Ultimate Guide to Creating NFT Marketplace for Startups in 2023
The world has seen changes in literally everything! Like evolving from being a caveman of less civilization to us modern civilization of today. One of the things that got prominent in the 21st-century is the technology and the devices developed from them. There is a famous saying from the inventor of the World Wide Web, Tim Berners Lee, where he says that real technological development is yet to come.
Fast forwarding the time to a couple of web 2.0 decades later, yet another revolutionizing concept of pushing the development to web 3.0 surfaced. This blog presents my take on NFT marketplace development and the reasons for you to create a platform that will bring you, enthusiasts, a fortune!
NFT marketplace — An overview tour
Beginning with defining what this NFT marketplace is, it is just as much essential that we know the basics of architecture. That is so because standing apart from the commerce of generations and centuries is not easy, especially going drastically from traditional to modern. So, NFT marketplaces are the habitat of the NFTs, the unique assets built on a blockchain technology that assigns them groundbreaking features. Eradicating the services of the middleman, the digital space goes for decentralization, scalability, and security. This trilemma together comprises the platform to offer the users N number of services.
An NFT marketplace hosting the assets helps them be sold, bought, and bid while maintaining the rarity and the ownership assigned. The NFT marketplace is expanding into industries differing from health care to fashion and modern trends. Some of them are,
- NFT marketplaces for Sports
- NFT marketplaces for Arts
- NFT marketplaces for Games
- NFT marketplaces for Music
These NFTs are the basic elements of the commodity in the blockchain sphere as they cannot be altered or modified, possessing monetary values in millions. Thus, widespread marketplaces involve mountaineering assets like trading cards, video clips, images, memes, memorabilia, etc. One of the first NFTs to appear ever on the market was in 2014, with the most valued NFT, “The Meg,” of $ 91 million. It is said that the overall sales of 2021 were a whopping $24.9 billion in volume.
Creating an NFT platform has become a simpler task for entrepreneurs with a pre-engineered white-label NFT marketplace solution. All it takes to find the right solution is a careful analysis of the product’s efficiency and scalability.
Why should one choose to create an NFT marketplace?
The NFT marketplace, unlike the offline markets, works in a very aligned and systematic way to avoid any major error while making the actual trade between the user/participants. The foremost thing, like any forum, is to register into an account and sign up. After that, users are given the opportunity to utilize the following given attributes.
- Browsing the NFTs available for sales
- Minting the NFTs
- Store and exhibit the unique NFTs
- Integrate the crypto wallet into the platform
- Trade the NFTs for a fixed price or in an Auction
- Join an NFT community and connect with other members in the market.
The NFT marketplace is developed in such a way that each and every action is stored in its ecosystem, which is easily verifiable and traceable. Now, the part that needs to be paid keen attention to is the reason why one should create the platform.
- NFT or the Non-Fungible Tokens give a social status; bit trivial, but it works!
- Doge, the NFT meme, was sold for a whole $4 million.
- The NFT market is filled with 23% of millennials, the Gen Y people, which means they are so current with the trend.
- The artists or the creators of these NFTs need not worry about sharing their profits or getting misattributed. The NFT sold directly goes to the creator’s wallet; therefore, easy money for the artists.
- It is estimated that, on average, $10 to $20 million NFTs are traded on a weekly basis.
- The most famous NFT in the market to date is the art pieces of Beeple that sold for $69.3 million.
- The most influential online marketplace today is that of digital collectibles, which can be anything that you like.
- The market, based on several analysis reports, is expected to grow huge in the coming years, making up to $80 billion by 2025.
- There are multiple blockchains to choose from the industry that is leading the development of the marketplace of a particular domain.
- For example, Axie Infinity, an NFT marketplace, recorded an average price of $216.15 with 1,624,169 traders on the platform.
- The platform is highly flexible, and they comprise more than a third of game enthusiasts (35%) in the forum.
- NFT trading volumes, as per the Q2 and Q3 in 2021, show a 704% upward trajectory in the graph.
And so the list goes on. Additionally, the startups must be aware of the fact that there are two types of NFT marketplaces: The universal marketplaces and the Niche-specified marketplaces.
The universal marketplaces, to put in lay people’s terms, are similar to eBay, just for NFTs. The users can get a variety of NFT collections, and this marketplace attracts audiences from wider wavelengths. The name is self suggesting its reach, i.e., the global reach of this marketplace hooks the NFT enthusiasts with people of different interests with the cryptos in one place instead of focusing on specific NFT collectibles. Some such marketplaces in the market are, OpenSea, Rarible, etc., contributing the users with the NFTs from sports, games, arts, videos, GIFs, trading cards, and even the metaverse.
Niche-specified marketplaces are often found highly attractive to users who wish to launch their own NFT marketplace. This is so because they provide a high level of customization to the platform, hence high profits. For example, GOAT, the top sneakers collections website in the market after Nike, shows good traction with the audience who lean towards the same interest. One of the most popular NFT marketplaces that are niche-specified is the SuperRare, Nifty Gateway, etc. These marketplaces focus on a single domain, thus producing artworks that are innovative with every release.
What are the key components of a successful NFT marketplace?
White Label NFT marketplace is highly popular among entrepreneurs or startups for its high customization at a cost-effective range. Executing the project development alongside the creators makes them most sought after, and they also ensure a quicker launch of the platform than developing from scratch. The White-label NFT marketplace has the attributes to be rare, on demand, immutable, interoperable, and interchangeable within platforms. Below given are the must-have features for an active NFT marketplace.
- User profiles
The user profile is a mandatory feature addition in the platform that requires one to fill in the details, and other KYC information, which is completely safe in the blockchain and cannot be breached.
- Payment gateway
Choose a payment method or crypto wallet and integrate them into the marketplace for any trades, buying, auctions, and also storing the NFTs in the platform. One of the additional features of this integration is that wallets have access to the private keys for the NFTs.
- NFT collection description
An NFT creator or one who wishes to erect a successful platform must keep in mind to add in the details like the title of the NFTs, images, their description, GIfs, tags, price quotes, deal type, limitations of participation, etc.
- NFT listings
The NFT listings have the required information about the NFTs, the cryptocurrency types for the trade, the timeline for the auctions, etc.
- NFT Dashboard/Storefront
The storefront of the NFT marketplace is the first page where the user is going to land. They must have all the relevant information about the NFTs and the offers available on the marketplace, price tags, NFT categories, and many more. This lessens the search time for the users.
- Buying NFTs
This feature gives the user access to choose the type of buying the assets: direct purchase or auction. They can also fix their own bidding amount.
- Advanced Search Filters
Advanced search filters in the platform aid the users in having easy access to their desired NFT collection in no time. They have the NFTs categorized based on the artist names, collection names of the NFTs, and price Tags.
- Admin panel
The essential part of any marketplace is to have a proper functional Admin panel assisting the users in minting their own NFT collections, and filtering the users, basically having the absolute authority of the platform.
How should any startup approach NFT marketplace development?
Moving on to the key component of this write-up, it is time for the users to develop and launch their own customized NFT marketplace. They can now make their NFT business dreams come true by approaching the top NFT marketplace development companies. To be able creating an NFT marketplace that fits right onto their ally can be done with the following steps.
- Select a niche to develop the marketplace and go through an in-depth analysis of the market.
- Choose the blockchain where all the digital assets are going to be developed.
- Design and develop intuitive and interactive user interfaces (UI/UX) to give the user a better experience on the platform with easy navigation.
- Make a professional end-to-end feature development that can take care of both interactive and logical operations of the platform effortlessly.
- Integrate the platform with a smart contract to ensure users’ decentralized trading and hick-up-free forum functionality.
- Do intense tests on the software in the platform enabling the platform’s functionality. This test is to ensure the eradication of any bugs or errors before the launch of the marketplace.
- The last stage is to deploy the platform on the user’s approval and a periodical updation to the platform to keep the platform floating with the trend.
The NFT, a total hit amongst the public these days, is highly welcomed for its high profitability and its nature to be credible for both the artists and the buyers. The transactions made on the platform are self-executed due to smart contracts, making the platform more and more attractive. The ceaseless addition to the crypto market emulsifies the market on the whole with these intangible assets.
Utilizing the entire advantages of a blockchain, the NFT marketplace development in times like now is an early-made investment that will reap millions of profits in no time. Interested in future-based investment and earning big? Get your trailblazing project idea and go live with a white-label NFT marketplace!