Blockchain technology has significantly made its own way since the emergence of cryptocurrency (Bitcoin) in the year 2009. This would have considerably made revolution in many sectors. However, NFTs and cryptos rule the digital world side-by-side with their prominence.
The undoubtful thing is that the NFT has become a trending word. Even though it has been around us for more than five years, the NFT sector has witnessed a never-seen-before prominence over the past two years. Thus, this would bring wider opportunities for entrepreneurs and business people to leverage the current trend to enter the NFT space by opting for the NFT solutions upon availing of NFT development services.
Non-Fungible Tokens (NFTs) — A Glimpse
Let’s begin the blog with a brief explanation of what NFT and its marketplace are about. NFT is abbreviated as a non-fungible token denoting digital assets that are different from each other with unique identification codes. Knowingly, anything could be an NFT. That is, it could be collectibles, artwork, music, in-game items, memes, domain names, sports moments, etc. In general, aspects that define the non-fungible tokens are Authenticity, Integrity, Uniqueness, and Originality.
The Rise Of The NFT Sector Would Continue To Grow
Over the past few years, the NFT has transformed many sectors, including entertainment, gaming, and many others. The global volume of the non-fungible tokens (NFTs) transactions in 2020 was $338 million.
“According to a recent report, the global NFT sales volume in 2021 was $24.9 billion. Seemingly, this would be significant growth. Moreover, the volume of the NFT trade jumped from $2.67 billion in December 2021 to $6.86 billion in January 2022.”
Therefore, it is highly likely that stepping into the NFT sector would be a considerable niche in this blockchain era. If you want to tokenize your digital collectible, it would be appreciable to avail of NFT development services from a reliable tech partner.
Understanding What NFT Marketplace Is About
NFT Marketplace is a platform that grants users to buy and sell digital assets and collectibles with a few taps. The most notable thing is that the digital assets could be sold by fixing a particular price or auction. This would be mostly decided by the sellers when they list their non-fungible tokens by providing necessary details. A Crypto wallet is the one holding the digital assets in a secure manner. In most cases, the Ethereum wallet is used for storing digital items and ensuring secure transactions.
Let’s Know How The NFT Marketplace Functions Briefly
The functionality of the NFT marketplace is quite simple. Here’s the breakdown of the workflow to get better insights.
- In order to use the NFT marketplace, the users have to start with the signup or registration process.
- Then, they have to get going with the verification process by completing the KYC procedure by providing the relevant information. This has to be done to avoid fake profiles and forgeries in the later stages.
- Thereafter, users’ wallet accounts need to be connected to the account they have created in the NFT marketplace.
- Once done, the sellers can create their non-fungible tokens and list them with the required information. While doing so, they need to choose either auction or fixed-price sale option.
- And, most importantly, they could set the royalties and tokens to be obtained while selling their non-fungible tokens. It might be, the platform owners can incur charges from the sellers.
- On the other hand, the buyers, with the help of the Search and Filters features, could look for the digital assets and choose to purchase by proceeding with the options of buying or bidding.
- When sellers have mentioned the fixed price, buyers could directly buy the digital assets and make payment transactions by opting for available payment modes.
- In the case of sellers specifying the auction option, the potential buyers have to join the auction. Once the auction ends, the one who bids high will have the chance to hold the digital assets and make payments.
Features That Will Ensure The Seamless Functionality Of The NFT Marketplace
The capability of the NFT marketplace would be determined on the basis of which features have been infused in it. For seamless and flawless functionality, the following features are to be incorporated. Check the list.
- Smart Search & Advanced Filters
- Create Listings
- Bidding & Buying Options
- Digital Wallets
How To Start With?
When you intend to develop and deploy your NFT marketplace, there are two possible ways that you can choose.
The first approach is creating the platform from the very first initial stage, which involves much time & effort and eventually, the cost will be. The second approach is choosing ready-made NFT development solutions, which are white-labeled. This would be considerably customized based on the business needs and empowering entrepreneurs to launch their training platform in the quickest time possible.
Beforehand, check out the following crucial points that you have to be aware of.
Target niche has to be chosen and ensured to narrow down your ideas. There are several niches to be considered when having an idea to step into the NFT sector. Here’s the list of the NFT development solutions that you could opt for to make your presence remarkable in the NFT sector.
- NFT Marketplace
- NFT For Arts
- NFT For Sports
- NFT For Games
- NFT Lending Platform
- NFT For Real Estate, etc.
Choose A Tech Partner:
The crucial thing that needs to be given utmost importance is choosing the tech partner or company for NFT platform development. Ensure to check their portfolios to choose the right & suitable NFT development company to fulfill your business needs.
Technologies That Could Be Used For NFT Platform Development
The known fact is that the NFT platform will be built on the blockchain network. The choice is yours to make a decision of which blockchain network to be crafted. The following are some common technologies and from these, you could choose the one.
- Binance Smart Chain
Apart from the choice of a blockchain network, the remaining tech stack used for NFT platform development is listed here.
- Front-End Frameworks — Vue, React, Angular
- NFT Standards — ERC-721, ERC-1155, BEP-20, TRC-721, dGoods, FA2
How Much Would It Cost To Create an NFT Trading Platform?
How much will be the cost for the NFT trading platform? This is the most common question to be arisen by the entrepreneurs who have budget constraints in developing & launching their platform. Speaking about the cost, this couldn’t be predicted without knowing the exact business requirements. And yes, this will vary depending on the individuals. So, to know the cost structure, reach out to the company and get a quote.
Predominantly, the cost will be determined by numerous factors such as features that you have to infuse in the platform, technologies to be used for development, etc. Most significantly, the approach you choose like whether the platform is to be developed from scratch or you are going to opt for ready-to-go NFT development solutions. Undoubtedly, the ready-made solution is budget-friendly compared to another approach.
Concluding this blog, as non-fungible tokens being the buzzword over the past two years. Considerably, the NFT sector has revolutionized the industry in a positive way. Therefore, it would be an ideal time to tokenize your digital assets or deploy the NFT marketplace. Everything you have to do is approach the NFT development company to avail of top-tier services.