The NFT marketplace has evolved from a niche market known primarily to industry insiders to the go-to destination for all digital content creators. More artists, designers, art aficionados, painters, and auctioneers visit the site every day. They develop the material, list it on the platform, and sell it to users that are interested.
The proliferation of NFT marketplaces has opened up a slew of new opportunities for artists. These artists can convert their paintings and artworks into digital tokens and sell them on the NFT marketplace. The daily sales and money generated by these platforms demonstrate that the NFT market is booming. As a result, now is the best time to capitalize on this trend and create an NFT marketplace for art.
Read on to know more about our creative approach to NFT art marketplace development.
Understanding NFTs and what it entails
NFT means Non-fungible tokens. It is the most trending term in today’s digital era. To summarize, NFTs refer to a blockchain-linked piece of digital content. Texts, images, audio recordings, trading cards, in-game items, and domain names can become NFTs. Every NFT is unique and irreplaceable. The lack of ‘fungibility’ these tokens have is why we call them ‘non-fungible tokens.’
Characteristics of every NFT Token
Users can trade NFTs NFT owners can monetize their digital assets through auctioning, bundling, and sharing. NFT’s readily-tradable nature ensures they have better liquidity. It effectively provides that there is a large audience ready to buy a digital asset.
Initially, NFT’s were thought to be indivisible. However, recent developments made it so that digital asset owner can sell their NFT in smaller portions. This possibility opens up the chance for more buyers and access to a broader market.
NFT programmability is the same as other digital assets. They can be hard-capped by developers through smart contract utilization. Additionally, users can enforce unique properties on the NFT before launching them.
Most Popular Types of NFT Tokens
Generally, people are confused when they hear about the NFT art marketplace. The first question many people have relates to the implementations and use case of NFT tokens. We’ve listed the most famous examples of NFT minting.
❖ Texts and messages
Any message or text can become an NFT. You can turn inspiring sayings or famous quotes into profitable content. For example, the CEO of Twitter, Jack Dorsey, sold his first tweet on the site for nearly three million USD.
❖ Digital artwork
Every piece of digital art can become an NFT. You can sell a single art piece at a high value or multiple artworks for a discount. There are several artists and digital content creators in the industry plying their trade and selling their work.
❖ Game items and in-game equipment skins
Have you ever heard about CryptoKittes? They are cute, digital collectible art creatures and act as early examples of NFT tokens. A blockchain game of the same name was released three years back and had playable protagonists. This game was the first user of blockchain technology for entertainment and fun. Since then, we’ve seen more games release with the same concept, and all saw viral success
❖ Trading cards as NFTs
The sports industry saw the popularity of NFTs and did not want to miss the opportunity. The NBA, in particular, capitalized on this moment by launching NBA Topshots. Here, users can purchase their favorite NBA moments as NFTs and hold onto them or sell them. Since then, the site has seen more than four hundred million USD in the trade taking place.
Benefits of getting into NFT Art Marketplace Development
Since 2018, the market capitalization of NFT saw a meteoric rise to what it is now. Recent data indicates that the market achieving such heights despite being young is a remarkable feat. The growth of the NFT industry cannot be denied, and every day we see it steadily growing.
NFT transactions and their values also show the trends in the new market. Recently, there has been less interest in games with an increased interest in artistic NFTs. The intensity of events in this sector can be seen in the NFT transaction volumes for various segments. One example of the transaction volume is the NFT digital art piece that sold nearly seventy million USD in 2021. This sale is the third-highest sale made by a living artist.
The data mentioned in the previous paragraph shows the need for investing in NFT art. The demand is high, and it will keep increasing over time. Hence, now is the best time to develop and launch an NFT marketplace for art.
Essential features in an NFT marketplace for art
The NFT marketplace operates differently from the typical Ecommerce websites. Here, artists list their digital artwork for sale. Other users can directly buy the item or participate in online auctions. Building a booming NFT art marketplace requires some features. Listed below are the essentials.
❖ Transparent transactions
Every NFT marketplace operates on blockchain technology. The technology here maintains the data in separate but interconnected blocks. Any change to one block updates the remaining blocks on the network. Hence, blockchain ensures transparency and a fault-less payment process of NFT marketplace platforms.
Any Ecommerce website has an online inventory where they can control the demand and supply of the products. This process also exists on an NFT marketplace website. A thriving NFT art marketplace has a storefront providing information on all the tokens and additional information to help users get started.
❖ Search and filtered view
Search, and filters make it possible for users to find their desired NFT tokens. Integrating this feature reduces the time taken between selecting the NFT art and buying the digital asset. Some of the standard filters used in the marketplace include most viewed, recently listed, prices from low to high and prices from high to low.
❖ Digital wallet integration
A digital wallet is one of the essential features of any NFT marketplace. Users use this feature to send, receive and store their cryptocurrency and NFT and that makes it possible for users to connect their preferred digital wallet to the NFT marketplace.
❖ Buy, sell and auction
Implement a simple buy and sell system on the marketplace along with an online auction house. Ensure that auctions and bids have an expiration date and enable users to make an informed decision. Also, consider adding a watchlist for consumers to monitor the bid status of their auction.
6 Easy Steps to develop an NFT marketplace for art
- Define your niche
- Choose the user roles
- Detail the project requirements and specifications
- Develop the product
- Implement the smart contract token generator
- Test and deploy
The rapid growth of NFTs and the rise of the NFT marketplace highlights that NFT marketplace development is a lucrative venture. Any business, entrepreneur or organization can develop and launch an NFT marketplace.
If you want to develop an NFT marketplace for art, then get in touch with us today. Our company specializes in developing this platform and has several services available. We can also provide a talented team of artists to populate the site with engaging content. So why wait? Get into NFT marketplace development today.