Since the 1970s, virtual systems for storing data have been researched by various eminent scholars. The term “Blockchain” had not been coined, or people were unsure about the final product back then. It was not until the late 2000s did the first blockchain started working to support the legendary cryptocurrency Bitcoin, and the world saw glimpses of what the future had held. With time, numerous applications have evolved, including applications based on cryptocurrencies, non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized autonomous organizations (DAOs). Additionally, the technology has also become an inseparable part of the Web3 ecosystem comprising other emerging technologies.
Why Should I Specifically Care About NFTs?
Even though all the applications mentioned above have a fair share in elevating the blockchain world, non-fungible tokens deserve more attention and respect. The main reason for such a statement is that these virtual tokens strive to provide proof of ownership and authenticity for assets that they support. Non-fungible tokens have been existent for nearly a decade, although their existence was well known only after the 2021 NFT boom when the sector’s market capitalization crossed over a billion dollars within a few months. The market has remained at those levels ever since. If you want to utilize the golden era of NFTs, then running an NFT marketplace would be a no-brainer, and this blog discusses it in detail.
What is an NFT Marketplace?
An NFT marketplace is an application where people can trade NFT assets. These platforms are present in almost all the blockchain networks, as entrepreneurs intend to capitalize on the growth of NFTs. These marketplaces sell all kinds of assets, including artwork, music, video clips, in-game items, virtual land, virtual trading cards, and even physical collectibles. An NFT marketplace business can either carry out horizontal trades (sell generic NFTs) or vertical trades (sell niche-based NFTs). Popular NFT marketplaces include OpenSea, Rarible, LooksRare, Solsea, NBA Top Shot, Axie Infinity, Sorare, SuperRare, Decentraland, and Nifty Gateway.
Why Should I Develop an NFT Marketplace?
Developing an NFT marketplace is considered one of the best business options in the Web3 world due to many reasons. One of them is that these businesses can never go out of trend or be forgotten as they serve as the entry point for newbie crypto enthusiasts, creators, and sellers. Also, with a massive influx of people expected in the upcoming years, it is easy to say that the near future is set to have a busy schedule for NFT marketplaces. Additionally, NFT marketplaces can also benefit from facets such as decentralized finance and decentralized autonomous organizations to attract more users. The fact that these platforms are the closest to the end-users also helps the claim of developing an NFT marketplace venture to taste success.
How to Develop an NFT Marketplace Platform?
- Similar to any other business project, developing an NFT marketplace also begins with identifying the niche you want to base your business on. The finalized option should be based on the result of an extensive analysis of the market, target audience, and competitors, so that good decisions are made.
- Now, you should decide on how your NFT marketplace will function. The technological stacks and solutions to be used must be chosen. Every decision made right from the beginning should be perfectly documented so that it can be helpful at any point of time during development.
- Then, you should proceed with prototyping, where you create a model NFT marketplace platform consisting of user-end screens. You should test the prototype with users and get feedback which should be implemented in the actual platform. Prototyping helps save time and money for you as it helps you have some initial feedback that can prove crucial.
- Afterward, you should proceed with designing the actual NFT marketplace platform’s front-end features. After this, you should integrate all necessary back-end features to ensure the perfect functionality of the platform.
- At this stage, you should also ensure that the smart contracts and native tokens (if required) are created. After this, integrate the NFT marketplace platform into the blockchain(s) of your wish.
- Now, you should test the platform extensively. Although testing is recommended during the course of the development stages, it is essential to have the whole NFT marketplace platform tested for errors. If any deficiencies are observed, they must be troubleshot immediately. It is recommended that you use various automated and manual testing cases to ensure that the platform works as intended.
- As the final step, launch the NFT marketplace platform for public use. Ensure that you employ a sufficient number of people to look after the platform, including marketplace admins and customer care representatives.
- As an additional step, make sure that you respond to user feedback. Release upgrades frequently to stay updated with the user traffic on your NFT marketplace.
Don’t Forget to Include These Features in Your NFT Marketplace!
- Portal for users to sign up and log in
- Search engine
- Filter and sort options
- Integrated crypto wallet
- User-end portals for buyers/sellers/admins
- Customer grievance portal
- Portals for NFT listing and auctions
- Payment gateways
- Ratings and reviews
- Instant notifications
As additional features to garner more users, you can opt to use DeFi functionalities such as lending, borrowing, and staking, or decentralize the platform’s governance aspect with a DAO.
What Should I Do Now?
If you have found that developing an NFT marketplace suits your business preferences, then there can be a lot of doubts surrounding the decision, as is with any business decision. But, you no longer need to overthink as there are firms that excel in developing NFT marketplaces. It is enough for you to convey your ideas to the experts, and they will come up with the perfect plan for your NFT marketplace platform. Such companies have the capability to develop NFT marketplaces from scratch and Whitelabel solutions across multiple blockchain networks. Most firms tend to have a client-centric approach, meaning that any decision will solely depend on your choices.