NFT Marketplace Development: Introduction
A term non-existent a few years ago, NFTs have entirely caught people’s eye due to their unique and bizarre nature. Jack Dorsey, the Twitter CEO’s first ever NFT, was sold for a glaring three million dollars. Imagine just a five-letter tweet combined with blockchain technology and how much its value skyrocketed! This domain is attracting entrepreneurs, investors, millionaires, artists, and influencers, and this industry is currently capped at around three billion dollars. So undoubtedly, investing in NFT Marketplace development is quite promising and can have great returns in the future.
NFT stand for non-fungible tokens. Tokens can be any piece of digital item, ranging from screenshots, memes, and gifs to digital art pieces and playing cards. NFT Marketplaces refer to digital platforms where people can buy or sell NFTs or even mint some of their own if the platform permits. Some famous examples are OpenSea, and Rarible. To facilitate this provision, NFT Marketplace apps have been developed, considering the future of this field and the quick popularity it has attained within a few years of its launch. These apps help users to gain access to the marketplace quickly and buy/sell NFTs with just a few clicks.
Further Read: Comprehensive Business Guide For All Your Blockchain App Development Needs
How does an NFT Marketplace work?
For using an NFT Marketplace, you first need to sign up and create a digital wallet by entering your details. This is necessary to make or receive any transaction.
The users can then browse the platform if they want to buy an asset or upload their work to create their assets, which can be sold.
For buying, the users can either pay the quoted price by the token owner or negotiate it. Auctions are also quite common, where the person with the highest bid gets the NFT.
If you want to sell your creation, you need to set the form of payment tokens in which you wish to receive the return and then list your asset. Then, you can either choose a fixed price or give it up for auction. Once your NFT is approved, it is put up for sale. The transaction from the seller to the buyer is completed once the former accepts the bid, and it is sealed through a smart contract.
NFT Marketplace Development: Things to consider
Before stepping into this complicated and relatively new domain of app development, one needs to keep a few factors in mind:
According to your business strategy and the audience you plan to target, you must keep in mind who you are developing this marketplace for. It’s essential for all the further steps and helps you to focus on the necessary details. It’s always better to start small first instead of expanding to a vast customer base right from the start. It can be games, art, digital collectibles, music, etc.
Understanding the marketplace
The business and the team should deeply understand the NFT Marketplace, features, demands, and how it works. Considering the concept is relatively new and is based on recent and complicated technology, everyone involved in the app development must know what they are dealing with.
Various blockchain technologies are available. Ethereum is the most popular one, and all the marketplaces are currently built on its layer only.
Further Read: The Ethereum Merge Explained
Blockchain is not easy to use and demands a good grasp and expertise, along with extensive research. Thus, in most cases, there are chances that you might have to hire from agencies that provide these services and offer skilled developers. Therefore, the right people must be hired for your NFT Marketplace development and within your proposed budget.
NFT Marketplace Development: Features
Some features are necessary for every active NFT Marketplace to make the user experience better and the backend smoother:
This acts as the frontend, which displays almost all the information the user might like to know, be it the range of items, bids, owners, or in some cases, the intelligent contracts proving the authenticity of the NFT. Therefore, it must be attractive and unique and provide adequate information for each file.
This helps the user narrow down and select the NFT they are interested in. Filters allow you to sort out thousands of NFTs based on rarity, owner, category, or price.
Listings help the user to interact with the NFTs, either the buyer or the seller. It should display all the relevant details such as title, price, description as well as the current status of the work. It gives users the ability to choose NFTs for purchasing and selling.
4. Buying And Selling
There are various mechanisms, such as timed auctions and non-negotiable prices, for allowing transactions between buyers and sellers. This is heavier on the backend than traditional payment gateways and involves intelligent contracts. It’s essential that this feature is very efficient to provide a simple and sophisticated model, which makes bidding easier.
Digital wallets are very integral for both buyers and sellers. This component stores and transfers non-fungible tokens and cryptocurrencies into the platform. Security becomes an essential factor here while dealing with crypto wallets.
NFT Marketplace Development: Process you must follow
1. Analyzing your business requirements
One needs to ensure that it’s evident to the developers what you are planning on building and how you will execute it. It’s essential to develop a blueprint and go over an overview to decide what you will create. While creating an NFT Marketplace app, factors such as blockchain technology to be used, what will make it stand out concerning others, and how you plan out on carrying out transactions must also be considered.
2. Define requirements and design
Once the basic framework is created, you need to start working on it. First, create a basic wireframe, considering all the UI/UX design elements. It should be easy to use, simple yet attractive. Then, build a basic prototype with minimal features to analyze the workflow, how the app functions, and what changes will be made.
3. Bring it to reality
It’s now clear what all you have to work on. Start working on the front end to provide users with the best look and feel. Look for frameworks that meet both your technical and business requirements. Try hiring skilled developers with a good knowledge of this subject to help you save time and work on the betterment of the whole app.
4. Backend development
The backend development is the complicated part requiring Blockchain Technology integration. It involves DApps, or intelligent contracts developments which would finally help to process and record the whole transaction. All of these might have different technical specifications.
5. Final checks and release
For debugging and ensuring that the whole app is fully functional before deployment, it is essential to run it through various tests and fix any errors which crop up. It ensures that the user experience is seamless and the quality is top-notch.
The app is then released in iterations or through continuous development methods. Your project is finally live!
6. Quality maintenance and support
After the release, the team needs to ensure that the app is running smoothly and work on errors provided by user feedback. Good support post-launch is the key to success for the app’s longevity. It’s also essential to develop updates and features that further increase your marketplace’s functionality and help spread its word.
How will Markovate help in Developing NFT Marketplace?
It’s no surprise that even though NFT Marketplace Apps are the next “in” thing, they require expertise and resources that might not be readily available. Most businesses thus prefer hiring NFT developers for this service due to their skills, efficiency, and the immense number of features they bring to the table.
Markovate is a blockchain development company that offers cutting-edge solutions to provide the latest Blockchain integrated features. Be it managing intelligent contracts, developing dApps, and crypto wallets, we provide end-to-end blockchain development transparently and securely to help you build your project as smoothly s possible.
Our team is proficient in several languages and offers services to give you flexibility and put the steering wheel in your hands. Moreover, we are there with you throughout the process, from the ideation to the prototyping and finally the maintenance, so that you can focus on other business aspects without worrying about the technical ones!
NFT Marketplace Development: FAQs
1. How long does it take to develop an NFT Marketplace?
An NFT marketplace can take 60-80 days for end-to-end development, which might differ per the business requirement.
2. Why do I need to hire an NFT developer?
Hiring an NFT developer is necessary as they have a good grasp of Blockchain, provide a unique as well as creative spin to your asset, and are skilled in developing projects involving NFTs.
3. What is the most popular NFT platform?
OpenSea, founded in 2017, is the most popular and active NFT platform to date, having a wide range of NFTs and crypto-collectibles along with more than 150 forms of payment tokens.