Technology has taken a transition towards Web3.0 and Metaverse. Many industries use the latest technologies like Blockchain, Virtual Reality, Augmented Reality, Decentraland, NFTs, and Cryptocurrency to design next-gen solutions.
Among above-mentioned technologies, NFTs are the new talk of the town. Numerous industries are already leveraging its benefits, including Real Estate.
In the real estate business, NFTs have gained immense popularity as it reduces the risk of fraud activities, implements automation, and provides better judgment on proof of ownership and settlement.
So, if you are looking to develop your own real estate marketplace, there are several things you need to consider, such as budget, product scope, scalability, competitor analysis, etc.
Here, we have compiled a list of essential features that you can include in your product roadmap and ask your NFT marketplace development company to integrate them into your platform.
Key Features of Real Estate NFT Marketplace
Storefront is the main dashboard of the platform through which users can access essential information quickly, such as description, price, ownership, views, etc. With all the necessary information on the Storefront, users can easily interact with the application. The dashboard should be attractive, informative, and intrusive and provide a seamless user experience.
Use filters and search bars to make it easy to navigate the NFT marketplace. A real estate business has to deal with a lot of trading paperwork, and with the filtering feature, users can easily manage and sort the trades as per various categories.
Step-by-Step Trading Process
The real estate business requires complete transparency in transferring the ownership of property. That is achievable in NFT real estate marketplace development by providing a step-by-step path for the user to trade properties.
Not only does transparency in the trading enhance the trust among users, but it also improves the user experience.
Make a clear and documented policy to sell and purchase properties to make your users aware of your selling policy. It is necessary to provide accurate information about the property and its status. Also, features like push notifications can alert users of the actions taken on the properties in the real estate marketplace you are interested in.
Your marketplace informs the buyer about the authentication of the real estate NFT and its history.
Your NFT marketplace would need a digital wallet to initiate real estate property transactions. Integrating cryptocurrency in the trading makes the process to pay, receive, or store amounts on your account on your real estate NFT marketplaces.
With enough budget, you can develop your custom wallet or integrate a crypto wallet like MetaMask to carry out various transactions and streamline the trading process.
Effective Auction System
This is the prominent feature of the real estate NFT marketplace as the whole NFT marketplace is based on an auction mechanism. Whatever property is up for auction, the platform must update real-time information about the bidding process. Also, it is necessary to provide the watchlist for the bidder’s details.
Ensure that the features you select to implement in the NFT marketplace are technically feasible. You can hire Blockchain development services from a reputed company to facilitate the creation of your real estate NFT marketplace.
Apart from that, provide full support and maintenance services to your NFT marketplace users to solve their queries.