involved in this to speculate. Any marketplace that takes commission cuts will be profitable as long as it continues.
Successful NFT Marketplaces
The most successful NFT marketplaces include OpenSea, Axie Infinity, Decentraland, ZedRun, Rarible, SuperRare, NBA Top Shot, and Foundation. Let us know about them.
It is the largest decentralized marketplace for buying and selling crypto-collectibles where creators and customers interact peer to peer.
Rarible is an Ethereum-based NFT marketplace with an NFT market index showcasing the circulating supply of different digital collectibles.
Axie Infinity
The Axie Infinity marketplace platform is a unique marketplace that only trades the Axie Infinity ecosystem's in-built assets and Axies. It is a blockchain-based digital game that focuses on battle-style play.
Decentraland
It is a decentralized virtual world built on the Ethereum blockchain. The Decentraland NFT marketplace is an excellent example of a virtual reality marketplace game where users can play games, earn NFTs, and interact with other users.
SuperRare
It is an Ethereum-based NFT marketplace that focuses on curating and selling exclusive crypto art.
NBA Topshot is a Dapper Labs NFT marketplace that allows users to buy and sell video clips, player cards, and other collectibles as NFTs.
Zed Run
An NFT-based horse racing game like Zed Run functions similarly to a real-time horse race in that you can bet on a horse and win to earn money. It is completely built on blockchain technology.
Foundation
The Foundation is an Ethereum-based platform that aims to establish a new creative economy.
Features of an NFT marketplace
The development of an NFT marketplace wouldn't be feasible if we did not include its core features.
Storefront
Registered users can access information about NFTs bidding, owners, previews, minting of NFTs, price history, and listing approvals through the storefront.
Filters
Filters for easy navigation of NFT categories, payment methods, listing status, and collections across the NFT marketplace platform feature thousands of digital assets and collectibles for sale.
Search
A search feature will aid tagging and category management. It will make it easier for all active users to search for collectibles across the platform.
Create Listings
Create listings to allow artists and creators to upload digital artwork to the platform, submit token details, and make NFTs available for auction.
Wallets
Users will be able to store, send, and retrieve funds for Non-Fungible Tokens in real-time using wallets.
Collaborator
Add Collaborator to allow sellers to designate a collaborator who will be responsible for changing collection settings, adding new items, receiving payments in the form of NFTs, and making necessary changes to the royalty payout address for the collection.
Bidding and Buying
All registered users can use the Bidding and Buying feature to start bidding on and purchasing NFTs that are up for auction on the NFT marketplace platform.
How to Choose a Stack?
The technologies for creating a marketplace will depend on the blockchain technology you choose to implement. It doesn't matter as far as the front end goes. You can build mobile and web front ends with Node.js and React, and for mobile, you can use React Native/Flutter or Swift/Kotlin.
The front end and back end will be connected with blockchain technology thanks to Web3.js. One thing to think about is using ready-made frameworks like Infura or Moralis, which make any blockchain development task easier. Moralis, for example, has a dedicated NFT API.
Steps to building an NFT marketplace
- Select the right blockchain.
- Identify an audience.
- Create a suitable UI for the NFT Marketplace.
- Specify operational domains.
- Choose tokens.
- Develop Smart Contracts.
- Test and deploy marketplace.
Follow the steps in building a marketplace that is a profit maker in the future. However, the use of smart contracts will make the setup handy and create an environment that is free from risks and hacks.
NFT Marketplace Development Cost
The cost is an important factor in the development of an NFT marketplace. The cost varies according to the features you choose and the requirements you make. Hence, frame your budget and name the requirements that match the cost.
Revenue Source for your NFT Platform
Most NFT exchanges make money by charging a commission on each traded NFT. To encourage users to join and mint their own NFTs, some companies have eliminated fees for adding NFTs entirely. On the other hand, the fees will always apply to both sellers and buyers.
Overall, monetization strategy is another area where new ideas can be implemented.
Conclusion
Hence, NFT marketplace development in today's world is essential. You can gain help from blockchain development companies to set up a well-deserved NFT marketplace in order to gain success. You can be the frontrunner and enjoy more profits in the upcoming years.