The surge in NFT Transactions and Volume on Top Blockchains: Is This the Right Time to Create Your NFT Marketplace?
Non-Fungible Tokens are the intangible assets of the digital universe that are going haywire. If you haven’t been living under a rock for the past few years, you must have heard about NFTs. If you have not noticed, the NFT market is a billion-dollar market that commenced in 2014 and rocking till date. The market cap of 11 billion dollars, as per the data collected in 2021, is currently sailing toward the goal of $380 billion by 2030. Artists and creators are all over this frenzy trend to create NFT marketplace of their own and see impeccable results.
The constantly growing market has NFTs minted every second worldwide, creating demand for its process. To hold all these energy-demanding assets, the industry splits into different segments called marketplaces. As a retreat to the NFT enthusiast, let’s get into our brief to decode the best time for an NFT marketplace development.
Get a brief about the spectacular NFT marketplace
Think of an NFT marketplace as a trading platform for the immovable assets, NFTs. They are developed on a decentralized forum over a blockchain network technology, facilitated to mint, trade, and generate revenues. Many corporates, like Coca-Cola, Fox Entertainment, and NBA, have their NFT marketplace to accommodate their digital fans. Why?
The blockchains make up the web3 space. The top blockchains in the market are Ethereum, Solana, ImmutableX, Flow, and Ronin. The web3, however, took a dip; thanks to these public ledgers, the sales of NFTs spiked so high. The upcoming section lays out each blockchain network’s NFT sales and transaction volume.
The surge in transactions and volumes of blockchains- An Overview
The above given figures is the representation of the steady growth of the NFT marketplace development. The total trading volume of NFTs has gone up to 10.7 billion in US dollars, despite the fact that the crypto space is still nascent. This is a 704% uprise in the platform compared to previous years, based on credible sources. This upward curve in the graph is for two reasons, and they are
The unswerving belief in blockchain technology and its value
NFTs can literally be anything that are backed by a physical asset. The NFT projects involve the domains like arts, music, memes, videos, memorabilia, and many more. These niche-specific NFTs are highly respected for their impressive innovations within the communities. One of the users’ beliefs with these impressive blockchains is that the ownership of the assets is always traceable and can be traced back to the owner with no infringement in between.
The technology is built to ensure users’ transparency, which no real-world commerce can guarantee 100%. The prices of the NFTs are high, too, as big as six figures. The blockchain’s versatility allows users to profit rapidly, with exciting features to enjoy every day.
Respectful Social Status in the NFT community
The world runs with the status given to everything. May it be in the real world or the digital. NFTs also fall under the line to give its user such a prestigious social status. For example, a Rolls Royce on the road makes the person be called ‘successful.’ Applying the same to the crypto community, the user’s anonymous online avatar is respected based on the add-on NFTs to a piece.
Since celebrities are intrigued with the advancement of technology and the releases of their own, the general audience has taken a deep interest in this pragmatic investment into the future. You can also refer to the artist’s Snoop Dogg, Shaquille O’Neal, Steve Aoki, etc., in their NFT collections. Now, who wouldn’t want to be a part of such a star-studded platform?
Where to go for the cost-effective NFT marketplace development, and how much does it cost?
Going over all the necessary steps, hopefully, expounded on the reasons for the steady surge of the NFT sales volumes and transactions. NFT marketplace development is a slow and tedious process that needs to be taken seriously, with nuances taken care of to minute details. We know the domains and have the niche selected for developing our innovative NFTs. However, One question remains, what stretches the development part?
- NFT marketplace from scratch — Develop the marketplace from the very beginning, including the blockchain, designs, and development by the subject experts.
- White-label NFT marketplace solutions- Developing the marketplace using the ready-to-deploy white-label NFT marketplace solutions by tweaking some of the features and attributes into the platform of desire by professionals.
The Curious Development of the NFT marketplace
Brainstorming and Whitepaper writing
Getting the Mindmap done with all the proper research required for the project’s development. It is important to know that the selection of a proper niche to set up a case-specific marketplace becomes easy and convenient for the users. Since the NFTs are for a wider audience, Whitepaper drafting is critical in creating the platform, as it becomes the foundation.
Blockchain Selection
Once the niche is set right, getting a blockchain that sits right to the user’s requirement is the primary duty of the developer’s team. This is so because, based on the compatibility of the blockchain to the NFTs, building an NFT marketplace in a Cross-chain network is also a credible choice. Some of the popular blockchains today are Ethereum, Solana, Flow, etc.
UI/UX designing and development
The user interface and the user experience development is crucial, for they are the face of the platform. Designing an intuitive and creative user interface that is both convenient and easy to use is mandatory to create a successful NFT marketplace.
Smart Contracts Integration
Smart contracts are automatically executed based on the pre-set rules for the platform, and they are an integral part of the marketplace. All the tradings and transactions on the platform are responsible for a forum’s smooth performance.
Front-end and Back-end development
Front-end and Back-end development are like the brain and heart of a working system. Developing with some of the expert developers from white-label is not only cost-effective but also professional. They are the integrations of the logical operations in a platform like crypto transactions, etc.
Intense Test runs
Crossing the steps of development, the project must undergo several intense tests to deem them bug-free and workable in heavy traffic, web3. Only then can the platform enter the final stage of development.
Launching and Post-launch support
The developed marketplace is all set to enter the market after the approval of the creators and finding them satisfactory as their listed requirements. When the platform goes live, the post-launch monitoring begins. This is so that the platform is always on current trend and swift with every latest upgradation needed. This post-launch support from the development team is based on the feedback on the applications.
Thus built platform holds the total market cap of NFTs is around $6,677,232, and their volatility sure costs a few dimes. Be it through White-label or opting to develop from scratch, several components influencing the cost are its level of efficiency, range of performance, user satisfaction, and, most importantly, high-end security. Keeping that in mind, calculating the expense of various elements integrated and tweaked to create NFT marketplace, it must cost around $60,000 approximately.
Closing Thoughts!
A splendid journey through the crypto sphere is jazzed up! An NFT marketplace is all about its extraordinary features and the usability of the platform. The market worth of the NFT has increased exponentially with the attributes innate to the blockchains. The trailblazing concept of decentralization, with no intermediaries involved with the transactions happening in the platform.
The deciding factor of the successful NFT marketplace depends on the company’s reputation and its technological advancement. Up your social status with a properly architectured marketplace and a qualified NFT marketplace development agency to support all your crypto endeavors.
New to trading? Try crypto trading bots or copy trading
