Become a tycoon in the NFT arena with NFT Marketplace Development
Reddit, an America-based content rating and social news aggregation platform launched its own NFT marketplace last July. Within a span of 4 months, more than 3 million users have created a vault on the platform, making Reddit the biggest NFT marketplace in the web3 arena. Reddit enjoying such humongous success in such a short space of time shows the value and demand for NFTs. With successful NFT marketplaces like Opensea, Rarible already enjoying huge success in the crypto market, a new entrant like Reddit becoming a smashing hit in such a short span has been an encouraging sign for budding crypto entrepreneurs. As a result, many new entrepreneurs have started to venture into NFT marketplace development, owing to maximizing this demand for NFTs and NFT marketplaces.
Striking features of an NFT Marketplace
➤ User Profile: All users, both creators, and buyers need to create an account on the platform to access it. Assets bought and sold by the users are displayed on the user profile.
➤ Storefront: It is one of the most important features of an NFT marketplace that provides vital information and description related to NFTs. The information included with the storefront includes a list of NFTs, price, ownership, bids, artists, and more. It also allows users to check the authenticity of NFTs using smart contracts.
➤ Virtual Exhibition: Just like a physical exhibition, digital artists can display their works with a virtual exhibition feature on the NFT marketplace.
➤ Digital wallets: Integrated digital wallets on the NFT marketplace can be used for transactions on the platform, and store NFTs and private keys.
➤ Search and filters: Search feature on the NFT marketplace assists users to find their desired NFTs seamlessly. And with the filter feature, users can reach their desired NFT with filters like a prize, ownership, niche, etc.
➤ Listing: The listing feature enables users to list NFTs on the platform seamlessly.
➤ Auction: With auction features, NFT creators can sell their NFTs through auctions enabling interested buyers to bid on them.
➤ Push Notifications: With push notifications, users receive instant notifications about new updates, events, bids, etc.
➤ Smart Contracts: Smart contracts automate all the activities on the NFT marketplace, making the platform more intuitive.
Roadmap for your NFT Marketplace Development
- Decide on the niche of your NFT marketplace and what the platform focuses on. Your niche can be anything like art, sports, gaming, etc. Having a universal niche can give you a wider audience.
- Choose the blockchain on which you wish to develop your NFT marketplace.
- UI/UX design is the most integral part of the development process. It determines the overall interactive experience of the users on the platform with storefront, designs, buttons, etc. It also has direct communication with logical operations like payments, etc.
- After plugging in payment gateways, work on developing the security standards of your marketplace. High-end security standards make your NFT marketplace impenetrable.
- A professional developers team work on the development process of your NFT marketplace. Work on the development of the front-end, and back-end and integrate them.
- Test your platform once you’re done with the development process. Test your platform with QA specialists to identify the pitfalls and errors on the platform.
- You can launch your NFT marketplace for public usage once you’ve resolved all the issues. Keep updating the platform based on user responses to keep up with the trend.
Why is NFT Marketplace development the most Bankable Business venture in Web3
- The year began with a flourishing run for NFTs, as the total income in alone NFT sales was more than $5 billion.
- Crypto wallets registered with wallets went up to more than 28.6 million in 2021 from 545000 in 2020.
- NFTs are showing soaring signs, as the return on investment from male NFT traders has been more than 39%, and 40% for female traders.
- Customizable NFT marketplaces in specific niches like art, e-commerce, sports, etc have enjoyed enormous growth and success in the web3 market.
- In January 2022, the stats of traders were recorded to be 759,145 for sellers and 910,610 for buyers.
How much does it Cost?
Development costs for NFT marketplace development are completely based on the requirements and the scope of the project. Many startups and small firms opt for white-label solutions from reputed NFT marketplaces development companies to launch their platform within a stipulated time and budget.
Wrapping Up
With the burgeoning NFT market, NFT marketplace development has become the most bankable business venture in the web3 space. If you’re planning to create your own NFT marketplace, then working with an experienced NFT marketplace development company can offer significant assistance for your project.
