Before you start building your own NFT marketplace, take some time to think about what will make you’re offering special and set it apart from the rest.
Determining a niche can help you cater to an engaged audience that is ready to buy. Having a clear objective is key here. Once you are confident in your offering, it’s time to really get to work.
If you have an idea regarding building your own NFT Marketplace. I hope, this blog is yours.
1. Choose a Blockchain Architecture
For good reason, this first step is easily described as the most complex part of the process. Many other aspects of your venture will be influenced by your choice of blockchain technology for your NFT marketplace.
You have the option of using existing blockchain technology, such as Ethereum or the less popular Solana, Polygon, or Cardano.
Going this route can be costly—we’re talking $50,000+—because you’ll almost certainly need to hire specialized developers to integrate with these existing blockchains.
Following the initial integration, each transaction (sale of an NFT) will incur a cost. Within the NFT space, this is known as a “Gas Fee.”
You can also build your own blockchain architecture, but this can make establishing trust more difficult.
Hansen essentially explains that a homemade architecture does not provide the same guarantees against third parties accessing and altering blockchain records.
“There are so many NFT Marketplace clone script providers of these alternative blockchain architectures, also known as cross chains because they frequently offer optional integration with a major blockchain like BSc, Ethereum, Polkadot, Polygon, Solana, etc.,”
There are a number of such marketplaces on the market, including Opensea, Rarible, and others.
“They all have one thing in common: their users must trust the integrity of these closed architectures run by a single company,” Hansen says. This leads us to the next step: