Develop Your Own NFT Marketplace

Non-fungible tokens are steadily trending and they have grown in dominance over the first two quarters of this year. They have presented to the world the idea of blockchain technology and cryptocurrency looking to signify the ownership of something unique and extremely valuable which was, until now, almost impossible in the digital world.

Non-fungible tokens or NFTs as they are commonly known, have attracted spending of more than $2 billion in the first quarter of this year. This is a massive jump of about 2100% from the last quarter of the previous year.

One of the biggest contributors to this skyrocketing in the recognition and reception of NFTs in the presence of NFT marketplaces.

NFT marketplaces have done to NFTs what cryptocurrency exchanges did to crypto coins. Until the introduction of crypto exchanges, owning… Or doing anything with cryptocurrency was considered to be confined to people who were well-versed with the technology behind the cryptocurrency.

However, with the introduction of exchanges, it became common for all people to interact with the crypto world. In a similar way, the NFT world that was about convoluted technology was made easy to access, create, and trade for common people with NFT marketplaces.

Some of the most common NFT marketplaces are OpenSea and Rarible.

A bit about fungibility and NFTs

To understand the concept of NFTs, we will need to know what fungibility is. Fungibility is the capacity of an asset to be treated without any hassle and depreciation in value for any other asset. A good example of a fungible asset would be the US dollar. If you have a $10 note, you can easily exchange it for another $10 note without any deterioration in value.

Non-fungible assets, however, are quite the opposite of fungible assets. A non-fungible token represents the unique as it all rather, the ownership of that particular asset. The non-fungible is not divisible into smaller units and it is rare, making it a collectible.

Digital images, photographs, programmable art, 3-D models, podcasts, texts, and almost every other digital creation have the capacity to be tokenized using non-fungible tokens, preserving their uniqueness and ownership. The first tweet of the founder of Twitter Jack Dorsey was sold as a non-fungible token for $2.9 million.

NFTs represent a revolution in the world of digital creations and collectibles. NFTs have brought the joy and pride associated with owning a collectible… A physical collectible to the digital world. The way in which an NFT function also gives assurance of authenticity and also reserves the ownership records.

There are certain properties that distinguish NFTs from other tokens.

• An NFT is authentic and it must have the owner and ownership verified, and verifiable in the future.
• An NFT cannot be divided into smaller constituents like how you can do with other crypto coins and tokens.
• No two NFTs are created the same way and no NFTs are congruent. They cannot, incompleteness, be exchanged.
• Each NFT is unique and contains its own set of meta-data.
• The NFT exists on the blockchain and they can create new markets and diversify themselves as forms of investments.

The possibilities with NFTs

As we have stated earlier, NFTs bring the satisfaction and pride of owning something unique to the digital world. The “unique“ thing can either be a piece of programmable art or a photograph or a music video or even something as simple as a text!

When it comes to the world of collectible art, NFTs illuminate the possibility of counterfeit art pieces. With the blockchain technology that promises immutability and secure record-keeping, it is always possible to verify the authenticity of the at peace, the prices it was sold out, and the record of previous ownerships.

In the world of music, NFTs present an experience similar to owning a vinyl record. A music creator can keep a tab of their creation, regulate the number of copies being sold come out, and stop the copying of their music beyond a certain number limit.

In the world of fashion, it helps verify the authenticity of a premium clothing brand, and also helps in reducing the carbon footprint. It can also help amateur designers stay encouraged because they can be assured that their design cannot be copied or counterfeited without their consent and knowledge.

Needless to say, NFTs have found a lot of relevance in the world of gaming because whatever asset is created on the blockchain applies to every game that runs on the blockchain. This is in stark contrast to the centralized gaming system where a gaming asset is valid only within the game and becomes something of no use when the game development company decides to pull the plug on the game.

These avenues present an opportunity for NFTs to be traded, bought, and sold. This crevice in the market for NFTs led to the development of NFT marketplaces.

What is an NFT marketplace?

A non-fungible token Marketplace, as the name implies, is a platform where NFTs can be created, bought, and sold. With the degree of orderly Ness, it can be considered almost an Amazon for NFTs. However, with the decentralized nature of its functioning, it is comparable to craigslist.

The Relevance of NFT marketplaces

When we talk about NFTs being an investment, they need to be traded for real money, and that is where the return on investment lies. To buy or sell an NFT, you will need to participate in platforms called the NFT marketplaces.

Every marketplace charges a fee for every purchase bed. The cost incurred to spend the energy to complete the blockchain transaction, and the conversion from US dollars to Ethereum it’s usually included in the fees. Marketplaces also make it easy for digital creators to create their own NFTs.

NFT marketplaces also make amazing avenues for making a profit in the crypto space. By facilitating the creation of NFTs, and by giving a platform for people to buy NFTs without any hassle and without knowing the convoluted intricacies of the blockchain world, marketplaces are gaining popularity parallel to the growing recognition of NFTs a day after day.

The value of NFT transactions has grown by a staggering 800% from 2018 to 2020. With the newfound surge in popularity in the first two quarters of 2021, it would not be surprising if NFTs register over 1000% growth this year. This growth in demand and popularity has opened up opportunities and has stimulated the curiosity of a lot of crypto entrepreneurs to create their own NFT marketplace.

How to go about creating your own NFT marketplace?

An NFT marketplace is a grand culmination of an intuitive front-end, a robust backend, design, and a lot of other factors involving blockchain technology. There are a few features that you need to consider when developing your own NFT marketplace or entrusting your non-fungible token development process to an NFT marketplace development company.

• The user interface should be intuitive and interactive. The storefront design should have all the vital pieces of information about the non-fungible tokens for sale.
• The marketplace should also feature a bidding platform where NFTs can be auctioned without any hassle.
• Your NFT platform should seamlessly integrate with the most prominent cryptocurrency wallets of the crypto world to facilitate easy transaction of tokens.
• The marketplace should have an option for advanced search where people can apply filters to their searches, so they can precisely find out the token that they want to buy.
• A review and rating system should be in place, so users can get a democratic perspective on the popularity and validity of the tokens.
• A messaging application within the platform that can facilitate communication between the buyer and the seller will make the entire process of buying and selling easy and informed.

It would be quite noticeable that popular NFT marketplaces like Rarible and OpenSea have incorporated all these features. It would be better if your marketplace can not only help in transacting but also in creating your NFT. This makes sure that do you not only have a marketplace but also have a production platform that will fuel the marketplace.

Conclusion

There is no question on the fact that the NFT marketplace is a lucrative business idea and it’s considerably future-proof. If you would like to capitalize on this new wave in the crypto world, all you need to do is get in touch with a company that specializes in NFT marketplace development platforms. They will take care to completely understand your requirements and present you with the perfect business solutions that are in line with your NFT needs.