Everyone’s heard of buying things like art pieces by now, but where do these things come from, and in what form are they being bought?
The short answer is the NFT (Non-Fungible Token) marketplace.
The NFT is basically a digital token. It is specifically designed to be used as proof for a digital certificate of proprietary rights for things like tweets, physical or virtual assets, codes, videos etc. Jack Dorsey, co-founder of Twitter, had his first tweet sold as an NFT for $2.9m.
The NFT marketplace has even been referred to as a public Blockchain platform. After the merger of a greater number of traditional investors who sought to own these assets based on the blockchain, NFTs became one of the more extravagant crypto trends.
So, with a turnaround as extreme as it is with NFTs, why not build an NFT marketplace?
Regardless of whether you’re an established organization, a crypto enthusiast or a startup co-founder, the NFT marketplace should be on your mind, especially when you think about ROI.
This article will cover everything from how to create an NFT marketplace, planning for a launch, popular NFT apps and websites, and more.
What is an NFT Marketplace?
Non-Fungible Tokens are the ideal units of crucial data available within the blockchain. Non-fungible means it is impossible to duplicate it. Here are a few key aspects of NFTs:
Unique Value: The value of two NFTs can never be equal. Hence, you cannot exchange one with another
Authenticity: It is important for an NFT to have an owner, and this ownership is definite.
Originality: A unique set of metadata is contained within each NFT.
Place of Existence: NFTs are on the Blockchain, and have the potential to build new forms of investments in the NFT marketplace.
Integrity: NFTs cannot be divided into separate parts.
These special types of digital assets are unlike regular cryptocurrencies like bitcoin or fiat money like the U.S Dollar precisely because they cannot be mutually exchanged for one another, since each token has its specific value determined by its unique traits and attributes.
How are NFT’s Purchased?
This is where the NFT Marketplace comes into the picture. The best part is you can even find specialized ones like Neuno where people buy some of the best fashion collectibles.
While there are a lot of marketplaces to choose from, we’ll be sharing a few of the best ones later in this article.
For now, let’s go over how to price your NFT and sell it. Each marketplace has its own set of rules for the purchase and sale of NFTs. However, the general process of selling is building a user account, uploading the art piece, and selling it.
Meanwhile, when it comes to buying NFTs, a few marketplaces will charge you for successfully completing the Blockchain operations, all on the marketplace itself.
Why are NFTs Trending?
As mentioned earlier, NFTs have undergone a surge in popularity over the past two years. This popularity only seems to grow by day.
As per some reports, the trade volume of NFTs was $24.9 billion in 2021(up from $95 million in 2020).
In January 2022, the largest NFT marketplace, OpenSea, exchanged a record-breaking 2.4 million NFTs in a single month.
In the US alone, 23% of millennials collect NFTs.
The biggest NFT adoption rates come from Asia, with Asian countries ranking in the top 5
These statistics prove the surge in popularity all over the globe. This popularity also ties in to the rising demand for NFT marketplace platforms. Signs point to now being the best time to develop one.
How Does An NFT Marketplace Work?
Before getting into the roller-coaster-ride of the development process for creating an NFT marketplace, let’s first try to unpack how it works.
Marketplaces for NFTs usually follow a similar process. Users first sign up, before installing their digital wallets for storing NFTs.
Here is a list of the few steps that you’ll need to follow after signing up:
Build the NFT and define all the necessary parameters
Then, list out the digital art pieces and other things you want to showcase for sale, and wait until the moderation is complete.
When auctions commence, buyers begin to bid on your digital goods.
Once auctions have successfully finished, the NFT marketplace transfers the digital products and cryptocurrencies that were sold.
Outside of this, NFT marketplaces practice a specific transaction etiquette known as smart contracts. These are just protocols that are used to build smooth relationships between the buyer and seller. To build on that- smart contracts are what control the specific data unique to the NFT. From there on, the entire procedure of buying and selling the NFTs becomes much more friendly, convenient, and speedy.
How to Create an NFT Marketplace?
Hopefully, by this point, you’ve made your mind up about creating an NFT marketplace. Next, you’ll have to start planning to launch your marketplace.First, check out the best NFT platforms.
Below you will find a collection of the most esteemed platforms, handpicked for your convenience:
OpenSea is one of the oldest NFT platforms around the globe. Almost every type of NFT is hosted on it, ranging from music, photography, NFT art, sports collectables, and much,much more. As many as 150 cryptocurrency payment tokens and more are supported by The OpenSea NFT platform.
This is an NFT platform that witnessed the most striking numbers in NFT sales. Nifty Gateway is THE NFT marketplace, and has the prestige of having sold the two most expensive NFTs at this point in history. One is Beeple’s CROSSROAD and the other is Pak’s The Merge. You just might be able to take some inspiration from them and create an NFT marketplace like theirs.
Rarible is an NFT art marketplace specializing in selling various types of art and collections. An added bonus is its community-owned system and support of decentralization. This NFT platform has also partnered with some trendy brands in order to secure artistic works, as well as make and sell NFTs.
Async Art is an NFT marketplace specializing in art pieces also known as programmable art. Here, each piece of artwork is built up of masters and layers. Masters are the NFTs, whereas layers define some unique elements that add to the art. On top of that, everything here is tokenized.
SuperRare is highly acclaimed for being an art-first NFT marketplace. This is because it brings more of an artsy and gallery attitude to the NFT space. In fact, it is reported that SupreRare only accepts 1% of the total number of artists who apply. This is indicative of the highly curated artworks that are representative of thinking out of the box.
These are just some of the NFT marketplaces that pack enough of a punch to rule over the public imagination and be among the best at doing just that. Let’s move forward with creating your NFT marketplace.
Custom NFT Marketplace Development
When it comes to developing an NFT marketplace, you have one of two options. One, you can build an NFT marketplace from scratch or two,you buy the clone script for the same one.
However, it is mostly advised that you build your trading platform from scratch. Besides, every NFT space needs to be unique in order to gain and hold the attention of its users. Here is what you can do to develop your NFT Marketplace.
Step 1: Choose Your Niche:
As you can see from the list we provided above, NFT platforms specialize in and come with different niches. In keeping with this fact and the competitive edge it brings you, choose a niche for your NFT website or app development. Search and find out where your expertise lies, and decide on your specific niche in accordance with it. You might even find the help of NFT software development teams to streamline and estimate your NFT niche.
Step 2: Choose An NFT Marketplace Development Company
You will undoubtedly need the help of a software or mobile app development company in order to create an NFT marketplace. Try to shortlist a few companies and share your NFT art marketplace ideas with them. After that, finalize the ones which you feel are most suitable for your NFT apps and websites.
Step 3: Work On Your UI/UX Designs
Always keep in mind that UI/UX designs play a pivotal role in attracting loyal users to your NFT marketplace. As a result, choose your UI/UX designs in a way that will be user-friendly and easy to navigate.
Step 4: Front End Development and Smart Contracts
Once you have your NFT market design ready, it’s time to bring the ideas you envisioned into reality via front end development. Now you’re NFT website and app will be getting ready to finally hit the market.
Along with the frontend development of your NFT marketplace, you will need to use smart contracts for the backend development.
Keep in mind: The backend of the NFT marketplace will be quite different. Since the NFT marketplace is a decentralized platform, approximately all of the data existing here will get authenticated by the Blockchain.
Try to hire developers who have some expertise in creating these NFT platforms.
Step 5: Test and Plan to Launch Your NFT Marketplace
Make sure every backlog in your NFT marketplace website and app is defined and identified. THis phase will consist of the functional and non-functional testing of your NFT platform that will root out and avoid any bugs prior to the final launch.
That leaves us with your next step – plans to launch the NFT marketplace. You’ll have to build a pre and post-launch strategy for your NFT app and website.
Key Things to Consider for NFT Marketplace Development
There's several core standards that you’ll need to abide by when you’re creating an NFT marketplace. At it’s heart, your platform should be secure, transparent, and decentralized.
As far as the safety of the marketplace components go, you’ll need to opt for cloud security solutions that can assist you in protecting your sensitive data. Here, when we speak about transparency, it refers to the fact that the process of payment must be error-free and devoid of unexpected errors. For smoothly running your cryptocurrency transactions, you should opt for Blockchain technology. With this technology in hand, you will be able to get a much clearer picture of every transaction taking place across your NFT platform.
The term “decentralization” implies that your transaction data must not be kept solely in a single place. It is highly advisable that you take a copy of the data and distribute it over various network machines. On top of all that, decentralization helps you to prevent serious data loss in the event of attacks.
How Much Does it Cost to Make an NFT Marketplace?
Well, the hard fact to swallow here is that no one can give you the exact cost of developing an NFT marketplace. Since each NFT app and website comes with a different set of requirements, cost is too difficult to predict with precision.
However, we can provide you here with some factors that can help illustrate the average cost for building an NFT platform.
The development company you hire
Geographical region of the development company
The requirements of your project
Your NFT platform’s UI/UX design
Third-party API integrations
The number of features you wish to include
Other than that, you can get in touch with specific experts to learn more about the cost of NFT marketplace development.
Conclusion: How to Create an NFT Marketplace?
Now you know everything about Non-Fungible Tokens, right from its origin to how to create an entire NFT Marketplace platform.
In the near future, so much more can be expected to enter the digital world. Almost infinite different forms of tweets, arts, creative assets, audios, and more can end up in the digital realm. Besides, we all know that people will always want to acquire and sell digital assets like these in the times to come.
We might even go so far as to say that NFT trading is not new to the market. It has actually been running for many years now and has now started to rapidly develop within the market. NFTs are contributing in huge ways to the way we perceive digital assets. It is because of all this that, for you, the best time to dive head-first into the ocean of NFTs and build your name is right now.
So what are you waiting for? Start assembling your NFT Developers’ team and turn your business idea into a money-making reality in just a relatively short span of time.