Hola Readers! Isn’t it palpable that the NFTs have picked up steam in the investment sector? As per the data of nonfungible.com, the number of sales of NFTs of different sorts is 205,082 (while writing this). And the sales volume in total is $587,801,089.46 (to date). Recently, OpenSea, one of the leading NFT marketplace surpassed $10 billion in sales. Some of the other NFT marketplace giants are Rarible, SuperRare, Foundation, Nifty Gateway, etc.
For the NFT marketplace development, you will need a seasoned troop of marketplace developers and a well-structured business plan from your side. Gluing to this blog will give a pile of insights into creating your own NFT marketplace that will be a significant investment.
What Is The Underlying Definition Of NFTs?
Non-Fungible tokens can be called virtual or digital tokens that are used to claim ownership of any asset that is added to the blockchain-supported NFT marketplace. And there is no limitation to the type of assets that can be converted into an NFT and minted. Hence, NFT is for all!
Some Record-Breaking NFT Sales
- Beeple’s “Everyday:First 5000 days” is to date one of the NFTs that has the privilege of being listed in the record-breaking NFT sales. This digital artwork was sold for $69 million at Christie’s auction.
- And Beeple is again with another NFT and this time a digital video. This video NFT of Beeple is named “Human One,” which depicts an astronaut figure walking on a surface. Christie’s auction house expects the sales rate of this video collectible of Beeple to surpass $15 million, which will be up for sale from next month.
- Another famous NFT is the “Disaster Girl.” You could have seen a meme template featuring a burning house and a girl standing in front of the house and giving a wicked smile. This meme was viral until a few months back. Recognizable? Yes, this meme template was converted into an NFT and sold for $500,000 by Zoe Roth (the girl in the disaster meme) in 2021.
- Another record-breaking NFT sales that happened in recent times include cryptopunks. Many cryptopunks were sold as NFTs ranging from 4.4 million USD to 11.8 million USD.
These are the much-talked-about NFTs of recent times.
The Typical Working Of An NFT Marketplace
Minting, listing, auctioning, and trading are the processes that take place in the marketplace. Be it creators or buyers – one must sign up for the platform that hosts trading.
- Creators will start by connecting a digital wallet so that the platform will deduct transaction fees, minting fees, etc., from the wallet.
- Now, creators will head to the process of uploading the files, which have to be converted into NFTs. Post uploading the files; they have to claim their NFT by initiating the minting process. If you are quite not sure about the term “minting,” then let me give you a simple annotation. Minting is a non-skippable process as it involves storing the information of digital assets on the blockchain so that it can be featured as a digital collectible or Non-Fungible Token.
- Once it is minted, creators can move into the next phase involving listing their digital collectibles.
- Another step before selling the collectibles is fixing the price of the collectible. Here, creators have the option to select between fixed price and auction-based price. If they choose the auctioning method, they have to fix the minimum bid.
- The auction will happen for a fixed span, and buyers should have to place bids before the deadline.
- And the final step is when buyers get the NFT for which they have placed the bid. Post the execution of smart contracts, and the buyer pays, the collectible will be smoothly transferred.
What Are The Features Wrapped Around The NFT Marketplace?
Storefront has got the purpose of exposing the digital collectibles along with the traits they carry. The common information that gets listed along with the collectible includes name, description, price, payment options, owner, and ratings. Some marketplaces provide an additional set of information regarding the token protocol and the blockchain used. With this information by the buyers’ side, they can validate the collectible.
- Search bar
Finding the collectibles from the search bar is the easiest and time-saving way. To help users sort out their search, the marketplace should include filters alongside the search bar.
- Bundle listing
When creators decide to move their collectibles to the sale, they will have to list them. And the bundle listing is a feature that allows creators to list a set of collectibles in the same list.
- Integrated wallet
The marketplace users will definitely need a digital wallet so that they can preserve their NFTs and the cryptocurrencies they use for buying NFTs. Metamask, CoinBase, MyEtherWallet, and WalletConnect are familiar digital wallets.
- Trade history
The trade history is a feature that lets the marketplace visitors know the overall history of trades that happened on the marketplace. For example, information on the name of the NFT, quantity, price, date sold, etc., will be available.
- Ratings and reviews
Usually, every marketplace platform has the ratings or reviews feature. Users can rate sellers on a rating scale of 1 to 10. Or they can simply like or dislike.
- Push notifications
Any new messages, the status of minting/listing, payments, etc., can be taken to the notice of users through push notifications.
Generally, marketplace platforms will be integrated with bots for instantly resolving the queries of users. Additionally, email and call support should also be made accessible for users.
A Crisp Overview On The Development Of An NFT Marketplace
- Planning the functional and non-functional requirements for your NFT project.
- Finding the right and expertise-rich marketplace development company.
- Eliciting all of the requirements that you have drafted already.
- Developing the UI/UX and back-end of the marketplace platform.
- Testing the platform rigorously.
- Finally, gearing up for the launch phase accompanied by maintenance in the future.
Only with the aid of supremacy NFT marketplace development services can you achieve the goal you have planned. It’s your turn to make a splash into the NFT industry by creating an NFT marketplace.