2021 was the year of Non-Fungible Tokens(NFTs) and Metaverse with both next-generation ideas booming to great heights in the crypto space. The rally of NFTs is still continuing in 2022 and there is no stopping as it resembles the future. Marketplaces for Non-Fungible Tokens are gaining a huge user base around the globe and people are eager to create their own NFTs to maximize their earnings. Lots of IT Giants and startups are investing in building their own NFT Marketplaces. If you are planning to enter into this market by building yours too, then you might search How to Create an NFT Marketplace? So Here we will answer everything starting from NFTs, Marketplaces to NFT Marketplace Software Development from the developers of the leading NFT Marketplace Development Company.
NFT is an abbreviation for Non-Fungible Token. In simple terms, Non-Fungible can be Unique and cannot be replaced by others. Same as the name implies Non-Fungible Tokens are unique tokens that cannot be equaled or replaced by another token. For example, World’s largest cryptocurrency Bitcoin is a Fungible Token where there are numerous bitcoins available with exact same thing. But in the case of NFTs, you cant have the same NFTs. NFTs can be digitally anything from art, video, music, in-game items to real estate, etc. Originality, Authenticity, Integrity, and Uniqueness are the key aspects of any NFTs.
Use Cases Of NFTs In Real World
NFTs are the future of the Art Industry, the continued growth of the phenomenon of minting and selling digital content as NFTs. This shows that they cannot be ignored. The rise of NFTs has been staggering and it leads to more new marketplaces to trade NFTs. It has become a great business opportunity to invest in.
- Digital Content and Art Works.
- Boosting gaming potential with InGame Items.
- Fashion and Wearables.
- Virtual land.
- Digital Identity.
- Music and Videos.
- Domain Names.
- Investments and collateral.
- NFTs with Defi Platforms.
- Digitalization of everything physical.
The popularity of NFT Marketplace Platforms
NFT marketplaces encompass anything from digital art to trading cards, virtual games, or real estate. Did you Know?
- As per Fox News, The Sales volume of NFTs has skyrocketed from $13.7million in 2020 to a new high of $2.5 billion in the first six months of this year.
- One of the leading NFT marketplaces, OpenSea has hit $1 billion in trading volume for the month of August 2021 so far. Trading volumes on the Open Sea have blown up by more than 12, 000% in 2021 so far.
- 7 NFT Markets including OpenSea, Axie Infinity Saw Over $356M in Monthly Value Transferred.
What is an NFT Marketplace Platform?
NFT Marketplace is a place where buying and selling of NFTs took place. It brings together digital content creators, artists, and crypto enthusiasts on a single platform to create and trade Non-Fungible Tokens(NFTs).
In order to use NFT Websites, you need these things to get started on any NFT Marketplaces.
Cryptocurrency Wallet: Everyone who wishes to buy or sell NFTs needs a Wallet that supports NFTs. The wallet you choose should be compatible with Blockchain platforms on which NFTs are sold.
An amount of Cryptocurrency on Wallet: Before doing any process such as buying, listing or, minting on the NFT Marketplaces one needs to pre-fund their wallet with cryptocurrencies that are supported by the NFT Platform you need to use.
Account Creation: Create an account on that particular NFT Marketplace you wish to buy or list NFTs for Sale.
One of the most interesting features offered by all NFT Marketplaces is the minting of NFTs. Most of the NFT Marketplaces available today let you create NFTs and list them on their platform. With easy steps, you can create your own NFTs and make them live to trade. Some platforms are available where you can only mint NFTs which also becoming popular and more are investing in NFT Minting Platform Development too.
Popular NFT Marketplaces in 2022
There are two types of NFT Marketplaces where one can list different assets of NFTs or only list a specific niche Non-Fungible Tokens such as digital artworks, videos, music, Real Estate NFTs, In-Game items, etc. Here are 10 Top NFT Marketplaces,
- Binance NFT Marketplace
- Nifty Gateway
- Axie Infinity
- NBA Top Shot
How to Build an NFT Marketplace?
Before getting into building an NFT Marketplace process one needs to know the features that need to be added and the blockchain platforms on which you are planning to launch your own NFT Marketplace.
There are various different blockchains with unique qualities where one can develop their own NFT Marketplace. Here are some of the Popular Blockchains that are used by many NFT Development Services providers.
- Binance Smart Chain Blockchain
- TRON Blockchain
- Polkadot Blockchain
- Cardona Blockchain
- Ethereum Blockchain
- EOS Blockchain
Each Blockchain has its unique feature and focuses on different solutions. Make a wise decision of which blockchain suits your business needs to Create an NFT Marketplace or NFTs for unique digital Assets.
The second one is going to be the features that comprise the NFT Website
What are the Features of the NFT Marketplace?
Features are the one that makes users stay long or bounce early. To avoid this, Features need to be user-friendly and efficient. Here are the Features to be added while developing NFT Marketplace. Following are some of the features that need to be added while developing,
- eCommerce Storefront.
- Search Functions.
- Product listings.
- Advanced Filter options.
- Buying Functionality.
- Bidding options.
- NFT’s Current Status.
- Auctioning NFT Options.
- Shopping cart and Checkout Feature.
- Popular Digital Wallets like MetaMask, Trust Wallet, etc.
- Payment Gateway Functionality like PayPal, Stripe, etc.
- Product Reviews and Ratings.
The next step of creating an NFT marketplace platform is going to be complicated as you are going to choose the option between the two that have been presented before you.
Every Individual or Business who is looking to develop an NFT Marketplace will be confused at this place whether to develop the NFT Website from scratch or to go for customizable white label solutions.
So you may be confused about which one to choose?
White Label NFT Marketplace – Better Solution Than Building From Scratch.
There are a number of cases where customizable solutions are preferred more nowadays. Development of an NFT Marketplace on Solana from scratch is done to meet the exact requirements of the customization of the application. But the developing process of the NFT Platform demands more time frame and resources which will eventually increase the cost of development.
Whereas White Label solutions like NFT Marketplace Clone Script are already customized solutions that overcome the two drawbacks of the time frame and more resources and act as the best solutions for blockchain startups, enterprises, etc. There are a lot of Clone solutions like CryptoPunks Clone that are readily available which replicates the popular NFT Platform functions and features.
So it is wise to choose the best option to choose between the two that suit your business needs. Still confused? Don’t Worry Get in Touch with our Experts at Maticz Technologies.
How Much Does it Cost to Build an NFT Marketplace?
The Cost to build an NFT Website may vary based on the options you choose. Building an NFT Website from scratch will cost you more than building with scripts. But the exact cost for both processes varies depending on the features you need in your NFT Platform.