If you’re thinking NFTs are just a passing trend, boss it’s time to rethink that.
They’ve become a real deal on the blockchain, making people good money and sticking around. People from different backgrounds, like painters, musicians, content creators, and more are taking advantage of this trend and making it work for them.
Just to let you know, in one month in 2021, more than 1.5 million NFT art sales were recorded. This was a massive number in a short time.
Not just that, OpenSea has at least 250,000 monthly active users buying and selling NFTs.
Moving forward, when you jump first time into the world of NFTs, you might get confused and frustrated by seeing a lot of different terms.
So, here’s the deal –we’ve broken down a few terms so that it is easy for you to understand them.
So, What’s an NFT?
If we forget complex terminology, in simple words, NFT is a unique digital asset that can’t be copied. You can denote it as a one-of-a-kind certificate of ownership for a specific digital item – be it music, art, videos, or anything digital.
Unlike regular cryptocurrencies like Bitcoin or Ethereum, there is no way to swap one NFT for another because each NFT is unique.
But what about the NFT marketplace; what is it?
Let’s see!
What is NFT Marketplace?
It is nothing but an online platform where users can do things like buy, sell, and trade NFTs. Here artists, collectors, and investors gather to make money from their digital creations or to snag a piece of the NFT pie.
These marketplaces are built using blockchain technology, which is like a super-secure digital ledger that guarantees the uniqueness and safety of each NFT.
Here are some examples of some popular white-label NFT marketplace solutions:
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OpenSea:
OpenSea has been a major player since 2017. The global value of it is worth around $50.1 billion.
It allows creators to mint and sell their NFTs directly, without intermediaries. Besides, some other key points for which it is known for
- its user-friendliness
- low fees
- speedy transactions
OpenSea supports a wide array of assets, from art to collectibles.
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Rarible:
Operating on the Ethereum blockchain, Rarible offers a user-friendly interface for creators to mint and list digital assets.
With innovative features like “burn-to-mint” and a community-driven approach, it garnered significant attention in the NFT space. Also, Rarible offers a governance token, $RARI, with perks for holders.
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Mintable:
This decentralized platform simplifies NFT creation, sale, and management for creators. Supporting various digital assets, Mintable stands out for its user-friendly tools and customizable features, such as storefronts and smart contracts. Built on Ethereum, it ensures security and transparency, along with low fees and speedy transactions.
Why Are So Many People Thinking of NFT Marketplace Development?
Well, here is a list of good reasons:
#1. Reason: Money, Money, Money:
NFT marketplaces offer artists and creators a fresh way to make cash from their digital goodies.
#2. Investment Galore:
As per research, the worldwide non-fungible token market was worth $20.44 billion in 2022 and is predicted to expand at a CAGR of 34.2% from 2023 to 2030.sc
So, as the NFT market gains more and more popularity, NFT marketplaces become hotspots for investments. You can assume as a digital goldmine, and you can own a piece of that treasure by hiring NFT marketplaces development company.
#3. Tech Pioneer:
By diving into NFT marketplace development, you’re not just making money; you’re also pushing the boundaries of blockchain tech and helping it gain even more traction.
How Does NFT Marketplace Work?
This all revolves around the blockchain technology.
When someone creates an NFT, that action gets recorded on the blockchain – think of it like a digital certificate of authenticity. Therefore, if someone wants to buy an NFT, they need a digital wallet that matches the blockchain where the NFT lives.
They pick out their NFT, pay with cryptocurrency, and bam – it’s in their digital wallet, and the ownership is etched into the blockchain for all to see.
Things To Consider While Building An NFT Marketplace:
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Choosing the Right Blockchain for NFT Marketplace Development
The blockchain you pick can significantly impact your NFT marketplace.
While Ethereum is the reigning champion, boasting robust smart contract capabilities and a thriving decentralized application ecosystem, its transaction fees can be a hurdle for budding NFT creators.
Other blockchain contenders, like Binance Smart Chain (BSC), Polkadot, and Flow, cater to different needs.
- Binance Smart Chain: Built for high-speed, low-fee transactions, BSC is a go-to for cost-conscious newcomers in the NFT scene.
- Polkadot: Offering interoperability between various blockchains, Polkadot is ideal for crafting cross-chain NFT marketplaces.
- Flow: Tailored for gaming and entertainment, Flow introduces programmable NFTs, making it an intriguing option.
When choosing your blockchain, scalability, transaction costs, community support, and smart contract capabilities should weigh heavily in your decision.
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The cost of developing the NFT Marketplace:
Building an NFT marketplace from scratch can range from $50,000 to $500,000 or more.
However, if you are opting for a white-label solution, this will somehow cut the costs. Besides these, there are many other factors that impact NFT Marketplace development cost like your development partner’s expertise, the complexity of the smart contract, the blockchain technology used, etc.
Remember, customization, maintenance, and hosting might incur additional expenses. Don’t forget ongoing costs like marketing, maintenance, and upgrades when budgeting for your NFT marketplace.
- Feature to include
Creating a successful NFT marketplace app involves incorporating essential features to enhance the user experience and facilitate transactions. Here’s a quick overview of the key features you should consider including in your NFT marketplace app:
| Feature | Overview |
| Storefront | Central dashboard displaying owner, bids, previews, and value history of NFT assets. |
| Advanced Token Search | Robust search functionality for quick access to NFT information by category or keyword. |
| Filters | Refinement options for categorization, payment method, due time, and listing status. |
| Bid and Buy | Ability to place bids, make purchases, set bid validity, and track bid/offer status. |
| Create Listings | User-friendly interface for sellers to list NFTs with file submission and descriptions. |
| Wallet | Built-in wallet for storing, managing, and transacting with NFTs and cryptocurrencies. |
| Listing Status | Transparency in the verification process, indicating whether collectibles have passed. |
| Ratings | User ratings and feedback to assess the credibility and trustworthiness of marketplace participants. |
Conclusion
No doubt, creating your NFT marketplace is a thrilling endeavor. But with the right partner, meaning the NFT development company you choose, things will get easier.
However, in this post, we have tried to cover the basic yet important factors that you should know before you start your NFT marketplace development.
As the NFT and NFT marketplace demand continues to surge, your venture has a long way to go.