NFTs, an acronym for non-fungible tokens, are one-of-a-kind digital assets with the proof-of-ownership (POW) attributed to them. The third quarter of 2021 saw NFT sales volume surge to an all-time high of $10.7 billion, according to Dapp Radar (a well-known market tracker). The growing list of NFT marketplaces plays a vital role in this never-seen-before surge (in sales). You may have been (of late) hearing a lot about OpenSea, Rarible, and such marketplaces. But then – how to build my NFT marketplace, if you wonder? This article is the one for you!
Why do NFT marketplaces matter?
Since you’re reading this blog, you may know what an NFT marketplace is. But then, let us give you a gist on it – the NFT marketplace is an all-NFT buy-and-sell online platform with the facilitation of cryptocurrencies (like Ether and Bitcoin). The marketplaces charge a percentage as transaction fees for every NFT purchased on the platform for the revenue model. Apart from replicating the old-fashioned Auction model, most NFT marketplaces also allow NFT admirers to buy/sell tokens at a set price.
While there are a lot of marketplaces available, most of them fall under two categories: Streamlined and Augmented. Streamlined marketplaces offer all-inclusive services and serve broader niches. A well-known example (for a streamlined marketplace) would be OpenSea, which includes NFT trading from across niches. Most importantly, these marketplaces give users freedom in payment infrastructure, allowing them to choose between fiat (credit/debit cards) or crypto (bitcoin/ether) payments.
On the other hand, augmented marketplaces zero in on specific niches and offer services like minting (as well). We have NBA Top Shot and SuperRare as prime examples (in this category). Top Shot from the United States-based National Basketball Association (NBA) focuses on exclusive basketball collectibles. SuperRare focuses entirely on virtual arts curated by the world’s finest artists.
With that being said, you may have this question – are NFT marketplaces (or NFTs in general) viable in the long run?
Interpreting viability
Now that you know the fundamentals of NFT marketplaces, it’s time to ascertain their viability (for years to come).
As of now, the NFT market hasn’t attained that winner-takes-all position yet. First and foremost, the NFT market (across the globe) is still in its infancy. Secondly, most NFTs are built or linked to public Blockchain infrastructure, so there is little or zero chance for monopoly. So, the market is inherently open for more experimentation and such things.
Multiple coexisting NFT marketplaces, each focused on a particular domain and offering specific tools to help their partners flourish, are already seeing high demand. Various platforms can coexist even within industries, as long as they differ in the tools and experiences they offer. One NFT marketplace, for example, might focus on minting capabilities, while another might concentrate on gaming experiences built on top of art NFTs.
While NFTs are still in their infancy, they have proven to be highly profitable, providing significant value to buyers and sellers. NFTs may have begun as a science project fueled mostly by crypto enthusiasts and risk-taking, tech-savvy artists, but they are quickly becoming popular.
Whether you’re a celebrity or a commoner (reading this blog), partnering with an ideal NFT marketplace developer is the first critical step in instilling your supremacy in the NFT space.
Ensuring the features & functionalities – NFT Marketplace solution
While building your own NFT marketplace, wouldn’t you want it in your way? However, if you have trouble in ascertaining the features, let us suggest you some must-haves below:
-
Seller-specific Storefronts
Remember Amazon’s seller storefront? A personalized dashboard where sellers can see their listed products, sale history, and more. Likewise, your NFT marketplace should have a customized dashboard (probably a web page!) for the NFT sellers. The customizability feature is very important as it will transmit the brand value of the creator.
Now comes the most important part – listing NFTs on the marketplace. It’ll be better if you come up with off-the-shelf tools (in your marketplace) that simplify the NFT listing.
-
Search Filters
To make it easier for customers to find collectibles they’re interested in, your NFT marketplace should allow category administration and tagging, just like any other marketplace. For example, art, Domain Names, Virtual Worlds, Trading Cards, Collectibles, Sports, and Utility are all divided into categories by OpenSea. You have a choice! Add a search bar to the site, as well as categories.
Truncate users’ demands by promoting important filters (on top of the search bar), and convey what the users are doing by showcasing the number of applied filters.
-
Wallet
It is a ‘one-size-fits-all’ feature that allows the users to buy, send, and store non-fungible tokens (and cryptocurrencies as well). An ideal NFT marketplace should enable users to integrate both fiat and crypto-wallets. While you can’t store crypto tokens on fiat wallets, they facilitate the NFT buying process.
Most importantly, your marketplace should include a built-in wallet and allow users to add their existing wallets. As days progress, you can start with a few wallet options; however, have more options (for a seamless user experience).
- Trending section
A few non-fungible tokens sell for a lot of money if they’re shown properly in the “Trending Collections” area. As a result, it’s critical for the NFT marketplace to include a unique ‘trending collections’ area that provides information like the average price, features, or qualities of the crypto collectible, the seller’s name, total supply, and trade volume.
We emphasize this feature because it plays a vital role in enhancing the decision-making process. Imagine when a beginner enters your NFT marketplace and accesses this web page, they might get clarity on top NFTs going around.
What should I do now?
Even though you do much research and preparations (before the NFT marketplace), you will need on-time NFT marketplace development services (by your side) to facilitate things.
Welp, that’s all we had for the day. If you have any questions on this topic, let us know in the comments!
FAQs:
How much does it cost to launch an NFT marketplace?
No one can ascertain the exact cost required to develop an NFT marketplace. The actual cost depends on features & functionalities, platform configuration, and much more.
How soon can I launch the NFT marketplace?
It depends on how you wish to launch your marketplace platform. If you wish to develop it from scratch, it might take a long time. If you want to launch the platform soon, you can use the off-the-shelf method to launch instantly.
Why should I develop my NFT marketplace?
We can answer this question in many ways. But then, we prefer to put it directly: Since most of the actions happen on NFT marketplaces, it inevitably becomes important to launch your marketplace (if you’re an NFT admirer!).
How do NFT marketplaces work?
NFT marketplaces are trading platforms that facilitate peer-to-peer NFT trading. All the users need is either crypto wallets (and Fiat wallets) to get their trading up and running.
