Similar to cryptocurrency, NFT has been gaining traction since its inception in 2013. Significantly, the popularity of NFT took up a new turn in 2021 with never-seen-before sales. The volume of NFT sales jumped from $94.9 million in 2020 to $24.9 billion in 2021. This has proved the significant elevation of sales.
Consequently, the urge to develop an NFT marketplace for trading digital assets has soared to a great extent. In view of it, the technopreneurs can leverage the ongoing demands and deploy their platform on the go. If you have an aspiration to be a promising entrepreneur and are eager to deploy your platform, this blog is for you as you could have insights regarding the same. Catch a glimpse of it at this moment!
Non-fungible Tokens (NFTS): An Overview of What It’s About
To begin with this post, you first need to know a brief overview of what Non-Fungible Tokens is about. It is simply known by the term NFT that it is a digital asset that is totally different from each other, being built on the Blockchain network. Majorly, it is all about uniqueness and non-interchangeable elements.
What Things Can Be NFTs?
The NFTs could be literally anything around us, like real-world objects. This would include the following:
- In-game items
- Special sports moments
- Tweets, etc.
Though there exist several more kinds of NFTs, there is a possibility to come up with new types of NFTs in the foreseeable future. And yes, the revolution is underway!
Advantages Of NFTs For Digital Creators, Including Artists
With the passage of years, NFTs have become a fundamental part of people’s lives. Those days are gone when independent creators have to put so much effort into making their works reachable to the right set of audiences. But now, it is quite possible and easier when compared with the evolution of NFTs.
Take, for instance, the exploded popularity of non-fungible tokens has given rise to the revolution in the art world. Considerably, with the help of emerging technologies, artists could sell their creations by reaching out to a global audience.
Here’s a list of the vital benefits of NFTs for digital creators in general:
- Trouble-free global reach
- Fewer obstacles to entry
- Convenience for collectors
- Revenue-generating opportunities, etc.
Whereas, for collectors, the following are the prime benefits of non-fungible tokens:
- Transparency, and many more
NFT Marketplace: A Platform To Buy and Sell NFTs
Where to buy and sell NFTs? It would be the succeeding question that might arise. Here is the answer. NFT Marketplace is a digital & decentralized platform for enabling the users to mint, buy, sell, and store NFTs. The perks of non-fungible tokens have given rise to the entrepreneurs to come up with the NFT marketplace for trading. If you are curious to set foot into the NFT space, picking a white-label NFT marketplace to deploy would be considerable.
Get Started With NFT Marketplace Development
The customary way of NFT Marketplace development is making it possible by crafting it right from the beginning. Another approach is choosing the NFT marketplace solutions, readily available ones that are housed with salient features, indicating the typical capability. Would you like to launch such a kind of platform? Approach a well-renowned & reliable NFT marketplace development company with the excellence of delivering the custom-made solution suitable for the requirements.
A Brief Look at How the NFT Marketplace Works
Before you actually delve into the NFT Marketplace development, having an insight into how the Marketplace would function with the typical features is quite advisory. Read on! Here is a gist of the workflow.
Seamless Registration: The users, in general, both buyers and sellers, have to set up their accounts with the required information. After the initial setup, the users could continue with the proceedings of setting up the wallet.
Wallet Setup: They can choose the wallets of their choice for linking/integrating or the platform-supported wallets. A Crypto wallet is where the digital assets would be saved. For the broader reach of your platform, ensure to provide the support of popular crypto wallets integration. A few of them are MetaMask, MyEtherWallet, Coinbase, and WalletConnect.
Create Listings Of Digital Assets: Now, it is the time for the sellers or creators (artists) to showcase their works in the listings. While listing, the necessary information to be included like name, description, price, etc. With the available options of letting the buyers buy the digital asset or bid for it.
Buyers Choose The Digital Asset To Make A Hold Of It: After the listings, the platform users can view those listings. The buyers, with the help of advanced search & filter options, can find a particular digital asset they are looking for without hassles.
Buyers Buy The Digital Asset & Make Payments: Once buyers have chosen the digital asset, they can buy or bid.
Buy: The auction takes place and prospective buyers start to bid. The one who bids the highest when the auction ends will hold the digital asset.
Bid: If in the case of providing the buy option by the sellers, the buyers would proceed with the payment transaction.
Then, buyers have the option to choose the payment modes available on the platform and proceed with the same.
Incurring Charges: Finally, the incurring of charges from buyers and sellers occurs. This is when the transaction happens. Despite this, there are many more ways to be carried out for revenue generation.
5 Key Features of a White-Label NFT Marketplace
Well, with the clear-cut picture of understanding how the NFT marketplace works, let’s look at the 5 essential features mentioned below.
- Storefront: A white-label NFT marketplace with a storefront provides the users to view requisite information like NFT owners, bids, price, and other similar ones. The storefront concept is quite similar to the eCommerce platform as users could check on the available products.
- Search For Desirable NFTs: The digital assets that have been listed would be categorized on the platform. Thus, the search option will enable users to find the ones they look for without any difficulty.
- Notifications: Regardless of buyers or sellers, both of them have to be updated with information regarding the trading. For instance, the sellers would expect to get notified whenever users bid on their digital assets when they put them up for auction.
- Wallet: It allows users to store as well as send & receive digital assets. For the convenience of users, ensure to integrate popular wallets on the platform so that they can link their wallets.
- Rating System: This feature is quite unavoidable in order to ensure the credibility of traders on the platform. It will be helpful for the users to know the trader is reliable. In case of getting negative feedback, the particular seller has to be terminated for upcoming trading.
Technology Stack for NFT Marketplace Development
Once you are sure about how it works with the choice of essential features, the technology stack plays a fundamental role. The following is a list of the required tech stack for NFT marketplace development.
- Blockchain Platforms – Ethereum, Flow, Cardano, Tezos
- Storage Platforms – IPFS, Pinata, Filecoin
- Front-End Frameworks – React, Vue, Angular
- NFT Standards – ERC-721, ERC115, FA2, TRC-721, BEP-20, dGoods
Hopefully, this post provides sufficient information for you to know before getting started with NFT marketplace development. If you would like to leverage the ongoing trends, deploy your white-label NFT marketplace with must-have features built using the latest tech stack.