How to Create an NFT Marketplace with Flow Blockchain?
Today we hear from many sources such popular words as “marketplace”, “flow”, “blockchain” and “NFT”, etc. And many people want to build their business on them. It works like this: when they want to launch their platform, they choose blockchain and take a close look at Flow. Interested in Flow but not sure what it is or where to start? So, “don’t switch!” and we will analyze it in more detail in our article.
First of all, we will combine two concepts at once: NFT Marketplace is an online blockchain-based platform for selling and buying non-fungible tokens (NFTs).
We have one of the most popular NFT marketplaces – NBA Top Shot, launched in 2020 (based on a partnership between the NBA and Dapper Labs, the creators of CryptoKitties), where sports fans can buy, sell and exchange basketball videos. The project’s investors are NBA legends Michael Jordan, Kevin Durrant and Klay Thompson.
As of September 2021, NBA Top Shot had over 1 million registered users. Data from the NFT marketplace tracker DappRadar shows that since its inception, more than half a million exchanges have been made on the NBA Top Shot platform, with a total value of almost $1 billion.
The NBA Top Shot platform runs on the Flow blockchain from Dapper Labs and gives users the ability to trade digital assets based on videos from NBA games. The Flow blockchain supports transactions on a number of other sports NFT platforms such as NFL All Day and UFC Strike.
What is Flow blockchain and “what it is eaten with”?
Have you ever bought a set of NBA Top Shot or started your own CryptoKitties?
NOTE: Then you are familiar with Flow, a powerful project that powers some of the most popular cryptocurrencies, NFT, and gaming platforms. Flow in 2019 thanks to Dapper Labs is quickly becoming the blockchain used by businesses to build and expand their user base.
Flow is a blockchain that has attracted attention. One of the leading blockchains, it is fast and scalable. It was developed by the same NFT development team that created the popular Ethereum-based blockchain game CryptoKitties.
A huge advantage is that Flow aims to reduce the complexity seen in other blockchains. Transactions are fast, with only one atomic transaction per block, and no extra steps. Blockchain Flow is designed not only to improve the end-user experience but also to enable NFT developers to easily and stably create, test, and launch projects.
Any blockchain uses its own confirmation mechanism to process transactions and secure the network. Many blockchains have encountered difficulties with this topic. Flow, on the other hand, divides the work of transaction processing into four separate nodes, each with its own role and responsibility. Rather than relying on off-chain solutions to scale the network, Flow’s own node divisions give it a big advantage in blockchain scalability.
Why Creators of NFT Marketplaces Choose Flow
Flow is used as a scalable environment for creating and building dApps and NFTs. Developers have the option of using FLOW as the main cryptocurrency in their applications or creating their own tokens and cryptocurrencies.
NBA Top Shot and UFC Strike are among the most famous Flow projects. Still unreleased are LaLiga, NFL, and UFC Collectibles, which are similar to NBA Top Shot (NFL All Day is currently only available in closed beta). All of them are creations of Dapper Labs, a Vancouver-based gaming company that is a pioneer in developments at the intersection of gaming and cryptocurrencies.
This blockchain has a thriving consumer-focused ecosystem that is rapidly operating and expanding and is hosting some of the most exciting and unique new projects in cryptocurrency. Flow blockchain is convenient for NFT marketplaces and “developer-first experience”.
There are many secrets associated with sport NFT marketplace development on the Flow blockchain. You can’t miss this chance to learn about them, so go to the article NBA Top Shots: Secrets Of Sports Marketplace Development With Flow, where our Omisoft specialists tell all the details.
What are the benefits of the Flow blockchain?
As cryptocurrencies, virtual worlds and NFTs continue to gain interest and popularity, low transaction costs and ease of use are critical for both developers and users.
The Flow blockchain was created to solve the problem of overloading existing blockchain networks. The features of the blockchain are unique and play a role in its functioning, thus providing benefits in price terms. Let’s find out how Flow blockchain differs from other projects based on its advantages using the experience of leading software companies in Germany.
- Flow is user-friendly and ready for the mainstream
This blockchain is designed for widespread adoption, with a focus on being developer-friendly and facilitating the work of users who do not use cryptocurrency. With the Flow network, users can easily recover lost keys, which is a “fat” plus. In addition, Flow works to reduce the many steps involved in getting started on your favorite and important projects. Because of this, Dapper Labs uses Flow for all portfolio projects.
- Flow doesn’t use shards
User accounts and smart contracts on Flow can always communicate with each other in a single atomic, consistent, isolated and durable (ACID) transaction. By integrating its blockchain without the use of sharding, the Flow ecosystem is able to bypass many of the problems that this technology can cause.
- Flow focuses on decentralization
More people can participate in the consensus process that keeps the network safe.
- Flow is backed by some of the world’s biggest investors and brands
Flow is backed by some incredibly important and respected investors, ensuring the long-term growth and sustainability of the ecosystem on the submitted blockchain.
Both the Flow ecosystem and the FLOW token continue to grow rapidly. The number of people around the world getting involved in cryptocurrencies is growing, and it has every chance to become a leading part of the mainstream adoption of cryptocurrencies and all their aspects.
Step- by- step: Creating an NFT Marketplace on Flow
Creators or businesses, with a special focus on those that work directly with digital content, can create their own NFT marketplace and engage millions of artists to share their content for a large review. It is important to understand that this is a big step forward for the community to get properly rewarded for their hard work. So, here we go…
- Generate an idea and choose a blockchain
Form your idea based on current trends and choose a blockchain (in our case, Flow blockchain). The best idea: choose a sport because there is a good ecosystem for sports – good examples of NBA and UFC.
- Gather the requirements
The stage of discovery, business analysis
- Design concept
It is necessary to create high-quality graphics. Attracting gamers is a very important aspect, you need a visually powerful design concept. This requires knowledge of the current market, strong technical background, design skills, experience with data and its analysis, as well as a lot of creativity and passion.
- Development phase
The start begins with the opening of the project, then design and development, the third stage is the testing of the created product, and the final stage is the support of the finished product. We basooe this process on design (that is, we create a graphic project) as well as requirements. Be sure to choose development with Flow.
- Testing and deployment
Specialists of NFT companies can identify certain shortcomings: errors and bugs that can be corrected before the game is placed on the platform. When the testing stage is successful, you can instantly and efficiently deploy the gaming platform.
More details will definitely be useful, point at me!
How much does it cost to build an NFT marketplace?
|Type os marketplace||Time||Estimate cost|
|Basic marketplace||1-2 months||20,000-30,000 – |
|Middle level marketplace||3-6 months||50,000-100,000 – Eastern Europe |
100,000-200,000 – USA/Western Europe
Today, various cryptocurrencies, and in this case NFTs, are gaining popularity all over the world. NFT marketplaces are created on blockchains, and Flow is a high-quality blockchain network that aims to provide effective and efficient scaling solutions that will allow developers to create and build applications and NFTs based on this network. This blockchain has fast validation and is one of the newest and most popular projects in recent times. Flow definitely has all the chances to become one of the best blockchain networks of its kind.
Have you finally decided to create your own marketplace and chosen Flow? Don’t know where to start? How to create NFT minting website or NFT marketplace? Do you need some help?
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