What is the deal with NFT Marketplace Development?

What is the deal with NFT Marketplace Development? | OmiSoft

NFT is the buzzword of the last few years. Still, many people have no clue what it is or how to create an NFT marketplace for the first time. This “non-fungible token” has a unique identification code stored in a blockchain and is considered a digital asset. When NFT is created it’s sold through NFT marketplaces, which is something we want to have a chat about today.

As the recent popularity of virtual currencies (such as crypto) has picked up steam, long-existing NFTs (since 2014) finally got into the limelight. Moreover, can you imagine that in 2021 Collins Dictionary pronounced it as a word of the year? 

Let’s delve into NFT marketplace development and look where it could lead you.

NFT Must-Know

Before you find out how to make an NFT and sell it, you must know what you can portray as Non-Fungible Tokens. Start with in-game objects, limited-run fashion lines, any kind of artwork, tickets to your favorite band concert, and continue with buying real goods all around the world. 

According to yahoo!finance article, revenue from NFT markets is forecasted to grow from $340.0 million (2020) to 3,57,316.3 million ten years by. That means that any NFT development services will be in huge demand.

What’s the deal with digital NFT? 

Firstly, if you are up to it, you need to start with figuring out how to create an NFT. The next step to successfully selling, buying, and making non-fungible tokens is to find or develop a proper NFT marketplace. But what for?

NFT marketplaces allow digital collectors to buy, sell and create their own tokens that represent ownership of unique, tangible, and intangible items.

The point is that you can trade your digital art on these various NFT platforms. Therefore you should choose a company to work with that has a successful blockchain application development creating your own marketplace.

Importance of using online NFT marketplaces

It’s crucial to see that non-fungible tokens and digital currencies differ because each of them isn’t made in the same way technically. That’s why you’re not able to exchange one for another. 

What is more striking, is the unavailability to purchase or sell NFT on both centralized and decentralized crypto exchanges. Instead, developers of these exceptional tokens came up with setting up their own space for trading. 

Scrutinize the NFT marketplaces to understand their explicit upper hand:

  1. It’s secure. Using blockchain technologies helps to encrypt your digital data from any invaders;
  2. It’s decentralized. Allows you to govern your data from one to another node in your network. 
  3. It’s transparent. Any passing transactions are protected from unauthorized access and totally visible in a marketplace where you carry out the process.    

Security is one of the key issues in blockchain development, that’s why we recommend checking the Smart Contract Audit Process article to know more.

The process of NFT marketplace development 

NFT marketplaces excelled to develop both general and niche platforms for managing digital assets. The second ones are thought to be more appealing. NFT marketplace development outsourcers daily work on improving the usability of platforms’ interfaces. They are certain that making the user experience easier and clearer can help companies to reach the desired outcome.  

To strengthen your platform design, ask the developer to implement the next features: 

  • Dashboard (control panel) — provide smart guidance for users 
  • NFT Minting — allow people to convert digital data into crypto collections. By the way, check out our NFT collection development cost article to dig deeper.
  • Online storefront — let customers find desirable items as in a real shop 
  • NFT collections and listings — sort and filter your digital assets 
  • Advanced search options — help seekers find it faster 
  • Details on tokens and listing status — give all necessary information 
  • NFT Filters — entertain to draw attention 
  • Bid-and-Buy process — put an auction system for true collectors
  • Payment system — integrate virtual wallet to simplify the procedure
  • Feedback — get rates & reviews from your clients. 

After your requirements are met, the NFT development agency that you’ve decided to choose will lead you through the general end-to-end processes of your NFT platform development. It strictly starts with picking a suitable blockchain platform (Ethereum, Stellar, Binance Smart Chain, Polygon, Solana, etc). Then you define UX Design decisions: how to make your NFT platform intuitively reachable and watchable.  Other steps include such technical solutions:

  1. Front-end development
  2. Smart contracts 
  3. Storage setup 
  4. Integration
  5. Testing 
  6. Deployment and production. 

How can businesses perform NFT technology? 

It’s a fish in a barrel. Trending technologies can have a tremendous effect on sales. You just have to learn about NFT marketplace development and see the example of a successful business case yourself.

In NFT community platforms

It gathers people with mutual interests such as art collecting, listening to similar music genres, and playing the same games. If you want to join NFT communities, you should definitely check them out here. 

In fashion industry

Virtual reality technologies are the friends of NFT in this case. Using VR helped many brands create showrooms, where people can virtually put clothes on and decide what’s the best suit for them. For example, Red DAO bought a set of NFT garments from Dolce & Gabbana for 6 million USD. And your fashion brand can be in the spotlight one day too. 

In gaming

NFT game development is recently sought after, especially with trading virtual commodities and for more well-skilled users to exchange characters. There’s a prediction that by 2025 NFT in the gaming area can reach $256.97 billion. Want to learn more? Check our Play-to-Earn game development article.

In ticketing

You don’t need a mediator anymore. Peer-to-peer purchase of tickets for any events is on board. With the help of blockchain technology, the ownership of the ticket will be attached to your name. The data of your digital way to concerts and other public events can’t be stored, deleted, or changed by any outsider. 

Conclusion 

The world is rapidly changing and developing, and so should we. NFTs development can be nominated as the most lucrative and progressive branch of e-commerce of the next decade. Make sure you’ve checked out all the beneficial features of NFT marketplace development.

If so, start your journey and create an NFT marketplace with OmiSoft.

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