The Easy Way to Build an NFT Marketplace
Non-fungible tokens or NFTs are digital assets that can represent assets like art, video, audio, content, lines of code, and social media posts. NFTs exist thanks to blockchain technology and they are unique by nature. In addition, NFTs can be bought and sold on online marketplaces. We call these online stores NFT marketplaces.
The sudden popularity of NFTs meant that NFT marketplaces also rose in popularity. Presently, NFT marketplace development is the one thing that everyone wants. Companies want to develop their NFT marketplace and tap into this emerging industry. Users want an online store where they can create NFTs and sell them for a profit. However, developing an NFT marketplace is no easy task and requires the careful hand of an experienced development team.
Working model of an NFT marketplace
Before the NFT marketplace came along, very few users knew how to mint NFTs. That reason is that NFT minting required extensive coding knowledge and a minimal understanding of blockchain technology. These requirements deterred the general public from getting into NFT minting. NFT marketplaces changed that and users benefit from these improvements. Now, an artist can upload their work to the online store and the site handles the rest.
Sellers on an NFT marketplace first register their account then create online storage for their NFTs. Then, they upload their content to the site. NFTs can represent any digital asset but most people prefer turning their art into NFTs. Next, the user inputs the required information and a catchy description. Now, the user mints the NFT and lists it on the site. Some platforms charge the user a fee for minting an NFT. The user pays the fee and waits for a buyer. The user can list the NFT for sale or put it up for auction. The lack of intermediaries and usage of blockchain technology makes the NFT marketplace an ideal platform for any aspiring artist or talent to showcase their work.
Steps involved in building an NFT marketplace
Everyone wants to build and launch their NFT marketplace and there is a good reason for that. The industry’s growth in 2021 was incredible and shows no signs of stopping in 2022. As NFT marketplaces grew in popularity, NFT marketplace development also became a popular topic. Every business wanted to get in on the action and benefit from this lucrative industry.
Listed below are the steps to follow when building an NFT marketplace.
- Research and select the blockchain network in line with your requirements
- Determine your target audience
- Develop an attractive and intuitive user interface and user experience. The UI decides the success or failure of any platform so ensure that it is both navigable and clutter-free
- Consider the locations the NFT marketplace will operate in
- Develop Smart Contracts. These are self-activating protocols that execute under specific circumstances. Smart contracts remove the need for third-party involvement.
- Test the marketplace for any bugs, errors, and technical glitches. Ensure that the product you have has zero errors before launching it. This step requires an experienced quality assurance team.
- Deploy the marketplace and have a dedicated customer support channel available. That way, users can clear up any doubts they may have.
Key features found in a successful NFT marketplace
Many NFT marketplaces have several key features meant to streamline NFT minting, buying, and selling. These features are a boon to users and keep them coming back to the site. Anyone looking to develop an NFT marketplace must consider equipping it with these features. The most notable features required in an NFT marketplace include:
- A navigable e-Commerce storefront
- Dedicated search box and filters. That way, users can search for a specific NFT or filter NFTs with categories like type, cost, creator, scope, and region
- Complete catalog management. Sellers can add, modify and delete NFTs whenever required
- Detailed product descriptions for every NFT listed on the marketplace.
- An attractive dashboard built around NFT bidding. This feature must follow fair auctioning practices, identity confidentiality, and tokens supported by relevant documents.
- Integration with leading digital wallets. This feature is an essential one for any NFT marketplace.
- Consider adding fiat wallets like PayPal, Stripe, Vice, etc.
- Provide user ratings alongside every NFT and user profile.
Consider developing a Whitelabel NFT marketplace
The process of developing an NFT marketplace is a time-consuming one and requires significant investment and expertise. Hence, many developers opt for a Whitelabel NFT marketplace over a traditional one. Whitelabel products are customizable and scalable products that anyone can launch in a short time.
NFT marketplaces are on the rise and everyone wants to have one. They want to enter the NFT industry and make their marketplace the most popular one in the field. Hence, now is the time to develop a robust NFT marketplace and enter the market.