Jump into the NFT Bandwagon with an NFT Marketplace

Today, assets based on non-fungible tokens (NFTs) are becoming a symbol of prestige, and they are making a lot of riches. While NFTs have more utility than just backing random pixelated face art, the direction has never been started yet. So, this makes NFT marketplaces still worthy for some more time before most of the world understands the nuances behind these digital tokens. Each day, new NFT marketplaces are coming up, saying that they offer something exclusive in one or the other sense, and they gain a credible user base only if some specialty exists. In this blog, we will see more about NFT marketplaces and the development of an NFT marketplace platform.

NFT Marketplace - A Brief Introduction

An NFT marketplace is a web platform that sells various non-fungible token-based products. These platforms sell a variety of products which range from artworks, music, videos, memes, in-game assets, and more. Typical payment options on these platforms include cryptocurrencies, debit/credit cards, and wire transfers. Popular NFT marketplace platforms include OpenSea, Rarible, SuperRare, Sorare, Decentraland, and Axie Infinity.

How Do I Go About Developing My NFT Marketplace?

• There are two ways if you want to go about developing your NFT marketplace platform – From scratch or a customizable Whitelabel solution. It all depends on how soon you want to be in the NFT space and how long you intend to be a part of the community.
• Anyway, you must know what you would be selling and whom you would be catering to. Understanding these is very important as these parameters serve as the foundation for every other step involved in developing the platform.
• If you want to stay as a platform with a unique identity, it is best to start from scratch. The process will get easier if you hire a professional development firm specializing in blockchain technology. Their experts would draw a clear road map for your business project and mark the vision and goals of your business.
• Otherwise, if you feel that your business needs to be in the NFT sphere right now, you should opt for a ready-to-deploy solution. Such a Whitelabel marketplace solution comes with the ability to customize the portal as per your requirements while integrating the standard features of the solution. This eliminates the designing part, which usually needs more creative minds to be involved.
• Then, the standard practices of designing, developing, testing are carried out. Every process is carried out with efficient approaches to spend minimal time and resources. While testing the platform, various manual and automated tests are repeatedly carried out for different test cases to resolve all possible defects. Alpha and beta release massively help find errors and generate a loyal user base if the marketplace platform is impressive.
• Afterward, the marketplace portal is deployed onto your server, from where you launch it to the general public. Customer support should be provided round the clock, and their feedback should be appreciated. Any worthy feedback can be incorporated while releasing new updates for the platform so that you earn customers’ support.

Different Ends of Your New NFT Marketplace

• Customer End - The NFT marketplace looks like any other e-commerce web page for customers. They can view and utilize all the customer-end features such as search, filter, wallet integration, adding to cart, product details, and more.
• Seller End - Sellers would have access to minting NFTs, listing them, and selling them through auctions or fixed prices. They could also look at the statistics of their NFT items related to the performance of sales, and current bids, if any are present.
• Administrator End - Admins of the marketplace platform have an exclusive NFT marketplace admin panel. It would give them access to every listing request, details about all its users, NFTs selling currently, promotion requests, statistics of everyday sales, and more.

Some Prominent Blockchains for Developing NFT Marketplaces

• Ethereum - Ethereum is the legend of blockchains, home to 90% of the current NFT space that includes marketplaces, games, individual assets, and cryptocurrencies. The blockchain is known for its state-of-the-art features relating to security and robustness.
• Polygon - A layer-2 protocol of Ethereum, Polygon promises to make Ethereum more efficient with higher transaction speeds and lower gas fees. Security and robustness become in-built features as Polygon runs on the main Ethereum chain.
• BSC - The Binance Smart Chain (BSC) is another promising blockchain with lower gas fees for transactions. It is highly efficient due to its multi-chain nature, and it comes at an economical cost for its users.
• Solana - It is a newer blockchain that capitalizes on solving the blockchain trilemma of security, scaling, and decentralization. A faster blockchain with very low gas fees in the field if the user base widens with time.
• Harmony - Another layer-2 protocol of the Ethereum blockchain, Harmony thrives on Ethereum’s shortcomings and ensures those features work perfectly. The blockchain utilizes a process where smaller chains do most of the work (Sharding), hence reducing the workload on the Ethereum main chain which is already congested and achieving efficiency.
• Avalanche - Avalanche is a blockchain that has garnered recent attention due to its unique features which focus on speed, versatility, security, affordability, and accessibility. Its users can vote over major governance decisions on the blockchain.

Wrapping Up

There are many more features that can be spoken of while discussing NFT marketplace development. But the hard work would get easier if you approach a firm with experience with developing blockchain-based applications such as NFT marketplace portals.