The outrage of COVID-19 forced museums and galleries to close, causing physical art sales to drop dramatically. This also impacted token-based art sales, hitting $8.2 million in December 2020. As a result, the online markets for digital collectibles are becoming more well-liked every day. We are already familiar with cryptocurrencies, blockchain technology, and the numerous marketplaces people use to buy and trade goods.
Such a market that also serves as a public blockchain platform is the NFT (non-fungible token), which is still developing and becoming more popular.
The NFT marketplace is beneficial for anyone who aims to grow in the digital industry exponentially. Developers and business owners are now more inclined to build an NFT marketplace. Therefore, in this article, from benefits and features to development and cost, we have covered everything in it.
So, let’s go further.
What is NFT Marketplace?
An NFT marketplace is a platform designed for the storage and exchange of Non-Fungible Tokens (NFTs). NFTs are unique digital assets, including text, artwork, images, audio files, trading cards, domain names, and in-game objects, that are stored on the blockchain. To participate in an NFT marketplace, users need a crypto wallet to store their tokens and facilitate transactions. These tokens can be bought or sold, often through auctions or fixed-price listings. OpenSea is an example of an NFT marketplace where users can buy or sell NFT artworks.
Users can create accounts, post-digital artwork, and purchase in an NFT marketplace. Because this marketplace includes everything a customer might need, specializes in selling some online artworks, and has a specific target audience, niche marketplaces are typically more in demand than conventional ones.
As the popularity of NFTs is growing, the developers are now heading to create NFTs for different industries, including:
- Digital Artwork
Benefits of NFT Marketplace
The growth of NFT marketplaces is transforming, and now it is becoming more secure and transparent than ever, which means it has also become more efficient for trading assets. NFT development has several benefits; here, we have highlighted some crucial ones.
Most traditional markets fail to gain the confidence and trust necessary for business transactions. NFTs are built on blockchain technology, guaranteeing that all transactions are transparent to users. This increases users’ trust in a distributed database by providing error-free payment processes and a smooth transaction experience.
· High Level of Security
We all are concerned about security, especially when we decide to step into something new. So, when you create an NFT marketplace, you don’t need to worry about security! The NFT marketplace is entirely secured by blockchain development. You can enjoy all the benefits of highly secure transactions, which protect you from transaction loss and guarantee that no one can steal your digital assets or engage in fraud.
The bonus point is that your assets won’t be deleted, changed, or lost from the blockchain network because they are immutable.
The key to NFT marketplace development is building a decentralized platform. Users can freely exchange assets here without relying on regulators, conventional financial institutions, etc. With the use of blockchain technology, this is doable.
There is a growing market for cryptocurrencies and NFTs, so you should invest in one. Decentralization encourages active investment in digital assets. Thus, the NFT now has more liquidity.
NFT marketplaces also have built-in liquidity capabilities that simplify exchanging or trading NFTs for other assets. Simply said, you may quickly convert your NFTs into other assets without waiting for purchasers to materialize.
· Instant Payments
On the NFT marketplace, cryptocurrency transactions and payments can be made without a user’s full name, address, or credit card number. This enables making prompt payments for anyone simple, quick, and safe.
· Greater Independence
NFT marketplaces are not subject to the same laws and restrictions as conventional internet marketplaces because of their decentralized structure. Users now have the choice and flexibility to buy, sell, and digital trade assets.
You can trace and verify the ownership of NFTs thanks to blockchain technology, which underpins the NFT market. Users can confirm the NFT’s uniqueness and determine its value because of the traceability feature of the NFT. It enables fashion brands and celebrities to sell NFTs worth millions of dollars.
Must-Have Features in an NFT Marketplace
To ensure that the NFT marketplace platform is power-packed and supports the needed functioning, be mindful of the features. The must-have features of the NFT marketplace that our software development service focus on are:
The majority of NFT markets provide functions similar to a dashboard called Storefront. It is easy to draw users in by giving them all the information about an NFT, including its owners, bids, transactions, previews, price history, and more.
· NFT Listings
The platform allows all registered users (creators) to mint their assets and list them. Customers can then sort assets based on various criteria after this is completed. The prices of their NFTs can be mentioned, and the creators can include descriptions.
· Bid and Buy
Creating an NFT marketplace makes it easy for customers to purchase and provide NFTs records on the platform. However, their offers enable users to view details on those offers’ current status and contain a bid validity date.
· NFT Rankings
Here, traders can rank and review NFTs based on their price, trading volume, and other characteristics. Due to this, other users will benefit from knowing more about the NFTs’ ratings and standards.
· Advanced Token Search
Users can quickly search for available NFT assets with this functionality, according to their preferences. To do this, all assets must be arranged according to several categories (For example, memes, pictures, videos, music, art, etc.). This fantastic feature improves the user experience.
· Crypto Wallets
A wallet that enables users to store, send, and receive NFTs and cryptocurrencies should be included in your NFT marketplace. You can develop your wallet or include pre-existing ones into your platform, like Coinbase, Formatic, or MyEtherWallet.
Filters have many advantages. Users can select assets according to the category, deadline, payment type, and listing status. It also gets simpler to navigate a website, including this functionality, if you want NFT marketplace development for collectibles.
How to Build an NFT Marketplace?
So far, you know the features and benefits of the NFT marketplace; it’s time to jump into its development. Therefore, we have discussed how to create an NFT marketplace in detail – here are the steps.
1. Focus on Your Niche
Initially, picking a niche for the NFT marketplace project is crucial. If you have an idea, discuss it with our developer to create a plan and determine how long it will take to create the market. Experts advise targeting a vertical market as opposed to a horizontal one.
2. Pick The Right Blockchain Network
NFT marketplaces always need secure, robust, and scalable blockchain networks. So, it is essential to pick the right network for the blockchain. Ethereum, Tezos, Stellar, Polkadot, and more are well-known networks. However, among all, Ethereum is the most popular one.
3. Choose the most cutting-edge, superior features.
Your NFT marketplace’s value can be increased by offering distinctive features that set it apart from competing platforms. Because of this, you must give considerable thought to the features you intend to include while developing your NFT marketplace. Be clear about the features you wish to include depending on the specifications of your project.
4. Build an Intuitive UX/UI Design
You must have an appealing, simple, intuitive UX/UI design for your NFT marketplace. To enable secure and trouble-free trading of NFTs without glitches or problems, this is crucial.
So, the secret is maintaining its aesthetic appeal while ensuring it is uncomplicated, responsive, and user-friendly. You can incorporate tutorials, signposts, and an intuitive UX/UI to help new users.
5. Create A Database Storage & IPFS
The next step is to create a safe and immutable database. This database keeps all the private and sensitive information from the user and admin profiles.
The database has details regarding their NFTs. Data is stored and shared in distributed files and database systems by the IPFS or Interplanetary File System. NFTs can handle information in any format and size using IPFS in a distributed, secure manner that will stand the test of time.
6. Integrate Third-Party Services
Integration with payment gateways, cryptocurrency wallets, social media, and email services when you create an NFT marketplace to be successful. Verify whether these are the only required tools or whether your platform calls for additional integration. Everything is based on the demands of your business.
7. Create Smart Contracts
Remember to build smart contracts at the stage to begin transactions and mint NFTs automatically when sales requirements are satisfied. The creation of smart contracts is necessary for several reasons. Their dependability and trustworthiness first support them. The smart contract you design must be compatible with the tasks your NFT marketplace should handle.
8. Testing & Deployment
As your NFT marketplace development is almost done, you can now perform testing to ensure that software development is bug-free. You can test functionality, usability, and other crucial elements of your NFT marketplace using quality testers. Your thoroughly-tested product is ready for launch and removes any unexpected and expected loopholes.
Now that you understand how to create an NFT marketplace, it’s time to move toward the cost – so let’s know about it.
Cost to Create an NFT Marketplace
The cost and timeframe are determined by how well the market performs. The NFT marketplace development will cost more money if you want to build a complicated platform.
There is no security guarantee if you utilize a pre-made solution, and the product will depend on the platform from which you obtain the key. Yet, in this case, the price will be reduced.
On the contrary, you can employ a team of software developers to make a unique NFT app. After all, the experts will design the marketplace from the start, build functionality, add features, and construct a user flow. As a result, the price can go up a little bit higher due to this.
To learn about the exact cost, you can always consult the top-notch developers of Codment.
How Can Codment Help with NFT Marketplace Development?
We understand that finding the right company for NFT marketplace development is challenging. But not anymore! Codment has skilled experts that have years of experience in digital solutions. So, turn toward an experienced team; we are ready to start your project from scratch.
Moreover, we also offer the best app and web development services to clients of diverse industries. So, contact us to discuss your project and get a quote.