Marketplaces for Digital Art works, Music as NFTs are gaining a huge popularity around the world and everyone is eager to enter into it. If you are planning to enter into this market then you might search how to create an NFT Marketplace? So Here we will answer everything starting from NFTs, Marketplaces to developing your own NFT Marketplace.
What is an NFT?
An NFT or Non-Fungible Token is a collectible digital asset that holds value as a form of cryptocurrency and as a form of art or culture. Some key aspects that define NFTs are Authenticity, Originality, Integrity, Unique value etc.
Most Promising NFT use cases
Gaming Platforms
Maximising Earnings for Creators
Domain Names
Represent Physical items
Investments and collateral
What is the NFT Marketplace Website?
NFT Marketplaces are websites where the NFTs can be stored, showcased and can be traded. In simple terms, NFT Marketplaces is a place to sell and buy NFTs like Amazon where we buy and Sell goods.
How do NFT Marketplaces work?
Crypto Wallet: Everyone who wishes to buy or sell NFTs needs a Wallet that supports NFTs. The wallet you choose should be compatible with Blockchain platforms on which
NFTs are sold.
Cryptocurrency on Wallet: Before doing any process such as buying, listing or ,minting on the NFT Marketplaces one need to pre fund their wallet with cryptocurrencies that are
supported by the NFT Marketplace you need to use.
Creating Account: Create an account on that particular NFT Marketplace you wish to buy or list NFTs for Sale.
Types of NFT Marketplaces
There are various types of NFT Marketplaces such as listing multiple kinds of NFTs or NFT Marketplace which only lists a specific niche Non Fungible Tokens such as Real Estate NFTs, In Game items etc.
Here are the some of the most popular NFT Marketplaces currently available,
Rarible
OpenSea
Foundation
SuperRare
Nifty Gateway
Axie Infinity
NBA Top Shot
Sorare
Decentraland
Why are NFT Marketplaces becoming Popular?
NFT marketplaces encompass anything from digital art to trading cards, virtual games or real estate.
Did you Know?
As per Fox news, The Sales volume of NFTs have skyrocketed from $13.7million in 2020 to a new high of $2.5 billion in the first six months of this year.
One of the leading NFT marketplaces, OpenSea has hit $1 billion in trading volume for the month of August 2021 so far. Trading volumes on the Open Sea have blown up by more than 12, 000% in 2021 so far.
7 NFT Markets including OpenSea, Axie Infinity Saw Over $356M in Monthly Value Transferred.
As the world is turning over to NFTs, more entrepreneurs are seeing this as an opportunity to enter into the crypto world. Everyone is capitalizing this opportunity by building their own NFTs or NFT Marketplaces. It is possible to develop your own NFT Marketplace on various blockchain platforms and generate huge revenues.
How to Create an NFT Marketplace?
Before getting into the NFT Marketplace Development process one needs to know the features that need to be added and the blockchain platforms on which you are planning to launch your own NFT Marketplace.
There are various different blockchains with unique qualities where one can develop their own NFT Marketplace. Here are some of the Popular Blockchians that are used by many NFT Development Services providers.
Binance Smart Chain Blockchain
TRON Blockchain
Polkadot Blockchain
Cardona Blockchain
Ethereum Blockchain
EOS Blockchain
Each Blockchain has its unique feature and focuses on different solutions. Make a wise decision of which blockchain suits your business needs to Create an NFT Marketplace or NFTs for unique digital Assets.
The second one is going to be the features that comprises on the NFT Marketplace
Features of NFT Marketplace
Following are some of the features that needs to be added while developing an NFT Marketplace,
Storefront
Create listings
Filters
Cross Chain Operations
NFT Scarcity
ABI Backed Processing
Searching for items
Buy and Bid
Wallet
The next step of the NFT marketplace development process is going to be complicated as you are going to choose the option between the two that have been presented before you.
Every Individual or Business who is looking to develop an NFT Marketplace will be confused at this place whether to develop the NFT Marketplace Website from scratch or to go for customizable white label solutions.
So you may be confused on which one to choose?
Ready Made White Label solutions vs Building NFT Marketplace From Scratch
There are a number of cases where customizable solutions are preferred more nowadays. Development of an NFT Marketplace from scratch is done to meet the exact requirements of the customization of the application. But the developing process of NFT Marketplace Platform demands more time frame and resources which will eventually increase the cost of development.
Whereas White Label NFT Marketplace solutions like NFT Marketplace Clone are already customized solutions which overcomes the two drawbacks of time frame and more resources and acts as the best solutions for blockchain startups, enterprises etc.
So it is wise to choose the best option to choose between the two that suits your business needs. Still confused? Don't Worry Get in Touch with our Experts at Maticz Technologies.
We Maticz leading NFT Development Company provide you with various NFT Development Services ranging from NFT Marketplace Design Development, Deployment to Technical support. Leverage our wide NFT development services and represent large numbers of investors and users.
How Much Does it Cost to Build an NFT Marketplace?
The Cost to build an NFT Marketplace may vary based on the options you choose. Building an NFT Marketplace from scratch will cost you more than building with scripts. But the exact cost for both the processes vary depending on the features you need in your NFT Marketplace Platform.