A recent report from an NFT data platform called Nansen released a report on the NFT market for the first half of 2022. The report revealed that 963,227 ether worth almost 2.7 billion dollars had been spent on NFT minting just in the first half of 2022. The report states that 1088888 wallets were linked to the minted process, and the number grew to nearly 1.5M when free minting got involved. This shows that NFT has created a huge market worldwide and is sure to grow in the future. During times like these, NFT marketplace development will be a sure bet when it comes to revenue-yielding businesses.
NFT marketplace is a platform where users buy, sell, generate and even store NFTs. NFT marketplaces are built on blockchain technology and are decentralized platforms. In which digital tokens of artworks, music, and game assets can be bought and sold, with a unique signature on the ownership.
Features of NFT:
❖ Transparency: Transparency is one of the best features of NFTs. Since it is built on blockchain technology, blockchain ensures that NFT transactions are visible in a distributed database. This means we can know who created the NFT and owns it.
❖ Interoperability: With a decentralized bride NFTs can be traded, purchased, or sold across various DLTs
❖ Authenticity: NFTs are unique because there are no two NFTs of the same name. NFTs are not interchangeable. Metadata of NFTs cannot be forged and this gives NFTs authenticity.
❖ Scarcity: NFTs being scarce is the reason why they have such market value. Developers can create as many assets as they like, they can also limit the number of NFTs for scarcity and rarity
❖ Security: With a consensus algorithm, NFT marketplaces provide first-class security features.
Features of an NFT Marketplace Solutions
NFT marketplace features that are vital for every marketplace are,
➥ Advanced token search: Advanced token search comes in when the users want to look for a specific NFTon the marketplace. NFTs are categorized into images, videos, music, etc. Adding search filters can help your users find NFTs based on various categories like price, creators, asset popularity, offers, etc.
➥ Buying and Bidding: Every NFT marketplace must have a hassle-free buying and bidding process. Adding features like auctions can help in generating traffic for your site.
➥ Wallet: Creating an integrated wallet for the NFT marketplace to store, send and retrieve funds for NFTs
Important steps in NFT Marketplace development:
➜ Niche: decide the niche for your marketplace. Having a universal niche is better for your marketplace as it can attract a wider audience.
➜ Blockchain: Choosing the blockchain on which you want to create your marketplace is vital to NFT marketplace development. Ethereum and Binance are two popular blockchain networks. We can also develop marketplaces on different platforms at the same time.
➜ Smart Contracts: Create smart contracts that will initiate purchase transactions and mint NFTs automatically if sales conditions are met.
➜ Testing: Nothing disrupts the user experience as bugs and errors do. So testing is another important phase in the process of NFT marketplace development. Make sure the platform gives the users a hassle-free experience.
➜ Security: Set up secure payment gateways to enable buying and selling NFTs. NFT Marketplace Development Solutions
NFT Marketplace UI and Architecture:
The NFT marketplace should be user-friendly and at the same time should give a sophisticated look. It is important to build an interface that is easy to use for both new and existing users. The interface should be consistent with its buttons, colors, text, and layout.
As far as marketplace architecture is concerned, the architectural components must include applications in which the marketplace works, such as websites or mobile applications, wallets, smart contracts, IPFS, and blockchain on which the platform works.
Challenges in Developing an NFT Marketplace:
➜ Determining the right Blockchain Experts: Since blockchain technology is still new to many, finding the right developers can be quite challenging. Hiring the right team with expertise and knack is half the battle won.
➜ No Vice Users: Many developers do not take into consideration the new and inexperienced users. Creating a marketplace that acknowledges both experienced and new users is a delicate task.
➜ Smart Contracts: Smart contracts are new to the world of fine tech and can be quite tough to grasp. A team with a grasp of technical and regulatory requirements is necessary to give the users a hassle-free trading experience.
As we’ve seen in the beginning, NFTs are growing to be billion-dollar businesses in the world market. Various NFT marketplaces have also been successful because of their decentralization, high-level security, and the platform that it provides for trading digital assets. But creating a successful NFTmarketplace can be an uphill task. Our team of skillful developers can make your job much easier. We provide NFT marketplace features that will give you a giant leap in the NFT business.