Almost every asset has a high value now courtesy of the dramatic explosion of crypto collectibles. Today, the market capitalization of crypto collectibles is a humongous $34.48 billion. Terms like “Million Dollar Auctions” “Record-Breaking Deals” and “Surging Sales” have become common now.
Entrepreneurs can enter this booming industry now by beginning NFT marketplace development. They can unite millions of artists, collectors, and institutional investors via real-time trading operations.
What sectors are ideal for launching an NFT platform?
Almost every industry in the world has welcomed crypto collectibles with open hands. NFTs are a rage in different fields like artwork, e-commerce, entertainment, fashion, gaming, music, software, sports, and virtual real estate.
Interestingly, social media content like memes, profile pictures, and tweets are also selling for huge amounts. Crypto collectibles are finding new use-cases in the form of breeded kitties, digital rocks, social tokens, and tokenized job applications.
Why are asset standards an important part of NFT Marketplace Development?
“Problems are not stop signs, they are guidelines”. Content creators have been facing asset monetization issues for a long time. Digital collectibles offer them advantages like independent pricing, interoperability, protection of copyrights and intellectual property, swift distribution of royalties, and transparency.
Likewise, various blockchain networks across the world have clear-cut specifications for various digital collectibles. It comprises BEP-721 and BEP-1155 (Binance Smart Chain), ERC-721, ERC-998, and ERC-1155 (Ethereum), and TRC-721 (TRON). Generally, artists list their work on online marketplaces by following these terms and conditions.
Each NFT contains a pair contract address, a transfer function, and a unique ID. Further, investors will know the average price, current token balance, number of collections, previous ownership, and the total supply of collectibles. Robust smart contracts track the creation of new crypto collectibles.
How can entrepreneurs entice artists with an NFT Marketplace?
- Offering exclusive membership for highly talented artists will be a good way to differentiate the best work from the good. Accordingly, content creators can feature their exclusive collections at the top in the “Featured Section”. Subsequently, this will lead to greater traffic and higher trading volume.
- Providing multiple tiers of royalties would be better as there are various kinds of artists (A-listers, veterans, and upcoming stars). Likewise, the value of NFTs is boosted through on-chain royalties.
Content developers get a specific percentage of the sale price as royalty. Generally, they receive the payment with an interval of months and weeks when a single collection or multiple collectibles are sold on a digital marketplace.
- Integrating an NFT trading platform across several chains benefits techpreneurs immensely. For instance, the OpenSea marketplace (highest in 24-hour trading volume) uses both the Ethereum blockchain network and the Polygon sidechain.
This helps entrepreneurs to decrease their consumption of computing energy. Further, they can onboard artists across the world with attractive incentives. Eventually, content creators will consistently sell their NFTs on a specific marketplace. This will lead to higher revenue and a surge in daily user activity.
What are the top features of an NFT trading platform?
In the case of developing the features for a NFT trading platform, it often gets twisted and takes up more time. With the white-label NFT Marketplace, the entrepreneurs can go with the ready-made features and launch the platform in short duration. Here’s the list top features in the popular NFT platforms,
- Browse by category facility with listed assets (art, domain names, gaming weapons, memes, metaverses, music, sports goods, and trading cards).
- Detailed list of top buyers and sellers (daily, monthly, and weekly).
- Integration with numerous digital wallets like Coinbase Wallet, Dapper, Fortmatic, MetaMask, Portis, Torus, Trust Wallet, and WalletConnect.
- Live Auctions with details like the category of asset, colour, highest bid, name of the artist and his/her collection, and time left.
- Place a Bid option for buyers to get the first-mover advantage.
- Purchase Now button for instant processing of transactions.
- A Reporting mechanism where artists can share information about false collectibles that are minted in an unauthorized manner.
- Sharing of instant notifications related to hot bids, new collections, and trending sales.
- Social-sharing options (Facebook, Instagram, Telegram, and Twitter).
- 24×7 technical support mechanism via email, live chat, and phone.
The technologies used for NFT Marketplace Development are
All the NFT trading platforms work 24x7x365. Hence, various technology frameworks and tools help in implementing buy and sell orders smoothly.
The tech stack comprises
Data storage platforms – Filecoin and InterPlanetary File Systems (IPFS) help in the safe backup of data of both artists and investors. It works based on a peer-to-peer (P2P) hypermedia protocol. Therefore, sensitive information stays immutable. This leads to greater credibility in the long run.
Frameworks – Spring and Flask are well-known web application frameworks. It provides several advantages like automation of basic tasks, cloud integration, and real-time collection of data.
Front-end – React, Angular, and Vue.js are used for creating a friendly user interface on both web and mobile applications. This leads to a seamless experience for both NFT buyers and sellers.
Open-Source Database management systems – MySQL and PostgreSQL enhance the operating speed of NFT marketplaces. Besides that, it offers benefits like fool-proof security mechanisms, higher uptime percentage, and scalability.
Smart Contract Compilation – Ethereum Virtual Machine (EVM) and the TRON Virtual Machine (TVM) function in an application environment. Moreover, it offers higher efficiency than computer-based hardware. Interestingly, the Binance Smart Chain (BSC) and the TVM are fully compatible with the EVM.
What is the budget allocation to launch NFT Marketplace?
Generally, the NFT marketplace development is split across several phases. A blockchain development company like Appdupe will ensure the timely fulfilment of business objectives.
The numerous stages spread across a few days or weeks are
- Analyzing the business plans in the minds of entrepreneurs.
- Understanding the current market conditions and the strategies followed by other platforms in the industry.
- Complying with the regulations issued by authorities. It includes laws related to copyright protection, money laundering, privacy, and security.
- Creation of the basic user interface (UI) suitable for different categories of artists.
- Designing the Minimum Viable Product (MVP) of the NFT marketplace.
- Adding all the important features and functionalities based on the performance of the MVP.
- Undertaking testing of the NFT trading platform. Security vulnerabilities and technical bugs are removed from the online marketplace.
- Launching the final version of the NFT marketplace at an apt time.
Digital collectibles are promising financial assets providing sky-high returns to investors. Besides that, the competition in the world of crypto collectibles is increasing daily with new auctions and platforms.
“Artists are raking in the rewards, and investors are cashing in on the big trend”. Therefore, entrepreneurs can make the big call now, create their own NFT trading platform, and amplify their net worth. Choose the right NFT development company and make sure to develop the platform in growing technologies.
Frequently Asked Questions (FAQ):
Cryptopreneurs must offer verified badges to artists on an NFT marketplace. This enables buyers to purchase digital collectibles from certified sellers (high ratings and positive reviews).
Of course, there is a need to authenticate not just artwork but also the content creator behind it. Likewise, entrepreneurs should consider checks like Anti-Money Laundering (AML) and Know Your Customer (KYC). Eventually, this will prevent both dubious buyers and suspicious sellers from registering on the NFT trading platform.
A platform that sells different crypto collectibles will ensure the accurate circulation of information. Owners of an NFT auction-based platform would know the total peer-to-peer (P2P) transactions, trading volume, the value of assets locked in the smart contracts, and user activity (daily and weekly).