Social media giant Twitter recently announced that it would allow users to buy, sell and trade NFTs directly through tweets in partnership with marketplaces. NFTs will be available on the application’s Tweet Tiles feature. Instagram has already announced
that it will allow users to connect their wallets and share NFTs on the platform.
The enormous growth of NFTs has encouraged tech giants like Twitter and Instagram to enter the NFT space. Particularly after the NFT boom, the demand for NFTs has skyrocketed in the digital space. Due to the global interest in NFTs, the need for NFT marketplaces
has also grown substantially. As a result, NFT marketplace development has become one of the most successful business ventures in the NFT space.
Simply put, the NFT marketplace is a platform where users store, sell, buy and buy NFTs. It is a virtual exhibition of NFTs on an online platform. Blockchain stores all the transactions on the platform on its nodes. All these transactions on the platform
are executed through smart contracts without any third-party intervention.
Characteristics of an NFT marketplace
➺ Tradability: NFTs can be traded in various marketplaces due to their interoperability. Buyers can also benefit from the secondary sales of these NFTs.
➺ Standardization: Standardization provides basic functionalities to NFTs by enabling developers to common reusable standards to NFTs.
➺ Liquidity: NFTs can be traded instantly, offering high liquidity for assets.
➺ Interoperable: NFT token standards enable NFTs to interact with multiple blockchain networks. This allows NFTs to be traded in various NFT marketplaces.
➺ Controllability: NFTs are completely programmable, just like traditional assets. NFTs today have a complex mechanism of crafting and redeeming.
➺ Scarcity: With smart contracts, you can set limits on the supply of NFTs and enforce properties that cannot be forged after minting them to maintain the uniqueness of the NFTs.
Features of an NFT Marketplace
➺ User profiles: All users, irrespective of being a buyers or a creator, should create an account on the NFT marketplace. Assets owned by the user and their details are displayed on this user profile.
➺ Virtual exhibition: Digital artists can display their artworks in the virtual exhibition in the NFT marketplaces.
➺ Digital wallets: With integrated digital wallets, users can store their digital assets and use them for transactions on the platform.
➺ Listings: Sellers can mint their tokens and can list them on the platform to sell them to NFT collectors.
➺ Auction: Users can also list their NFTs for auctions on the platform. Interested buyers can place bids and keep track of the bidding status.
➺ Search, and categorization: Users can easily search for their desired NFTs with advanced search options on the platform. Users can apply filters like price, ownership history, and niche to surf for the NFT they’re looking for. NFTs are also categorized
as digital arts, generative arts, etc.
➺ Ratings: Ratings feature in an NFT marketplace can be of great help for newcomers on the platform, as they can help buyers see how credible a product is.
➺ Trade history: Users can access the trading history on the platform using this feature. The trade history feature includes details like price, date, seller, etc.
➺ Airdrops: With the airdrops feature, creators and sellers can organize airdrops to promote their NFTs to prospective buyers.
➺ Push notifications: This is used to alert the users in the platform about new updates, new bids, sales, etc.
How to launch an NFT Marketplace?
Before jumping right into NFT marketplace development, perform basic research and decide on the integral parts of your NFT platform.
Here’s a simplified roadmap for the NFT marketplace development process:
➺ Target niche: Choose a vertical market rather than a horizontal market for your NFT marketplace. Choosing a universal niche for the platform can widen your audience.
➺ Define project and design: All NFT marketplace development processes begin with project documentation. Define your project and decide on the design aspects of your marketplace.
➺ UI/UX design: You can start with prototyping your platform’s user interface. Pay key attention to the UI/UX of your platform, as user experience plays an important role in the overall success of your platform. Design a sophisticated yet user-friendly interface
for users so they can seamlessly navigate through your platform.
➺ Development process: The next is the development phase of your NFT marketplace. Find a framework that will suit your business with a skilled developer team working on the front and back-end development process for your NFT marketplace. Also, create smart
contracts for the platform and integrate your platform’s front and back ends.
➺ Testing: The testing phase detects errors and pitfalls on the platform. Run multiple tests on the platform with expert QA teams for bugs and errors and check the platform’s functionality.
➺ Launch: Once you’ve resolved all the errors and bugs on the platform, you can deploy the platform for public use. Also, make sure that you keep updating your platform based on user feedback.
What would be the cost of building an NFT Marketplace?
The cost of building an NFT marketplace depends on your requirements and the amount of work required to complete such a project. If you’re planning to develop your NFT marketplace within a stipulated budget, then opting for a Whitelabel solution can be a
smart choice. Whitelabel solutions can be instantly launched while also saving you time and money with NFT marketplace development.
As the NFT market has already reached a billion-dollar cap in a short span, many entrepreneurs and tech giants have started to enter the NFT market. With recent NFT trends and an emerging crypto market, NFT marketplace development can be highly rewarding
in the Web3 space. If you have plans for developing your own NFT marketplace but are skeptical about the development process, then
hiring an expert NFT marketplace development firm (blockchainappfactory.com) can clear things up for you.