Presently, the best industry to provide a steady income source for talented digital content creators is the NFT marketplace. NFT’s in art and games innovates several services and benefit the user and creator. It stimulates the appearance of better tech solutions for the industry.
NFT marketplace development presents an opportunity for talented people to showcase their skills and create unique collectibles. They can list these collectibles on the marketplace and earn a profit from the sales. This article explains the essentials of the NFT marketplace and NFT marketplace development. If you want to build an NFT platform and reap the rewards that NFT brings, then this is the article for you.
What is an NFT?
An NFT or Non-fungible token is a unique digital asset built using the power of blockchain technology. An NFT can be anything from a digital image to a tangible real-world asset. A user can turn any asset into an NFT if the platform supports digitization. It means that tangible and intangible products can become NFTs.
NFTs can be traded, bought, or sold on a platform called the NFT marketplace. Many businesses invested significant capital and time into NFT marketplace development and planned to reap the benefits NFTs provide. The features provided by an NFT marketplace are one reason why NFTs dominate the digital landscape.
What are the Most Popular NFT Marketplaces?
Many NFT marketplaces exist in 2021. These platforms provide an excellent opportunity for content creators to profit and art collectors to expand their collections. Listed below are the most popular NFT marketplaces in the industry.
OpenSea – This platform is the first name when thinking about an NFT marketplace. Here, users can find different types of NFTs like trading cards, artwork, sports videos, etc. Collectables and trading cards are the most sold products on this marketplace. There are more than seven hundred projects available for purchase.
Atomic Hub – Here is another equally popular NFT marketplace. It operates on the Wax blockchain and enables users to trade items through the Wax coin. The platform makes it easy for users to create an NFT collection quickly. Here, users can also select a common theme for the collection or create a new one from scratch.
SuperRare – This platform is among the latest entrants to the field of crypto art. The signup and verification process is challenging to newcomers, and the platform requires Ethereum to participate in exchanges.
Benefits of Investing in NFT Marketplace Development
The NFT business is rapidly growing. In 2019, the market was worth 141 million USD, and in 2020, market capitalization reached 338 million USD. Another excellent example of NFTs becoming successful is the sale of Jack Dorsey’s first tweet, an NFT that sold for nearly three million USD.
Other successes include NBA’s Top Shots, a system worth 230 million USD today. In 2021, Also, big names like Taco Bell developed and launched non-fungible tokens, which achieved success in the digital space.
This information highlights how NFT marketplace development makes sense. As more people wise up to the benefits of NFTs, now is the time to take advantage of the trend and earn a profit.
Must-have features for any NFT Marketplace to have
Before we delve into NFT marketplace development, let’s look at the primary reason people like NFT marketplaces in general.
The storefront is the first thing a user sees when they log in to the site. This section should contain information like bids, owners, featured NFTs, preview, price history, etc.
A good NFT marketplace will make the customer spend minimal effort in finding the product they want. Ensure to provide a search bar for the user to find exactly what they want and have filters for refining the search.
Give the users the facility to mint and sell their NFTs. Ensure the minting process is rapid, accessible, and easy to grasp. Have a page where the user can submit the file, enter the required data, and add a description. Then, a single button is pressed, and the site will turn the asset into an NFT.
Also, a listing status will help users check the state of their confirmation process. This feature can help for verifying a user’s collection.
Make it possible for users to purchase NFTs and bid on them. This feature is the foundation on which the rest of the NFT marketplace operates and can attract users to the site. Some users prefer flexible pricing and don’t want to buy NFTs at a fixed price.
Also, ensure to have an expiration date for any auctions held on the site. Participants in the bid can check the current status of their proposal and can place new bids if required.
Provide users with a safe place to store and receive their NFTs. A typical NFT marketplace comes with a wallet where users can submit and save their tokens. It is beneficial to integrate the marketplace with services like Coinbase or Metamask. This feature requires you to make it simple to obtain, store and submit tokens.
How to Develop your own NFT marketplace [Step-by-Step]
Decide the audience type you want to develop the NFT marketplace for. This step requires you to research the competition and see the audience the marketplace caters to. Learn about the audience preferences, their likes, dislikes, and their requirements. That way, you can fine-tune your approach during the development process.
Define the Project
Define the project and what you plan to achieve from developing this project. This phase is also where you gather the product documentation. The documentation can be an arduous and routine task; however, the process will save you time during the development process. Having product documentation when approaching an NFT marketplace development company; makes it easy to develop the product.
Design the NFT Marketplace
Now it is time to choose the stacks best in line with your vision.. You can save time with a white label solution while designing the marketplace from the start will cost a lot and take time too.
Examine and Launch
This stage requires you to test the NFT marketplace before launching. Here, you discover every glitch, bug, or mistake a user can encounter and fix them. Software examinations ensure the project runs as it should. This step is vital to ensure the site’s credibility and performance.
Also, ensure to provide post-launch support to the site. This step ensures the quality of life for the platform and can keep it relevant among the target niche.
What is the cost of developing an NFT Marketplace?
The cost required for NFT marketplace development is something every company and entrepreneur considers. For starters, the amount of work needed to complete the projects affects the final price. Also, choosing the platform to launch the marketplace on will change the cost. Other factors that can define the price include:
· User interface and user experience development
· Security protocols
· User profile generation
· Product page
· Admin Panel
· User and creator panel
· Crypto wallet integration
In total, you spend more than one thousand hours developing the NFT marketplace. The price for creating this product varies based on the country and team developing it.
How to earn money with the NFT Marketplace?
NFT’s growth and popularity proveroves that this is no passing trend. In terms of profits and providing unique assets for collectors, NFTs offer plentiful opportunities for a savvy business to profit. It comes down to implementing the right features and revenue generation mechanics, and you have a steady revenue source.
With more NFT marketplaces launching every day, the industry will be over-saturated with marketplaces. Now is the time to take advantage of a unique NFT platform, make a name for yourself and generate revenue.