Countless opportunities surround NFTs & their use cases – collectibles, games, artwork, etc. So, when are you taking the plunge to launch a customized NFT marketplace?
NFTs are immutable, profitable, and tradable assets over a blockchain.
So of course, using an existing NFT marketplace seems like a good idea. But the hard reality is that most of them come with some limitations. These include lack of decentralization and poor cross-chain interoperability. Thus, it’s best to build an NFT marketplace.
Besides, most NFT marketplaces limit users to the Ethereum blockchain and impose their own fees. And the only feasible way to overcome these downsides is by building your own custom-made NFT marketplace. As such, you are in full control of the marketplace and design the UI to certain specifications.
Further, you will no longer be susceptible to platform manipulation. You also get to eliminate the intermediaries charging you extra fees.
To gain a competitive edge, identify and provide functionalities that other platforms don’t offer. Keep in mind that every NFT product has to be unique. Many features attract attention to them. These are the specific properties of NFTs:
Every non-fungible token has an owner and this ownership can be easily verified.
NFT tokens cannot be divided into tiny denominations.
Unlike cryptocurrencies, all NFTs aren’t equal. So, these cannot be as easily exchanged as BTC and ETH.
As NFTs can be traded in a non-stop regime, their liquidity is rather high. Besides, many customers have an interest in buying or selling these NFTs.
NFT tokens are available for purchase on several cryptocurrency exchanges. The improved trading platforms have helped NFT owners reap the benefits of these platforms’ limitless possibilities.
Programmers can enforce several specific characteristics that are impossible to alter after launch.
In other words, it is a great space for creativity. The NFT platform is a niche that has an infinite amount of variations.
It all starts with understanding your audience. Identify their problems and develop a platform that solves them. Accordingly, decide on a list of features and choose the standards for your NFT marketplace.
Know what various audiences of collectors are looking for. Before you build an NFT marketplace, decide how your platform should function. For that, ascertain the amount of money your target audience is willing to give in order to get exactly what they want.
Further, make sure that you have the basic technology stack in place:
It is one of the most popular platforms when it comes to non-fungible token development. It is easier to prove ownership history on Ethereum: transaction history and token metadata is publicly verifiable here.
All Ethereum products have a common backend. So, NFTs become portable across products. Also, Ethereum never goes down. Thus, tokens will always be available for sale.
It is an open-source blockchain platform for apps and assets backed by a community of researchers, builders, and validators. Using a pre-compiled FA2 NFT contract written in the LIGO smart contract language, Tezos supports the development of NFTs and NFT marketplaces.
Flow is a rapid and decentralized blockchain designed for a new generation of digital assets, apps & games. The platform is being extensively used to create the NFT marketplace and NFTs using the Cadence programming language.
This blockchain platform has the tools and technologies needed to provide unrivaled security & sustainability to decentralized systems and applications. Cardono, too, supports the development of NFTs & other digital assets.
IPFS is a P2P hypermedia protocol created to store media content in a decentralized manner. As the media file related to NFTs cannot be stored directly on the blockchain, IPFS can store all this data.
The decentralized storage network is specifically designed to store the most critical information like media files. The platform has everything a developer needs to get started with decentralized storage for NFTs.
Pinata is one of the popular platforms for uploading and managing files on IPFS. It provides secure & verifiable files for NFTs.
Keep the registration process simple by giving the users a ‘sign-up’ option to create their accounts. Further, add the sign-up page link in the bios of social media profiles. This will help you reap more visitors.
The marketplace storefront is an intuitive dashboard, which improves customer engagement. Ensure that it displays every piece of information – price history, number of bids, etc – that piques users’ interest.
When the users are able to search for their favorite items, the trading process becomes easier and more effective for them. Besides, as they won’t need to navigate through the entire webpage to find what they’re looking for, you’ll help them save time.
Make sure that when you build an NFT marketplace, it contains every product arranged with some features – art, images, videos, music, memes, etc. Faster search means improved client satisfaction.
Using filters helps the user easily scan the offerings on a website. You must add this feature specifically if you plan to build an NFT marketplace for collectibles. It lets users freely choose assets by category, payment method, due time, and listing status.
Users must be able to buy and bid for NFTs on the platform. The feature must display the bid’s current status and its expiration date.
This feature helps the artists to upload files and fill in product information like tags, token name, description, and much more. Thus, they can easily create and submit collectibles on your NFT marketplace.
Besides, listing status is beneficial for people who provide products and pass the product authentication process. It permits checking the position of the confirmation process. It helps execute collectible verification.
Users make use of a wallet to receive, send, and store NFTs. Give them an option to integrate their preferred wallets like Coinbase, Formatic, or MyEtherWallet into your platform.
Often, beginners in the field don’t know where to begin. This feature helps them select products quickly and discover the system functions. So, through a rating system, newbies can easily and quickly find the most trending NFTs.
Moreover, checking someone’s rating also helps users understand whether the particular seller is trustworthy. Enable the participants in your NFT marketplace to rate others and give feedback.
Have an in-built mechanism wherein your custom NFT marketplace also rates the sellers based on factors like number of listings and previous NFT deals.
Pro tip: To top it all, add the trading history feature for users to track the entire transaction history. It must provide data regarding the previous price of NFTs, the total number of NFTs sold, etc.
Undoubtedly, an NFT marketplace is a great way to connect buyers and sellers. Here are a few essential things you must know before you step into the world of NFTs.
Non-Fungible Token Standards
Standards are the driving force of an NFT. These guarantee that the asset will act in a certain way and showcase how to interact with the asset’s basic functionalities.
At present, two standards are commonly used for creating an NFT:
This standard uses mapping of unique identifiers to the addresses that represent the owner of the identifier. It offers a permissioned way of transferring the assets using the ‘TransferFrom’ method.
In this standard, the IDs used do not represent only one asset but a class of assets. As compared to the ERC721 standard, the ERC1155 is way more efficient.
Consider you are a game developer and you need to sell 100 armor sets. For that, you’ll need to write 100 smart contracts for ERC721. But for ERC1155, you’ll only need to write one contract.
Non-Fungible Token Metadata
In the NFT arena, there is a concept called ownerOf that offers a way to look up the owner of an NFT. For instance, when you search for ownerOf(290491) on ABC NFT’s smart contract, you can see the owner of the token 290491 is XYZ. This data can then be verified on marketplaces like OpenSea.
But how do OpenSea-like platforms understand what item 290491 is & what are its unique attributes? Here is where the metadata comes into play. It offers descriptive information for specific token IDs like pictures, descriptions, or any additional traits.
Along with the nomenclatures, you must also know the legal documentations to effectively build an NFT marketplace. The legal documentation for building the best NFT marketplace mainly includes:
Choosing a professional NFT marketplace development company is the best option for creating a marketplace that will truly satisfy your needs. Let experienced professionals take care of the project, handle every element thoughtfully and follow your requirements.
The best part about such an arrangement? Upgrading the existing features or adding new ones is possible at any time. Thus, you can scale and attract a bigger audience while making a greater profit.
Pros of Custom Marketplace Development
Such services are well-protected, thanks to a wide range of security tools. So, you or your audience does not need to be afraid of malicious activities or fraudulence.
This means that the NFT marketplace can handle many listings and a growing client pool.
Optimization guarantees that the custom NFT marketplace will be compatible with a wide range of devices (from PCs to smartphones).
When you build an NFT marketplace, you come up with an architecture and features based on marketing analysis. This facilitates user-relevant NFT marketplace functionality.
Mainly, four factors affect the overall cost of an NFT marketplace. These are:
This depends heavily on the number of features you incorporate into your NFT marketplace. A bigger marketplace size means a higher price.
Another significant factor that determines the marketplace development cost is the user interface design. Your marketplace won’t garner enough eyeballs without an elegant user interface. So the cost will also depend on eye-catchy graphics and theme.
The greater the development team size, the higher the price. The costs also depend on how specialized the developers are in their niches. Also, if you use a readymade solution, it will cost less.
If you have a team of freelancers spread across various parts of the world, it would cost comparatively less than hiring in-house developers. Note that these costs even fluctuate from one region to another.
Besides, the availability of resources in a country and the economic scene also play a role in determining the costs.
If you’re looking for an experienced team of professionals to build a customized NFT marketplace, reach out to us. We’re always happy to help you.May 16, 2022
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