There is no doubt that Non-Fungible Tokens (NFTs) have made a huge buzz in the whole world. Each NFT is protected by a distinctive digital ID and it cannot be interchanged and divided by investors.
The number of transactions and trading volume of these unique cryptographic tokens have reached sky-high levels on dedicated NFT marketplaces. Some of the well-known NFT marketplaces in the industry are OpenSea, Rarible, SuperRare, Decentraland, Mintable.app, Nifty Gateway, CryptoSlam!, NBA Top Shot, and Sorare.
What is the NFT marketplace?
NFT Marketplace is a well-functioning peer-to-peer trading platform for buying and selling a huge number of crypto collectibles. It contains details of the top-selling digital assets and the leading collections sold by content creators. This ensures that the investors make the right investment decisions.
The content creators have to organize an auction for a specific duration. It must contain details of the price of the NFT, the deadline till which bidding is permitted from crypto investors, a description of the asset and accepted payment methods.
The NFT marketplace can also offer limited edition NFTs that are available for sale for a short time. And it is mostly utilized by artists, gamers, designers, and musicians. The NFT selling platforms are compatible with ERC-721 and ERC-1155 token standards.
How does an NFT marketplace function?
- The crypto investors have to register on the NFT marketplace by submitting the required information.
- They have to create an account on crypto-compatible wallets like MyEtherWallet, MetaMask, Trust, and WalletConnect.
- The content creators can list their rare creation in the form of an NFT on the selling platform.
- The NFT creators can edit their crypto collectibles anytime. They can change the description of their creation, banner image, and collection icon whenever they wish.
- The prospective NFT investors can search for their desired NFT based on price, collections, and the name of the creator.
- They can purchase artwork, games, sports goods, apparel, trading cards, domain names, and other utility assets.
- A specific amount of cryptocurrency can be transferred from the investors’ crypto wallet to the creator of the NFT.
- The NFT gets transferred directly to the buyers once the content creator gets the crypto payment.
- All the transactions executed and the trades processed are stored in an immutable manner on the blockchain network.
- The NFT trading deal gets completed successfully.
The step-by-step process for top-notch NFT marketplace development
- Understanding the business goals and operational scope planned by the entrepreneur to set up a decentralized NFT marketplace.
- Hiring skilled team members like blockchain developers, smart contract creators, website designers, mobile app developers, marketing specialists, finance managers, QA testers, project managers, and technical support staff.
- Assembling the required tech stack for the development of the NFT marketplace. It includes technologies like MongoDB, Solidity, AngularJS, Express.js, Node.js, Spring Framework, and React Native.
- Formulation of guidelines for content generation, investor protection, privacy, and security.
- Preparing a detailed list of features and functionalities to be included in the NFT selling platform.
- The NFT marketplace can be established successfully on different blockchain networks like TRON, Binance Smart Chain (BSC), Ethereum, and Polkadot.
- Involving in extensive front-end and back-end development by setting up the user interface and operational server.
- Integrating the smart contract which is a self-executing program that works on the satisfaction of predefined terms and conditions.
- Rigorously testing the speed and performance of the final version of the NFT marketplace to remove technical bugs and vulnerabilities.
- Launching the NFT marketplace officially in the market to start trading operations.
Where to start for kickstarting NFT Marketplace development?
- Entrepreneurs looking to get a stronghold in the cryptocurrency industry can commence efforts for NFT marketplace development. They need to have solid market knowledge of how cryptocurrencies and NFTs technically work.
- They need to formulate a business model which includes details of the cost structure and the various sources of revenue.
- Unique NFTs sell at a high rate in the market. Hence, the entrepreneurs need to decide the Unique Selling Point (USP) of their NFT marketplace, and the problems it can solve successfully. This will help to distinguish themselves from the ultra-competitiveness in the market.
The important features to be included in the NFT Marketplace
The comprehensive storefront – It must have the operational capacity to list millions of NFTs sold by content creators. The NFTs must be included with details like price, bidding time, the name of the content creator, total bids received from crypto investors till now, a short description of the digital asset, and previous ownership history.
An advanced search and filter option – The users must be able to discover their desired NFTs by mentioning details of price, name of the NFT, the content creator, and drops. It should be divided into several categories and subcategories.
Easy listing of NFTs – The content creators must be able to list their NFTs quickly. They have to add information like name, description, tags, and upload the file. A collection manager or a relationship manager should approve the listing of the NFT on the NFT marketplace soon.
Real-time sharing of notifications – With so many NFTs getting launched in the market daily, the investors can be shared with real-time information about the “Hot Bids”, “Hot Collections” and “Best Selling Items”. This ensures that they make the best purchasing decision while investing in NFTs.
Other data like changes in prices of NFTs, the status of bidding, the status of listing of the NFT, and the launch of new collectibles can also be shared with the crypto investors.
Acceptance of multiple payment methods – Immediate fund settlement is assured for the content creators as payments are made by the crypto investors through debit cards, credit cards, and net banking. Crypto wallets like MyEtherWallet, Coinbase Wallet, Fortmatic, MetaMask, Trust, and WalletConnect.
A rating and review system – The investors can publish their ratings about the value of NFTs in the integrated review system. This creates a lot of transparency and reliability about the NFTs sold by its creators.
Content protection measures – The unique NFTs created by the content creators are protected from copyright infringement, misuse of their intellectual property, and duplication.
The key factors to take into account while building an NFT marketplace
- Complying with the local or national cryptocurrency regulations imposed by the authorities.
- The choice of the tech stack, since it directly impacts the ease of trading NFTs and the overall user experience.
- The extent of integration with multiple blockchain networks and operational platforms.
- Extensive testing of the NFT marketplace on well-known testnets and servers.
- The kind of crypto wallets and payment gateways to execute transactions and process NFT trades quickly.
What are the high-quality services provided for NFT Marketplace development?
- Customized NFT marketplaces for the easy sale of music, games, artwork, domain names, trading cards, and sports products by the original creators.
- A decentralized NFT marketplace in the form of a 100% white label solution.
- The NFT marketplaces developed come with several advantages like cross-chain integration, governance rights for the NFT investors, easy monetization of content without the involvement of any third parties, multi-currency support, and provision of attractive incentives.
- Clone solutions of popular NFT marketplaces such as OpenSea, Rarible, Decentraland, and Xeno NFT Hub.
- End-to-end compliance with various token standards like ERC-721, ERC-998, and ERC-1155.
Rather than spending huge investment and time from scratch, the entrepreneurs should go for White-label NFT marketplace development provided by an experienced development company.
The well-versed developers use cutting-edge technology along with API and SDK integration. The entrepreneur can add the firm’s brand name, logo, and color theme to personalize it. They can include any kind of features they wish in the blockchain NFT selling marketplace.
NFT’s have immense power to positively transform the functioning of several industries across the globe. Entrepreneurs need to develop a technologically-agnostic NFT marketplace to make full use of this game-changing phenomenon.