NFT Marketplace Development is Absolutely Needed from Now On. Here’s Why!
According to history, the first digital product to be called a non-fungible token (NFT) came out in the world in 2013. Almost a decade has elapsed since, and now, here we are, fantasizing about the next mainstream use case for these digital tokens. While there was some active development in the mid-2010s when the Ethereum network-enabled smart contracts (Remember OpenSea, CryptoPunks, and CryptoKitties?), the actual enlightener phase for NFTs took another few years.
2021 was the year of NFTs in the digital world (And pandemic-induced lockdowns in the real world), and out of nowhere, JPEGs and GIFs registered on blockchains sold for thousands to millions of dollars worth of cryptos. Talking of NFT trades, NFT marketplace development has become a vital part of the digital economy, and we will see more about it as we progress further in the blog.
NFT Marketplace: A Recap
Most people know what an NFT marketplace is; “It is where one can trade various NFT items using crypto tender,” will only be one of the general definitions that could be found on today’s internet. The diversity of NFT marketplace development solutions is known when it comes to the range of assets that can be traded over these platforms; Pixelated JPEGs, digital art, digital cards, music albums, in-game items, virtual land, physically-redeemable digital apparel, alcoholic beverages are a few to name.
Today, there are hundreds of NFT marketplaces spread across the blockchain ecosystem, both as independent businesses and in-platform ventures, such as in-game marketplaces. Yes, we cannot ignore such in-platform ventures, as they regularly occupy the top spots in NFT marketplace ranking charts. OpenSea, Magic Eden, Rarible, Foundation, Nifty Gateway, Axie Marketplace, Royal, Jump.Trade, FanCraze, and Sorare are popular in the Web3 ecosystem. With the competition so intense, upcoming NFT marketplace development projects need to have their unique selling factor (USP) to shine in the NFT space.
Different NFT Marketplace Development Models
While conducting an NFT marketplace development campaign, it is important for a venture to perform the process according to its resources and intentions, and there are multiple models that it can utilize to build the platform.
- Development from Scratch can be viable for a project that has enough resources (time and money) in hand and has a unique business vision in mind. NFT marketplace development from scratch allows for maximum customization from end to end, enabling business owners to decide on their venture platform freely.
- Custom-made Whitelabel NFT marketplace solutions from independent developers or Web3 application development companies can be a great choice for small-scale startups or ventures that want to test the waters before going on a big scale. Since these platforms are built and tested beforehand, the time and cost spent are considerably low, and adding user-end customizability to the mix only helps businesses.
- Custom-made NFT Marketplaces Like Existing Platforms from independent developers can be launched easier than Whitelabel solutions. These platforms typically resemble existing NFT marketplaces (such as OpenSea), with a modifiable user end that can be adjusted according to the business owner’s needs. The cost and time taken are similar to Whitelabel solutions.
Main Features of an NFT Marketplace Platform
- Provision for a Crypto Wallet, either built-in or externally integratable, is a must in any NFT marketplace development project, as it will be useful for holding cryptos and NFTs.
- A Storefront that provides detailed information about NFT assets sold on the marketplace with descriptions, price history, and ownership history.
- A Search Engine that allows platform users to search for their favorite NFT collections in no time. Providing such functionality to the NFT marketplace is vital as it helps to improve user satisfaction.
- Options to Filter and Sort are sub-functions inside the search engine that help users to refine their search results further to see NFT collections that match their preferences easily.
- A Listing Portal helps sellers easily list their NFT products for moderation and subsequently for sale. Here, they can mint the required number of NFTs and send them for moderation.
- An Administrator Portal allows the NFT marketplace admins to moderate the NFT listing process by performing sufficient vetting operations. Also, they can access business statistics and Key Performance Indicators (KPIs) of the platform to get analytical insights and improve the business.
- An Auction Portal is another must-have element in an NFT marketplace development project. Here, prospective buyers can place bids on NFT items, and anyone can view the live bidding history to make informed decisions.
- Reviews and Ratings help new users to learn more about NFT collections listed in the NFT marketplace platform before making their next moves.
Why is NFT Marketplace Development a Necessity Now?
Even though the crypto winter has given horrible perceptions of the Web3 space to outsiders, it has been thriving like before (though on a small scale). NFT marketplace development cannot get out of fashion for the next few years since NFTs are rapidly becoming mainstream, with use cases such as gaming, ticketing, digital collectibles, and metaverses showering the world with novel possibilities.
With such uproar in the Web3 ecosystem for NFTs, a business based on the NFT marketplace model can reap massive success without any second thought. Also, we should not forget that NFT marketplace development projects nowadays contain extra features from other Web3 aspects, such as decentralized finance (DeFi) and decentralized autonomous organizations (DAOs). With more innovation to come, NFT marketplace development can be an attractive business model to pursue in Web3.
Concluding Thoughts
Therefore, we can say that NFT marketplace development can be a fantastic venture opportunity in the Web3 space, irrespective of the overall crypto market situation. Their ability to shift to match trends in a beat and the consumer-contacting nature makes them a viable option to reap profits. If you are looking to launch an NFT marketplace venture, opt to work with a professional NFT marketplace development company that can assist you in the process. Such a firm’s prowess in the process ensures that your platform will be created using advanced technical stacks matching your business requirements.
