NFT Marketplace Development: A Venture Opportunity for Ardent Web3 Business Fans!

Empowering the end-users has become the most-spoken topic for quite some time with support from decentralized internet-based applications powered by various blockchain networks. While cryptocurrencies and non-fungible tokens have been taking the Web3 world to another level, their use cases have earned good reputations for themselves. For new readers, we had seen something about NFT development in a previous blog, which can be found here. But, NFTs have reached all corners of the world due to platforms like NFT marketplaces. We will focus specifically on NFT marketplace development in this blog and what it holds for businesses in the long run.

NFT Marketplace Development: A Snippet

The process of NFT marketplace development is where one can build a marketplace platform to allow people to buy, sell, and trade a wide range of NFT-based assets. The first NFT marketplaces appeared shortly after the first NFTs were developed, although most of the currently-popular ventures appeared on or after 2017 when these tokens earned some recognition. These platforms can even exist inside various applications to enhance their ecosystems, such as NFT games, which we will discuss in a later blog. As far as exclusive NFT marketplaces are concerned, there are platforms based on horizontal and vertical trading models.

Various End Products of NFT Marketplace Development

NFT marketplaces can be subdivided into horizontal and vertical commerce models, as we had seen earlier. But what do these terms mean? Horizontal NFT marketplaces are where NFT assets of various types can be traded; think of Amazon or eBay on the Web2 world, for example. These platforms focus on attracting users across the Web3 supporting spectrum by allowing various assets to be listed. In contrast, vertical NFT marketplaces will enable trading of assets based on a niche such as art, music, video clips, and sports memorabilia. There are marketplaces inside other Web3 applications, such as play-to-earn NFT games and metaverses, where assets used inside these platforms are sold.

Various Ways of NFT Marketplace Development

A business enthusiast looking to delve into the Web3 space should know that NFT marketplace development can be conducted in multiple ways. We can either go with building the platform from scratch or use a pre-built solution. Using such a White label platform also provides us with two options to go with: either utilize custom-made solutions from experienced firms or use solutions similar to popular marketplaces such as OpenSea or Foundation.

How Much Does It Cost to Build an NFT Marketplace

The method of creating the NFT marketplace determines the time and cost incurred for the venture. While developing from scratch consumes more time and money, it results in a one-of-a-kind platform that offers unique experiences. On the other hand, preparing the platform from ready-made solutions is a quicker process that incurs low costs but allows less customization (typically only user-end features).

Novel NFT Marketplace Applications Famous Today

• Multi-chain NFT marketplaces are popular today as they enable users of different blockchains to find and trade items from across blockchains.
• Decentralized Autonomous Organizations (DAOs) are a sub-feature in NFT marketplaces that use community governance features to make and implement major business decisions for the platform.
• NFT marketplace for real estate exists for both real-world and metaverse real estate, with different workflows that make trading traditionally illiquid land assets easier.

Shedding Final Light

Therefore, we can testify that the NFT marketplace venture model can lead to success in the long run, as it serves as the entry point for NFT enthusiasts and aspiring entrepreneurs. The fact that a huge proportion of the global population is yet to own an NFT makes it sweeter, as a massive new user influx is expected in the next decade. Out of this, a sizable portion will be getting in through NFT gaming platforms and multi-chain NFT platforms, which we will view in detail in an upcoming blog. If you are inspired to realize your marketplace venture, consider working with an expert NFT marketplace development company that can assist you with the necessary technical expertise.