Developing an NFT Marketplace: The Ultimate Guide

author

Cubix

31 May, 2022

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5 min read

NFT is one of the most hyped subjects in the current space and time. While every techie fancies a sizeable hold of this technology for increased profits, NFTs have become a definite source of income for many artists, gamers, and investors alike.

To simply put it, it’s a digital file that is built using blockchain technology, also known as a non-fungible token, which is digitally unique and non-interchangeable. Besides, they are stored on the blockchain network – having the securest platform, unlike any.

In the same way, the marketplaces of NFTs’ are becoming more and more crowded each day. With new NFT enthusiasts showing up each minute, it’s wise to invest your money in this field for considerable returns. From what we can tell, Non-fungible Tokens (NFTs) are becoming some of the most lucrative blockchain-based experiments to date. It’s a pure digital artwork that any artist, investor, and developer can coexist to leverage this technology.

Despite the growing number of NFT marketplaces out there, the field needs more. So, if you are a tad bit interested in investing your money in nft marketplace development, read this post completely. We’ll reveal the perfect way to do just that – starting from the basic definitions.

What Are NFT Marketplaces?

NFT Marketplace is a digital store used to vend, store, and display many kinds of NFTs for its potential collectors. It’s similar to typical eCommerce online stores – instead of selling a variety of goods, it only deals with NFTs, although virtual commodities. In order to trade with them, you’ll need a crypto wallet, an account of coins in the wallet, and a user account. Presently, there are many NFT Marketplaces that keep the NFT trade running. If you don’t know yet, NFT can be in any digital shape – photo, memes, video clips, game assets, and whatnot.

Benefits Of NFT Marketplaces

NFT Marketplaces make it simple for collectors to sell or purchase NFTs. A simple market is a place where buyers and sellers congregate for the purpose of exchanging or trading commodities. Similarly, an NFT Marketplace allows investors and collectors to buy and sell NFTs, although these markets are the driving force behind the growing NFT trend. Any projecting NFT Marketplace would be of tremendous help to anyone who needs to own a digital asset (NFT).

Top Advantages:

  • Unlimited Growth
  • Simple And Convenient To Use
  • Buy And Sell NFTs 24/7

Where To Buy & Sell NFTs?

Since NFTs’ spring-up episode, people from various well-known industries (big names, such as Mila Kunis, Tom Brady, and John Legend) have come forward to grab hold of exhilarating NFTs for themselves. Admittedly, the concept of owning digital assets can be challenging to understand at first, although those who identified its true worth have been quite busy scouting NFT Marketplaces.

According to a stat, the NFT market has touched a valuation of $40 billion in 2021. Not to mention in 2022, its likely projection is set to exceed the last year’s amount. However, buying/Selling an NFT today is undemanding and simple. Here are the top 5 NFT Marketplaces of May 2022 to Buy and Sell NFTs (From Forbes Advisor):

  • OpenSea
  • Rarible
  • Binance
  • Nifty Gateway
  • SuperRare

How To Get Started With NFT Marketplace Development?

The goal here is to give you the essential insights about how to develop an nft marketplace. Usually, two methods pop up to execute this lucrative endeavor; development from scratch and white label nft marketplace development. While both have their own set of benefits, choosing one from an investment strategy or preference would be sensible and practical. Let’s discuss both of those nft development approaches.

1 – From Square One

You need to understand building an NFT Marketplace from scratch isn’t a walk in the park. For that, a resourceful team is required that has years of experience in this field of work. On top of that, multiple apps and portals are also needed to stream NFT buyers, sellers, creators, and yourself as the admin. Same way, you would require a long list of technical stacks to build one. We’re not implying it’s a no-go area; however, if you have that kind of money in your bank along with technical insights about choosing the brightest NFT development team, go for it.

2 – White-Lapel Approach

The second approach to nft marketplace development is white label. It’s totally different from the square one development method since this approach has most of the infrastructure already developed. Compared to the above approach, this one comes economical and takes a shorter span of time to be in operation. It’s because many blockchain developers have built those NFT Marketplaces frameworks – a speed-to-market approach for the potential investors. On top, it only requires little customization tweaks for the proprietary owner, and all is set.

NFT Marketplace Development – Key Steps:

  • Define Goal
  • Pick An Ideal Blockchain Framework
  • Generate Smart Contracts
  • Launch A Web-based Platform
  • Incorporate An Efficient Payment Portals

NFT Marketplace Features

After choosing your suitable NFT marketplace development approach, it’s time to proceed with its basic features. Besides that, you need to identify the underlying problems it should unravel – based on users’ needs. In the following manner, every feature you enlist into your NFT marketplace must be well-defined and user-friendly. It would be best to make them stand out while outdoing the existing players in the game. Because that’ll help you have a potential maneuver for increased growth.

Key Features To Integrate In Your NFT Marketplace:

  • Storefront – NFT info broadcasting
  • Advance Search – To explore ASAP NFTs
  • Filter – For easy and quick navigation
  • List Creation – To help users create and submit NFTs
  • Status Listing – Collectibles tracking info
  • Wallet – Ability to store, send and receive NFTs
  • Bid – Right to bid and buy

Who Can build NFT marketplaces?

Any practiced blockchain development company or blockchain developer who knows the crux of the NFT marketplace development can build such platforms via crucial technical stacks. On the other hand, those who are fascinated by the idea of digital artwork and grasp its growth potential can build or invest in this domain. For one thing, it opens up a lucrative investment opportunity for any. Considering its ever-growing demand out there, making sooner investments is massively worthwhile, although its entire infrastructure is abstract. But then again, with metaverse gaining more and more momentum, digital artworks will rise steeply in value like diamonds.

How Much Will NFT Marketplace Development Cost?

It’s important to know how much will it cost before actually starting the development. If you have a tight budget, knowing its absolute development cost beforehand can help you straighten things out and strategize mindfully. As far as the cost to develop an nft marketplace is concerned, it largely depends on many aspects included within the marketplace itself. First of all, it relies on the number of features you incorporate into your nft marketplace – complexity. The higher its complexity goes, the more you need to pay.

When tight on budget, choose the white-lapel nft marketplace development. Although in terms of security assurance, dependency, and credibility, white-lapel may not be a good option. So, it’s a one-time thing; thereby, we suggest you should do it right regardless of your investment size. Because when things go sideways with the white-lapel method, everything will be for nothing.

Cost To Develop NFT Marketplace – rough estimate:

  • Developers’ Cost
  • Number Of Hours – 1000
  • Basic Set Of Features
  • Blockchain Network
  • Advertisement

It may cost you over 50,000 US dollars.

Advantages Of Nft Marketplaces For Buyers And Collectors

Last year, an NFT artwork known as THE MERGE was sold on the NFT marketplace for over 91 million US dollars – setting a world record, the most valuable (priciest) NFT ever traded. Not to mention by now, it has exceeded in price and value in the marketplace. Seeing its unbelievable growth potential, many buyers and collectors can lucratively benefit from this high-tech trend in the form of valuable digital artworks. Similarly, both the buyer and collector can interact seamlessly in the NFT Marketplaces for placing NFT related bids and transactions. In short, those are the only places where you can buy and sell NFTs – nowhere else that is doable unless you know someone personally who is selling or buying NFTs.

Hiring Professional NFT Marketplace Development Services

As the popularity and practice of NFT trade are growing by the minute, It is about time to create and launch your own NFT Marketplace. Creating a resourceful NFT Marketplace will undeniably have astounding chances of success and turnover.

Do you want to invest in launching your own NFT marketplace? Look nowhere else. Because we, Cubix, having years of development experience in this particular domain, can help you build just the right platform summiting your needs. More, we have blockchain experts that can guide you from development to deployment ever so seamlessly.

That’s it, folks!

author

Cubix

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