Non-fungible tokens (NFTs) have acquired the peak position in the Web3 world in the past two years. According to some statistics, NFT trading volume grew more than 8 times after the NFT boom in 2021 and is expected to grow manifold in the next decade. The growth of these tokens is mostly attributed to creators, celebrities, and brands. But, almost no one really talks about the role of NFT marketplace platforms in making the movement possible. This blog changes such perceptions from a business point of view as we speak about NFT marketplaces and their development process.
NFT Marketplace – An Introduction
A platform where NFT products can be traded is known as an NFT marketplace. These platforms are prevalent in practically all blockchain networks since business owners want to profit from the development of NFTs. These marketplaces offer the sale of a wide variety of goods, including virtual trading cards, in-game items, virtual real estate, music, video, and even physical collectibles. An NFT marketplace company may engage in either horizontal commerce (generic) or vertical commerce (genre-based). OpenSea, Rarible, LooksRare, Solsea, NBA Top Shot, Axie Infinity, Sorare, SuperRare, Decentraland, and Nifty Gateway are popular NFT marketplace platforms.
The Need to Develop an NFT Marketplace
Developing an NFT marketplace is regarded as one of the best business opportunities in the Web3 era for a variety of reasons. One of them is that since they act as the starting point for beginner cryptocurrency lovers, creators, and sellers, these firms can never go out of style or be forgotten. A significant influx of individuals is anticipated in the coming years; thus, it is safe to conclude that NFT marketplaces will have high scope in the near future. In order to draw in more users, NFT marketplaces can also profit from other Web3 elements like decentralized finance (DeFi) and decentralized autonomous organizations (DAOs). The idea of creating an NFT marketplace business to taste success is further aided by the fact that these platforms are the most accessible to general consumers.
Steps in Crafting an NFT Marketplace Platform
- Finding the niche you want to build your marketplace business around is the first step in creating an NFT marketplace, just like any other business initiative. In order to make wise judgments, the finalized option should be the outcome of a thorough analysis of the market, target audience, and competitors.
- You must now choose how your NFT marketplace will operate. It is necessary to select the technology platforms and solutions to be deployed. To ensure that the plan is followed to perfection at any point during development, every choice made from the start should be documented.
- The next step is prototyping, where a mockup NFT marketplace platform with user-end interfaces is built. A small group of users should use the prototype and provide comments, which should then be incorporated into the live platform. You can save time and money by prototyping because it gives you some early input that may be very useful.
- The front-end functionality of the actual NFT marketplace platform should then be designed. After that, you should incorporate the required back-end features to guarantee the platform’s flawless operation.
- At this time, you should also make sure that the native cryptos (if necessary) and smart contracts have been created. The NFT marketplace platform should then be integrated into the blockchain(s) of your choice.
- You should now thoroughly test the platform. Testing is advised throughout the development phases, but it is crucial to have the entire NFT marketplace platform checked for flaws. If any defects are found, they must be troubleshot right away. It is advised that you employ a variety of automated and human testing scenarios to make sure the platform functions as intended.
- Launch the NFT marketplace platform for general usage as the last step. Make sure you hire enough staff, including marketplace administrators and customer service agents, to manage the platform.
- Make sure to hear user feedback by implementing constructive user suggestions in updates. Regularly upgrade the NFT marketplace platform to cater to user traffic and new trends.
- The steps above can vary slightly if you use a prefabricated solution created by a Web3 development firm (also known as a clone script or White label solution). These can save a lot of time and monetary resources and even look like popular platforms in the market if you wish to have one.
Elements an NFT Marketplace Should not Miss at Any Cost!
Even though developing an NFT marketplace needs business owners to decide on the features they need to have on the platform, some of them simply cannot be ignored. The below list gives some such unskippable features.
- Multi-factor Authentication (MFA)
- Profile Pages
- Home Page
- Product Pages
- Customer Storefront/Buyer Dashboard
- Purchase Cart
- Payment Gateways
- Smart Contracts
- Seller Dashboard (to manage NFTs)
- Admin Dashboard (to manage inventory)
- Search Engine
- Minting Portal
- Listing Portal
- Listing Status Portal
- Bidding Portal
- Reviews and Ratings
In addition to all these must-have features, and NFT marketplace development plan can consider adding the following elements to match the preferences of buyers in the future.
- Peer-to-Peer (P2P) Trading
- Fractionalized NFT Trading
- Decentralized Finance (DeFi)
- Decentralized Autonomous Organizations (DAOs)
- NFT Launchpads
- Initial NFT Offerings (INOs)
- NFT Swapping/Exchanging
- Immersive Elements using Metaverse Technology
Thoughts Before Closing
While NFT marketplace development is a huge process, the prices for building such a platform entirely depend on your preferences. Building methods features added and blockchains integrated can all impact the final bill in some way. Along these lines, it is also important to note that costs can vary for hiring in-house developers and working with an expert firm, although the quality of the final platform will not be affected. Yet, domain experts say that going with a well-experienced NFT marketplace development company will be the wise option, given the scarcity of experienced Web3 developers in the job market that is adapting to the needs of the new generation. The clock is ticking, and hence, get up and running to build your dream Web3 venture with the most quality possible.